1-2-3 BankAmericard Cash Rewards Recon Results

[Kat58]

 

 

 

 

what's the difference between having $50,000 and $500,000 if your utilization is 1% or under for your credit score?

$4.5k

Well played. Although you need to put in every number for under 1% as well. How does it impact your credit score though?

Credit scores are only part of what banks look at. When a major bank sees an applicant with sub 1k limits apply for credit they get in line and give out the same. When they see an applicant with 25k + limits they want to follow that trend as well. higher limits may not be useful to you today but if you find you need them they don't grow over night. You will have to have cultivated them over time.

 

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[hegemony]

Get credit when you can, not when you need it.

 

Higher limits beget higher limits.

 

Credit is a tool; a means to an end.

 

7 figures of available credit is not unheard of.

[trachkids]

After waiting for over a week in secondary review, I got the call today. My application was approved for a $500 credit line! So that takes me from $125,000 to $125,500!!! Very excited.

Very happy your recon was successful! Congrats!!!

 

I've been curious..but hesitant to ask. I don't want to possibly lemonade anyone off. But here goes lol. What in the hell do you need 125k in credit for?

 

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Because, God forbid, if you have any type of emergent situation where you NEED to carry a high $ balance, it doesn't tank your scores. I have $204k & don't feel a bit ashamed of it, nor do I believe it's useless. The $ get cheaper & cheaper to borrow when the scores are high d/t utilization under 10%...mortgages, home loans, etc.

 

We all have different needs/uses for credit and, as Hege said, "get it when you don't need it" because if the sharks smell blood in the water...It's a big no!

 

Edited: Clarification

Edited April 6, 2016 by trachkids

[bumbay da dogg]

 

I've been curious..but hesitant to ask. I don't want to possibly lemonade anyone off. But here goes lol. What in the hell do you need 125k in credit for?

 

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Just one example...

Thanks to this wonderful community and all of it's contributors

NFCU Visa 50k - Amex BCE 9k - Amex Hilton 9.9k - Amex Everyday 20k - PSECU 20k/20k - USAA MC 24k

Chase Slate 5k - Discover 24.5k - BOFA Visa 45k - Walmart MC 50k - Paypal SConnect 35k - Capital One MC - 33.75k

REI Visa 25k - Sony Visa 8k - PenFed Visa 50k - Chase Amazon 17k - Chase Freedom 25k -

Macys 1.8k - Citi Simplicity 24k - Citi TYP 9k - Sallie Mae MC 25k - USAA Amex 16k

Ashley Furniture 10k - Rooms To Go CC 25k - Choice Hotels Visa 4k -

 

Business Cards: Chase Ink Plus 19.5k - BOFA Cash Rewards 8.5k

Total Revolving lines (excluding business): $571,950

Fico Scores as of 5/15: EX 780 / EQ 785 / TU 802

KayveBear's Running Credit Thread

 

Hi Kat,

 

I'm blown away by that number $571,950!!! I was hoping to get to $150K.

 

Some of those $50K limits are amazing. Now I something to aim for once I totally clear my reports.

[PotO]

I've been curious..but hesitant to ask. I don't want to possibly lemonade anyone off. But here goes lol. What in the hell do you need 125k in credit for?

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You can't hit $1m without passing through $125k.

[hegemony]

 

I've been curious..but hesitant to ask. I don't want to possibly lemonade anyone off. But here goes lol. What in the hell do you need 125k in credit for?

Sent from my SM-G920V using Tapatalk

You can't hit $1m without passing through $125k.

 

You would know