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Cc limit

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New Member

Cc limit

I am a 55 yo woman with pretty good work habit.  Majorly upset,   I let my cap one Sony card get really high because of a 6 week hiatus from work.  My fico took a 23 point drop.  Not at all happy. Also how do all these college kids get such high limits on their card when they are in school?  And several of them have many cards.

Message 1 of 15
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Valued Contributor

Re: Cc limit


@Tcbaconladee wrote:

I am a 55 yo woman with pretty good work habit.  Majorly upset,   I let my cap one Sony card get really high because of a 6 week hiatus from work.  My fico took a 23 point drop.  Not at all happy. Also how do all these college kids get such high limits on their card when they are in school?  And several of them have many cards.


I wouldn't believe everything you read here on the internet, you can't possibly believe that almost everyone here makes $100k+ too do you? I don't know how many times I've seen people state that. 

Amex Platinum, Amex Hilton HHonors Surpass, Chase Southwest Premier, Chase Marriott Rewards Premier, Discover IT, Sony Visa, Barclay Arrival+ MC, Cabela Visa, Walmart SC, Amazon SC, Kohls, Diners Club Premier, PayPal Credit, PenFed Platinum Reward Visa, PenFed PLOC, Chase Ritz Carlton, Citi TY Premier, Amex BCP, Discover Miles, Care Credit, Blue Nile SC, iComfort SC, Cap1 Venture, Chase Hyatt, Lowes, US Bank Cash+, Citi Costco Visa
Message 2 of 15
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Super Contributor

Re: Cc limit


@ojefferyo wrote:

@Tcbaconladee wrote:

I am a 55 yo woman with pretty good work habit.  Majorly upset,   I let my cap one Sony card get really high because of a 6 week hiatus from work.  My fico took a 23 point drop.  Not at all happy. Also how do all these college kids get such high limits on their card when they are in school?  And several of them have many cards.


I wouldn't believe everything you read here on the internet, you can't possibly believe that almost everyone here makes $100k+ too do you? I don't know how many times I've seen people state that. 


?

I have no reason to disbelieve that focused effort can get credit when one has short term limited resources but is in college with long term career prospects. These CCC look at the customer and realize these kids are only temporarily low on income. Payment history works to build credit even at low cash flow levels.

 

Of those posters who reveal their income, most are well under $100k.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 3 of 15
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Valued Contributor

Re: Cc limit


@NRB525 wrote:

@ojefferyo wrote:

@Tcbaconladee wrote:

I am a 55 yo woman with pretty good work habit.  Majorly upset,   I let my cap one Sony card get really high because of a 6 week hiatus from work.  My fico took a 23 point drop.  Not at all happy. Also how do all these college kids get such high limits on their card when they are in school?  And several of them have many cards.


I wouldn't believe everything you read here on the internet, you can't possibly believe that almost everyone here makes $100k+ too do you? I don't know how many times I've seen people state that. 


?

I have no reason to disbelieve that focused effort can get credit when one has short term limited resources but is in college with long term career prospects. These CCC look at the customer and realize these kids are only temporarily low on income. Payment history works to build credit even at low cash flow levels.

 

Of those posters who reveal their income, most are well under $100k.


Credit cards company doesn't if you're in school or working. If all these CCC were to base their decision on them thinking that every young person is going to school and their income is just temporary then they'd be pulling their own leg.  I don't know how many times I've seen someone say they make 100k or more just today alone. 

Amex Platinum, Amex Hilton HHonors Surpass, Chase Southwest Premier, Chase Marriott Rewards Premier, Discover IT, Sony Visa, Barclay Arrival+ MC, Cabela Visa, Walmart SC, Amazon SC, Kohls, Diners Club Premier, PayPal Credit, PenFed Platinum Reward Visa, PenFed PLOC, Chase Ritz Carlton, Citi TY Premier, Amex BCP, Discover Miles, Care Credit, Blue Nile SC, iComfort SC, Cap1 Venture, Chase Hyatt, Lowes, US Bank Cash+, Citi Costco Visa
Message 4 of 15
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Regular Contributor

Re: Cc limit

One of the major reasons I think these"college kids" get high limits is because they actively seek to improve/establish credit. Thus when a lender sees someone with let's say only 6 months-1 yr of credit history apply for a card, they can see that they are either responsible with pristine payment history and good utilization or missed payments and high utilization. Based off of this short term impression, one can evaluate that the likelyhood of said person defaulting, missing payments, etc.

 

If I were a CCC I would rather take a minor risk to make an impression on these "college kids" so they might bank with me for the rest of their life, rather than take a risk on someone who I know has established spending/payment habits.

 

Most of the college kids on here actively seek information to improve their credit. I'd say that most of them are more credit savvy than your general population. Thus they are able to use their resources and plan ahead. I have a few AU cards which were crucial to establishing my credit early on. If I didn't use any of them then I would've had to waste more time to achieve what I have now. By using them and apping in 6 month increments I've been able to expedite this process. Even if you start without any AU cards it still would only take a year or two to get higher limit cards provided you have decent income.

