Thursday, July 06, 2006

My Credit Card Limits

Claire at Tired But Happy wants to know everyone's credit card limits... good question, I hadn't even thought about that in a while. All I knew was that I am never anywhere near hitting them!
I used to have a few different credit cards with lower limits, but several years ago, I decided to consolidate down to 3 cards:

Visa #1 (frequent use) $44k limit
Visa #2 (rarely used) $25k limit
Amex (rarely used) $9k limit
Total $78k

I wonder if they'll roll back my credit limits once I have a mortgage...

10 comments:

Anonymous said...

i use only one and it has a 30K limit. I asked for an increasee to 50K and they said no. Maybe I asked for to much of an increase.

Anonymous said...

scratch that. its a 35K limit.

Single Ma said...

"I wonder if they'll roll back my credit limits once I have a mortgage..."

Nope. You'll just get offers for more. I can vouch for that. When creditors find out you own a home, they know you'll do anything to protect it so they bombard you with junk mail.

savvy saver said...

You will get offers for more credit. You will also probably start getting offers for HELOCs and unsecured LOCs from the credit card companies.

Becca said...

Do credit card companies ever roll back limits for customers who are making payments on time?

Adam said...

In general, it's rare for them to roll back limits. Usually you have to request it.

From a credit score perspective, it's good to have "low utilization" and "long duration". Which means, it's good to have a card with a high limit that you don't use.

This is in contrast to decades past when your credit score would go down if they saw too much "unused, available credit".

Chrees said...

Without our request, our credit limits were increased on two cards after we bought a house. I had to laugh when I saw that happen--we just took on half a million in debt and they are willing to give us more. I think the increases came about 18 months after we bought, so it was probably related to an increse in credit score around that point (on-time payment history, etc.).

Bitty said...

Those are OBSCENE limits! I'd faint if I read you ever used that credit (but I understand enough about credit scores to know that the unused credit sitting around is a good thing). Still -- forty-four thousand dollars???? On a credit card? What are they (VISA, etc.)thinking? :)

(You can tell I don't have that kind of limit!)

Anonymous said...

just got it bumped to $45,000. the reason they negged the bump to 50M last time was too many increase requests in a period of time. thanks for reminding me to increase it.

Anonymous said...

Can someone please tell me how you can go about getting such a high limit and what is the exact name of the credit cards?

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