So what's the secret (if there is one) to getting one of those really big CL's?

[sarge12]

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@SouthJamaica wrote:

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@sarge12 wrote:

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@Anonymous wrote:

IMO, the utilization argument is not all that valid in many cases, and is just used as a reason to justify the frequent CLI requests and high CLs are often more an ego thing than of real use. 

I think this because:

a) you really rarely need to optimize your score, just before major apps/requests.   Just like AZEO is way overused, so is worrying about utilization on a daily/monthly basis.     This isn't the case for new rebuilders, but they are not the ones going for $50KCL (at least at first).

b) If you do need to optimize at a certain point, you can just pay down before statement cut/report so it's not an issue for the app.   Yes, it would be more convenient not to have to do this, but even those with high CLs often do this anyway

This forum tends to overemphasize frequent score grooming, and that leads to the wisdom about AZEO, high CLs needed for padding etc.   In most cases, not really needed.

Of course, your CL needs to cover likely spending patterns,   So if you regularly put say $2000 a month on a card, you would certainly like a $5K limit for when your spend increases for a month, and $10K would be better.   $50K?   Harder to see the need!   And even more so on cards that cap rewards such as Freedom or BCP.  Hugh CLs here are pretty pointless.

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I rarely 100% agree with anything posted here, but this is the exception. I often have posted myself that utilization is over emphesized when someone is not even applying for credit. It is nice that my score stays above 800 at all times, but if it lost 50 points that I could easily get back before applying for a loan or card, would it really matter? My credit limits are more than adequate. Both super high 800+ scores and super high credit limits are more ego driven than needed. So is the amassing of a huge number of credit cards just for the sake of having them. It might hurt someones feelings to say that, but it is hard to argue with the truth of it.

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I disagree. I do not believe it is so easy to predict, in this complex society, when one might want to have a good credit score. A cell phone breaking, a relative needing financial assistance, an insurance application, an  apartment rental application, cosigning for a relative, etc. And even when one foresees the need for optimization, it is not something that can be achieved overnight on short notice.

So I think it is worthwhile and practical to try to optimize one's FICO scores.

Since your scores are always optimized I can't imagine why you would criticize others for doing the same, or insult them by suggesting they have cards "just for the sake of having them".

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I do not consider it as critisizing or insulting them at all. It is not immoral, stupid, or even wrong in any way to do so. It is not deceptive either, but I wont pretend that my ego is not a motivating factor for keeping high scores and posting them either. I have absolutely no issue with longtimelurker pointing that out. Ego is the driving force behind many accomplishments, and it is the negative opinion of the term that is a bit confusing to me. Records in athletics would never be acheived without egos playing a part.

[SouthJamaica]

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@Anonymous wrote:

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@SouthJamaica wrote:

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@sarge12 wrote:

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@Anonymous wrote:

IMO, the utilization argument is not all that valid in many cases, and is just used as a reason to justify the frequent CLI requests and high CLs are often more an ego thing than of real use. 

I think this because:

a) you really rarely need to optimize your score, just before major apps/requests.   Just like AZEO is way overused, so is worrying about utilization on a daily/monthly basis.     This isn't the case for new rebuilders, but they are not the ones going for $50KCL (at least at first).

b) If you do need to optimize at a certain point, you can just pay down before statement cut/report so it's not an issue for the app.   Yes, it would be more convenient not to have to do this, but even those with high CLs often do this anyway

This forum tends to overemphasize frequent score grooming, and that leads to the wisdom about AZEO, high CLs needed for padding etc.   In most cases, not really needed.

Of course, your CL needs to cover likely spending patterns,   So if you regularly put say $2000 a month on a card, you would certainly like a $5K limit for when your spend increases for a month, and $10K would be better.   $50K?   Harder to see the need!   And even more so on cards that cap rewards such as Freedom or BCP.  Hugh CLs here are pretty pointless.

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I rarely 100% agree with anything posted here, but this is the exception. I often have posted myself that utilization is over emphesized when someone is not even applying for credit. It is nice that my score stays above 800 at all times, but if it lost 50 points that I could easily get back before applying for a loan or card, would it really matter? My credit limits are more than adequate. Both super high 800+ scores and super high credit limits are more ego driven than needed. So is the amassing of a huge number of credit cards just for the sake of having them. It might hurt someones feelings to say that, but it is hard to argue with the truth of it.

