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Please give some data points..credit limit/income..

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Re: Please give some data points..credit limit/income..

Income and spend are the most important as long as you have a reasonable file. My starting limits with most cards are 35-50 and go up from there. Income >250k, annual CC spend > 250k FICOs 800-815.
Message 41 of 62
Established Member

Re: Please give some data points..credit limit/income..

I think income becomes more of a factor to obtain really high limits (above $20k). I am a student with a part-time income (15k-18k) depending on the year. Part of my income is self-employed and some through an employer. I was approved for a 25k biz card from Amex with less than 1 year of credit history and that income. It helps that I spend a lot on my personal cards (and now my biz card) for my job and I get reimbursed for it. Spent about $1,500 over the last couple month for clients. I know that's not a lot for a business, but for someone working out of their dorm room, it helps keep me appealing towards lenders.  Business cards also tend to have higher limits. I don't think I will be getting a 25k limit on any of my personal cards anytime soon (at least until my income increases). 

 

 


Banking with: Ally Bank (Savings), NFCU (Credit), and US Bank (Biz and Personal Checking)
Started August 2018 (No Credit History)
FICO 8 (10/29/2019): EX 800, TU 775 | FICO 9 (10/04/2019): EQ 810
Message 42 of 62
Moderator

Re: Please give some data points..credit limit/income..


@black_citi wrote:
Only card I know that DOES care about income is the AMEX centurion or black card as we know it. I've heard that you have to give amex monthly bank statements to show what your income is even AFTER you've gotten the card. If your income isn't high enough (amex determines that) they will cancel the card.

What is the source?  As that is really not accurate.  By and large, AmEx doesn't have such a monthly requirement to sustain having the Centurion card. 

Message 43 of 62
Contributor

Re: Please give some data points..credit limit/income..

Most ppl who are offered the centurion spend about 350k or more a year on their CCs with Amex. After they get the card in my experience it’s like any other credit card with slightly better customer service and a much higher annual fee. The only really nice benefits are the 35% discount on redemption and delta platinum.
Message 44 of 62
Established Contributor

Re: Please give some data points..credit limit/income..


@brandon1767 wrote:

I think income becomes more of a factor to obtain really high limits (above $20k).

It helps that I spend a lot on my personal cards (and now my biz card) for my job and I get reimbursed for it.

Business cards also tend to have higher limits.


Good statements in general.

 

I would add ... higher income (OR) high sustained spending (OR) high account balances and assets ... help to obtain high limits.

If you don't have one of those three, your limits will likely hit a lower ceiling with most lenders than they might approve otherwise, regardless of credit score or other factors.

 

So people who spend a lot for reimbursable business expenses do often get higher limits on business (or) pesonal cards, even if their income alone doesn't justify it. 

 

Business cards (can) have higher limits, but it depends on the business needs and the lender.  In my case, I applied for a "business" card with Chase based on a small home-based sole proprietorship.  I didn't claim a lot of income or expenses and they funded me accordingly with a $9K limit.  On either side of that application, they approved me for personal lines worth $35K, $33K, 30K, and $21.9K.

 

From my experience, while business cards can have higher limits, the other types of cards that usually have higher limits are travel cards, particularly those with higher AFs ($400 to $600). 

 

 

 

 




Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 26+ years;
AAoA = 9+ years; AoYA = less than 1 year (Nov 2019)
Total Open Credit Lines Over $440K. Utilization Less Than 1%. Inquiries until May 2020 (TU:2 -- EQ:2 -- EX:6)
*Hover cursor over each card to see name, CL
Message 45 of 62
Established Contributor

Re: Please give some data points..credit limit/income..

Whats not true? The part I said about them caring about income or the rumor I heard about you giving monthly statements to them?
Make More, Spend Less

Scores as of 10/21/2019


Goal Cards (in order): CSP, AMEX Platinum
Message 46 of 62
Established Contributor

Re: Please give some data points..credit limit/income..


@mystere3 wrote:
Income and spend are the most important as long as you have a reasonable file. My starting limits with most cards are 35-50 and go up from there. Income >250k, annual CC spend > 250k FICOs 800-815.

Spend more than income, I believe.  From my experience, SLs above $35K are unusual for most cards.  My income is well over what you stated and my FICOs also over 800 but the highest SLs I've ever received are $35K.  I assume your $250K income matching your $250K spend is not a typo??  That is annual spending of 100% of income.   You must have huge reimbursed business expenses, which I believe would be the primary reason for your higher starting and overall limits.   Income will only get you so far, but sustained heavy spending and showing you are paying it off seems to get you the moon.  They see you appear to need it and use it responsibly so they give you more and more.  A high income alone, without heavy sustained spending, doesn't demonstate the need for such high limits so I believe they tend to be more constrained.  In my case, I don't live the lifestyle of my salary, since I'm saving heavily for retirement and paying off my mortgage and car loan early at this stage in my life.  So my spending is relatively modest.  My limits are higher than many people would get but probably not nearly as high as if I were spending heavily.  So spend is key.




Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 26+ years;
AAoA = 9+ years; AoYA = less than 1 year (Nov 2019)
Total Open Credit Lines Over $440K. Utilization Less Than 1%. Inquiries until May 2020 (TU:2 -- EQ:2 -- EX:6)
*Hover cursor over each card to see name, CL
Message 47 of 62
Established Contributor

Re: Please give some data points..credit limit/income..


@FinStar wrote:

@black_citi wrote:
Only card I know that DOES care about income is the AMEX centurion or black card as we know it. I've heard that you have to give amex monthly bank statements to show what your income is even AFTER you've gotten the card. If your income isn't high enough (amex determines that) they will cancel the card.

What is the source?  As that is really not accurate.  By and large, AmEx doesn't have such a monthly requirement to sustain having the Centurion card. 


I never said it was true. I said it’s what I heard. Some guy on YouTube who was unboxing an Amex centurion business mentioned it about a friend he knew. It was either monthly he said or quarterly. Can’t remember which. I don’t have the card or know anyone who does so I can’t verify what he said is true or not. I just found it interesting.

Make More, Spend Less

Scores as of 10/21/2019


Goal Cards (in order): CSP, AMEX Platinum
Message 48 of 62
Established Contributor

Re: Please give some data points..credit limit/income..

There is an interesting Forbes articles talking about the Centurion that says you need to earn at least $1M annually, have a high net worth and spend between 100k to 450k.

Although the article makes no mention of maintaining that net worth to keep the card, I would have to assume that AMEX would require some sort of income verification at least yearly to make sure you still meet the requirements to have the card.

If your business starts losing to much income but you still want to maintain that high lifestyle, how would you pay back the charges on that card?

Although no way to prove this, in my opinion the centurion seems to be the only card that looks at income before anything else.

I've heard of people making 20k a year getting approved for the platinum. Clearly a high income isn't needed for the platinum.
Make More, Spend Less

Scores as of 10/21/2019


Goal Cards (in order): CSP, AMEX Platinum
Message 49 of 62
Frequent Contributor

Re: Please give some data points..credit limit/income..

Credit limits are on my cards below. I'm honestly curious about total limit vs income; like can I get 100k in credit but only have like 30k in income?
Message 50 of 62
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