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Other 18-20 year olds have higher CL

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Established Contributor

Re: Other 18-20 year olds have higher CL

I guess it can be reasonably concluded that such a policy is not enforced so I will act and do as I otherwise would with requesting CLI. 








Starting Score: Ex08-732,Eq08-713,Tu08-717
Current Score:Ex08-795,Eq08-807,Tu08-787,EX98-761,Eq04-742
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Message 21 of 62
Super Contributor

Re: Other 18-20 year olds have higher CL


@Subexistence wrote:

I guess it can be reasonably concluded that such a policy is not enforced so I will act and do as I otherwise would with requesting CLI. 


Yep, I think nobody here would discourage you from requesting CLIs (though personally I thould discourage you from all CLI requests that involve a hard pull).  This falls into the doesn't hurt to ask area that many things in life do. 

 

(Side note: requesting a CLI can actually lead to a CLD.  More than one person has reported this.  For several years I kinda wished I could get a CLI from my $9500 Chase Slate to something like 11 OR 12K.  No reason other than wanting to be able to feel like all my CLs were at > 10k.  But I chickened out, because the review would show I almost never used it.  So it is not entirely true that it could never hurt to ask.  Depends on your use pattern, etc.)

 

One option you might want to consider is just being comfortable with what you have for the next couple years, and then after you are 21 (and also have a job) start applying more seriously for CLIs.  Since you realize that the only reason you might want the bigger CLs is for ego trophies, and you are a reasonably bright person, I'd view this as an opportunity to act rationally in defiance of emotional drives.  That's an extraordinarily important trait to cultivate in yourself -- crucial for making decisions about investments later in life, for example.

 

I would certainly avoid in any way shading the truth in your reported income.  The fact that other people may commit federal crimes should not be grounds for you doing so.  Unless you really like the color orange.

Message 22 of 62
Established Contributor

Re: Other 18-20 year olds have higher CL


@CreditGuyInDixie wrote:

@Subexistence wrote:

I guess it can be reasonably concluded that such a policy is not enforced so I will act and do as I otherwise would with requesting CLI. 


Yep, I think nobody here would discourage you from requesting CLIs (though personally I thould discourage you from all CLI requests that involve a hard pull).  This falls into the doesn't hurt to ask area that many things in life do. 

 

(Side note: requesting a CLI can actually lead to a CLD.  More than one person has reported this.  For several years I kinda wished I could get a CLI from my $9500 Chase Slate to something like 11 OR 12K.  No reason other than wanting to be able to feel like all my CLs were at > 10k.  But I chickened out, because the review would show I almost never used it.  So it is not entirely true that it could never hurt to ask.  Depends on your use pattern, etc.)

 

One option you might want to consider is just being comfortable with what you have for the next couple years, and then after you are 21 (and also have a job) start applying more seriously for CLIs.  Since you realize that the only reason you might want the bigger CLs is for ego trophies, and you are a reasonably bright person, I'd view this as an opportunity to act rationally in defiance of emotional drives.  That's an extraordinarily important trait to cultivate in yourself -- crucial for making decisions about investments later in life, for example.

 

I would certainly avoid in any way shading the truth in your reported income.  The fact that other people may commit federal crimes should not be grounds for you doing so.  Unless you really like the color orange.


Technically Lexis Nexis could penalize me for lower limits so it isn't just emotionl to go for higher limits. Rationally it's about balancing the risk of credit limit decrese when applying for credit limit increase. I will be getting CLI only on Discover and Amex so I need to know the chance those specific issuers will apply CLD. I think it's a low chance if I apply every 90 days for Discover and 180 days for Amex. I won't hard pull for my BBR.








