@azguy13 wrote:
@Revelate wrote:
@azguy13 wrote:This thread is giving me flashbacks.
That Slate limit will be great to transfer to the CSP/Freedom once the 0% promo is up
Let's not go down that road again
.
Haha, agreed.
However, moving that huge CL would be nice. I wouldnt mind a Freedom with a similar CL to my CSP. But, I am way past the need for anymore credit. At this point, it would just be an addiciton thing
I guess I fundamentally don't see the rationale: my gas/grocery card, sure if I really wanted to push it at some point I could get it to 25K but to what purpose? Freedom has similar caps on it ~6K / year or whatever, why would one want a large tradeline on that possible exception if you can do equal or better 2:1 with UR? Slate's sort of similar, I'm more than a little surprised that paying off a car loan wasn't immediately flagged for interest charges similar to a cash advance, but I could see if someone has tons of debt it might be useful for a period of time, and since Chase seems to be so contortionist-like in their flexibility in reallocating lines, probably isn't an issue shuffling stuff around as necessary.
May be struggling with the core premise: it's certainly a creative way to build a tradeline, I just don't see the value in it from a Chase perspective. Maybe I'll feel differently later, just seems like a lot of work for something that with 50k or whatever in deposits and a statement of assets, doesn't seem like a difficult thing to accomplish anyway especially given the lowered entry point to CPC.
@Revelate wrote:
@azguy13 wrote:
@Revelate wrote:
@azguy13 wrote:This thread is giving me flashbacks.
That Slate limit will be great to transfer to the CSP/Freedom once the 0% promo is up
Let's not go down that road again
Haha, agreed.
However, moving that huge CL would be nice. I wouldnt mind a Freedom with a similar CL to my CSP. But, I am way past the need for anymore credit. At this point, it would just be an addiciton thing
I guess I fundamentally don't see the rationale: my gas/grocery card, sure if I really wanted to push it at some point I could get it to 25K but to what purpose? Freedom has similar caps on it ~6K / year or whatever, why would one want a large tradeline on that possible exception if you can do equal or better 2:1 with UR? Slate's sort of similar, I'm more than a little surprised that paying off a car loan wasn't immediately flagged for interest charges similar to a cash advance, but I could see if someone has tons of debt it might be useful for a period of time, and since Chase seems to be so contortionist-like in their flexibility in reallocating lines, probably isn't an issue shuffling stuff around as necessary.
May be struggling with the core premise: it's certainly a creative way to build a tradeline, I just don't see the value in it from a Chase perspective. Maybe I'll feel differently later, just seems like a lot of work for something that with 50k or whatever in deposits and a statement of assets, doesn't seem like a difficult thing to accomplish anyway especially given the lowered entry point to CPC.
I agree completely what you are saying, especially from the standpoint of Chase. I like that they transfer CLs from one card to another, but after a certain point, it really does not make sense.
Lets be honest with ourselves anyways. There is a certain point for all of us, albeit seperate numbers for each person, where a CLI past a certain point is basically worthless just based on income. I know people will argue that they want a higher CL for UTL purposes, but at some point, that person should not be spending that much on a credit card. If they are spending that much then UTL shouldn't be the first aspect of their credit life that needs to be addressed. If I have an annual income of $50K and I need higher CLs to get my CC UTL down below 50%, the root issue there is that the person has $25K in revolving debt with a $50K income and is living outside of their means.
I will be the first person to say that my NFCU and CSP limits are way more than I need, but I also do not overspend. I welcome SP CLIs but will not go out of my way in the next few years to take a HP cor a credit card whether it be for a new TL or a CLI with Chase.
By the way, I am not using any of you as an example for this, I just see it elsewhere off this forum. Well, on this forum sometimes as well, but it is rare.
It gives you a personal "high" to have so much credit. I have 100K available--it's like a push of atropine. I don't need the credit, just love having it available to me. That someone trusts me with their money.
@BruinTheNursePractitioner wrote:
It gives you a personal "high" to have so much credit. I have 100K available--it's like a push of atropine. I don't need the credit, just love having it available to me. That someone trusts me with their money.
Grin, I typically evaluate my life differently personally, that's explains why I don't understand it at least. I guess I could mark progress with credit increases but didn't derive any value in that for the past two years so not likely to see it now even though it's admittedly nice to be "wanted" by lenders instead of my having to bow and scrape to get a car loan when I started building.
@Revelate wrote:
@BruinTheNursePractitioner wrote:
It gives you a personal "high" to have so much credit. I have 100K available--it's like a push of atropine. I don't need the credit, just love having it available to me. That someone trusts me with their money.Grin, I typically evaluate my life differently personally, that's explains why I don't understand it at least. I guess I could mark progress with credit increases but didn't derive any value in that for the past two years so not likely to see it now even though it's admittedly nice to be "wanted" by lenders instead of my having to bow and scrape to get a car loan when I started building.
For me it's more just curiousity of how high I can get limits before being told that it's enough. I've almost 400,000 with personal and business credit and obviously don't need it all. Most of the cards have certain extra cash back and I didn't ask for the high limit, but has anyone ever asked to have a limit lowered because it was too high? I do use a lot of credit for business, so those lines do need to be of a certain amoun. There's also a possibility that one may need to make a large purchase they can't pay off or have the opportunity to make a large purchase and pay it off right away. For most people, 5,000 would probably be sufficient, but then that puts that at a disadvantage if they've a huge bill that was unexpected.
So how did you get approved for 8 accounts when you were racking up inquiries? Were you opening and closing accounts every month?
It seems to me the real "secret" was having a 150k income. :/
@BruinTheNursePractitioner wrote:
It gives you a personal "high" to have so much credit. I have 100K available--it's like a push of atropine. I don't need the credit, just love having it available to me. That someone trusts me with their money.
i totally get what your sayin on this. money is power also i dont understand why its so hard for people to understand why it feels good to have alot of money at your disposal.. also sometimes theres short term investments that may arise where you can actually use your credit cards to make money. it takes money to make money. there also good for emergencies. imagine getting arrested for a murder you didnt commit and you need money for a lawyer to stay out getting 30 years in prison. or maybe all the sudden needing thousands to get bailed out of jail. you never know what obstacles life is gonna throw at you and its better to have access to money than not have access. i understand some of these senarios are unlikely but its the peace of mind knowing your in a better position if stuff happens. i can think of countless other ways to where credit could come in handy
