what's considered a 'high' credit card limit these days?
 

25K, 50K, 100K? more?

I just hit the $500 mark. I'm so happy!

Are you asking for personal credit or business credit? I have a pretty decent limit on my company cards. Nothing major, but I wouldn't want to be drunk and stupid with it, haha.

I want the Centurion (black) card

Shit, they never stop increasing mine. And my Amex does not have a limit so I have no idea how much I could charge on there.

75K-100K is considered high.

credit is relatively easy to get due to all the competition. you wouldn't believe how many kids aged 18-21 have a 10-20K limit nowadays.

hmm, personal i guess...

Amex Corp. card, no limit - buy a fucking Boeing with it

i just got off the phone with mastercard, they told me i could have whatever limit increase i wanted. so i asked (half-jokingly) for 150K, they said no problem. i'm still laughing. unbelievable. also said once i get comfortable with that, they can go much higher.

My highest is $7500... then $5600, then $4500. $0 balances though.

Ask the minimum payment on a $150k balance, and what bank?

I'm looking for a good credit card... every fucking one I have now blocks the card as soon as I make an online purchase, so when I try to use it in a store its almost always declined until I call in.

they always say no limit....until you try to put a car on it and then they have an excuse. I've had mine up to 35k before they wanted to see it paid down before increasing it more.

doesn't matter. i pay off my card to close to zero several times/month.

Unlimited.

lol... nice. obviously, your net worth comes into play.

just keep this in mind when you're applying for credit elsewhere: a $150K credit card is seen by creditors as a $150K debt, even if your balance is $0.

that may not affect you, but it affects all the people who've got 4-5 unused credit cards in their wallet.

"But CIBC just gave me $15K and BMO just gave me $12K. Why can't you raise my limit to $10K?" is a question I heard on a near-daily basis.

Yeah but how are you going to pay that back? Not the mention the interest is like 17% :1orglaugh

No just curious... whats your interest rate?

Mith a stupid question, but how does creditrating works, if a guy on 18-21 can get a limit on 20k ?

Yeah, that is the same thing that happend to me a few years ago. I was putting about $30K - $40K on my Amex and one day they called me about it.

interesting. yeah, the reason they said they could offer me any amount i wanted, was net worth. i'm still feeling pretty stunned lol. like, would they extend me 500K, 1 M? shit, i could buy my next house with a creditcard.

so basically others will look at me like i have a 150K loan now?

Wait... how the fuck is it considered debt? I've never heard of that. Is it only for high amounts? What amount does that start at? A $150k CC with $0 balance is using 0% of available credit. (for you non-math majors)

My highest is $4K, with a 5% interest rate. I don't use my credit card ever though. I always pay cash. The only thing going on my credit card right now is monthly bills (cell, internet, cable, phone, etc) which subsequently get paid off.

The min. payment on a card here in Canada is typically 3-5%. So on a $150K balance, we're talking $4500-$7500. Interest rate is probably 17-19% with 21 grace days though.

My cards are 2% of balance or $20, whatevers higher.

It's considered debt because you have an open line that you could go out and run up, possibly jeopardizing their ability to collect payment from you when needed.

Future Shop screwed my credit up... bought something while in school, tuition went up, I couldn't pay.. it went to credit, I paid them off and they never reported it on my record.

So now.... no... no credit cards for me :(

They don't want people to pay off the load. They want to earn interest on your debt.

People that pay instantly are the least profitable customers.

No, thats not what I'm asking. Every time my credit card limit has raised, my credit score has gone up. With $0 balances. So what he is saying doesnt make sense.

If you are in the US it takes like 15 seconds to fix that. If outside the US, oh well no one cares.

Guess im a high risk. Highest limit I ever had was a grand

well, no shit. so what? they are willing to raise my limit to whatever i want now, so they must be happy.

amex corp plat has no limit per se... very flexible and grows with your biz


and KRL is right, they don't like ppl who pay off their debt every month.... you should always keep some debt on it...

creditors consider your limit because technically if you got addicted to crack and ran them up you could hang yourself with every penny

thats why its usually good to have only one or two moderate limit cards with less than half balance

yeah sucks for them, not you :)

it's like that for any amount.

a card with a $0 balance can easily have a $20K balance in minutes.

when you apply for credit somewhere, they look at your total debt ratio. say you've got $25K worth of credit, but a $0 balance. if i, as a creditor, base your total debt ratio around your $0 balance, i could easily approve you for credit and give you say another $10K.

but who's the say that the second i approve you, you're not gonna go out and load up all your cards, putting yourself in a position where you can't pay back the credit i extended to you?

a $10K credit card is seen as a $10K debt, however, when you do a total debt ratio, only the minimum payment on a $10K debt is taken into consideration.

for example, when i'm doing a TDR, i calculate 5% of all your available credit. i add your monthly mortgage/rent, car and loan payments to that. if your monthly income is higher than that, i can extend you credit (providing you've got good history, stable job, etc).

Yeah but who cares if they like you? If they are willing to give you a high limit then others will to.

A big part of credit/financing is your debt to income ratio. :2 cents:

your credit limits don't play into your credit score. it's vice versa. your credit limits are going up because your score went up.

the limits are only taken into consideration when doing a TDR and manually extending you credit.

MaskedMan, you can easily get that fixed. Future Shop have the legal obligation to do so. Order a copy of your report from Equifax, get a proof of your payment in full, and get Future Shop to amend your credit file accordingly.

SmutPeddler, I'm aware.

For those that don't know, I worked for Visa for a few years, extending credit to tons of people. I'm not pulling this shit out of my ass or basing it on an article I read somewhere. I'm speaking from experience as a trained creditor.

I just live off my debit cards...I figure if I don't have the cash for something I shouldn't get it...

what do you think they'd say if i called them next month and ask for 500K limit? and do you think it's a good idea? it certainly would make things much more convienent for me.

I understand this concept completely, I am not "slow"

Quote:

a $10K credit card is seen as a $10K debt, however, when you do a total debt ratio, only the minimum payment on a $10K debt is taken into consideration. for example, when i'm doing a TDR, i calculate 5% of all your available credit. i add your monthly mortgage/rent, car and loan payments to that. if your monthly income is higher than that, i can extend you credit (providing you've got good history, stable job, etc).

If a $10k credit card is seen as a $10k debt... why does my credit score rise with my limit? And no is doesnt rise due to other factors, its a huge jump directly correspoding with that one change in the facts.

LOL again I'm not a moron. My credit score of course is always rising. And of course credit limit increases are based on that. But then please explain the sudden jump in my credit score immediately after a raise in credit limit?

I check my credit report and score several times per month and know exactly what changes in between each time.

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.