Why Your Credit Card Limits Are Low

[K-in-Boston]

@Anonymouswrote:
@K-in-Boston

you are correct, but I can certain mostly like guarantee that it took you a while to obtain that credit report of yours. when they gave you 5K was that your first card or do you have several cards with that same issuer.......that would be my question to you

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My last $5k approval was Amex Delta Platinum SkyMiles; I got that 15 years after becoming an Amex cardholder.  My last two BoA approvals were $7500 and $21k, the lowest and somewhere in the middle of my other cards with them (my BoA lines total either $99,900 or $169,900 depending on whether the AU card is taken into consideration). 

I've opened cards with new lenders that were much higher than my average credit lines at the time and I've opened cards with existing lenders that were lower.  I've received new cards from lenders that were lower than my other cards with them and higher than my other cards with them.  There is no rhyme or reason for starting lines with a lot of lenders.

[Anonymous]

@K-in-Boston
Delta SkyMiles thats your primary card if that the lowest limit........justify why you need an increase on that card. same as with your 7.5K with BoA......yes.....new lenders will give you higher limit based on the limits you already have.......and existing lenders will low ball you......but getting those limit higher should not be a problem for you......and will result in an income verification process........

[Anonymous]

@Anonymous

Your first post and formula is off base and incorrect in a lot of ways.  There is no set calculation that you can  determine a starting limit for the vast majority, if not all, creditors.  There are far more factors that banks use to set your SL than you seem to realize.  You would be far better to drop the blanket statements based off of your, and yours alone, experience.

[ChessChik47]

I'm probably beating a dead horse here, but I feel compelled to reply....

OP, I'm not sure why you're insisting your "theory" is applicable to everyone.  It's not.  Banks are companies/entities...you form relationships with people. Credit card issuers care that you pay your bills on time and use their product wisely.  That's it.  You're a number to them...not a relationship per se.  The only thing that banks want is more of our money however they can get it...read: PROFIT.  

I also find it interesting that you're attempting to "school" folks on a forum that are pretty savvy when it comes to credit cards, etc.  Maybe your post should have been in the "rebuilding" section, though I think the way you are wording your posts with "absolutes" may give rebuilders some bad info.

[Anonymous]

ok! I never said it applied to everyone....... my posting is based my own personal experience..........in no way this will work for everybody..........most consumers are exactly that........consumers.........every bank has a formula though........so for me...so everyone can understand....... is this......this was my method........and it worked fine for me......

below average cards this method will not work........

I got 1 card. get to the limit that I want to achieve and I apply to another. if the limit is not what I want it to be. that card will be my primary card of use........I would use that card for approximately 2 years.......now both cards are out of new accounts.........and those inquiries are gone also......in those two years I used the card with the lowest limit get 4 increases within those two years........ 6months a piece......hopefully......not all....... I reach 10K limit within those two years..........apply for two more cards.......that should be in 10K range..........but sometime you occasionally hit 5K range especially apping with the same creditor........I take the lowest limit and do the same method............now I have a total of 4 card...........I waited for 2 years to apply for anything........(notice I still waited 2 more years before I applied to any thing to build credit limits with card I already have, and no inquiries and no new account......your report is beginning to look stellar, so when you do app you have a 4 and 2 year history, no new accounts, and no inquiries) I basically use the 4 cards I have now......each in the 6 month span......1st card use as primary for 6 months.........no other card............ask for an increase on that card...... put away the 1st card......and start using card 2nd for the next 6 months.......ask for an increase......and so on........this method provides away of never being in the garden waiting for new accounts to graduate.......and credit inquiries to fall off............this method alone beat chase 5/24 rule.......which a lot of consumer get decline on with chase and their scores is 720 and above......

most consumers have credit cards and be sitting waiting for those cards to graduate out of new account and inquiries to fall off............that what I called garden bunnies......they come out when the vegetables (accounts) is ripe (past the 2 year marked)

all im saying is find a system that works for you.......and not just app to get credit cards..........and yes this is a way to build credit also.......but this is reason why limits are also low.........you have so many cards and having built a system that allows you for an credit increase.........your apping hoping the next credit card limit is the big one......... I have 9 inquiries.......and 6 will be deleted off in April...........3 inquiries and 2 new accounts.........and I have room to app for more........but I'm not......... Im just giving you proven system that worked for me..........

raise your hands......... if you are a garden bunny right now waiting for your accounts to harvest.........

