Credit Card available credit goes from 15K to 50K

[Anonymous]

I have about twelve credit cards, and each card has an available credit of 15K. I also do not carry a balance because I payoff the balance every month. I normally use one credit card each month, and rotate them after that. For the past two weeks, I receive notices from ten credit card companies that my available credit has been increased from 15K to 50K. Anyone know why they increase my available credit line? FWIW, my credit score is 830. Thoughts?

[Anonymous]

Wait you have cards from 10 different companies? 12 cards is high but within reason, but why so many companies?

Anyway, yes sometimes card issuers will give you a credit increase on their own. You can always call and ask them to put it back to the lower number. Because you already have so much credit, this won't really affect your score either way.

[Anonymous]

Anonymous wrote:Wait you have cards from 10 different companies? 12 cards is high but within reason, but why so many companies?

Anyway, yes sometimes card issuers will give you a credit increase on their own. You can always call and ask them to put it back to the lower number. Because you already have so much credit, this won't really affect your score either way.

Not the PP, but to get sign up bonuses for travel, zero percent balance transfers, etc.

Banks are generous. When I am feeling motivated, I can open 5 or 6 checking/savings accounts during the year and earn maybe 4 or 5 thousand dollars.

[Anonymous]

Anonymous wrote:Wait you have cards from 10 different companies? 12 cards is high but within reason, but why so many companies?

Anyway, yes sometimes card issuers will give you a credit increase on their own. You can always call and ask them to put it back to the lower number. Because you already have so much credit, this won't really affect your score either way.

Credit Karma says that 11-20 open accounts is "fair" and 21+ is excellent, so 12 credit cards is not high. Why would she ask to lower her available credit. The more credit she has, the lower the utilization, the higher her credit score. I don't think you know what you are talking about.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Wait you have cards from 10 different companies? 12 cards is high but within reason, but why so many companies?

Anyway, yes sometimes card issuers will give you a credit increase on their own. You can always call and ask them to put it back to the lower number. Because you already have so much credit, this won't really affect your score either way.

Credit Karma says that 11-20 open accounts is "fair" and 21+ is excellent, so 12 credit cards is not high. Why would she ask to lower her available credit. The more credit she has, the lower the utilization, the higher her credit score. I don't think you know what you are talking about.

+1000

I put everything on CC if I can (ie no extra fee for charging to the card). Always pay in full. Some months my credit gets dinged, because my utilization is too high. I don't need credit so don't care really, but it's best to have a very high credit amount, so I can charge $20-25K+ and not take a major hit on my credit rating.

[Anonymous]

Are you sure the notices are not scams? Crazier than 12 credit cards or using each of them once a month, is the fact that you suddenly got 10 notices that all of them decided to raise the credit limit to $50k. Why not $40k or $60?
So many red flags. Call them and tell them you don't want increases. What a waste of your time.
And who are the ones stepping over dollars to pick up pennies here? Few people with a lot of money have time to play the credit cards game. They must be fanatics to do it. It should not be for money as there are better ways to make money.

[Anonymous]

Credit logic is weird. We paid off all cards. Good move. Then cancelled a couple of credit cards & asked another to lower our credit limit. Bad move. Makes it more difficult to secure credit in the future unless credit score is extremely high.

[Anonymous]

They increased the amount because they can. They usually increase in hopes that you spend and mess around and spend big. Right now you are doing nothing for them as your credit card usage is great.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Wait you have cards from 10 different companies? 12 cards is high but within reason, but why so many companies?

Anyway, yes sometimes card issuers will give you a credit increase on their own. You can always call and ask them to put it back to the lower number. Because you already have so much credit, this won't really affect your score either way.

Credit Karma says that 11-20 open accounts is "fair" and 21+ is excellent, so 12 credit cards is not high. Why would she ask to lower her available credit. The more credit she has, the lower the utilization, the higher her credit score. I don't think you know what you are talking about.

+1000

I put everything on CC if I can (ie no extra fee for charging to the card). Always pay in full. Some months my credit gets dinged, because my utilization is too high. I don't need credit so don't care really, but it's best to have a very high credit amount, so I can charge $20-25K+ and not take a major hit on my credit rating.

If you care enough, you can always make a mid cycle payment to lower your utilization before the credit bureaus look at your credit usage. If I'm running high balances, I'll pay most of it off before the 15th, which I think is when the credit bureaus look...at least for me.

[Anonymous]

Hmm I'm wondering if I should take my cc company offer to increase our credit. I've never needed it and will never need it but it sounds like it's good for scores.

