@CreditScholar wrote:
@KennyS2006 wrote:
@longtimelurker wrote:
@KennyS2006 wrote:
I'm sorry, but what a stupid idea that 5k is a toy limit. That's like saying 60k is a toy salary.
Seriously, this whole toy limit thing is such a stupid, idiotic concept.I agree that it is very like that. And for the same reasons, for some people, $60K IS a toy salary, they wouldn't consider taking a job that paid that because their life style/needs/ego needs a lot more.
Of course, but if you have a HNW individual you don't even really NEED credit so who cares about a toy limit? I just think most people that say that what they have is a toy limit really mean they aren't happy with it and just want the pride of having a large TL, as if it matters, in the end really.
We only need a functional limit.. and most companies adjust that based on your actual spending/paying habits. So I just think the whole idea of a toy limit is just comical.
So what do you expect a HNW or UHNW individual to use instead?
Tinuvel is spot-on by saying "I tend to think of it less from the cardholder's perspective, and more from the lenders. To me, a toy limit is a smallish limit that a lender will use to test the waters with a borrower. It's a limit that poses a trivial risk exposure for the lender."
However if you're going to look at it from the cardholder's perspective: Yes the concept of a toy-limit changes from person to person based on individual circumstance, but there is a general idea of where it resides (for most people anyways).
It's like saying "what's rich?" will vary from person to person, and while it may be subjective not many people would consider an annual income of 30k to be rich. It may be true to the homeless guy on the street, but not with the majority of the population.
There's no point even having such a concept as "a toy limit" if there isn't (at least) some general consensus of roughly what it might be.
I take home 14K after taxes, so 30K would be plain amazing, 60K I'd about drop dead if I was offered. lol. This is probably one of the most subjective topics in Credit.
@KennyS2006 wrote:I really hate I even posted in this thread... :-/
