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Should I be ashamed of my Credit Limit?

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longtimelurker
Epic Contributor

Re: Should I be ashamed of my Credit Limit?

Probably a lot of the audience got sidetracked by your first sentence:

 

"I have 2 Credit Card"

"2?  Must be a typo for 12, 20,92 or something!"

 

But 2 can be a fine number of credit cards!

Message 11 of 49
Anonymous
Not applicable

Re: Should I be ashamed of my Credit Limit?


@Anonymous wrote:

I'm a big restaurant/bar & Uber spender. I spend at least $750-$1000/month on it, which I worry is bad for my score due to the high utilization. 

 

I do pay it off in full every month. Had it for about 6 months now. 


You can always ask Barclays for a credit limit increase if you don't want high utilization. A Hard pull on your credit is only a temporarily 1-5 points. It will be worth it with your spending and what you will get back in Uber Cash.

Message 12 of 49
FinStar
Moderator Emeritus

Re: Should I be ashamed of my Credit Limit?


@Anonymous wrote:

I'm a big restaurant/bar & Uber spender. I spend at least $750-$1000/month on it, which I worry is bad for my score due to the high utilization. 

 

I do pay it off in full every month. Had it for about 6 months now. 


Depending on the depth of your profile, other tradelines, income, scores, etc., you can eventually entertain a CL increase, but the request will be a Hard Pull.  Or, you can just patiently continue using the card with the potential possibility of obtaining an automatic increase.  So, it really depends on your goal.  Personally, I'd let things simmer for that potential opportunity. 

Message 13 of 49
Anonymous
Not applicable

Re: Should I be ashamed of my Credit Limit?

I don't know what you mean by ashamed. No one knows your credit limit unless you tell them. It's no one's business and not worth losing sleep over.
Message 14 of 49
Anonymous
Not applicable

Re: Should I be ashamed of my Credit Limit?


@Anonymous wrote:

@Anonymous wrote:

I'm a big restaurant/bar & Uber spender. I spend at least $750-$1000/month on it, which I worry is bad for my score due to the high utilization. 

 

I do pay it off in full every month. Had it for about 6 months now. 


You can always ask Barclays for a credit limit increase if you don't want high utilization. A Hard pull on your credit is only a temporarily 1-5 points. It will be worth it with your spending and what you will get back in Uber Cash.


This. 

Is there a specific reason why you refuse the option of a HP?  Hard Pulls on your credit are not that big of a deal.

 

Message 15 of 49
Anonymous
Not applicable

Re: Should I be ashamed of my Credit Limit?

certainly no reason to be ashamed.

 

ive had my chase prime amazon card for 3 years now. started off with 2k, still currently at 2k.  no rhyme or reason for what the FIs do.

 

welcome to the forum, we have all been here asking similar questions at some point in our journey. 9 times out of 10, you will find people in the same exact scenarios as you.

Message 16 of 49
Anonymous
Not applicable

Re: Should I be ashamed of my Credit Limit?

How much do you use your amazon card? 

Message 17 of 49
Anonymous
Not applicable

Re: Should I be ashamed of my Credit Limit?

fairly regularly. PIF every month. mix spend, amazon heavy. but, no CLI to this point.

 

my other chase card has gotten 2 CLIs already since i opened a year ago. unsure how to break through the algorythms. 

 

one day... 

Message 18 of 49
Nomad3
Frequent Contributor

Re: Should I be ashamed of my Credit Limit?

My first card was 300, took me over a year to get a card with 2k and that was lucky they didn't match the lower CL on my first card.. We all start somewhere, you can't expect to have amazing limits on every card until your file is thicker than Oprah's wagon of fat.

If you need more just take the HP, they really arent bad unless you have a big purchase coming up like a mortgage. The alternative is pay that CC twice or more a month to keep utilization down and wait for an auto increase
Message 19 of 49
Hex
Valued Contributor

Re: Should I be ashamed of my Credit Limit?

Nothing to be ashamed of I have 2 cards with $2K limits. Some people intentionally have a card with a small limit to pay at the pump or to let their kids use. Maybe you could consider a capital one Savor Card? If you spend that much at restaurants the $95 annual fee might be worth it to you. This card gives 4% back on restaurants and entertainment and usually has a good starting limit. Or Savor One is an option -it only pays 3% but it has no annual fee. Savor One might start with a lower limit though. Capital One has way to check if you are prequalified for their cards. It will cost you 3 hard pulls to apply though.
Message 20 of 49
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