haulingthescoreup wrote:
MV, may we all take turns borrowing your reports?
Hey - it took a lot of time and ewffort and info from this place to get them like that!
Another option: Secured card. My first HL CL when I was "coming back" was a $15,000 secured gold mastercard through Amalgamated Bank of Chicago. BoA at that time wouldn't give me a secured card, and I had not really discovered the CU's yet. But a year later I got an unsecured $10 with BoA....and WAMU gave me a $3.5k card after that too.
Addison Avenue CU offers secured cards. So does NFCU. Neither have credit requirments except membership and savings. Anyone can join Addison by joining Financial Fitness Association for $5.
And as I previously stated, in addition to a good CR and FICO, and in addition to income is the "chicken and the egg" thingy: high CL's come from 1 of 2 things. Either slow growth over time due to CLI's, or because you all ready have high CL's, new cc's will consider you for higher CL's because of that established TL history and CL.
IMO IME 
Most debit/check cards have daily and transaction limits ranging from $2k to $5k. I'm sure there are some banks that are an exception.
My point: I purchase on occasion big ticket items, possibly when I bought my big screen LCD, went on vacation, etc. where my debit card did not make a good match. And checks these days are pretty antiquated...some places not even accepting them anymore. And then there is the CC protections that debit cards don't match...as well as sometimes the fraud issues.
So for me, I like a larger CL for the ability to buy those occassional big tickets, having the full protections of the card and protection against fraud, plus rewards. USAA even solicits members to use their MC for their down payment for GM cars (offering rewards).
But then again, CL's are subjective to income. Somebody who makes $50k per year may have less need of CL's than say somebody who makes $150k, or $250k.
IMO
@Anonymous wrote:Most debit/check cards have daily and transaction limits ranging from $2k to $5k. I'm sure there are some banks that are an exception.
My point: I purchase on occasion big ticket items, possibly when I bought my big screen LCD, went on vacation, etc. where my debit card did not make a good match. And checks these days are pretty antiquated...some places not even accepting them anymore. And then there is the CC protections that debit cards don't match...as well as sometimes the fraud issues.
So for me, I like a larger CL for the ability to buy those occassional big tickets, having the full protections of the card and protection against fraud, plus rewards. USAA even solicits members to use their MC for their down payment for GM cars (offering rewards).
But then again, CL's are subjective to income. Somebody who makes $50k per year may have less need of CL's than say somebody who makes $150k, or $250k.
IMO
I think it's too risky to carry those large lines of credit regardless of one's higher income. The banks are beginning to think so too. That's why they're slashing credit lines.
@DI wrote:I think it's too risky to carry those large lines of credit regardless of one's higher income. The banks are beginning to think so too. That's why they're slashing credit lines.
I'm curious what the risk is to the card holder? If they slash the CL, then you don't have it possibly down the line, but I'm not sure what the "risk" is.
I have had only 1 ccc take any AA on me, that was Chase on a WAMU card...but they continue to solicit me to apply for cards and open accounts.
The "wealthy" who have the income and assets to support the CL's still have the CL's....possibly fewer of them, but they still have them. I'm not aware of anyone who has high income/assets, excellent credit and financial relationships who cannot obtain the credit they want/need. They possibly have moved some business to CU's or other banks, but the market continues to supply.
IMO IME
@DI wrote:
I think it's too risky to carry those large lines of credit regardless of one's higher income. The banks are beginning to think so too. That's why they're slashing credit lines.
Well, if I didn't have a $19K CL on my B&N card, I could not have paid for the retaining wall by CC and I would have not recieved $250's worth of free books 
@Anonymous wrote:But a year later I got an unsecured $10 with BoA....
Well, that's at least enough for a burger .
j/k