Importance of store credit card limits when applying?

[Anonymous]

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@DaveSignal wrote:

about the original question:

yes, future lenders absolutely base limits off of your exisitng history/experience with current limits.  Higher limits now turn into higher limits later.  I have had credit all over the score chart over the past 13 years and this is, no doubt, something that is clearly evident.

A store card might have less impact, and some stores issue low limits regardless of your current major card limits or credit scores.   But, if all you have are store cards, then that is what a lender has to look at.  Although the actual lmiit has no effect on FICO, other than making utilization easier to manage, it will affect the basis for high limits on future approvals.

+1 to all who suggesting asking for CLIs.

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Thanks for the feedback.  I will request a CLI on the Chase Slate within a month.  Thankfully I do have 3 major cards along with those 2 store cards, but the store cards have the high limits.  I was just afraid that when applying, lenders wouldn't take into consideration the high limits that I have on my store cards.  Would it be overkill to ask for a CLI increase to 4k on the Slate since it only has a $300 limit right now?

[DaveSignal]

Store cards do have a lesser impact, because a creditor sees those cards as something that already limits your spending since you can only use it at that particular store.  They do help though. 

A lender will usually consider everything on your credit report, including store cards.

If you are trying for higher limits, ask for as much as you think you can handle.   Tell the bank that you think $5000 is a good amount because it would cover most of your monthly spending with some extra room for an emergency.  You could even ask for higher if you want, but $5000 is kind of a magic number as it opens the door to approvals with some creditors.  If the bank isn't willing to be the first major card to test these limits, they will offer you some lower amount.  You are taking a HP, so accept whatever they give you and then try again somewhere around 6 months later.

[youngandcreditwrthy]

Please remember Chase will hp you for the cli!!

Call the backdoor number.
Ask for at least $5k!!!! You seem to have a great history with them. Credit Analysts have a line for a reason!!!

[LisaJ]

I believe that Chase does.

I was approved for a CSP, and the only card I had anywhere near what they look for was a Home Depot with a $7200 CL, and a Best Buy of $4100.  And BOTH had a balance when I applied (at or around $15-20%).  Everything else at that time was $1,500 or less.  I had a Freedom for many years that was stuck at $1500, and got a CLI to $7500 the same day I apped and got the CSP.  I have had to recon every time with Chase, but have always been successful.  I then doubled my CSP CL on the same day I got approved for $10,000 on Ink, which was around 5 months after I got CSP. 

Chase will be very, very good to you if you meet their requirements and pay more than the minimums.

ETA:  EQ  was lowish 700s at the time, based on real FICO score and they pulled EQ AND EXP for me, in Florida.  I do believe EXP was higher, but I am not certain as I did not have the actual EX score, only a FAKO of about 720s.  I had a paid tax lien of 3 years, and one 30 day late from a few years prior that I had to explain, which was why I was auto decllined and had to call.

[LisaJ]

Also--if you are apping for a Chase product, they will use the same report for CLI.  They may say they can't, but they can and usually will.  One HP did double duty for me in July and then another in December. 

[creditnocash]

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@LisaJ wrote:

Also--if you are apping for a Chase product, they will use the same report for CLI.  They may say they can't, but they can and usually will.  One HP did double duty for me in July and then another in December. 

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maybe ill app for a csp and ask for the cli to 5k on my freedom then... hmmm 

from my personal experience though, i had 1 bank card reporting for one month at 500 limit and chase gave me 500 on my freedom. (auto cli to 1k at 4 months) 

ive also gotten much higher limits since then. 

at time of app had 3 store cards 2 over a year and a half old. bb at 2500 limit and macys at 2k limit

[Anonymous]

Update:  Today my Barclay iTunes Visa gave me a auto CLI from $1400 to $2700.  Now whenever I get the courage to use a HP on a CLI for the Chase Slate, I'll try to get them to at least match my Barclay iTunes Visa.  I doubt they will go from $300 to $2700 though.

[rtw]

Congrats on the auto cli. I still say go for the cli on your chase slate. You definitely have earned the cli!

[09Lexie]

Good job!