For posterities sake- I'm posting to give some insight into CLs and income. I recently requested a 6 month CLI with Amex. Denied. The reason- income vs available credit obligations. I have +160K available CLs. Income just above 110K. Utility = 4% reported. Always PIF Amex with no balances left at statement cut. I've read many threads regarding CLs vs income. Just giving food for thought. I thought I was getting close to maxing out what some banks would consider reasonable for my income. Apparently- Amex thinks I have enough. :-)
Another note: no Info regarding a CB pull referenced so no FICO score given.
Another note: no Info regarding a CB pull referenced so no FICO score given.
Starting Score: 642
Great data point! Thanks for sharing.
Would you mind expanding this to share an estimate of your other monthly obligations? The ones on your credit report are probably most important since that is likely all Amex has access to. So mortgages, cars, installment debt?
Would you mind expanding this to share an estimate of your other monthly obligations? The ones on your credit report are probably most important since that is likely all Amex has access to. So mortgages, cars, installment debt?
@SnackTrader wrote:
Great data point! Thanks for sharing.
Would you mind expanding this to share an estimate of your other monthly obligations? The ones on your credit report are probably most important since that is likely all Amex has access to. So mortgages, cars, installment debt?
Hey SnackTrader!
Sure: No mortgage. Single - House paid off. Car payment $684.- and 2nd Car $491. No installment debt. Spend about $2500-3500 monthly on all cards for all bills like cell- insurance-groceries-gas- utilities- dining -things I want and fun- fun- fun ...etc...unless I have a big purchase or vacation expense. Bank the rest. The 160K+ is all unsecured.
Wow!
First of all, I'm jealous. But secondly, I can see why you were able to get up to $160k no problem to begin with. Your financial picture (at least as it stands on your credit report, which typically includes the biggest expenses) is really promising. $160k is still a lot of potential trouble if it gets maxed out, but your ability to handle that much credit is rather good given your housing situation and the fact that cars can be bought and sold rather easily. I am always curious how high lenders will go with me since my student debt load is rather hefty and I live in a very expensive part of the country when it comes to housing (both rental and ownership).
First of all, I'm jealous. But secondly, I can see why you were able to get up to $160k no problem to begin with. Your financial picture (at least as it stands on your credit report, which typically includes the biggest expenses) is really promising. $160k is still a lot of potential trouble if it gets maxed out, but your ability to handle that much credit is rather good given your housing situation and the fact that cars can be bought and sold rather easily. I am always curious how high lenders will go with me since my student debt load is rather hefty and I live in a very expensive part of the country when it comes to housing (both rental and ownership).
@SnackTrader wrote:
Wow!
First of all, I'm jealous. But secondly, I can see why you were able to get up to $160k no problem to begin with. Your financial picture (at least as it stands on your credit report, which typically includes the biggest expenses) is really promising. $160k is still a lot of potential trouble if it gets maxed out, but your ability to handle that much credit is rather good given your housing situation and the fact that cars can be bought and sold rather easily. I am always curious how high lenders will go with me since my student debt load is rather hefty and I live in a very expensive part of the country when it comes to housing (both rental and ownership).
SnackTrader
Thanks. :-) I don't think you will have any issues getting to your net income at the very least if your FICO is high. I found that once I got the first high limit card, every card there after either matched it or got bigger. I was a little surprised to see a straight out denial and not a counter offer to be honest, but really I didn't need the increase at all. LOL. I was just seeing if I could get the Amex to 25K from 18.3K. A lot of my other cards now are above 20K already. With your 13+K card already, you are well on your way to 20K cards. :-)
lol. Well I hope not for you either. I should say that I feel very comfortable that if I hard apped another card from another lender, I'd be approved instantly for a pretty high limit. I think that I am just at my limit with Amex. unless I either increase my income or get rid of some of my other cards. I'm curious if I were to app another revolver from them, if I would be approved. Maybe I'll test this for informations sake, but I really don't want another Amex right now. Already have 4. 2 chargers- 2 revolvers. Unfortunately, you are bound to eventually hit your internal limit with some of your creditors too. Might even be there now with some. :-(
I honestly don't know. I only have 3- RTG 8K- Walmart 9K and Chevron 2.5K. That makes up near 20K of available credit. Don't know if that was considered or not. They are on my CRs though.
If I were you though- just looking at your profile, I'd nix almost all the store credit cards and focus on getting higher limits with the Prime Lenders. If any of the Primes do take into account store credit limits, you are severely limiting your CL potential with them. Just an after thought. :-)