Business Amex Unlimited
Personal Chase Card $50k

checking it several times per month reduces it I thought.. :2 cents:

read my other reply to you.

quiet, i honestly couldn't give you advice in that field. i rarely worked with customers such as yourself. the highest limit i ever personally handled was $200K.

logic dictates that so long as you have the income available to pay back what you take, then there shouldn't be a problem.

but i'm not a financial advisor :winkwink:

Everytime you ask for a raise on your limit they run a credit report on you. Everytime they run a credit report on you it counts as a "hit" on your overall credit and the more hits you have the worse it looks. :2 cents:

i've never asked for a limit increase before ever. they called me. i'm sure once isn't going to hurt me lol.

Only if other creditors look at it, ,you can look at it as many times as you want, those requests are not affecting your score.

Ah. Yeah once won't make a difference really, it really only affects people who apply for loans and have 8 different companies run seperate reports or apply for new credit cards all the time.

detoxed, i'm not going to tell you any different than i already have. if you think your credit score goes up everytime your limit goes up, and not vice versa, you're wrong.

i worked with credit files on a daily basis up until 2 months ago. my closest friend worked several years at equifax and now works for visa. if the whole credit granting/scoring process changed in the last two months, he'd have told me.

if you doubt my abilities or qualifications, feel free to discuss the issue with your creditors, equifax and your financial advisor.

datinggold, checking your own credit file doesn't reduce the score. creditors checking it reduces the score, however it's negligible (generally 2-4 points per inquiry).

not only does each inquiry from a creditor lowers your score, the inquiry stays on your file for two years. if you've got tons of inquiries, especially relatively close together (for example, 6 in 1 month), you'll get labelled as a credit seeker. creditors will want to know why you keep applying for credit. questions as to the legitimacy of your claims on job, rent, repayment abilities, etc will come into play.

quiet,

If you pay down your card a few times a mnth you are honestly better off asking Amex for a black or high limit platinum charge card. These are different from Credit cards.

Like people said before having a $150k limit on a credit card can be good or bad.

A charge card will work better for your situation.

Spankstrocko

Well, yeh they're happy, that's their technique to eventually get the customers to the point where they end up not paying off the debt each month because its so large.

Wise words..listen to the man. He knows what he is talking about.

they can hand me a mill limit, it certainly won't make any difference to how i handle my finances... ie paying it off each month.

American Express game me a 100,000 limit 3 years ago when I was 19. Kinda stupid business practice. I heard their theft protection policies werent as good as visa and mastercard so I cancelled it.

Available credit is what you are judged on when applying for a mortgage or other long term fixed rate type of loan.

If you've got 3 cards for 10k each available, even though you've never put more than 500 bucks on each one and paid it off promptly, as far as the bank is concerned, that is still 30k of potential payments that you could encounter.

Thus the reason that most mortgage brokers who are worth a damn will tell you to pay down cards and close the accounts with written notice to the credit bureaus to only what you must have before your loan gets near closing. It not only can affect the amount you are able to borrow but it definitely affects the rate your loan closes at.

They also tell you that once you get the mortgage closed, go get whatever credit you feel the need for since at that point it's not the same detriment.

damn.

When other people check it yes, when you check it, its not.

How can it be vice versa? My credit limits dont automatically raise along with my score. I request a raise it they do it, THEN MY CREDIT SCORE JUMPS.

once again, your score isn't going up because your limit went up. you've had several people tell you otherwise, including someone who worked for Visa and who's best friend worked for Visa and Equifax (aka the credit bureau). you're wrong. christ, you're really stubborn, aren't you? does God himself have to come down from the heavens and explain credit granting and scoring to you?

if you think you're more qualified than me or my friend in the credit granting/scoring process, that's your prerogative.

i'll say it again: if you doubt my abilities or qualifications, feel free to discuss the issue with your creditors, equifax and your financial advisor. i'm not going to argue the matter with you any further.

postcount ++ you should know not to take me seriously after we talked last time.

