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Have a question for the credit card gurus out there. Do the limits I have on other cards play a factor on the opening limit other creditors may give you from your experience? Is it also a "bargaining" chip for recons on limits and credit limit increase requests?
yes
Yes it does as some lenders are more willing to give you a higher limit if they see you have managed high limits in the past. As for using them as a bargaining chip, it is usually unsuccessful and I would not recommend doing so
Sometimes if you get a low opening limit, you can recon and ask for a limit more in-line with your other cards. Sometimes it works, sometimes it doesn't matter to them.
Sometimes, sometimes not. It all depends on what bank it is, what cards you have with that bank, how many inquiries, etc. etc. etc. But for most people I'm sure higher limits on other cards would help when applying.
Yea the 5k limit on an existing account in order to be approved for the CSP is false. I used the chase pre approval tool and was pre approved for both the CSP and Marriott visa signature when my highest reported limit at the time was 4000 on my Amex. I applied and got approved for the Marriott for a 7500 Limit
@keithbward wrote:Have a question for the credit card gurus out there. Do the limits I have on other cards play a factor on the opening limit other creditors may give you from your experience? Is it also a "bargaining" chip for recons on limits and credit limit increase requests?
I would say yes. But it plays differently with different credit card companies. Some may give you a credit below your minimum credit limit. Other may give you higher than your highest limit and some may grant you in between.
@xsvspd wrote:
I'm constantly seeing people say thay to get the CSP, you have to already have a limit above 5k. This may be a factor for some, but wasn't in my case when I was approved for CSP at 11k, my highest limit at the time of apping was 3k.
The 5k number that gets thrown around is that that is the minimum CL one would get with CSP. So....if Chase deems someone isn't worthy of a $5k credit line then they will deny them the CSP, but that doesn't mean they had to have a $5k CL on other cards in order to get approved for a $5k credit line. BUT, someone who may have been approved for a Freedom card with a $3k CL would have been denied for a CSP, not approved for a CSP with a $3k CL. Hopefully that makes sense.
@nachoslibres wrote:
@xsvspd wrote:
I'm constantly seeing people say thay to get the CSP, you have to already have a limit above 5k. This may be a factor for some, but wasn't in my case when I was approved for CSP at 11k, my highest limit at the time of apping was 3k.The 5k number that gets thrown around is that that is the minimum CL one would get with CSP. So....if Chase deems someone isn't worthy of a $5k credit line then they will deny them the CSP, but that doesn't mean they had to have a $5k CL on other cards in order to get approved for a $5k credit line. BUT, someone who may have been approved for a Freedom card with a $3k CL would have been denied for a CSP, not approved for a CSP with a $3k CL. Hopefully that makes sense.
Minor point, but I get the impression from reading these pages (especially those regarding CSP), is that the "minimum 5K" income number DOES get mentioned quite a bit as an approval criteria for the CSP card, not just as the minimum starting CL. Fortunately such postings are being challenged by more and more readers, who correctly state (as does nachoslibres) that others with lesser incomes HAVE been approved for tthis card!