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Credit Card Limits

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Credit Card Limits

 

I have been away for a while but MAN have I been working!! Anyway I have tons of credit cards and with zero to  Low uitlization:

 

NFCU

1. Signature Rewards 25,000

2. Signature Rewards 25,000

3. Go Rewards 25,000

Penfed

1. Cash Rewards 12,000

2. Platinum Rewards 10,000

Capital One

1. Venture One 10, 000

AMEX

1. Everyday Preferred 15, 000

2. Dillard Amex 3,500

DiscoverIT

1. Cash Rewards 6,600

2. Travel MIles 9,000

CitiBank

1. Double Cash Rewards 8,500

2. Citi Rewards 2,500

BBVA

1. Clear Points Visa 10,000

Wells Fargo

1. Cash Vise Visa 4,000

Regions Bank

1. Cash Rewards 6, 000

Bank of America

1. Cash Rewards 5,500

Synchrony Bank Credit/store cards

1. Amazon Prime 6,100

2. JCPenney 7,000

3 Lowes Card 15,000

4. Walmart MC 7,500

5. BP Visa 3,500

6. TJ Maxx MC 4,000

7. Old Navy Visa 4, 000

8. Cheap-O- Air Visa 2,900

9. Ebates Visa 3,100

10. Belks MC 8,000

11. Ebay MC 300 bucks (really )

Citi Store Cards

1. Macys 7000

2. Home Depot 5,000

3. Shell Gas Card 3,000

 

Target Store Card $2,000

 

Comenity Bank Cards

1. Venus 1,250

2. NY and Co 2,000

3. The Childrens Plance 1,250

 

Whew, I got dizzy listing all those cards LOL. I ALWAYS get asked how do I keep up these cards. Well i just rotate them really, i use a few at a time for small purchases, pay it off and put it up, then go to the next one. I took me ALOT  of disipline but I have it and I mainly have them for "bragging rights" LOL !! I'm not done either, I'm waiting on the status of the BB&T I was pre qualiifed for to see how much they are going to give me IF i'm approved. 

 

 

hr>Starting Score: EQ 677 TU 712
Current Score: 2/6 TU 715 2/6 EQ 677 EX 718 (lender pulled)
Goal Score: TU EQ 750+


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Re: Credit Card Limits


@wynona01 wrote:

Whew, I got dizzy listing all those cards LOL.

I'm waiting on the status of the BB&T I was pre qualiifed for to see how much they are going to give me IF i'm approved.


 ... and I got dizzy reading it!  Dang, girl, I count 34 cards for $260.5K or average limits of $7,661. 

 

Different philosophy I guess, but I don't keep all my cards open forever. I've probably closed as many cards over the years as you have now since it was too much to keep up with and I didn't need them all.  Store cards in particular have no good purpose for me when I have other options.  I'm adding a few more cards now, and trying to be selective.  I don't sign up for new cards for only their SUBs and a new card needs to have a unique place and purpose for me to add it to the line-up.  There is a lot to be said for simplicity!

 

From my experience, if you want higher starting limits with cards like the BB&T, it might help if you get rid of some of those lower-limit cards and consolidate.  I believe low limits lead to more low limits and drag down your average credit line.  And lenders might think you're already over-extended with a lot of credit lines, so be reluctant to give you more.  Having diversity in your credit report is good, but I don't think "more is always better"; sometimes it starts to work against you for new approvals or starting limits.  Slimming down your wallet will probably also help you reach your goal score of 750+. 




Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 26+ years;
AAoA = 9+ years; AoYA = less than 1 year (Nov 2019)
Total Open Credit Lines Over $440K. Utilization Less Than 1%. Inquiries until May 2020 (TU:2 -- EQ:2 -- EX:6)
*Hover cursor over each card to see name, CL
Message 2 of 11
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Re: Credit Card Limits

Grats
Message 3 of 11
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Valued Contributor

Re: Credit Card Limits

There’s a thread that asked “How many Sync accounts is too much”?....
I said about 3 to fly under the Sync radar. After reading this, I don’t know anymore! Lol
BK7 dc in 01/2011 with FICO8 in the 500s

HPs EX 6 EQ 4 TU 2
AAoA 5y4m
UTIL 1% - 3%

$200K+ Total Limits







New cc TLs 1/6 ; 1/12 & 4/24
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Re: Credit Card Limits

I am Sync
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Re: Credit Card Limits


@JR_TX wrote:
There’s a thread that asked “How many Sync accounts is too much”?....
I said about 3 to fly under the Sync radar. After reading this, I don’t know anymore! Lol

IIRC, that thread mainly focused on acquiring SYNCB CCs in a short period of time.  I'm over the max exposure threshold with SYNCB with a few less than the OP and I've experienced no issues (soon to change with Wally's going to Capital One and my closing of PayPal Credit).  So, yes one can have as many as SYNCB can approve as long as they are managed responsibly along with the rest of your profile. 

