What SL is the Right amount?

[Anonymous]

I've had a pretty bad itch lately to apply for a card and I want to make sure that I get the right starting limit. I have two Wells Fargo and two Amex as well as a line of credit yet I feel like the limits are quite low or not as high as they could be. So when I apply for a card what should be the limit I ask for or the limit I recon for?

[Anonymous]

Take all your limits. Add them up. Divide by number of cards. This gives you average. Or just go for as much as they will give you!

[Anonymous]

Just ask for a reasonable number or what you need. If your spend is like $2k a month and your cards are all at around that limit then just ask for $10k. They can counter offer whatever they feel you're eligible for.

[bourgogne]

I like my starting limits to be $ 75,000 -  $ 100,000.  obviously not everyone agrees with my assessment.  but really, generally one gets what they deserve, no?

[Anonymous]

^ I disagree with that when computers make decisions. It's too common that one can go to citi and get a $2k line and the same hour go to NFCU and get a $20k line. How does one "deserve" a $2k AND a $20k? It's just simply what your profile triggers on an approval for a system.

[bourgogne]

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@Anonymous wrote:
^ I disagree with that when computers make decisions. It's too common that one can go to citi and get a $2k line and the same hour go to NFCU and get a $20k line. How does one "deserve" a $2k AND a $20k? It's just simply what your profile triggers on an approval for a system.

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Now that you took my comment seriously, it’s not a computer it’s an algorithm or routine that amazingly is merged in real time.  One is static, the fico model that the lender subscribes to, the other that it feeds into that makes the ultimate decision is the given lenders internal model.  An AR and/or previous history also can factor into the equation.  One gets exactly what they deserve based on the model they are applying against at a given point in time.

[Anonymous]

Unless your new to the forum, day one, I can't believe people still ask that question. The starting credit line is totally 100% based on your individual profile. If you have no CL over $5000, don't expect $10,000. 

[Anonymous]

That last sentence isn't necessarily true, Frank. One shouldn't "expect" anything but plenty of people on here shock me with their 10 store cards with sub $5k limits and maybe a regular revolver of under $5k and they get a venture with a $20k SL. We can't go throwing absolutes around too much, sir

[wmweeza]

My credit line on my BofA card was $3000  I think when I applied for my AMEX and got $22k. I've never felt a need to ask for a CLI on my AMEX, I'm happy...but my story disproves your assertion

[AverageJoesCredit]

Any question is valid , whether day one or 365 in my humble opinion.

I would generally think your profile will more or less determine what you start with but there are many exceptions and depending on the lender, there is some leeway in that you are able to recon and use an additional hp to raise your limit, or not. For me , besides Navy, one of the best examples of calling in after getting a low limit is Synchrony, where one can and often has gone from a $300 approval to a plus 10 k limit in a matter of minutes.