@Anonymous wrote:
@MyLoFICO wrote:I see a lot of threads here where people comment about card limits over $5k meaning something. Like maybe it helps you get bigger and better cards. I got bored today at work and was reading about all you appers and I decided to try a CLI on Lowes since it’s a SP. I was extremely shocked to get my $5k limit increased to $12k. This is now my highest card and the only one to pass the $5k threshold. Will this count as an “over 5k limit card” and help me get those better cards? Or does it have to be a major card?
This is an interesting question, because the 5k limit has a lot of factors into it. A good deal of it comes out of risk. You may not be aware, but 5k is the cut off for lawsuits in small claims court in most states. Because of this, it's generally cheaper, faster, and easier to collect on balances less than 5k. Once you cross that magical threshold all proceedings are civil circuit and subject to the full rules of civil proceedure. Granting a credit line over 5k indicates an amount of trust between creditor and debtor.
That is a very interesting tidbit of information!
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