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Re: Credit Card Limits


@FinStar wrote:

@JR_TX wrote:
There’s a thread that asked “How many Sync accounts is too much”?....
I said about 3 to fly under the Sync radar. After reading this, I don’t know anymore! Lol

IIRC, that thread mainly focused on acquiring SYNCB CCs in a short period of time.  I'm over the max exposure threshold with SYNCB with a few less than the OP and I've experienced no issues (soon to change with Wally's going to Capital One and my closing of PayPal Credit).  So, yes one can have as many as SYNCB can approve as long as they are managed responsibly along with the rest of your profile. 


+1

 

My two oldest tradelines are Synchrony store cards (Lowe's and Belk) and I also have the Sam's Club MasterCard and the Care Credit MasterCard and I've never had any trouble with them at all.

 

Other than a short period of time a while back when Synchrony seemed to be over-sensitive to innocuous things (like adding an AU) they are generally easy to deal with.  These days when we read of somebody having an issue with Synch accounts there's usually a logical reason.

Message 7 of 11
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Re: Credit Card Limits


@Aim_High wrote:

From my experience, if you want higher starting limits with cards like the BB&T, it might help if you get rid of some of those lower-limit cards and consolidate.  I believe low limits lead to more low limits and drag down your average credit line.  And lenders might think you're already over-extended with a lot of credit lines, so be reluctant to give you more. .........

 

Slimming down your wallet will probably also help you reach your goal score of 750+. 


Regional banks / low limits / too much CL's and so on don't really ring true.  It's more dependent on your overall profile and income/assets.  I keep a Chase card parked with a $900 CL for future PC abilities with Chase.  I only have 1 store card if you can call a Sam's MC a store card (5% gas).  Total of 22 open accounts currently after adding 5 Feb-April 2019 for 80K+ with a prior TCL of 400K+.  Depth of credit makes a big difference in what lenders will consider with a bit of prodding when you call them up after the computer makes a decision.  Having a strong foundation of cards from 10+ years ago as an anchor establishes considerable history to look back on when reviewing an app.  

 

Recent approvals:

Uber - 11K / phone call to CA upped to 25K w/o any grilling

BBT 10.5K x 2 (21K) - both instant approvals but delayed delivery because they are a little backwards over there

BBVA - 15K instant

Regions - 21K instant

 

While they weren't stellar in comparison to existing limits reaching 65K for single cards or aggregate with Chase north of 70K (3 cards) they weren't bottom of the barrel either.  It's a matter of shooting for Quality over Quantity.... 34 cards and only 260K is a lot of work to manage and groom them.  

 

If I trimmed everything under a 20K limit (11 cards) I would still be sitting on 380K in usable limits (11 cards).. so 50% of the accounts.  The reason for holding onto them is some of them will die of natural causes like not being used.  Other might die of my putting them to sleep because they're just a pain to deal with on a regular basis.  Some will die because they have an AF that isn't justified for the lack of perks they offer.  I do however try to maintain no more than 2 cards with a particular lender forcing diversification amongst them for hedging against any potential AA due to a market swing.

 

Always try to figure out the long game when picking and choosing cards.  

500K+ TCL / 800+ FCOs
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Re: Credit Card Limits

@Obscure-Expert wrote:


@Aim_High wrote:

From my experience, if you want higher starting limits with cards like the BB&T, it might help if you get rid of some of those lower-limit cards and consolidate.  I believe low limits lead to more low limits

@Obscure-Expert  I agreed with a lot of what you said and think

we're pretty much on the same page in most respects. 

Thanks for your contribution to this discussion! 

See comments below.

 

 

@Obscure-Expert  Regional banks / low limits / too much CL's and so on don't really ring true.  It's more dependent on your overall profile and income/assets. 

 

That may be true, but since I've never worked in banking personally, I don't really know for sure what goes on behind those walls or what they are really thinking!   FICO gives us only general information about what goes into our scores and how credit factors affect them and then each lender may choose to weight a myriad of additional factors differently when it comes to approvals and credit lines.  It's difficult to navigate but sharing on these forums helps. 

 

I have read that some banks are reluctant to approve an applicant regardless of other factors if they have concerns about the total credit lines already available to them, whether they are being used or not.  And their approved credit lines may be lower than they might have been  based on those concerns.  Generally speaking, most lenders also seem to follow a pattern of extending credit in a general range based on what an applicant has already proven they can manage successfully.  While some banks on these forums are known for unusually generous SLs or CLIs, most fall within a predictable pattern which appears to mirrors the applicant's existing file. 

