Credit Lines

  • Posts: 48

Replied by classy75 on topic Re: Credit Lines

We have been using this forum since February. Over the course of the last few months, my husband's credit has improved so much that he went to Lowes for an estimate and a preapproved offer for $3,00.00 appeared on the screen. To make it even better they did not do a hard inquiry. It appears on his transunion report as a soft inquiry. He has been receiving a massive amount of offers in the mail, but I have encouraged him to hold out for the good ones. Today he received a pre-selected offer in the mail for a Bank of America Credit Card. We decided to go for it and he was instantly approved for $3500.00. As for me, my scores have been steadily climbing. However, I have to wait for inquiries and a few residual baddies to fall off. My husband has used his inquiries sparingly and we are in good shape for refinancing in a few months. Thanks FG!
7 years 2 weeks ago #1

Please Log in or Create an account to join the conversation.

  • Posts: 1261

Replied by Wanderer on topic Re: Credit Lines

Thanks you guys for your comments, I really appreciate it. I've got some good feedback, I honestly just think that is something that Citibank is doing, because I have absolutely no problem getting more credit with any other creditor.


Citibank has informed me they determine a person's capacity for credit using their risk models and then wherther the total credit you are eligible for is on one card or several the total stays under what they determine your personal max credit with them. They also refer me to the credit card act that is requiring them to document (support) what they are doing. Never heard of the age requirement.
7 years 3 weeks ago #2

Please Log in or Create an account to join the conversation.

  • derek1061
  • derek1061's Avatar Topic Author
  • Offline
  • Junior Member
  • Junior Member
  • Posts: 41

Replied by derek1061 on topic Re: Credit Lines

Thanks you guys for your comments, I really appreciate it. I've got some good feedback, I honestly just think that is something that Citibank is doing, because I have absolutely no problem getting more credit with any other creditor.
7 years 3 weeks ago #3

Please Log in or Create an account to join the conversation.

  • Posts: 58

Replied by smcc811 on topic Re: Credit Lines

In my opinion their is so such thing as too much credit, its how you manage the credit you have. Before the Credit Card Act, I had $40k on a BOA card which I never charged over $500 and paid the balance the day I made the charge. Problem, as I see it, is just because you have so much credit doesn't mean you don't have the discipline to manage it. When BOA cut my limit from $40K to $20K obviously my credit score dropped and I never once used over 1.5% of the total limit at any given time.
7 years 3 weeks ago #4

Please Log in or Create an account to join the conversation.

  • Posts: 41

Replied by Roughdraft on topic Re: Credit Lines

That is something most people don't factor in is, is there such a thing as having too much credit? Experts say you shouldn't surpass 50% of your annual income in credit. For me, personally that is too high. Its nice to have, but simply said, I don't need that much credit. One of my first cards was the Citi American Airlines card, in 2006. I was about 24 but because I only had one other high limit card, they started me out at $5000. A few months later, I had a couple more cards and they sent me a letter stating that they were lowing my credit limit to $3,700 because I had too much available credit. If you have perfect scores, but say, only one or two cards, a company might start you with a high, or even extremely high limit, like 15k-20k but that's because they've probably factored in that you have excellent credit and very few cards. Typically as we grow a little older, we earn a little more. As a matter of fact, on a national average we plateau at around 40. Meaning for the average person that is the age where you will make the most amount of money, and typically earn that for the rest of your career. Generally, credit card companies increase your credit lines as you are able to prove that you can pay back your debts responsibly.

A good formula I use is I figure out how much credit I need to buy groceries, pump gas, pay bills, eat out etc. then I decide how much credit I need so that I can carry a balance and only use about 10% of my available credit. Using less than 10% helps in optimizing your scores. The ceiling is about 30% before they start going in the other direction, but below 10 is best. A lot of factors are used in determining your credit limit when issued a credit card, but one: not all of us are going to get high limits right off the bat, some companies like Citi might start you low, but they give you more little by little and two: your overall available credit should be enough to suit your needs. Not, not having a 20k card doesn't mean you can't have perfect credit one day, should that be your goal.
7 years 3 weeks ago #5

Please Log in or Create an account to join the conversation.

  • Posts: 64

Replied by relidtm on topic Re: Credit Lines

When I was about that age I had 2,500 , 1500 and 2000... now at 30 I have since upgraded /swapped cards... now my limits are 16000, 20,000 and one is a big 5000 heh It really depends on whos issuing them.. remember credit takes time if you can pay it off biggest advice is pay on time never charge more than you have to and ive been paying my balance in full every month for the last 3 years, some people advise against it but that and never charging more than 30% of my available limit are about all the advice I can give to get your CL increases.
7 years 3 weeks ago #6

Please Log in or Create an account to join the conversation.

  • derek1061
  • derek1061's Avatar Topic Author
  • Offline
  • Junior Member
  • Junior Member
  • Posts: 41

was created by derek1061

Ok guys, I have a question for you all. What is considered a high credit line, for a credit card? $2,000 $5,000 $10,000, ect. I'm curious as to see the answer, because I was recently told by a CitiBank that I have seriously high credit lines for my age. CitiBank refused to offer me more credit because they said that I already had too much available credit compared to income, and that because of my "limited" credit history they couldn't extend anymore than $1,500 in credit(which is my current credit limit). I'm really looking for answers from people who are in my age group 18-25, but will appreciate any help anyone can offer.
7 years 3 weeks ago #7

Please Log in or Create an account to join the conversation.