Higher limits beget higher limits. your other bankcards may be willing to give you better CLIs to get up to matching that 8K over time but don't expect it right away. Store cards will not try to compete with that limit.
@shark268 wrote:As you can see below I have mostly small limits but I was just approved for an 8k visa from Sportsmans Guide. Does anyone know if having a higher limit approved will give my other lenders more confidence and/or make them want to compete with it and give me easier CLIs? Or could it possibly scare my current lenders to see so much new credit (all but one card opened in last 2 month period)? Or will it have no effect because they use their own internal risk accessment. I just tried my amex 61 request and was given the 7-10 day message, I'll recon with them when they open tomorrow. I need to garden for about a year and let everything settle down but want to eventually have all accounts average above 2,000, ideally at 5,000 and start getting approved for 5 digit limits on travel/rewards cards. Which cards do you guys think will grow fastest?
Hey shark268!
my personal experience has been that lenders I have established a history with typically don't go out of their way to match new CC CLs. Any new subsequent applications for CCs after some experience with higher limits are usually matched or higher from then on. To be clear- for example, Citi has given me CLIs via SP consistently but for small amounts but it wasn't until I accepted a HP for a CL and requested a specific limit that they matched my other limits. All my subssquent approvals after getting to 10K limits were larger then 10K and after hitting the 15K threshold, my approvals for new CCs were usually higher still and now I'm usually instant approved for 20K- 25K+ on all new CCs. Mind you this is just my experience. YMMV. Give your new 8K card a go around the track for about 6 months then all your subsequent CCs should fall in line with this new limit as long as your income justifies.
Starting Score: 642I forgot- there is one exception- Amex. Their 3X CLI policy really is a nice perk of their cards. SP CLIs are NICE!
@improvingmycredit wrote:I forgot- there is one exception- Amex. Their 3X CLI policy really is a nice perk of their cards. SP CLIs are NICE!
Except Amex doesn't require high limits to make use of successive 3X CLI attempts.
My own experience is with an Amex at 3K (more than the rest of my limits though reasonably not by that much) and now at 9K for the past 4 months, no-one is running to match the limits via auto CLI's; I think that'll be especially true with any store card high limits which is why I only half-heartedly chased Wally CLI's after Amex is doing so right by me.
New accounts I suspect once history is established on the new tradeline more likely to approve at higher limits, and potentially through customer-initiated CLI requests.
+1
Amex does approve based on current CL experience (they like to match current limits) but they will also be the first to extend higher CLs based on their internal scoring of your creditworthiness through CLI policy.
@improvingmycredit wrote:+1
Amex does approve based on current CL experience (they like to match current limits) but they will also be the first to extend higher CLs based on their internal scoring of your creditworthiness through CLI policy.
Hmm, I don't know if that's the case on the majority of consumers: granted we're outliers here but we see a lot of the $500-$2K approvals for Amex revolvers (might be different a bit on some of their co-branded cards), which invariably leads to "my other limits are higher, Amex sucks!" type posts.
Given their CLI policy with few exceptions it doesn't really matter what you were approved with, and I think they take that into consideration when deciding a limit from a business perspective.