Credit limit over 25k

[Anonymous]

Hello guys,

as I start to get credit increases and adding cards to my wallet, after hitting 25k total available credit does that trigger me for a financial review? I saw people say things about it on youtube / forums wasnt sure if anyone has experience this before. I always say the same annual income for any new accounts / consistantly get credit line increases etc. I have no missed payments on any account and I have never closed an account. 

If anyone has any knowledge let me know.

thanks!

[Anonymous]

Many of us are well over that for total limit for an individual issuer such as Amex and other issuers without financial review or proof of income.

[Anonymous]

Not at all

[Girlzilla88]

@Anonymous    From what I know it's typically 35k and over for Individual cards but different issuers can be different some people have hit 50k and not needed POI but it can also be an individual instance as well YMMV

[Remedios]

Financial review is rare outside of Amex issued cards, and it's done for specific reasons, limit is not one of them. That's what IV is for. 

Income verification is becoming more common, and it's often confused with FR. 

Chase may require income verification on $500.00 student card, but issue $35K to someone else without a peep. 

CUs are more likely to perform IV than traditional lenders, regardless of the amount. 

[coreysw12]

Across all my credit cards, I've been over 25k for almost a year now, and I've never been under any sort of financial review, to my knowledge. I've never been asked for POI or anything like that.

I think banks care more about your total exposure with their bank, and couldn't care less how much exposure you have with other banks.

I think the only time a bank requests POI is if they have reason to not believe you have the income you claimed - for example, if the income amount you claimed would suggest that you should be able to pay off your balances every month, but you're carrying balances every month. Or if your credit report is so thin that they aren't sure of your abilities to pay off additional new debt.

For example, someone who reported $50/yr income who has $100k in total exposure, across many cards that are several years old, and who never has more than 10% utilization, probably won't be asked to provide POI, because they've demonstrated that they're capable of keeping their debts paid down. Whereas, another person also reporting $50k/yr income with only 2 credit cards with $1000 total exposure that are less than a year old and that almost always report 50% or higher utilization, might seem like they're stretched thin and possibly don't really make the $50k/yr that they claimed.

Basically, if you don't give a creditor any reason to doubt the income you claimed, it's unlikely they'll require POI.

[Anonymous]

Thank you guys! This community is always helpful with things like this, I may have just misunderstood the posts reguarding this.

[cashorcharge]

I would think the greater point isn't tied to a CL but to income, how much, how it's reported and from where.

If you mention self-employed or if you have a fairly new job and the employer on your credit report doesn't match your application, that "may" be a reason it might flag you/the application.  With several individual accounts over $25K and total CL way over, it's not been an issue..but then I am also not self-employed.

When you see those large SL approvals....I have found they are typically tied to the person having a healthy banking relationship with the FI whether that's savings, Direct Deposit or investments.

[K-in-Boston]

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@Anonymous wrote:

Thank you guys! This community is always helpful with things like this, I may have just misunderstood the posts reguarding this.

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It's very likely you didn't misunderstand, but the source was misinformed.  Broad statements like "Amex will do a financial review if you ask for more than $25k/$30k/$35k" are commonplace, particularly among bloggers and vloggers  who care more about ad revenue and referrals than accuracy.

[M_Smart007]

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@K-in-Boston wrote:

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@Anonymous wrote:

Thank you guys! This community is always helpful with things like this, I may have just misunderstood the posts reguarding this.

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It's very likely you didn't misunderstand, but the source was misinformed.  Broad statements like "Amex will do a financial review if you ask for more than $25k/$30k/$35k" are commonplace, particularly among bloggers and vloggers  who care more about ad revenue and referrals than accuracy.

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What He said ^^^^^^^^^^^^^^^^