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After reading all this information about prime banks being more strict regarding their AA and how they handle risks factors, I'm slightly worried about having too much credit. I was approved for the new US Bank Altitude Reserve, though it was not an instant approval. I thought I would get a lower credit line that matched my other US Bank card.
I decided to ask for a credit line increase from Citi and PenFed on the same day. Good news: I received the credit limit increase, though it was much more than I ever expected.
Citi increased my two lines by $23,000 and $18,100 respectively.
PenFed increased it by $28,000
When I was finally approved for the Altitude Reserve, I called to inquire about the CL. Low and behold I was surprised with $41,600, one of my highest limits. My utility has always been 2-3%, always pay in full, and this US Bank card is the first account I've applied for in the last six months. This is 110,700 in new credit. I'm just worried about the effect this may have with my other banks. Especially if a computer can't tell the difference between someone desperate for credit and a consumer who is very responsible and appreciates all the great cards they have. I really love Chase and would hate to jeopardize that relationship. I don't MS or do anything shady. I never come close to maxing out any categories or deals. Should I call Citi & PenFed and lower the amount, as they basically tripled my previous credit lines? Or am I overreacting? Thanks!
Thanks! My CKarma score is was in the high 780's. I now have 17 inquiries in the last 24 months, 17 cards total, AAoA ~ 3 years, oldest account 7 years old. Any advice would be appreciated!
Too much is in relation to how much you spend versus how much you can afford. Too much credit isn't a concern. Too much debt is.
Cancel that thought with sketchy lenders who want to charge you 24.99% for a car loan (on a $40,000 car) when you have $218,000 in revolving credit as a one percenter.
They want your 24.99% payments without you having the ability to pay in ten different ways.
Say hey to Barclays and Synchrony.
@nenuco wrote:After reading all this information about prime banks being more strict regarding their AA and how they handle risks factors, I'm slightly worried about having too much credit. I was approved for the new US Bank Altitude Reserve, though it was not an instant approval. I thought I would get a lower credit line that matched my other US Bank card.
I decided to ask for a credit line increase from Citi and PenFed on the same day. Good news: I received the credit limit increase, though it was much more than I ever expected.
Citi increased my two lines by $23,000 and $18,100 respectively.
PenFed increased it by $28,000
When I was finally approved for the Altitude Reserve, I called to inquire about the CL. Low and behold I was surprised with $41,600, one of my highest limits. My utility has always been 2-3%, always pay in full, and this US Bank card is the first account I've applied for in the last six months. This is 110,700 in new credit. I'm just worried about the effect this may have with my other banks. Especially if a computer can't tell the difference between someone desperate for credit and a consumer who is very responsible and appreciates all the great cards they have. I really love Chase and would hate to jeopardize that relationship. I don't MS or do anything shady. I never come close to maxing out any categories or deals. Should I call Citi & PenFed and lower the amount, as they basically tripled my previous credit lines? Or am I overreacting? Thanks!
OP...what a loaded question...sure you'll recieve a huge variety of responses to "when is too much too much" Some on these boards will react as if you will be struck dead by requesting an unneeded CLI to lower utilization. Others would consider it a sin to even ask that question as noone should even slow down until you have 60 cards and 1 million in credit limits. I guess I would consider myself to be a centrist on the issue. I have 16 cards and about 150k in total credit limits, and I am now hiding in the garden to try and avoid any AA.
Thanks for all the comments and help. Didn't mean the post to be a loaded question... I wanted to see if it would be wise to lower the credit limits to more "reasonable" amounts, given the information regarding the scrutiny that has been going around lately.
I know everyone will have different opinions, though I hope for some type of consensus 😊
@nenuco wrote:Thanks for all the comments and help. Didn't mean the post to be a loaded question... I wanted to see if it would be wise to lower the credit limits to more "reasonable" amounts, given the information regarding the scrutiny that has been going around lately.
I know everyone will have different opinions, though I hope for some type of consensus 😊
The problem with a rash of reported AA on social media is only 3 people total being reported by 1000 people looks the same as 3000 people being reported, so it is really hard to tell if this is just a few people which would be normal or if it is actually the creditors tightening their standards or some of both. The greater concern to me is the news reports that indicate a higher percentage of defaults compared to last year, which would make me suspect some issuer actions to slow that trend.
@nenuco wrote:After reading all this information about prime banks being more strict regarding their AA and how they handle risks factors, I'm slightly worried about having too much credit. I was approved for the new US Bank Altitude Reserve, though it was not an instant approval. I thought I would get a lower credit line that matched my other US Bank card.
I decided to ask for a credit line increase from Citi and PenFed on the same day. Good news: I received the credit limit increase, though it was much more than I ever expected.
Citi increased my two lines by $23,000 and $18,100 respectively.
PenFed increased it by $28,000
When I was finally approved for the Altitude Reserve, I called to inquire about the CL. Low and behold I was surprised with $41,600, one of my highest limits. My utility has always been 2-3%, always pay in full, and this US Bank card is the first account I've applied for in the last six months. This is 110,700 in new credit. I'm just worried about the effect this may have with my other banks. Especially if a computer can't tell the difference between someone desperate for credit and a consumer who is very responsible and appreciates all the great cards they have. I really love Chase and would hate to jeopardize that relationship. I don't MS or do anything shady. I never come close to maxing out any categories or deals. Should I call Citi & PenFed and lower the amount, as they basically tripled my previous credit lines? Or am I overreacting? Thanks!
Is this a real question or a thinly veiled attempt to brag about your limits? LOLOL Congrats on the Altitude card and PenFed CLI.