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Credit Limit Increases and new credit card


maverick9
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8 hours ago, maverick9 said:

@PotO, @StarkRaven$, @shifter

 

I think all that's left for me is to get in the Chase family of credit cards. As of now, I have the following:

 

Amex Blue Cash

NFCU cashRewards

Cap 1 Quicksilver

Discover

 

Outside of these, I don't see a need to get any other credit cards. 

 

I don't know how many credit cards or how much credit limit you all have but what is the point of getting more than 3-5 cards and 100k in limits?

 

I see many people having 10+ cards with 500k+ in limits. What is the point to have all that if you're never going to use it all?

 

Am I missing something? 

 

Yes, you are missing something.  

 

@TheVig and @hdporter have already given excellent rationale for having as many credit cards as possible.

 

A key phrase to remember is: Get while the gettin' is good!

 

We have all seen times where issuers get paranoid and start slashing limits or closing accounts out of pure paranoia.  We have all seen times where issuers have issued dismal starting limits out of paranoia.  We have all seen where issuers start declining applications for nonsense reasons such as too many INQs just because they are paranoid.  

 

There may well come a time when you will need more that $100k in limits and issuers will tell you to FOAD because economic times are not good.  What happens when issuers start slashing limits and your $100k becomes $50k overnight?  All you can do is sit back and whine about it.  Well, not me.

 

DILLIGAF if times turn sour and approvals are difficult?  I already have almost every card out there.  DILLIGAF if issuers start reducing credit limits 50%?  Slashing my limits 50% means I go from $2m to $1m in available credit.  BFD!  

 

There was a time when I had two kids in college and one month every quarter had to pay about $40k in tuition and expenses.  Do you even have $40k amongst all your cards combined?  I'm positive you don't have even one card with a $40k limit.  So WTF would you do, pay by bank account ACH and lose $800 in rewards?  Fook that!

 

I'm lucky now because only the last of the trio is in university so that means every quarter I have one month with a $20k expenditure.  I bet you couldn't put $20k on all your cards put together without reaching 50% UTIL.  For me, it would be 1% UTIL.  

 

Now, to be fair, there is a disadvantage to having a lot of available credit.  You need to have graduated third grade math and be able to control your spending habits as well as you should be able to control your bowel movements.  Anybody that cannot do that needs to stick with debit cards.

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1 hour ago, StarkRaven$ said:

I have close to $60K in credit and have six credit cards. I never set out to have so many cc's but I chased the rewards and have benefited from that. 

 

I'm proud of you!  

 

Now keep up the good work and go for $250k.

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@PotO hit the nail on the head.

 

He mentions limits getting slashed. He talks about $2m going to $1m..................

 

Let me break that down further for the average schlep rock who will never see a million dollars. Say you got a card with a $1k limit. The issuer gets nervous. Slashes the limit to $500. Now you have car trouble. $500 won't even get a new alternator and battery.

 

I personally have over $300k in available credit car limits. Lucky for me I can control my bowel movements. If I ran up $300k, I'd need a BK attorney fast than Mexican tap water going through a tourist. I once had around $500k available. But a couple of years ago, I went into a self-induced recession. I closed most of my store-only cards. No one needs an Overstock card with a $30k limit.

 

 

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7 minutes ago, TheVig said:

@PotO hit the nail on the head.

 

He mentions limits getting slashed. He talks about $2m going to $1m..................

 

Let me break that down further for the average schlep rock who will never see a million dollars. Say you got a card with a $1k limit. The issuer gets nervous. Slashes the limit to $500. Now you have car trouble. $500 won't even get a new alternator and battery.

 

I personally have over $300k in available credit car limits. Lucky for me I can control my bowel movements. If I ran up $300k, I'd need a BK attorney fast than Mexican tap water going through a tourist. I once had around $500k available. But a couple of years ago, I went into a self-induced recession. I closed most of my store-only cards. No one needs an Overstock card with a $30k limit.

 

 

 

Not to mention that even if $500 could get you a new alternator and battery you'd be at 100% exposure.  That's just begging to get FITA yet again.  