[Remedios]

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@Anonymouswrote:
ok! I never said it applied to everyone....... my posting is based my own personal experience..........in no way this will work for everybody..........most consumers are exactly that........consumers.........every bank has a formula though........so for me...so everyone can understand....... is this......this was my method........and it worked fine for me......

below average cards this method will not work........

I got 1 card. get to the limit that I want to achieve and I apply to another. if the limit is not what I want it to be. that card will be my primary card of use........I would use that card for approximately 2 years.......now both cards are out of new accounts.........and those inquiries are gone also......in those two years I used the card with the lowest limit get 4 increases within those two years........ 6months a piece......hopefully......not all....... I reach 10K limit within those two years..........apply for two more cards.......that should be in 10K range..........but sometime you occasionally hit 5K range especially apping with the same creditor........I take the lowest limit and do the same method............now I have a total of 4 card...........I waited for 2 years to apply for anything........(notice I still waited 2 more years before I applied to any thing to build credit limits with card I already have, and no inquiries and no new account......your report is beginning to look stellar, so when you do app you have a 4 and 2 year history, no new accounts, and no inquiries) I basically use the 4 cards I have now......each in the 6 month span......1st card use as primary for 6 months.........no other card............ask for an increase on that card...... put away the 1st card......and start using card 2nd for the next 6 months.......ask for an increase......and so on........this method provides away of never being in the garden waiting for new accounts to graduate.......and credit inquiries to fall off............this method alone beat chase 5/24 rule.......which a lot of consumer get decline on with chase and their scores is 720 and above......

most consumers have credit cards and be sitting waiting for those cards to graduate out of new account and inquiries to fall off............that what I called garden bunnies......they come out when the vegetables (accounts) is ripe (past the 2 year marked)

all im saying is find a system that works for you.......and not just app to get credit cards..........and yes this is a way to build credit also.......but this is reason why limits are also low.........you have so many cards and having built a system that allows you for an credit increase.........your apping hoping the next credit card limit is the big one......... I have 9 inquiries.......and 6 will be deleted off in April...........3 inquiries and 2 new accounts.........and I have room to app for more........but I'm not......... Im just giving you proven system that worked for me..........

raise your hands......... if you are a garden bunny right now waiting for your accounts to harvest.........

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That was quite a sermon. Too bad half of it is in Braille 

[RCFL]

I have:

Disc 24k

NFCU 24k

Fidelity 5k

PenFed 18k

CU 10k

CapOne 31k

Barclays Apple 4k

total 116k / 7 = 16,571

but recently approved for Citi card for... 3k.

[simplynoir]

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@Anonymouswrote:
Im just giving you proven system that worked for me..........

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Exactly. Everyon'e's experiences are going to be different. What worked for you doesn't mean it will work for those in a similar situation. I don't understand what's so hard to comprehend when pretty much every one here is telling you that.

[Anonymous]

With Barclay Apple they are very conservative, my limit starting limit was 5K. Dont know much about Fidelity card, even though I been pre-approved to app for it.......I use them for my investments accounts........I dont much about their credit card. 

What citi card did you app for.

Was is the Citi Prestige?

[DeeBee78]

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@RCFLwrote:

I have:

Disc 24k

NFCU 24k

Fidelity 5k

PenFed 18k

CU 10k

CapOne 31k

Barclays Apple 4k

total 116k / 7 = 16,571

but recently approved for Citi card for... 3k.

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Clearly your system is flawed, and not OP's