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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Message 23 of 62
Valued Contributor

Re: Other 18-20 year olds have higher CL

Excuse my ignorance, but aside from avoiding the occasional deposit, how does your Lexis Nexus score affect anything? I've always seen them as information gatherers, nothing more. When it comes to getting a mortgage or a new credit card, they're just not that relevant.
Message 24 of 62
Valued Contributor

Re: Other 18-20 year olds have higher CL


@iced wrote:
Excuse my ignorance, but aside from avoiding the occasional deposit, how does your Lexis Nexus score affect anything? I've always seen them as information gatherers, nothing more. When it comes to getting a mortgage or a new credit card, they're just not that relevant.

Insurance rates are affected by auto risk scores compiled by Lexis Nexus. 

Message 25 of 62
Valued Contributor

Re: Other 18-20 year olds have higher CL


@tydawg wrote:

@iced wrote:
Excuse my ignorance, but aside from avoiding the occasional deposit, how does your Lexis Nexus score affect anything? I've always seen them as information gatherers, nothing more. When it comes to getting a mortgage or a new credit card, they're just not that relevant.

Insurance rates are affected by auto risk scores compiled by Lexis Nexus. 


Interesting. Here in MA, It's illegal to base auto insurance rates on credit risk scores.

Message 26 of 62
Valued Contributor

Re: Other 18-20 year olds have higher CL

My best advice, don't worry about some huge CL. I don't see why any teenager needs huge credit limit.. I doubt many have the bills at that age.. My rule for me, use CC's on normal spend, Food, House bills, Auto, Medical bills etc.. Bills that teenager's usually don't have so I wonder why an 18 year old would need 50k CL or 100k CL like I've seen posted on here.. That's how many get in trouble..

Amex Green • Amex BCP • Amex HH (Aspire®) • Barclay Rewards • Chase World of Hyatt • Chase FU • Capital One Quicksilver • Discover it • PENFED Platinum Rewards • Marvel MC • Amazon Store • Kohls Store • CL $109,330 • Car Loan (PENFED) 1.99% PAID

FICO® 8 Scores 805-812 FICO® 9 Equifax 822
Message 27 of 62
Valued Contributor

Re: Other 18-20 year olds have higher CL


@mitchblue wrote:

My best advice, don't worry about some huge CL. I don't see why any teenager needs huge credit limit.. I doubt many have the bills at that age.. My rule for me, use CC's on normal spend, Food, House bills, Auto, Medical bills etc.. Bills that teenager's usually don't have so I wonder why an 18 year old would need 50k CL or 100k CL like I've seen posted on here.. That's how many get in trouble..


Those of us at that age that know how to get those sort of credit lines are probably more responsible than the average person haha. 

Message 28 of 62
Established Contributor

Re: Other 18-20 year olds have higher CL

 

 

From Insecurity to false claim / deceit  (aka: a lie)

 


Subexistence wrote:   06-22-2017 08:18 PM




Does anyone know if this is enforced because I might need to do some serious income / asset  bluffing  if that's enforced. I imagine its pretty hard to enforce since card companies might not update other card companies what current limits are at. Also business card which don't report to personal bureaus are another way around this pesky limitation.

 


 

Definition of bluff

 

1a :  a false threat or claim intended to deter or deceive someone

 

https://www.merriam-webster.com/dictionary/bluffing?utm_campaign=sd&utm_medium=serp&utm_source=jsonld

 

Rapid fall from insecurity to false claim / deceit  (aka: a lie)

 

What a great thread to read!

.

 

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 29 of 62
Established Contributor

Re: Other 18-20 year olds have higher CL


@tydawg wrote:

@mitchblue wrote:

My best advice, don't worry about some huge CL. I don't see why any teenager needs huge credit limit.. I doubt many have the bills at that age.. My rule for me, use CC's on normal spend, Food, House bills, Auto, Medical bills etc.. Bills that teenager's usually don't have so I wonder why an 18 year old would need 50k CL or 100k CL like I've seen posted on here.. That's how many get in trouble..


Those of us at that age that know how to get those sort of credit lines are probably more responsible than the average person haha. 



What is your side on

http://ficoforums.myfico.com/t5/General-Credit-Topics/Getting-credit-card-at-young-age-associated-wi...








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 30 of 62
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