 

You are doing very well at $300k.  Not everybody is as anal retentive as I am when it comes to certain aspects of credit.  And as every good jarhead will tell you, seat belts anal retentiveness saves lives.  The standard load for Marines on a combat mission is 240 rounds.  However, if I ever caught a Maine in my unit carrying only 250 rounds I'd shove my boot so far up their arse that my knees would be 💩stained.  I demand everybody carry at least 1,000 rounds and for me, I'd never be caught with less than 2,000.  Better to get a hernia humping ammo than a closed casket.  Same applies to credit.  

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8 hours ago, PotO said:

 

I'm proud of you!  

 

Now keep up the good work and go for $250k.

I reviewed my accounts and I have seven open credit cards amounting to $63,300.00:

 

Amex EDC $2500 CL (limited thefted by Amex upon last CL request on my Amex Blue)

Amex Blue $14100 CL

Comenity NFL $5000 CL (oldest account) 

Discover $7000 CL (won't do CLI without hard pull 

Chase Southwest $8900 CL

Chase Freedom $15800

US Bank Cash Plus $10000 CL

 

My DH and I are both retired and on fixed income. We have no debts. I would like to increase the credit limit on Comenity since it's my oldest account but without a hard pull. The Amex EDC limit may increase without a hard pull but I don't want Amex to slash my credit limit on the Amex Blue.

 

 

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41 minutes ago, StarkRaven$ said:

I reviewed my accounts and I have seven open credit cards amounting to $63,300.00:

 

Amex EDC $2500 CL (limited thefted by Amex upon last CL request on my Amex Blue)

Amex Blue $14100 CL

Comenity NFL $5000 CL (oldest account) 

Discover $7000 CL (won't do CLI without hard pull 

Chase Southwest $8900 CL

Chase Freedom $15800

US Bank Cash Plus $10000 CL

 

My DH and I are both retired and on fixed income. We have no debts. I would like to increase the credit limit on Comenity since it's my oldest account but without a hard pull. The Amex EDC limit may increase without a hard pull but I don't want Amex to slash my credit limit on the Amex Blue.

 

 

 

Your credit reports are totally clean, right?

 

Why did AmEx chop your limit on the EDC?  What reason did they give you?  Or did they theft limit from one card to give you a CLI on another?

 

With AmEx you can move limits between cards.  Do you use both of your AmEx cards?  You could move the limit from one to another and then apply for a new one.  

 

Comenity has always been decent with me.  I only have one of their Visa cards and they always gave me decent periodic no-hard INQ CLIs up until I hit around $35k.  After that, no CLIs at all.  Maybe that is their maximum exposure?  Or perhaps because I don't use the card much?

 

That's weird that Disco wants a hard INQ from you.  They haven't pulled a hard INQ on me in over a decade. Did they ever tell you why they insist in a hard INQ?  Have you tried their pre-qual tool to see if they'd give you a second card?

 

US Bank is good, but they require a hard INQ for any CLI.

 

I am not sure about your situation, but one issue I have seen with retired families is how they report income when applying for credit.  Let's say your income is $75k and your husband's is also $75k.  You can legally state your income as $150k.  That would make it easier to get higher limits.  

 

One big question, though, my dear friend, is WTF aren't you in Navy Federal CU or PenFed???????  There has to be a way to get you in.  That would easily add another $35k or so to your credit portfolio.  If we add USAA, you'd hit $50k.  

 

 

 

Chase is good.  Do you really use the Southwest card?  You could move that limit over to the Freedom and, then since it appears you may be under 5/24, apply for a new Chase card.

 

 

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13 minutes ago, PotO said:

 

Your credit reports are totally clean, right? Yes sqeaky clean.

 

Why did AmEx chop your limit on the EDC?  What reason did they give you?  Or did they theft limit from one card to give you a CLI on another? Yes they thefted the EDC to give a CLI to the Blue Cash Preferred.

 

With AmEx you can move limits between cards.  Do you use both of your AmEx cards?  I use both cards but mainly large spend goes on the Blue Cash. You could move the limit from one to another and then apply for a new one.  

 

Comenity has always been decent with me.  I only have one of their Visa cards and they always gave me decent periodic no-hard INQ CLIs up until I hit around $35k.  After that, no CLIs at all.  Maybe that is their maximum exposure?  Or perhaps because I don't use the card much? 

