@cashorcharge wrote:The MyFICO affect is real. It is easy to get sucked into "oh look at that approval....wonder how I would do" and then it starts.
With over $1M, I may never use it all but it's nice to know that I can if I need and I always figured applying when I didn't need it was easier than if I did
That's the phrase I remember!
"It's better to have it and not need it than need it and not have it"
@Thomas_Thumb wrote:
@fury1995 wrote:
@acercode wrote:I often see people with $100k+ credit lines and wondering what's the reason for it. I mean they never use them all and if they do, their accounts get shutdown or severedly reduced. So what's the purpose of it, is it just in case of an emergency or is it just part of the credit/FICO game?
Because no matter how high your largest credit limit is, this never goes away, lol
"Your largest credit limit on open bankcard or credit card accounts is too low"
Never seen that statement. It was not a reason code on the full list of reason statements published for Fico 8. Curious, what summary report and credit model shows it?
It's not. It shows on Vantage Reports, which you and I know is provided by so many credit issuers for free so it's "always in your face".
I'm single with no kids, or anyone else for creditors to go after when I'm dead, so having a huge pool of available credit could fund one heck of a "Bucket List" frenzy If I'm ever diagnosed with a terminal illness and have only weeks/months to live!🤪
@Thomas_Thumb wrote:
@fury1995 wrote:
@Thomas_Thumb wrote:
@fury1995 wrote:
@acercode wrote:I often see people with $100k+ credit lines and wondering what's the reason for it. I mean they never use them all and if they do, their accounts get shutdown or severedly reduced. So what's the purpose of it, is it just in case of an emergency or is it just part of the credit/FICO game?
Because no matter how high your largest credit limit is, this never goes away, lol
"Your largest credit limit on open bankcard or credit card accounts is too low"
Never seen that statement. It was not a reason code on the full list of reason statements published for Fico 8. Curious, what summary report and credit model shows it?
It's not. It shows on Vantage Reports, which you and I know is provided by so many credit issuers for free so it's "always in your face".
I am suspecting it came from Credit Karma 3rd party software as opposed to direct from VS. CK is in the credit card sales after all.
These comments/factors are from Vantage 3.0. Vantage 4.0 does not show the same comments/factors. Nasa provides VS 4.0 and they aren't present. I've provided screen shots directly from the myEquifax credit score summary, Credit Journey from Chase VS 3.0 Experian, Credit Wise from Cap One Transunion VS 3.0, Credit View Transunion VS 3.0 from BMO Harris Bank and directly from Transunion VS 3.0 .. so all three providers of Vantage 3.0.
Equifax Vantage Score 3.0 provided by myEquifax login
Experian Vantage Score 3.0 provided by Credit Journey from Chase:
Transunion Vantage Score 3.0 provided by Transunion:
Transunion Vantage Score 3.0 provided by Credit Wise from Capital One:
Transunion Vantage Scrore 3.0 provided by CXredit View from BMO Harris Bank
I agree with many comments posted. Especially, about the "fun" part, and the "MyFico Effect" being real.
I am an enthusiast in other hobbies, and frequent those forums. Everywhere is about experimenting, optimization, knowing limits. Same applies here at MyFico.
For me, earning high limits is simply affirmation of credit resposibility. I don't speak for others, but I also feel better traveling with a card with a high-limit vs a low-limit.
@acercode wrote:I often see people with $100k+ credit lines and wondering what's the reason for it. I mean they never use them all and if they do, their accounts get shutdown or severedly reduced. So what's the purpose of it, is it just in case of an emergency or is it just part of the credit/FICO game?
Using most or all of one's credit limit is a dangerous game; it is much safer to 'have a high credit limit and never use it'.
@Thomas_Thumb wrote:That's quite interesting. I have not ckecked my VS scores since early 2021. I never received that notification. My highest card limit was $34.9k. Perhaps other factors were higher on the list such as # cards with balances and too few accounts.
See the below link for a complete list of VS2, VS3 and VS4 reason codes from the officially VantageScore sanctioned web site.
https://www.reasoncode.org/allcodes/
It was on the link you provided. Number "36"
