Why do some cc lenders issue prime cards but with sub-prime CLs?

[Anonymous]

Id have to agree that a 630 score is asking for a lot, to get what a 730 owner gets "all day long." Speaking for myself, as I am confidfent i have no where to go but up, id gladly take in 1500 CL accounts with amex bofa, chase, citi, or any credit unions over lets say 3,000 with capital one or a synchrony. Chase is a jerk to even the best customers, with really great scores. The success for better limits with most of those prime bank is to apply for additional accounts and move limits around. I think almost all of them let you do this. Its an extra step or two, extra HP or 2 or 3 but all worth it. Most people will have better scores next year, so its your choice to have a long term better apr and limit or try for the cashback and signup incentives with those prime cards. I nod towards the weak limit instant gratification over waiting for scores to improve, ive done well on cashback in 2015.

The lenders might love your payment history but see you dont use your credit very much, so no need to hand out bragging stats. I think if i had gone all eggs in one basket with capital one and not even used discover or chase they would have raisemy levels a lot, but discover cash back this year has really been incredible.

[takeshi74]

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@galahad15 wrote:

Why do some cc lenders issue prime cards but with sub-prime or toy CLs (say the dreaded "$500" SL)?

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CL's are always based on what one's credit and income qualify for.  Do not simply assume that the card determines the CL.  If one gets a toy CL then the creditor has concerns with that person's credit.

As stated above, sub-prime isn't relevant to the card or CL but the borrower -- despite how often it is misused here and on other credit sites.  If one gets a "sub-prime CL" then it's because one is a sub-prime borrrower.  Again, it comes to one's credit and income and what those qualify for with a given creditor.

[Anonymous]

the card does play a roll in the CL though. hence why people get approved for a $3k QS and turn around immediately and get a $10k venture. they use the same pull so your profile is the exact same both times.

[jim44]

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@takeshi74 wrote:

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@galahad15 wrote:

Why do some cc lenders issue prime cards but with sub-prime or toy CLs (say the dreaded "$500" SL)?

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CL's are always based on what one's credit and income qualify for.  Do not simply assume that the card determines the CL.  If one gets a toy CL then the creditor has concerns with that person's credit.

As stated above, sub-prime isn't relevant to the card or CL but the borrower -- despite how often it is misused here and on other credit sites.  If one gets a "sub-prime CL" then it's because one is a sub-prime borrrower.  Again, it comes to one's credit and income and what those qualify for with a given creditor.

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I was wondering if or when anyone was going to weigh in concerning APRs, CLs and their relationship to income. I deal in F&I subprime and I've seen clients with a 720 score and less than $1500. income a month. That's less than some subprime lenders income minimum.

In the olden days ...pre 2010... I had over 5 cards with 35k limits.  Fast foward to today, 6 years post BK and my highest CL is 5k with Synchrony and Cap1 and a couple of store cards with 5 or 6k limits.  Pre and post BK, I have the same job in fact I make more more today,however I messed up with the housing bubble. There isn't a CC bank including my own CU which I've been a member with for 25+ years (and didn't burn) who will grant me a CL over 6k.  In fact I have a Barclays Rewards Card with a 6k limit and a Barclay's  CP Visa with fantastic points rewards and a $250 CL!  I can't even book a hotel room in Atlanta for over 2 nights with this card.  I've tried twice for a CLI increase and have been denied. 

I'm close to a 700 FICO, and a perfect payment history but that doesn't mean a high CL (at least for me) with any CC card.  Of course YMMV. 

[Anonymous]

Imperfectfuture: How in the world did your score jump 185 point in 18 months?

[Anonymous]

when it's low it jumps fast. i went up 100 points in 4 months.

[mitchblue]

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@Anonymous wrote:
when it's low it jumps fast. i went up 100 points in 4 months.

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Mine went up 600 points in a few moments. I saw 171 and then realized I can't see my computer screen with glasses on. Took them off, bam - 771. It's possible.

[Anonymous]

the possibilities are endless...

[Anonymous]

I guess once your score is higher, the increments that it increases is minimal then.

[Anonymous]

very much so.