 

That's weird that Disco wants a hard INQ from you.  They haven't pulled a hard INQ on me in over a decade. Did they ever tell you why they insist in a hard INQ? This was all online so no reason was given. Have you tried their pre-qual tool to see if they'd give you a second card?

 

US Bank is good, but they require a hard INQ for any CLI.

 

I am not sure about your situation, but one issue I have seen with retired families is how they report income when applying for credit.  Let's say your income is $75k and your husband's is also $75k.  I report both but our incomes are still low. We live well though because we have no debts. You can legally state your income as $150k.  That would make it easier to get higher limits.  I though, my dear friend, is WTF aren't you in Navy Federal CU or PenFed???????  Well, only my deceased father was a veteran with the CB's. There has to be a way to get you in.  That would easily add another $35k or so to your credit portfolio.  If we add USAA, you'd hit $50k.  

 

Chase is good.  Do you really use the Southwest card?  I just got through putiing $5013 and paying it off in full just a couple of days ago. I use the card for travel to see a family member who had a stroke. The rewards are real handy with the welcome offer. You could move that limit over to the Freedom and, then since it appears you may be under 5/24, apply for a new Chase card.

 

 

 

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Ok, I'd try a few things.

 

You can app a new AmEx.  It's usually only a soft INQ.  If they try to steal limit, you can cal them and tell them not to and they will honor your request.  The same with a CLI.  You can call them and tell them to reverse the thievery.  

 

A CLI with Comenity should also be a soft INQ.

 

You can app another Chase card.  Then after a while transfer that card's limit to your other Chase card and close out the new one.  They usually give easier approvals and better limits on the Chase Amazon card. 

 

You can try a few new issuers.  FNBO has a decent pre-qual tool.  

 

I think your father's status will get you into Navy and PenFed and, perhaps, USAA.  They could require proof of service, but generally they do not.  

 

 

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27 minutes ago, PotO said:

Navy and PenFed and, perhaps, USAA

Yeah @StarkRaven$. I would highly recommend diversifying your portfolio in this direction. You basically only have cards with the big prime banks. Sounds like a good idea (why would you need to slum when you can run with the big dogs?) until you realize they all think the same way and can get spooked and start closing things or slashing limits all at the same time due to things completely outside your control. You want to have some CUs in the mix to give you a backup plan and also help cushion your total available CL

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2 hours ago, shifter said:

Yeah @StarkRaven$. I would highly recommend diversifying your portfolio in this direction. You basically only have cards with the big prime banks. Sounds like a good idea (why would you need to slum when you can run with the big dogs?) until you realize they all think the same way and can get spooked and start closing things or slashing limits all at the same time due to things completely outside your control. You want to have some CUs in the mix to give you a backup plan and also help cushion your total available CL

I'll seriously look into Navy if I can get in. Meanwhile, Comenity (my oldest card) just gave me a modest instant CLI without a hard pull. Went from $5K to $8K. Maybe I'll give discover another try too.

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4 hours ago, StarkRaven$ said:

I'll seriously look into Navy if I can get in. Meanwhile, Comenity (my oldest card) just gave me a modest instant CLI without a hard pull. Went from $5K to $8K. Maybe I'll give discover another try too.

Discover was a no.

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7 hours ago, shifter said:

Yeah @StarkRaven$. I would highly recommend diversifying your portfolio in this direction. You basically only have cards with the big prime banks. Sounds like a good idea (why would you need to slum when you can run with the big dogs?) until you realize they all think the same way and can get spooked and start closing things or slashing limits all at the same time due to things completely outside your control. You want to have some CUs in the mix to give you a backup plan and also help cushion your total available CL

I closed an Alliant credit union cc becaise it was of no value and only a $2500 credit line. I'll look into Navy.

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26 minutes ago, StarkRaven$ said:

I closed an Alliant credit union cc becaise it was of no value and only a $2500 credit line. I'll look into Navy.

But it was of value as far as diversification. It would have been smart to work on growing it and/or now it would be smart to open a new card with them. 

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26 minutes ago, shifter said:

But it was of value as far as diversification. It would have been smart to work on growing it and/or now it would be smart to open a new card with them. 

