I know this is extremely hard to answer because people with similar credit scores could have vastly different profiles and incomes and each issuer can give very different starting limits.
but let's say we averaged all the starting limits for applicants with the following criteria. 50-100 grand salary with 700-750 credit scores. Giving your best guess, what would you say the mean/average starting limit is?
im asking because I've built my credit profile and score up enough to apply for some popular cards (savor one/chase freedom flex/discover it/etc). And I'm at the point where I need to pick up another card or two to really start growing my profile. So I'm wondering what I should be looking for in terms of starting limit.
It's not just extremely hard to answer @SRT4kid93. Without more data points, it would be virtually impossible. There are so many other factors besides a FICO and an income. It sounds like your profile has at least some depth but how much is not specified. So some questions (or additional factors that could influence the outcome) include:
- What is the age of the oldest account?
- What is the age of the newest account?
- How many total accounts (credit cards, student loans, installment loans, etc)?
- What is the credit mix between account types?
- What is the highest open credit limit and what are the other limits? Lenders tend to follow the pattern of your current limits since that is what you've shown you can manage. Most won't vary greatly outside that range until you build repayment history and they feel comfortable.
- How many inquiries per bureau in last 6 months/12 months/24 months?
- How many new personal revolving accounts reported in last 6/12/24 months? Even with 800+ FICO and high income, my SLs dropped when I had more recent credit seeking.
- What lender - since as you mentioned, even this factor alone can lead to widely varied results.
- Even which CARD can influence a limit. Some lenders offer better limits on certain cards.
- What is debt-to-income ratio? A lender may be reluctant to extend credit even with good income and FICO if existing debt loading is a concern.
The one thing I will say is that high income with no or limited credit history often leads to low relative starting limits. An income might support a $25K limit but a lender will not start someone out at a higher limit unless perhaps they are a wealth management client with assets on deposit at that bank. What matters more is the breadth and depth of your credit report, showing how you've managed credit in the past.
@SRT4kid93 wrote:I know this is extremely hard to answer because people with similar credit scores could have vastly different profiles and incomes and each issuer can give very different starting limits.
but let's say we averaged all the starting limits for applicants with the following criteria. 50-100 grand salary with 700-750 credit scores. Giving your best guess, what would you say the mean/average starting limit is?
im asking because I've built my credit profile and score up enough to apply for some popular cards (savor one/chase freedom flex/discover it/etc). And I'm at the point where I need to pick up another card or two to really start growing my profile. So I'm wondering what I should be looking for in terms of starting limit.
honestly, IMO, your current report and limits + cost for rent/mortgage and COL are just as, if not more influential than your income for starting limits
and working to build up your profile with good cards that will SP CLI is more helpful for overall credit profile growth than just concerning oneself with starting limits
I honestly, personally wouldn't worry about it.
get good cards with good SUBs with solid rewards structures and ask for CLIs regularly and good things will follow in terms of your limits for all of your cards, present and future
you can expedite this process by avoiding typically conserative/low limit banks - like us bank and proactively going after high limit banks chase/amex/nfcu
@SRT4kid93 wrote:I know this is extremely hard to answer because people with similar credit scores could have vastly different profiles and incomes and each issuer can give very different starting limits.
but let's say we averaged all the starting limits for applicants with the following criteria. 50-100 grand salary with 700-750 credit scores. Giving your best guess, what would you say the mean/average starting limit is?
im asking because I've built my credit profile and score up enough to apply for some popular cards (savor one/chase freedom flex/discover it/etc). And I'm at the point where I need to pick up another card or two to really start growing my profile. So I'm wondering what I should be looking for in terms of starting limit.
In my humble opinion be careful equating income and scores to getting something specific. Often times it can lead to disappointment. You will often find someone having a high fico score upset at not getting the best apr rate because they have one of highest scores and thus it should be given to them whereas sometimes that high apr rate is given to most on that specific card because that's just how that card is underwritten
. Most times we don't really have a say in what we are given great profile or not. Read up in the approval section will give you a " general" feeling on specific cards or lenders. As stated upthread, starting off anywhere and building from there is a good plan. History can help sometimes
@SRT4kid93 wrote:I know this is extremely hard to answer because people with similar credit scores could have vastly different profiles and incomes and each issuer can give very different starting limits.
but let's say we averaged all the starting limits for applicants with the following criteria. 50-100 grand salary with 700-750 credit scores. Giving your best guess, what would you say the mean/average starting limit is?
im asking because I've built my credit profile and score up enough to apply for some popular cards (savor one/chase freedom flex/discover it/etc). And I'm at the point where I need to pick up another card or two to really start growing my profile. So I'm wondering what I should be looking for in terms of starting limit.
IMHO there is virtually no correlation between credit scores and starting limits.
@SRT4kid93 wrote:
what makes you say that?
Mostly from what I have read, and to a lesser extent from experience, I simply have never seen any correlation between those 2 completely different factors.
E.g, a person with an 850 score and a $35,000 income is not likely to get a huge starting limit.
I understand that,
but to a point, income is not the best way to gauge it either. People treat money radically differently. I know people who are able to save shocking amounts of money on lower incomes and I know people who make a lot and spent it fast.
For example,
I know people who make good salaries and still chose to have roommates so they can split all the bills.
I know people with family money and their parents pay all their bills.
@Anonymous wrote:The answer is $10,760.
Now you have to evaluate whether that answer is reliable, given your inputs!
Math with a few more input fields
