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Other 18-20 year olds have higher CL

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Established Contributor

Other 18-20 year olds have higher CL

A lot of times I'm noticing that a lot of the other members of this forum around my age group have much higher credit limits than I do. I want to know what they are doing that I'm not doing that let's them have more success than I do. I know that credit limits don't matter that much except for Lexis Nexis scoring but I'd still like high CL trophies.

 

Examples include

http://ficoforums.myfico.com/t5/Credit-Card-Approvals/100k-Club-and-Credit-Limit-Increases/td-p/4912...

http://ficoforums.myfico.com/t5/General-Credit-Topics/A-19-year-old-s-1-year-anniversary-on-myFICO-O...

http://ficoforums.myfico.com/t5/Credit-Card-Approvals/AMEX-61-day-CLI-10k-gt-25k/td-p/4980101

 

I'm not trying to target anyone, I'm just posting those examples to show what I mean.

 

The only thing I can think of is AU and co-sign which I never got the chance to do. My dad pulled his Ex08 which was 841 which means he could have seriously boosted my score!








Starting Score: Ex08-732,Eq08-713,Tu08-717
Current Score:Ex08-795,Eq08-807,Tu08-787,EX98-761,Eq04-742
Goal Score: Ex98-760,Eq04-760


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History of my credit
Message 1 of 62
61 REPLIES 61
Community Leader
Mega Contributor

Re: Other 18-20 year olds have higher CL

You hit the nail on the head. Most of the time they benefitted from being an AU on someones lengthy credit history and went from there.
#ChaseCreditCardHobby Enthusiast
2022
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Message 2 of 62
Valued Contributor

Re: Other 18-20 year olds have higher CL

Yup AU history, and I am no longer in the $100k club after getting blue enveloped. I have received better cards since then though! Keep at it you just need to age your profile for awhile. 

Message 3 of 62
Established Contributor

Re: Other 18-20 year olds have higher CL

 

 

 

Really ? ? ?

 

 

"Other 18-20 year olds have higher CL"

 

 


Subexistence wrote:

A lot of times I'm noticing that a lot of the other members of this forum around my age group have much higher credit limits than I do. I want to know what they are doing that I'm not doing that let's them have more success than I do. I know that credit limits don't matter that much except for Lexis Nexis scoring but I'd still like high CL trophies.

 

Examples include

http://ficoforums.myfico.com/t5/Credit-Card-Approvals/100k-Club-and-Credit-Limit-Increases/td-p/4912...

http://ficoforums.myfico.com/t5/General-Credit-Topics/A-19-year-old-s-1-year-anniversary-on-myFICO-O...

http://ficoforums.myfico.com/t5/Credit-Card-Approvals/AMEX-61-day-CLI-10k-gt-25k/td-p/4980101

 

I'm not trying to target anyone, I'm just posting those examples to show what I mean.

 

The only thing I can think of is AU and co-sign which I never got the chance to do. My dad pulled his Ex08 which was 841 which means he could have seriously boosted my score!


.

05/03/16 Fico 8 Scores: EQ 546, TU 501, EX 548
09/01/16 Fico 8 Scores: EQ 662, TU 628, EX 657
10/04/16 Fico 8 Scores: EQ 692, TU 665, EX 686
01/15/17 Fico 8 Scores: EQ 706, TU 670, EX 687 * all Yellow / Good
Message 4 of 62
Senior Contributor

Re: Other 18-20 year olds have higher CL

As long as you have usable credit lines, I wouldn't be in a hurry to seek out ego-trophies as far as credit limits. One issue, especially for the inexperienced (no offense meant) is that credit limits tend to be looked at as money in the bank to spend - its NOT. I have no idea what your income is, but credit card debt can quickly add up and become a major problem when you want to "get on with your adult life" meaning buying a house/car/live on your own. 

 

Just a thought from an old guy....

Message 5 of 62
Super Contributor

Re: Other 18-20 year olds have higher CL

I would suggest temporarily becoming an AU on an account that has a $25k+ CL long enough for it to report and you app for a card or two that may then extend you a higher SL based on the current $25k+ CL on your report.  Once you get a higher CL or two on your own, you can dump the AU account.

Message 6 of 62
Legendary Contributor

Re: Other 18-20 year olds have higher CL

Issuance of credit cards to those under the age of 21 is now restricted under the Card Act, and requires either a co-signor who is at least 21, or a showing by the consumer of independent assets to pay any debts.  Thus, credit limits are often pegged to having a co-signor to seek payment of any defaulted accounts.

I would not assume that others under the age of 21 who have higher credit limits are based on what they are doing, or on what you are not doing.

Message 7 of 62
Valued Contributor

Re: Other 18-20 year olds have higher CL


@RobertEG wrote:

Issuance of credit cards to those under the age of 21 is now restricted under the Card Act, and requires either a co-signor who is at least 21, or a showing by the consumer of independent assets to pay any debts.  Thus, credit limits are often pegged to having a co-signor to seek payment of any defaulted accounts.

I would not assume that others under the age of 21 who have higher credit limits are based on what they are doing, or on what you are not doing.


Robert, respectfully I disagree. I believe my AU history with Chase made the world of difference when I got my first approvals with them. I am certain without the AU history they would not have touched me with a ten foot pole. I have also never been asked for a co-signer, but I also have a healthy income. All of my credit limits have been assigned independently of a co-singor and I have now requested that I be removed as an AU so my credit profile is now 100% mine. 

Message 8 of 62
Legendary Contributor

Re: Other 18-20 year olds have higher CL

Provisions of the Credit Card Accountability, Responsibility and Disclosure Act of 2009 (a.k.a., the CARD Act, or Public Law 111-24), relating to issue and use of credit cards by young adults:

 

• Credit card issuers are prohibited from issuing credit cards to people under age 21 unless applicants have a co-signer or can prove that they can afford to make payments (i.e., have a verifiable annual gross income). The co-signer can be a parent, legal guardian, spouse, or any other individual age 21 or older having the means to repay a young credit card applicant’s debts.

 

• Young adults are limited in the amount of credit they can receive. Even if a young adult does qualify to receive a credit card by having a means to repay debts, the amount of credit that can be extended is capped. The maximum amount that a young adult, for whom no one else assumes joint liability, can charge on one credit card is limited to the greater of $500 or 20% of the student’s annual gross income in the most recently completed calendar year. In addition, the aggregate limit for all credit cards held by a young adult is 30% of the student’s annual gross income in the most recently completed calendar year.

Message 9 of 62
Valued Contributor

Re: Other 18-20 year olds have higher CL

That's very interesting. I'll be curious to see what happens to my son's credit lines.


EQ 778 EXP 782 TU 729
Message 10 of 62
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