Credit Card Limits with 40-50K Income

[lg8302ch]

I am slightly above the 50K limit but got instant approvals for 17K from Citi which was a shock as my other cards were 5K at that time. So it is possible and it looks that double digit limit was the ticket to higher CLs for me. Thank you Citi    The easiest to CLI is probably your Amex. You can ask for 3 x every 6 months and see how that goes.

[SteveUrkel]

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@lg8302ch wrote:

I am slightly above the 50K limit but got instant approvals for 17K from Citi which was a shock as my other cards were 5K at that time. So it is possible and it looks that double digit limit was the ticket to higher CLs for me. Thank you Citi    The easiest to CLI is probably your Amex. You can ask for 3 x every 6 months and see how that goes.

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Thanks for the info! I asked for a CLI on my AMEX recently but I asked for more than the 3x, (my mistake!),and was denied. Was hoping for a counter offer at least.

[lg8302ch]

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@SteveUrkel wrote:

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@lg8302ch wrote:

I am slightly above the 50K limit but got instant approvals for 17K from Citi which was a shock as my other cards were 5K at that time. So it is possible and it looks that double digit limit was the ticket to higher CLs for me. Thank you Citi    The easiest to CLI is probably your Amex. You can ask for 3 x every 6 months and see how that goes.

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Thanks for the info! I asked for a CLI on my AMEX recently but I asked for more than the 3x, (my mistake!),and was denied. Was hoping for a counter offer at least.

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oh...no counter .. try again in 90 days but with 3 x only.  Good luck !

[Exonumist]

I'm also 24 with similar income. My cards and limits can be seen in my siggy. AMEX will get there eventuually. My highest initial limit was 10k on my Sallie Mae. Everything else has been built up. Keep everyone paid on time and things will go your way. I will say though, I can't imagine even coming to close to using my limits. I'll never have high utilization though. 

[Anonymous]

It's a mad mad mad world. Normally I dont share this kind of info, but here we are all somewhat anonmyzed right.  Here's an example of how different choices and different behaviors lead to different outcomes.  I've avoided and/or not needed credit for huge chunks of my life.    Last year, my take home was $132K.   This year, with my bonus, it will be $159K. Next year, with my base salary, no bonus projected - I'm on track for $129K.    Currently, Highest CL is $5K.    Target only recently gave me $500 CL.  I generally pay cash for everything. Because I don't use credit - I'm far behind.  There are upsides to using credit - mainly, the flexibility of borrowing combined with available savings allows you to buffer for lifes surprises (layoffs, career changes, recessions, short term illnesses) - for that reason, it's prudent to nurture your score and your history.

The real question for you to ask yourself is this?   If you slashed your all of your discretionary expenses, and lived like a Spartan - how long would it take for you to repay you outstanding credit lines?

[Anonymous]

I am in that range, mid 20s, and didn't open my first credit card until 3 years ago.  Credit lines are in my signature.

To OP, work on your AMEX.  I got mine from 3.5K to 24K in under a year.

[Anonymous]

In all honesty, the average American has no need for a card with a limit over $10,000. Unless you are using the card for business purchases or travel, there are very few reasons to spend $10,000 in any given month. AmEx alone can get you a 20k limit card with their 3x cli

[Anonymous]

Why?

Everyones needs are different. Thats like saying no one needs a car better than a Yugo.

[disdreamin]

"In all honesty, the average American has no need for a card with a limit over $10,000."

I must respectfully disagree, although it is of course all income and monthly-spend driven. Unless you pay before the statement date, you float one months charges into the next. Thus, if you run $5k a month through the card, right before your payment due date you will have very close to $10k outstanding on the card.

Add in a trip or other major expenses (big car repair, new fridge, whatever) during that time and it is VERY easy to exceed a $10k limit by typically running, say, $4k a month through one card. This is assuming that one pays the full balance due on the due date each month. I'm not even talking about carrying balances here.

[vanillabean]

You have to wonder about using gross income as a criteria. It's really net income that matters. But the credit reports don't list all of that difference!