Message 5 of 15
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Valued Contributor

Re: Cc limit

What I don't understand is how these "kids" get 760-780 FICO scores with 6mos to 1 year of history, when a 50 year old person with no baddies might spend decades and barely reach those scores.  And then these same kids whine about not getting CLIs after 3 months of having a card when their credit history is so "long".  Puh-leeze.

 

Actually I do understand why.  It's because of bucketing.  But it just seems bass ackwards to me.

 

EQ08 BE: 776 | TU08: 812 | EX08: 797
Chase Ink [21.5k], Citi DC [20k], Alliant [15k], GICU [15k], QS1 [14.7k], Amex OBC [10k], Sportsman's Guide [9.4k], Blispay [7.5k], PenFed [6.5k], Chase Amazon [6.5k], Discover it [5.2k], Citi TYP [5.2k], Chase Freedom [5k], Fidelity Amex [5k], Consumers CU [5k], Wyndham [5k], Synch/Amazon [5k], Synch/Paypal [5k], Elan [4.5k], Ft.Knox [2.5k], BofA BBR [2k], Victoria's [1.7k], BofA 123 [500!]
Message 6 of 15
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Valued Contributor

Re: Cc limit

In case anyone cares I don't make close to 100k. I did come close at one time..ah, the good old days.. As far as the young kids, it's just different now. I'm 49, when I was 18, it was 7 years from the WWW and years from myFico. Back then you basically had to guess what your score might be..In fact I didn't even know there was a score. Just easier now..

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 7 of 15
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Super Contributor

Re: Cc limit

Without this place and others, I highly doubt I'd have a lot of the cards that I have now. Took a lot of hard work to get to this point and it wasn't that easy either. There are still a few things I would have done differently had I found this place much earlier and started to really read through all the valuable information here. It was a lot of trial and error and persistance and understanding trends, etc and I only started out with a $1k limit card and that was given how I had taken a whole year off from school and started building credit later than others.

 

Even my family was surprised at some of my limits on my cards when I told them what I had and all and the many mistakes they made with their credit heavily influenced me not to do the things that they did with theirs and now they come to me whenever they have a problem and need to use one of my cards. I can certainly understand why you're in disbelief seeing young people getting these kinds of cards now. I have also fallen into the trap a couple of times of wanting some kind of instant gratification with these CLIs (see my old Discover rants). 

Total CL: Around $168,750 not counting hidden TLs. FICOs in the 700-730 range.

Main cards: Macy's Amex: $24k, Lowe's, $17k, Chase Sapphire Preferred: $7k, Chase AARP: $5.2k, Chase Freedom: $5k, Chase British Airways: $5k, Discover It: $1.5k, Barclays Arrival: $2.5k, Sam's Club MC: $8.5k, Stash: $8k, Sam's Club: $10k, Wells Fargo Propel: $8k, Paypal Smart Connect: $4.9k, Amazon Store Card: $6k, Cabelas Club Visa: $5k, Nordstrom: $5k, CapOne Quicksilver: $2k
Message 8 of 15
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Regular Contributor

Re: Cc limit

speaking as one of these college kids, in my case, I'm still learning, and that probably goes for several others on here as well, why my scores are in the 700s already, I don't really know, but I've never missed a payment or carried a balance yet. There's a lot of information on here that has definitely helped me to understand what might cause a score decrease, and what affects it more heavily.

 

As for the people complaining about not getting CLIs after a few months, unfortunately my generation has grown up with more and more of an age of instant gratification, "I want this and I want it now" kind of mentality without so much of an understanding of how the system works. Yeah, I find it kind of annoying too, haha but it does make sense seeing as most cards have instant approvals, everything is instant, so 3 months to someone of that mentality would seem like a very long time, not that it makes them any more right Smiley Tongue

 

Anyway, I think a lot of the college kids that visit more frequently, like myself, are really serious about learning about credit and how to establish good credit as early as possible, because it really is a helpful thing to have, at the very least, haha

FICO: TU (4/12/17 Discover): 759 TU (3/13/17 Barclaycard): 755 | EQ (4/28/17 Citi): 759 | EX (4/5/17 AmEx): 780
VS3.0: (Credit Karma, 5/1/17): TU 770 EQ 771 | EX (Credit.com, 4/29/17): 768 | EQ (Mint, 5/1/17): 748
Total Credit: 25.4k
Message 9 of 15
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Regular Contributor

Re: Cc limit


@core wrote:

What I don't understand is how these "kids" get 760-780 FICO scores with 6mos to 1 year of history, when a 50 year old person with no baddies might spend decades and barely reach those scores.  And then these same kids whine about not getting CLIs after 3 months of having a card when their credit history is so "long".  Puh-leeze.

 

Actually I do understand why.  It's because of bucketing.  But it just seems bass ackwards to me.

 


 

A lot of the categories that are used to calculate a FICO scores are weighted less for someone with shorter history. A 50 year old who has established credit for 32 yrs will always have a lower score than the younger "kid" if they both have low AAoA, but everything else is optimized. The FICO calculations are algorithms are made to prioritize risk rather than effort or age. Yeah, it's kinda stupid, but banks cold androids made to profit, I doubt they care about anything else.

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