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my total available credit accross all of my cards is well over 100%. and yes, i did have a problem attemping a cli for my bankamericard in november 2011. i just recently reduced my total available credit by 18.1k in the last week. i hope to have better luck with my bankamericard next time i request a CLI after my accounts report as closed.
As long as you have sufficent positive credit history, most creditors are not too concerned. But at some point the will begin to cut you off.
My available credit is almost 500% or 5x my income, and I continue to get CLI's and new cards.
I'm a college student who makes about $12,000/year and my total revolving credit limits are currently $58,300.
@drsmith wrote:At what point, if any, do you think credit card companies start to question why you're asking for more credit?
For example, I'm currently at about 66% of my total income in available credit. I obviously have no use for so much, but there are still more cards I'd like to apply for.
Has this ever been an issue for any of you?
It is more of a issue when applying for other types of loans, ULOCs and mortgages. I have seen tons of times lenders of mortgages requiring people to kill cards and / or reduce limits as a requirment for approval.
My CLs are at 101% of my gross annual income. No small feat seeing as I have a BK7 on my credit reports. I'm beginning to worry about getting cut off for CLIs though.
@drsmith wrote:At what point, if any, do you think credit card companies start to question why you're asking for more credit?
For example, I'm currently at about 66% of my total income in available credit. I obviously have no use for so much, but there are still more cards I'd like to apply for.
Has this ever been an issue for any of you?
Each bank/CCC/CU has its own philosophy/theory/business plan regarding risk management, so there is no point at which "why you're asking for more credit" is fixed. That depends on the lender.
The lower the interest rate is for the card, the more selective the card issuer will be.
@scottwagnon wrote:my total available credit accross all of my cards is well over 100%. and yes, i did have a problem attemping a cli for my bankamericard in november 2011. i just recently reduced my total available credit by 18.1k in the last week. i hope to have better luck with my bankamericard next time i request a CLI after my accounts report as closed.
Maybe it's certain things on the CR they look for when making adecision for CLI and you have alot of credit available.
Hey guys, been away for a while but..
Technically my Income vs Credit ratio is infinity. Since I don't actually have any taxable income. So, you never know..
I told the people on the phone straight out that my income comes from gifts from family, and they were okay with that because of never being late. Although on two of my three cards I have my parents as AUs, but I doubt that matters.
My 2 cents.
@andre181 wrote:As long as you have sufficent positive credit history, most creditors are not too concerned. But at some point the will begin to cut you off.
My available credit is almost 500% or 5x my income, and I continue to get CLI's and new cards.
I'm a college student who makes about $12,000/year and my total revolving credit limits are currently $58,300.
That has been my assumption too.
@GoingTo800 wrote:It is more of a issue when applying for other types of loans, ULOCs and mortgages. I have seen tons of times lenders of mortgages requiring people to kill cards and / or reduce limits as a requirment for approval.
I have seen that too. I know some people that were told they had too much available revolving credit and they should close some. Not often but I have heard it.