@GZG wrote:I guess the only other question to consider is if there's a high percentage rewards card that you would get meaningful savings from that you would consider instead of a CLI.
Nope, none. I have all the cards I want/need already. The CSP was the last one and I got that in the fall.
I guess I have all the limits I want/need now too.
While some may pursue larger limits for utlization padding, upcoming larger expenditures, or just for the hobby of obtaining and growing credit lines (guilty as charged), prospective lenders see the kind of limits you have, which can factor in what they may be comfortable giving you (if/when you pursue new products). Unfortunately, however, there is also a point when increases and having many tradlines can result in too much dilution of spend per card. Some lenders are picky about wanting to see existing credit lines being used. A Citi rep once told me that they want to see 10% utilization (take that with a grain of salt, reps can say dumb stuff sometimes). In addition to income, spend becomes a big part of increases being warranted. If you don't feel compelled to go for cli's then there's no need to rationalize a reason to do so, as your existing spend patterns may result in auto-cli's anyway.
@coldfusionwrote:
Having an option available to you when something like a big and unexpected car repair bill can be a pretty big deal.
Exactly. Mine is mostly for utilization padding and a little extra financial cushion, just in case. Not so long ago, the total of all my credit card limits was around $15k. I had to spend $4k for an auto repair and $1k at the dentist. I was already carrying balances (because I was dumb). I had to spread it out over several cards and my utilization was not pretty either. Now I have the confidence that if something like that comes up, I can handle it without my credit score taking a big hit from utilization. And I can make a larger purchase without saying "Let's put four hundred eighty dollars on this one, and thirteen hundred on this one, and the rest on this one."
EQ8 775, TU8 764, EX8 772 as of August 6
@mgood wrote:
@coldfusionwrote:
Having an option available to you when something like a big and unexpected car repair bill can be a pretty big deal.Exactly. Mine is mostly for utilization padding and a little extra financial cushion, just in case. Not so long ago, the total of all my credit card limits was around $15k. I had to spend $4k for an auto repair and $1k at the dentist. I was already carrying balances (because I was dumb). I had to spread it out over several cards and my utilization was not pretty either. Now I have the confidence that if something like that comes up, I can handle it without my credit score taking a big hit from utilization. And I can make a larger purchase without saying "Let's put four hundred eighty dollars on this one, and thirteen hundred on this one, and the rest on this one."
That right there is my primary reason for my CL 25k goals, and one of those being a card for "emergency use" (right now that's my AmRx EveryDay card, and why I'm keeping it at 25k rather than spreading that CL around).
AU - 
Biz - 
Sock - 
Chopping Block - 
Having higher limits for emergencies is a good point. I have $12K on my rarely used CSP for that purpose. But I don't want or need 5 figure limits, or even $5k on all my cards.
My BofA CCR ($2k), CFU ($3k) and Amazon Prime Visa ($1500) are plenty for my daily spend (avg. $1-2k a month, most months closer to $1k). If something "big" comes along there's the CSP for that, plus I have savings
Now that I've slept it off I won't be reaching for that "luv button" for a while. In 6 months I might get the itch again, and I'll chicken out again.
Ok, I decided that I have nothing to fear except fear itself (and maybe being denied!)... took a deep breath, hit the button, and...