[Anonymous]

Anonymous wrote:I have about twelve credit cards, and each card has an available credit of 15K. I also do not carry a balance because I payoff the balance every month. I normally use one credit card each month, and rotate them after that. For the past two weeks, I receive notices from ten credit card companies that my available credit has been increased from 15K to 50K. Anyone know why they increase my available credit line? FWIW, my credit score is 830. Thoughts?

VBA

[Anonymous]

Anonymous wrote:

Anonymous wrote:Wait you have cards from 10 different companies? 12 cards is high but within reason, but why so many companies?

Anyway, yes sometimes card issuers will give you a credit increase on their own. You can always call and ask them to put it back to the lower number. Because you already have so much credit, this won't really affect your score either way.

Credit Karma says that 11-20 open accounts is "fair" and 21+ is excellent, so 12 credit cards is not high. Why would she ask to lower her available credit. The more credit she has, the lower the utilization, the higher her credit score. I don't think you know what you are talking about.

Can you do this to the CC companies?

You are near retirement with 21 credit cards with 50K available per card, and a payoff home, cars, and lot of money in your pension and 401K. 21 CCs equal 1.1M in available credit. Can you spend that amount by traveling around the world for the next five years at 200K per year while just paying the minimum amount? Once the money run out, you can just declare bankruptcy. In most states, CC companies can not go after your home, social security, pension and 401K. To my knowledge, CC debt is unsecured debt. I do not see any downsides to this, right?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Wait you have cards from 10 different companies? 12 cards is high but within reason, but why so many companies?

Anyway, yes sometimes card issuers will give you a credit increase on their own. You can always call and ask them to put it back to the lower number. Because you already have so much credit, this won't really affect your score either way.

Credit Karma says that 11-20 open accounts is "fair" and 21+ is excellent, so 12 credit cards is not high. Why would she ask to lower her available credit. The more credit she has, the lower the utilization, the higher her credit score. I don't think you know what you are talking about.

Can you do this to the CC companies?

You are near retirement with 21 credit cards with 50K available per card, and a payoff home, cars, and lot of money in your pension and 401K. 21 CCs equal 1.1M in available credit. Can you spend that amount by traveling around the world for the next five years at 200K per year while just paying the minimum amount? Once the money run out, you can just declare bankruptcy. In most states, CC companies can not go after your home, social security, pension and 401K. To my knowledge, CC debt is unsecured debt. I do not see any downsides to this, right?

There are lots of downsides. Starting with don't believe everything you read on the internet. For example, homestead exemptions vary by state and they vary widely. In Virginia, for example, only the first 50,000 in equity is protected. In Florida, there is no limit.

Don't try to game the system until you learn the rules.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Wait you have cards from 10 different companies? 12 cards is high but within reason, but why so many companies?

Anyway, yes sometimes card issuers will give you a credit increase on their own. You can always call and ask them to put it back to the lower number. Because you already have so much credit, this won't really affect your score either way.

Credit Karma says that 11-20 open accounts is "fair" and 21+ is excellent, so 12 credit cards is not high. Why would she ask to lower her available credit. The more credit she has, the lower the utilization, the higher her credit score. I don't think you know what you are talking about.

Can you do this to the CC companies?

You are near retirement with 21 credit cards with 50K available per card, and a payoff home, cars, and lot of money in your pension and 401K. 21 CCs equal 1.1M in available credit. Can you spend that amount by traveling around the world for the next five years at 200K per year while just paying the minimum amount? Once the money run out, you can just declare bankruptcy. In most states, CC companies can not go after your home, social security, pension and 401K. To my knowledge, CC debt is unsecured debt. I do not see any downsides to this, right?

Yes this is a known, substantive risk for credit card issuers, something they expend significant resources to prevent- it's called "bust out fraud". Nowadays its more around what's called "synthetic identity", where someone gets a bunch of credit cards around a name/SSN that doesn't actually exist.

https://www.transunion.com/blog/how-to-prevent-bust-out-fraud

[Anonymous]

Anonymous wrote:Yes this is a known, substantive risk for credit card issuers, something they expend significant resources to prevent- it's called "bust out fraud". Nowadays its more around what's called "synthetic identity", where someone gets a bunch of credit cards around a name/SSN that doesn't actually exist.

https://www.transunion.com/blog/how-to-prevent-bust-out-fraud

Please explain to me how this is "fraud" if someone use their own name to get 21+ credit cards at 50K per card and uses it for five years to max out all 21+ CC while paying the minimum payment during that five years. It is completely "legal" if a person decides to file for bankruptcy if they don't want to pay it back. It is very hard for the CC companies to prevent this when someone who has high income and pay off CC bill on time for like twenty years. It is called the cost of doing business for them.