The American Express black card

http://www.time.com/time/asia/asiabuzz/2000/12/01/

Its suppose to be the top credit card, I don't know why

bastard :321GFY :feels-hot :1orglaugh

Here's a question:

Does the good stuff that you do with the credit that you have show on your credit report/score?

For example: If I've had a credit card for 10 years and always paid it off on time. Does that somehow get shown on my credit report? or do credit reports only show bad stuff?

Yep, on time payments are shown as well as late ones. I just pulled my report recently and I think it had the last two years of payment activity from my cards.

Definitely. That's how they determine people with good credit from bad credit. And if you have a history like that, they're more likely to increase your limit if you want it increased.

I hate debt, and interest that comes with it, so I always get it paid off. My limit is rather small. I'm responsible (been using credit card since I was a teen), but even I could splurge if I increased my limit too far. So I don't.

I get occasional unsolicited offers from my bank to double my limit. No extra info or proof of income needed, they can see I pay it off every month. Until now I've politely declined because as others have said they consider your full limit to be a debt... even though it's paid off in full every month without fail.

In Australia we have a home loan feature called 100% offset, which offsets your savings against the balance owed on the loan. If you owe $100k on your loan and you have $10k in your savings account, you only pay interest on $90k. It's conceptually like a savings account paying the same interest rate as your loan.

Marry this with a credit card that has interest free days plus a 100% sweep from your savings a/c on the due date, and you can reduce the period of your home loan significantly. :)

Credit cards are like assholes, everybody's got one ;)

DH

Who cares, if you can't pay it off it doesn't matter!
Btw, I love my cc at the end of the year they send me a check for what I have spent :Graucho Might as well make money while I'm spending.

I used to run some private label credit programs, still have one going. Scoring credit is a black art really with a lot of the conventional scorings not really working well when you get a little over middle class.

Its true too much credit can work against you, but not really at some point. I know in my own case I have literally a couple dozen cards with big lines and still have great credit, because none ever has a balance.

The bottom line if when they look at a customer with a 20, 30 year history of perfect credit and large purchases that always get paid they'll forgive that you have a wallet full of platinum.

This shit is crazy these days. My 19 year old has about 10 cards already and she is still in college with no money.

Woah me wants one

Do credit reports keep info for 20-30 years?

banks do

Amex has a nice marketing ploy. They say you have x amount of credit but really they cap you on your previous spending habitats with them.:)

really?

I have a $280,000 mastercard and a no limit amex blue

Card associations are doing this intentionally. Once your daughter is out of college she'll have nothing but school debt and credit debt for life.

That's like a gauranteed customer for life.

Mike33:

Of course :-)

Card companies like the "credit card syndrome" - they can't get enough clients to throw money at whether they can pay or not.

It's called loan sharking.

But a "legal" version... tho the effects are the same.

And Amex are a prime example of loan sharking.

They'd do anything for a buck...

Higher limits actually help your credit score. 30% of your fico score is based on what percentage of your total limit that you owe. So if you charge up and pay off 5k every month and you have a total of 5k of credit it impacts your credit score negatively because it looks like your using 100% of your credit. On the other hand if your credit limit is 100k it looks liek your using 5% of your credit. The one thing hurting my credit, besides it being reletively short in history, is that I charge a lot on a monthly basis.

No. Typically, information stays on your file for 6-7 years. Even discharged bankruptcies will eventually fall off your credit file.

What TheSaint is saying is true. When you're dealing with someone in the upper class, someone who has a few hundred K in the bank, his credit score isn't all too important.

Also, what bobosoft said is correct. It's like a game. You have to keep the right balance. Using only 5% of your credit is better than using 75% or 100% of it. But a customer with $5K of credit and a $500 balance typically looks better than a customer with $100K of credit and a $5K balance, even if he's using twice as much credit.

I've got a lot of college/university aged friends without credit. My girlfriend's sister and my brother also just turned 18. They often come to us for credit advice.

The best advice I can give anyone is this: if you can't afford to pay it in full, don't charge it. Apply for a $500 - $1000 card, pre-authorize all your bills on it and pay it off at the end of the month.

Not only is it convenient (one payment to make) and free (paying it off incurs no interest), you'll also build an incredible credit score.