Interesting and good to know. Guess I was so use to reading opinions on CB's about the useless credit unions. I get it about cross colateration. So, if the market goes way south and the big banks get spooked, are you suggesting that credit unions won't slash limits if one is a good customer?

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2 hours ago, StarkRaven$ said:

Discover was a no.

 

Good job on the Comenity card!

 

Discover is a pain in the arse unless you use the card a lot.

 

Credit Unions are not as quick to take adverse action as other banks are.  It is rare to hear of Navy, PenFed or USAA to slash limits on a whim.

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1 hour ago, StarkRaven$ said:

Interesting and good to know. Guess I was so use to reading opinions on CB's about the useless credit unions. I get it about cross colateration. So, if the market goes way south and the big banks get spooked, are you suggesting that credit unions won't slash limits if one is a good customer?

 

Those comments were primarily from our now defunct 💩 in the pink-flowered jacket and who steals stuff from neighbors.  You can ignore them.

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2 hours ago, StarkRaven$ said:

I closed an Alliant credit union cc becaise it was of no value and only a $2500 credit line. I'll look into Navy.

 

Alliant will grow.  They are pretty good about CLIs if you use the card.  Only disadvantage is that they top out at around $25k or so.

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3 hours ago, StarkRaven$ said:

Pardon me for that empty reply. I was just saying that my DH and I are retired and are on fixed incomes. We are debt free but don't make a lot of money. So, I believe that is why I get low limits compared to others on this board.

 

Are you combining your income with your husband's?  

 

My son is still in university and his legitimate annual income is around $50k.  Not counting AU accounts, he has been approved so far for about $200k. Just yesterday Navy gave him $25k and last week Chase gave him $20k.  

 

Make a list of cards you are interested in and then of how many INQs you have on each CRA.  Break the numbers into >1 year and < 1 year.

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22 hours ago, PotO said:


Are you combining your income with your husband's?  Yes. Our combined income is approximately $70K. It sounds awfully low but again, we aren't in debt so we live comfortably.

My son is still in university and his legitimate annual income is around $50k.  Not counting AU accounts, he has been approved so far for about $200k. Just yesterday Navy gave him $25k and last week Chase gave him $20k.  

 

Make a list of cards you are interested in and then of how many INQs you have on each CRA.  Break the numbers into >1 year and < 1 year.

I am rethinking Alliant CU. They now have zero AF on their 2.5% Cash Back Signature Visa. One must have a daily $1K balance sitting in their checking account for that rate.

 

It wasn't just CV who bashed CU's. I can't remember who else but they're aIctive on CB's.

 

I have a IRA with Alliant and a car loan that is just ready to be paid off. 

 

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22 hours ago, PotO said:

 

Are you combining your income with your husband's?  

 

My son is still in university and his legitimate annual income is around $50k.  Not counting AU accounts, he has been approved so far for about $200k. Just yesterday Navy gave him $25k and last week Chase gave him $20k.  

 

Make a list of cards you are interested in and then of how many INQs you have on each CRA.  Break the numbers into >1 year and < 1 year.

I truly appreciate you telling me all this. 

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4 hours ago, StarkRaven$ said:

I am rethinking Alliant CU. They now have zero AF on their 2.5% Cash Back Signature Visa. One must have a daily $1K balance sitting in their checking account for that rate.

 

It wasn't just CV who bashed CU's. I can't remember who else but they're aIctive on CB's.

 

I have a IRA with Alliant and a car loan that is just ready to be paid off. 

 

 

$70k is perfectly fine.  That shouldn't hold you back at all on obtaining higher credit limits.  It is not uncommon to have at least a total of credit limits at 4 or 5 times income.  My son is new to the credit game and already has accumulated over 3 times and his income is lower than yours.  

 

Yes, we all love to bash CUs, but most of it is just letting off steam.  Honestly speaking, CUs can be pretty good.  I'd take Navy / PenFed over any other card issuer if forced to make a choice.  Well, maybe AmEx would be #1.

 

Go for Alliant.  I believe they will easily approve you.  I have an Alliant card and, while not great, it is stable.  They don't do weird crap like Stinkrony or other issuers.  

 

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