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I disagree. I do not believe it is so easy to predict, in this complex society, when one might want to have a good credit score. A cell phone breaking, a relative needing financial assistance, an insurance application, an  apartment rental application, cosigning for a relative, etc. And even when one foresees the need for optimization, it is not something that can be achieved overnight on short notice.

So I think it is worthwhile and practical to try to optimize one's FICO scores.

Since your scores are always optimized I can't imagine why you would criticize others for doing the same, or insult them by suggesting they have cards "just for the sake of having them".

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Is there a limit to the process though?   Should I just keep on getting higher and higher CLs to increase utilization padding against these unforeseen events?   IMO, people do here even when practically it can have no meaningful impact.    Part of it is "I can so why not" but like AZEO there are potential costs (for AZEO loss of interest income from giving up the float, from "excessive" CLs, may be harder to get the card you need at some point).

Plus, high CLs are not an asset.   In times of real need, they can disappear just as easily as they came.

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A limit to the process of optimizing one's FICO scores? Sure, the limit is how much time you're comfortable spending on doing it.

A limit to the size and number of accounts one should have? Sure, there are many limits, based on a wide variety of factors: time, scoring effect, credit needs or wants, income, assets, travel habits, occupation, etc. For every person there are limits. I don't pontificate as to what the limits should be, because they are different for every individual.

As an example, I know of one member of this forum who collects credit cards for the signup bonuses only. I know other members of this forum who would never apply for a credit card for the signup bonus alone.  Different strokes for different folks.

[Anonymous]

Looks like my $85,000 BoA Cash Rewards credit line is useless   But then I might just take out a $30,000 ACH transfer today (and have it tomorrow) because at a 3% flat fee for 15 months of use, I'd be hard pressed to find a similar rate on a personal loan.

As I suspected when I read the original post at midnight, it did not take long for this thread to devolve into a lot of "judging."

[AverageJoesCredit]

Its better to have it than not. This gsme is all fixed for the lender and they know it, sorta like Casinos. Get the most credit while you can because when you may need it most, it may not be there in the moment of need. Lol, like getting a pl approval when you dont need it but when you do, nobody wants to approve you.

[Anonymous]

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@sarge12 wrote:

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I rarely 100% agree with anything posted here, but this is the exception. I often have posted myself that utilization is over emphesized when someone is not even applying for credit. It is nice that my score stays above 800 at all times, but if it lost 50 points that I could easily get back before applying for a loan or card, would it really matter? My credit limits are more than adequate. Both super high 800+ scores and super high credit limits are more ego driven than needed. So is the amassing of a huge number of credit cards just for the sake of having them. It might hurt someones feelings to say that, but it is hard to argue with the truth of it.

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Says the person who less than a week ago started a thread claiming "I am running out of banks for credit cards."

[CreditInspired]

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@SouthJamaica wrote:

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@sarge12 wrote:

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@Anonymous wrote:

IMO, the utilization argument is not all that valid in many cases, and is just used as a reason to justify the frequent CLI requests and high CLs are often more an ego thing than of real use. 

I think this because:

a) you really rarely need to optimize your score, just before major apps/requests.   Just like AZEO is way overused, so is worrying about utilization on a daily/monthly basis.     This isn't the case for new rebuilders, but they are not the ones going for $50KCL (at least at first).

b) If you do need to optimize at a certain point, you can just pay down before statement cut/report so it's not an issue for the app.   Yes, it would be more convenient not to have to do this, but even those with high CLs often do this anyway

This forum tends to overemphasize frequent score grooming, and that leads to the wisdom about AZEO, high CLs needed for padding etc.   In most cases, not really needed.

Of course, your CL needs to cover likely spending patterns,   So if you regularly put say $2000 a month on a card, you would certainly like a $5K limit for when your spend increases for a month, and $10K would be better.   $50K?   Harder to see the need!   And even more so on cards that cap rewards such as Freedom or BCP.  Hugh CLs here are pretty pointless.

