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This is an oversimplified answer, but generally one needs great credit and a high income to be given high limits. There are more factors at play obviously, but those are some prerequisites.
@pinkandgrey wrote:This is an oversimplified answer, but generally one needs great credit and a high income to be given high limits. There are more factors at play obviously, but those are some prerequisites.
More like low DTI than high income. I have very high limits for my income but I also have very low DTI. You can make a million a year and not have a snowball’s chance in heck of getting a high limit if your DTI is too high.
Agreed. For a time I had very low DTI, which allowed me to save pretty generously. As well as spend a little too frivolously.
But almost overnight my rent just about tripled, as well as a new car payment double from the previous one.
Since his happend I have noticed less larger CLIs.
My guess is that both income and DTI are considered. If a person makes $100/month and has no debt, his DTI will be zero, which is great. A credit card issuer would not thereby conclude, however, that he is a good candidate for a card with a credit limit of 20k (say). Indeed his income may be so low that he would not be approved for even a $200 limit card.
@Anonymous wrote:My guess is that both income and DTI are considered. If a person makes $100/month and has no debt, his DTI will be zero, which is great. A credit card issuer would not thereby conclude, however, that he is a good candidate for a card with a credit limit of 20k (say). Indeed his income may be so low that he would not be approved for even a $200 limit card.
And likewise, someone with 80% DTI... on a $5M/year income... can still get $100k limits.
At both extremes of the scale, absolute numbers end up counting for more than the percentages.