 

When I said that about the low limits or the number of credit lines, I was speaking about my personal experience and what seemed to work for me to increase my individual limits as well as personal observations about the profiles of others on MyFico forums.  There was some generalization involved on my part.  Most MyFico signature profiles seem to follow a pattern and when you see an abundance of lower-tiered entry-level banks, store cards, and low limits, you typically see lower FICO scores and fewer high limit cards.  On the other hand, when you see more higher-tiered bank cards with higher credit lines, you typically see higher FICO scores and fewer low limit cards. Then there are those in between.  Some of those whose FICO scores allow them to carry the more selective bank cards and higher limit cards may choose to keep their smaller or retail accounts open due to personal usage patterns, diversity, or because they just enjoy the card collecting as a pasttime.  Nothing wrong with any of those reasons, of course, since it's  all just a matter of personal preference.  However, the OP's profile suggested to me that her card situation might be holding back her potential credit lines and credit scores.  Of course, I don't know for sure but it seemed to me to be worth consideration. 

 

@Obscure-Expert  Depth of credit makes a big difference  Having a strong foundation of cards from 10+ years ago as an anchor establishes considerable history to look back on when reviewing an app.  

 

+1 ^^  Four of my current 13 accounts were opened between 19 and 26 years ago.  They are my anchor.  I also have another one open over 10 years.  All of my oldest five accounts have undergone at least one PC as the market has changed, so they have been useful to me as new products have been introduced.  I make sure to use these cards, even if they don't always give me the highest rewards available, because I value that banking relationship on my credit report much more than a few dollars back.  I can't easily replace them if they drop off.

 

@Obscure-Expert  It's a matter of shooting for Quality over Quantity.... 34 cards and only 260K is a lot of work to manage and groom them.  

 

+1 ^^  Exactly. 

 

@Obscure-Expert  I do however try to maintain no more than 2 cards with a particular lender forcing diversification amongst them for hedging against any potential AA due to a market swing.

 

+1 ^^ I like diversity also, even though you might find my profile very Chase-heavy at the moment.  While they are one of my oldest lenders (19 years), I only had one account with them 18 months ago.  (One other account had been opened and later closed and consolidated.)  When I decided to incorporate UR points into my rewards strategy, I went all-in getting the SUBs and using my 5/24 slots while I could, applying for new cards about every 3-6 months.  Two of my latest Chase hotel cards (Marriott and Hyatt) I applied for to eventually consolidate with my core CSR, CF, CFU accounts since Chase is slow to give CL increases, even after HPs.  Nice SUBs on both cards were also a consideration.   In the end, I will have four Chase cards because they play so well off each other for UR points, and that is the only reason.  (CSR, CFU, CF, INK)

 

@Obscure-Expert  Total of 22 open accounts currently after adding 5 Feb-April 2019 for 80K+ with a prior TCL of 400K+.   If I trimmed everything under a 20K limit (11 cards) I would still be sitting on 380K in usable limits (11 cards).. so 50% of the accounts. 

 

  ... which is almost exactly what I have already done.  I've closed many accounts over the years.  My focus has been on fewer, higher-limit cards to create a quality but more simplified wallet.  Once I consolidate my Chase cards, I will have 11 cards with about $375K limits diversified over 8 lenders.  My only card under $25K will be my Chase INK business card with $9K (which is lower because it is based on a small sole proprietorship application.)  However, I do plan to add a few select additional cards from other lenders like PenFed and Navy Federal or a second card with Bank of America.  But they will be quality, long-term cards.

 

@Obscure-Expert  Always try to figure out the long game when picking and choosing cards. 

 

+1 ^^  Good advice and that is what I also try to do.  I prefer not to waste HPs on cards purely for the SUB unless they have some other benefit.  My apps are mainly in the context of a long-range overall plan.




Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 26+ years;
AAoA = 9+ years; AoYA = less than 1 year (Nov 2019)
Total Open Credit Lines Over $440K. Utilization Less Than 1%. Inquiries until May 2020 (TU:2 -- EQ:2 -- EX:6)
*Hover cursor over each card to see name, CL
Message 9 of 11
Regular Contributor

Re: Credit Card Limits

You're absolutely correct I'm going to sit down and eliminate some of these and definitely slim my wallet down 😊
hr>Starting Score: EQ 677 TU 712
Current Score: 2/6 TU 715 2/6 EQ 677 EX 718 (lender pulled)
Goal Score: TU EQ 750+


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