experience with high CL

[JediNeo]

I have read to get certain lenders like to see one manage CC with a high CL. For example a card with $5000 CL and 6 months of positive reporting before being considered.

Say you have a CC for one year that was under $5k but recently received a CLI to get you over the $5k threshold. Do you have to wait six months from the time of the CLI or would the new lender look at it overall?

[Anonymous]

The answer varies with the lender.

In general, I think people make a mistake in getting lots of CCs with low CLs, instead of focusing on a few CCs with higher CLs.

There are also ways to more rapidly get high CLs, for example via CU cards.

[JediNeo]

I agree and an looking to go that route. So far I only two CC cards, well three but am a AU on the third and one store charge card.

[indiolatino61]

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@JediNeo wrote:
I have read to get certain lenders like to see one manage CC with a high CL. For example a card with $5000 CL and 6 months of positive reporting before being considered.

Say you have a CC for one year that was under $5k but recently received a CLI to get you over the $5k threshold. Do you have to wait six months from the time of the CLI or would the new lender look at it overall?

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HAPPY HOLIDAYS!

This depends on many factors, since I have read people here getting a CSP with other cards at limits under $3,500. As far as your question goes, I think that the CR does not have the limit on each payment pane, so if you receive a CLI, it doesn't say exactly when you received it, only that your CL is $5K. Anyone please correct me if this is not the case. Good luck to you.

[Themanwhocan]

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@indiolatino61 wrote:

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@JediNeo wrote:
I have read to get certain lenders like to see one manage CC with a high CL. For example a card with $5000 CL and 6 months of positive reporting before being considered.

Say you have a CC for one year that was under $5k but recently received a CLI to get you over the $5k threshold. Do you have to wait six months from the time of the CLI or would the new lender look at it overall?

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HAPPY HOLIDAYS!

This depends on many factors, since I have read people here getting a CSP with other cards at limits under $3,500. As far as your question goes, I think that the CR does not have the limit on each payment pane, so if you receive a CLI, it doesn't say exactly when you received it, only that your CL is $5K. Anyone please correct me if this is not the case. Good luck to you.

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Credit reports DO show what the credit limit was for each month.

[indiolatino61]

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@Themanwhocan wrote:

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@indiolatino61 wrote:

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@JediNeo wrote:
I have read to get certain lenders like to see one manage CC with a high CL. For example a card with $5000 CL and 6 months of positive reporting before being considered.

Say you have a CC for one year that was under $5k but recently received a CLI to get you over the $5k threshold. Do you have to wait six months from the time of the CLI or would the new lender look at it overall?

---

HAPPY HOLIDAYS!

This depends on many factors, since I have read people here getting a CSP with other cards at limits under $3,500. As far as your question goes, I think that the CR does not have the limit on each payment pane, so if you receive a CLI, it doesn't say exactly when you received it, only that your CL is $5K. Anyone please correct me if this is not the case. Good luck to you.

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Credit reports DO show what the credit limit was for each month.

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Thanks for the correction...my mistake!

[coldnmn]

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@Themanwhocan wrote:

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@indiolatino61 wrote:

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@JediNeo wrote:
I have read to get certain lenders like to see one manage CC with a high CL. For example a card with $5000 CL and 6 months of positive reporting before being considered.

Say you have a CC for one year that was under $5k but recently received a CLI to get you over the $5k threshold. Do you have to wait six months from the time of the CLI or would the new lender look at it overall?

---

HAPPY HOLIDAYS!

This depends on many factors, since I have read people here getting a CSP with other cards at limits under $3,500. As far as your question goes, I think that the CR does not have the limit on each payment pane, so if you receive a CLI, it doesn't say exactly when you received it, only that your CL is $5K. Anyone please correct me if this is not the case. Good luck to you.

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Credit reports DO show what the credit limit was for each month.

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+1

[supervelous]

I'm not sure I 100% agree with this.  I always see people say it on these forums "they like to see experience with high limits".  I had limits of $250, $300, $300, and $500 when I decided my score had gotten good enough that I wanted to make a run at some prime cards, multiple of which I had seen people here say they want to see you manage high limits.  Before I app'd, I even started a thread asking for advice on who might approve, and most said I should try secured, or that I needed to CLI my current cards bc no high limits.  

I app'd for Chase Freedom, Sapphire, Amex BCP, Discover It, and received instant approvals for $6,200, $5,000, $2,000 (later 3x CLI to $6K), and $8,500.  Since I app'd all at the same time, none knew about the other, and I had no previous high limits.  I think my profile finally just hit the level where I was considered for those limits.  I had gotten my FICO's to high 600's which is not definite prime land, but I had 75K income with almost no debt, very good DTI ratio.  

I think this forum is amazing and there's some amazing advice on here, and it's helped me a TON, but just saying YMMV, none of us knows the exact answers, credit is complex and different lenders have different criteria, and everyone's situation is different.

[gen-specific]

In general, lenders make up a bunch of random things to disqualify you for

thats one of them. but you shouldn't focus on that one too much because they can just as easily disqualify you for another random reason that can be just as arbitrarily overruled by the backdoor recon person

[FinStar]

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@gen-specific wrote:

In general, lenders make up a bunch of random things to disqualify you for

thats one of them. but you shouldn't focus on that one too much because they can just as easily disqualify you for another random reason that can be just as arbitrarily overruled by the backdoor recon person

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An incorrect data point at best...what are your sources?  ALL lenders (large or small) have to evaluate risk no matter what.  So, that's why specific algorithms are built to minimize losses based on predictive behavior.  This also determines whether any individual is elegible for that product and the appropriate CL assignment based on a number of factors.