@Aim_High wrote:
@SRT4kid93 wrote:thanks for your response.
But some creditors are known to grow way faster. Amex is known for their 3x increases while cap one is known for bucketing and $100 increases. so if 1 card outgrows the others by a large margin the credit limit will end up being much larger than the others. So if 1 card is way above the others in terms of credit limit, will it start to affect the growth of said card, since that company is taking on more risk than the others by extending more credit? Scenario below
card 1 is an Amex that started with $1000 limit
Card 2 is a cap 1. Started at $1000
card 3 navy fed that started at 1000.
so all the cards started with the same limit, now fast forward 18 months.
amex got 2 CLI, each one tripled ur previous limit, making the new limit 9k
cap 1 grew to $1500
Navy fed grew to 2000,
now let's say you are due for another CLI with Amex, if they were to triple your limit again, that would give you a 27,000. But your other cards are still stuck at $1500 and $2000. Will this hurt your chances of getting the CLI with Amex? Due to the fact that your cap 1 and navy fed cards have limits that are so much lower?
@SRT4kid93, is the example above hypothetical or based on a real-world example? Your numbers and assumptions don't seem completely realistic to me. For one, Capital One doesn't ALWAYS bucket. Sometimes even low limit cards are not bucketed with them. Also, the 3x CLI with AMEX doesn't mean they keep doing it over-and-over! It's typically a one-time good deal. Navy Federal going from $1K to $2K sounds low to me unless your internal score with them is very subpar. They can be quite generous. So your example of $1k - $1k - $1k changing to $9K - $1.5K - $2K in 18 months is unlikely. If AMEX raised your CL that much, it might be due to a much higher income, lower debt, or other positive changes that would lead most other lenders to follow suit. On the other hand, if nothing changed in profile, they would probably all be fairly close after 18 months.
Yes, your existing credit limits are typically one consideration for both starting limits as well as overall limits. Over time, assuming the above variables that @Gregory1776 and I mentioned are in order, most of your limits will tend to slowly increase together. Yes, some may rise more quickly than others but they will tend to stick pretty well together. With few exceptions, you'll probably find having one outsized limit is rare. For example, Navy FCU is known to get very generous limits relative to income that other lenders may not be willing to match.
To answer your reply and reiterate what
@Aim_High said - my Amex BCP started with 2K I believe in 2017 with 50k reported income I believe. From there I got an auto increase or 3x CLI(? may be in my post history) getting it to 30,000 required me to transfer some of my limit to the card from another card (ED) so I was stuck at 38,300 exposure with amex for years. I was denied every CLI I asked for but fortunately never saw a CLD. My balances in that time pushed up to 9K at some point - with some months not paying in full up until 1 year ago when I started carrying a balance due to unexpected job loss. Eventually that got BT off in full and I kept significant balances off my AmEx (rolling balances on AMEX isn't encouraged though I've done it far more than I should have + it's exceedingly expensive.)
anyway, with that information known, an American Express seeing my total debt go down throughout this entire year. I was able to get a minor increase on my every day card this past October First time in years. So creditors are going to look at your whole profile and how you treat their card, usage and payments and adjust accordingly if they feel your responsible. If you have a higher reported income and a low limit and are capable of charging and paying off say a total of 10k a month they're going to adjust for you.
@Jnbmom wrote:
@SRT4kid93 wrote:
When you say navy fed are doing 8k increases are you saying navy fed would go from 1k to 9k?
Also I'm sure you can get FR much lower than 30k, I was more saying a lot of people have mentioned that Amex doesn't like going above 30k limits without some sort of proof you can afford to pay that all back. So if you manage to get to 30k without ever having a FR, you are likely to get one if you want a higher credit line. At least that's what I have seen from other posts.Yes navy can go from 1K to 9K, they used to go higher but I have seen in the past the maximum lately has been 8K , but not sure if that is still the going rate .
From what I've seen, @SRT4kid93, the current NFCU six month soft pull CLI maximum is $8K. However, that seems to apply for cards already at about $10K or above. So it's much more likely that you would get a $1500 to $3000 increase ($1K to $4K), then maybe a $2K to $5K increase ($4K to $9K) after six months, then perhaps start getting the full $8K amounts at the third increase. That is similar to other lenders. Most lenders will raise a limit relative to the current limit, so getting a huge increase on a small limit card is unlikely. And the good news is NFCU isn't sensitive to utilization on the account, so they may approve larger increases even with minimal usage, unlike some other lenders.
Many that sucks.
I would be thrilled If chase and capital one gave me increases that big. Chase hasn't offered anything for me yet I'm curious to see what they offer when they finally do give me an increase. And as previously mentioned I'm not expecting capital one to give me much of anything in my current card because it appears to be pretty heavily bucketed. I even followed people's suggestions to let a balance post in the 60%-80% range because that's how you get big increases with cap one. So far that hasn't helped either.
and I'm worried if I keep doing that, chase and Amex will eventually see that and AA me. So I'm debating on giving up on my current cap one card for a while, and then applying for a new one in a couple years and transferring the new limit over.
It seems like that's the only way I'm going to get any sort of increase. I may end up having to do the same thing with chase(not sure yet, I have no experience with chase CLI's yet so I'm not sure how generous they will be)
but for now I need to garden. I have too many new accounts for my liking.
