@Jnbmom wrote:"Really should "and how they do it are 2 very different things . There are posters on here with very moderate incomes and very high lines and vice versa . The credit game is a very difficult thing to master . What works for some may not for others .
Totally agree there. But that is also my point, don't take no for an answer if you think you deserve better. There is not one bank or CU that is worth groveling for.
@Remedios wrote:
@Crowhelm wrote:
@Jnbmom wrote:It never hurts to ask , but I don't think either will budge . And you can request at 91 days with AMEX , but frequently when they start out on lower end it's a hit and miss with CLI.
As @AverageJoesCredit pointed out it's just just about scores and your other limiits there is a lot more involved . I have a few 30K lines Amex offered me a 1700 limit on a card, I declined as needing a travel card that would not work well .
I somewhat disagree with that. Fico scores were designed to take everything but your income into consideration. That was the whole point of going to it so banks and credit unions could make instant approvals. I mean my wife and I have been perfect for the last 10 years as far as making payments, credit utilization, and DTI. So we really should have an 850 or close to it, but we don't because deductions are made for lack of portfolio, oldest account, charge-offs etc. I mean there was even this Fico commercial a few years back of a lady getting a mortgage and because she knew her score was high she was not going to be fooled by the banker. Banks usually use the excuse there is more considered than just credit scores but if you get that line, go elsewhere because they either try to get a higher APR out of you or they hold things you did way back when against you. Either one is their right to do, but unacceptable for a customer or at least should be. My wife and I faired well with that approach including getting a mortgage at 2.5% after getting the old switcharoo from a bigger mortgage company. If more people would walk away from subpar offers banks would change their ways. But most take whatever. The only other valid consideration is your income. If your obligations or credit card portfolio is not properly supported by your income I can see a bank or CU getting cold feet.
For anyone who doesn't learn to temper their expectations and attempts to directly translate score to approvals under best terms and high credit lines is going to have their heart broken over and over.
When lenders pull your credit, they aren't after your score, they are after your report, score just happens to be included.
From there for most major lenders report is "translated" according to internal algorithm and UW standards. End result is then presented to a consumer, some like it, some don't.
In your case, when you arrived at this forum like five months ago, you had one card and claimed that was good enough for you.
I also remember critique over "why anyone needs high limits/high number of cards"
Then you and wife applied for multiple cards followed by applying for Chase. Lower limit was a foreseeable consequence, Chase isn't exactly famous for rewarding credit seeking.
Card she applied for is capped, so in theory all one needs is $1500 limit to realize full benefit in terms of cash back/URs, but in true MyFico fashion, "principles!"
You're free to manage your credit as you see fit, open cards when you feel like it, close them when they don't meet your expectations, but at the same time, when we tell our stories, we should strive for complete and accurate picture of what happened and why.
@Annabe as stated upthread, you could attempt to increase Citi by taking another HP or you can wait till SP language shows up, take SP increase if offered one and follow it up by HP for additional increase.
Citi responds well to use (who doesn't), but they also don't like recent credit seeking.
By the time you're eligible for SP increase,Amex will also be reporting so it might delay the process.
Amex, let it go until you're eligible for increase, and go from there.
Without knowing more about your profile, it's impossible to guess why those applications resulted in relatively low(ish) limits but that (or those) same reasons might prevent increases. Typically credit seeking, younger profile, high DTI, income, presence of multiple personal loans etc can and do affect starting limits. Previous "relationship" with a lender can also play the role (if you had one).
All each of us is doing is report what we have learned and to a high degree our opinion of those experiences. Yes, I am not a high-roller nor will I ever be when it comes to credit cards. In fact, as I stated before if it wasn't for cashback cards my wife and I would still have just one card. Air Miles and Rewards cards are of no interest to me. However, cashback cards really add up in real money to be used as one sees fit.
Also, if someone pays close attention to what I am doing they can see every additional card is an improvement for cashback earnings and not just another card.
I am not trying to hide anything but rather am trying to point out to people that they should go where they are appreciated and not obsess to get one card or another just because it is from the bank they think is a big deal even if that bank treats them like, well you know what. The same would go for a CU. Meaning, don't be afraid to close a card if the approval is a joke. Because other banks and CU's do look at your other credit limits.
Affinity FCU looked at a "worse" portfolio as far as my wife goes. Two recent accounts (both just over two months, Freedom Flex and Citi Custom), and yet they approved her for $7500 with really no relationship yet since her membership was just two weeks old. As I said before, with our scores I see everything below 5K unacceptable. But they wanted our business, we aren't just another number to them.
My wife and I are not after high limit cards, but usable limit cards. And if you look at what the Freedom Flex offers, two 5% categories, 5% back on groceries in the first year, 3% back on dining $1600 is hardly enough unless you constantly pay off balances to keep things at least below 30% use on the card, the ideal is really below 10%. Since I like to actually take advantage of the grace periods I don't like having to pay early.
To each their own @Remedios . We just have to agree to disagree. I am glad you are doing well with your approach and I hope you can be happy for us as well since it works for us. However, what makes this forum so valuable is the different approaches and styles of people. Sometimes I go, man why didn't I think of that, and other times I just shake my head in disbelief.