---

I rarely 100% agree with anything posted here, but this is the exception. I often have posted myself that utilization is over emphesized when someone is not even applying for credit. It is nice that my score stays above 800 at all times, but if it lost 50 points that I could easily get back before applying for a loan or card, would it really matter? My credit limits are more than adequate. Both super high 800+ scores and super high credit limits are more ego driven than needed. So is the amassing of a huge number of credit cards just for the sake of having them. It might hurt someones feelings to say that, but it is hard to argue with the truth of it.

---

I disagree. I do not believe it is so easy to predict, in this complex society, when one might want to have a good credit score. A cell phone breaking, a relative needing financial assistance, an insurance application, an  apartment rental application, cosigning for a relative, etc. And even when one foresees the need for optimization, it is not something that can be achieved overnight on short notice.

So I think it is worthwhile and practical to try to optimize one's FICO scores.

Since your scores are always optimized I can't imagine why you would criticize others for doing the same, or insult them by suggesting they have cards "just for the sake of having them".

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I’m with southjamaica on keeping FICO scores optimized but for a slightly different reason. I lived in 600 land for years (didnt know any better) and graduated to low 700 land and thought ahhh this is good. WRONG! Once I got to high 700-low 800 land, I noticed many doors opening. I got 0% offers, BT checks, higher limits, lower APRs. Yep, in my book, there's something positive and nothing negative to say about having decent CLs and optimized FICO scores at all times.

Again, you never know when the need might arise for both. 

[SouthJamaica]

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@sarge12 wrote:

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@SouthJamaica wrote:

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@sarge12 wrote:

---

@Anonymous wrote:

IMO, the utilization argument is not all that valid in many cases, and is just used as a reason to justify the frequent CLI requests and high CLs are often more an ego thing than of real use. 

I think this because:

a) you really rarely need to optimize your score, just before major apps/requests.   Just like AZEO is way overused, so is worrying about utilization on a daily/monthly basis.     This isn't the case for new rebuilders, but they are not the ones going for $50KCL (at least at first).

b) If you do need to optimize at a certain point, you can just pay down before statement cut/report so it's not an issue for the app.   Yes, it would be more convenient not to have to do this, but even those with high CLs often do this anyway

This forum tends to overemphasize frequent score grooming, and that leads to the wisdom about AZEO, high CLs needed for padding etc.   In most cases, not really needed.

Of course, your CL needs to cover likely spending patterns,   So if you regularly put say $2000 a month on a card, you would certainly like a $5K limit for when your spend increases for a month, and $10K would be better.   $50K?   Harder to see the need!   And even more so on cards that cap rewards such as Freedom or BCP.  Hugh CLs here are pretty pointless.

---

I rarely 100% agree with anything posted here, but this is the exception. I often have posted myself that utilization is over emphesized when someone is not even applying for credit. It is nice that my score stays above 800 at all times, but if it lost 50 points that I could easily get back before applying for a loan or card, would it really matter? My credit limits are more than adequate. Both super high 800+ scores and super high credit limits are more ego driven than needed. So is the amassing of a huge number of credit cards just for the sake of having them. It might hurt someones feelings to say that, but it is hard to argue with the truth of it.

---

I disagree. I do not believe it is so easy to predict, in this complex society, when one might want to have a good credit score. A cell phone breaking, a relative needing financial assistance, an insurance application, an  apartment rental application, cosigning for a relative, etc. And even when one foresees the need for optimization, it is not something that can be achieved overnight on short notice.

So I think it is worthwhile and practical to try to optimize one's FICO scores.

Since your scores are always optimized I can't imagine why you would criticize others for doing the same, or insult them by suggesting they have cards "just for the sake of having them".

---

I do not consider it as critisizing or insulting them at all. It is not immoral, stupid, or even wrong in any way to do so. It is not deceptive either, but I wont pretend that my ego is not a motivating factor for keeping high scores and posting them either. I have absolutely no issue with longtimelurker pointing that out. Ego is the driving force behind many accomplishments, and it is the negative opinion of the term that is a bit confusing to me. Records in athletics would never be acheived without egos playing a part.

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I do not strive to strengthen my credit scores out of ego. Neither money in the bank nor credit scores prove anything about a person's worth. I strive to strengthen my credit scores because it is useful and practical in this society to have good credit scores.

Nor do I post them out of ego, nor would I post them out of ego if they were better. I post them because I find it useful when conversing with others for us to be able to get a snapshot of where the other stands in the FICO universe by providing some identifying information on that score.

[tacpoly]

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@Dervrak wrote:

I often see comments where folks have multiple credit cards with limits of $30,000, $50,000 or even $100,000 on a single card or over $300,000+ across multiple accounts.

For those that do, I'm just curious as to why. Are you in some sort of profession, such as independent contracting work or a home business,  where you actually take advantage of those limits? Or is it more that you get them because you can, but you never really take advantage of more than a small fraction of your limits? (which is certainly fine if that's the reason).

I have roughly $90,000 in open credit across 10 cards and I'll be the first to admit even that relatively low amount (compared to many others) is overkill for my needs. I make a pretty decent living (six figure salary), I'm no spendthrift and yet I don't think between vacations, household expenses etc. that I have $20k in activity across all my cards throughout the year and I usually pay off my balances monthly, or perhaps with holiday shopping or dropping $5k on a vacation I might carry a balance for 2 or 3 months. Now admittedly, I'm single so I don't have nearly as much in household or vacation expenses as, say, a family of 5 would have...

But I can't think of any scenario where I would ever need to put more than $10k on a credit card in a short period of time and even that would be really pushing the upper limit.  If I'm going to make a major purchase such as a home, I'm going to get a mortgage. If I purchase a car I'll get an auto loan. If I'm remodeling or making major home repairs, I'll use my HELOC. The largest purchases I would ever make on my credit cards would be vacations, home furnishings and the like. But unless I suddenly got the urge to take a world cruise on a luxury liner or furnish my house in 18th century antiques, I would still never make use of $100k credit line. 

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I have high credit limits and I’ve charged up to and over my credit card limit a few times, not often but it has happened. I let the statement cut and pay it in full before the due date. I usually get an automatic credit limit increase shortly after that. 

As for large limits being ego-driven/boosting, I’ve seen that here, but it’s an empty status symbol really. Sure, it could mean you have good credit (lots of people with smaller limits do as well), but when push comes to shove, what really counts in all things financial is what you can pay off and not how much debt you can go into (see the tales of limits getting slashed during the last recession). 

ETA:  I have large limits per card, but very few cards, so my aggregate limit is not super high.  That’s how I like my cc situation. 

[sarge12]

SouthJamaica said...

I do not strive to strengthen my credit scores out of ego. Neither money in the bank nor credit scores prove anything about a person's worth. I strive to strengthen my credit scores because it is useful and practical in this society to have good credit scores.

Nor do I post them out of ego, nor would I post them out of ego if they were better. I post them because I find it useful when conversing with others for us to be able to get a snapshot of where the other stands in the FICO universe by providing some identifying information on that score.

OK, I believe you...but IMO ego is a major driving force behind many things in life. I want 3x850 credit scores eventually, and I will freely admit that ego is the driving force in the endeavor. To me, ego is not a bad word, nor should it be insulting. Do I really need 3x850 scores?...No! I am quite sure there will be no parade to mark the occasion, and I can not in any way truly say I need that. In my mind, others have acheived it, so I wish to as well. I do not have any issues with anyone saying it is due to my ego. I also have no issue with anyone asking for any credit limits they desire either. The fact that there are, I think 18 credit cards in my possession should clearly indicate I have no issues with people having many cards either. I have seen some with 50+ cards, but they were not saying that all 50 were needed either. I was in fact impressed by their ability to monitor them all. I think Thomas Edison and Henry Ford both likely had huge egos. If you find an ego to be insulting, that was never intended. People want trophies in competitive events, to be a symbol of their accomplishment, and the dedication and work needed to earn it. That is in my opinion due to ego, and ego is not a bad thing.

[Medic981]

I was told, by my psychiatrist, to get a hobby.