Credit Card available credit goes from 15K to 50K

[Anonymous]

Anonymous wrote: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.

You didn't need to lower the credit limit that's where you went wrong. Less cards isn't bad at all especially if they have higher limits. Pay off each month. OP its dumb AF to have that many revolving accounts.

[Anonymous]

Anonymous wrote:

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.

There are zero downsides if you live in Florida, according to my BIL who is an bankruptcy attorney who practices in Florida. If you have a high FICO score, near retirement with most of your asset in your home and 401K/investment account, go for it and stick it to CC companies.

[Anonymous]

You should ALWAYS seek higher limits and there is no bad thing about many cards, as long as you repay or don't spend it. High limits are a benefit to your score because they show banks think you're worthy of borrowing. If you don't carry a large balance, it shows that you can repay it.

We have probably 20 cards and large limits. Before we get a loan or something similar we will ask for limit increases which are almost always granted.

We're mid 40s and have scores between 830-845 (about the same score for both of us). A far cry from my husband's damaged credit during the 2008 recession!

[Anonymous]

Anonymous wrote:

Anonymous wrote: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.

You didn't need to lower the credit limit that's where you went wrong. Less cards isn't bad at all especially if they have higher limits. Pay off each month. OP its dumb AF to have that many revolving accounts.

Not at all. It's other things that are bad. Them existing can actually be a good thing!

[Anonymous]

Anonymous wrote:

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.

Yes, that is accurate. But I simply don't care, once they stopped being allowed to use Credit ratings for your insurance rates.
We own both homes outright, pay cash for cars, and can live the way we want for the next 30+ years off the interest/dividends from our accounts. So I don't need "credit". but it's ridiculous that your credit rating is not based on you successfully paying it off in full each month---who cares if you have used 50% of your credit if on the due date it goes to $0.

[Anonymous]

Anonymous wrote: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.

Ha, I'm wondering if I should if I should go and sign up for another 11 credit cards? I only have one.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

Yes, that is accurate. But I simply don't care, once they stopped being allowed to use Credit ratings for your insurance rates.
We own both homes outright, pay cash for cars, and can live the way we want for the next 30+ years off the interest/dividends from our accounts. So I don't need "credit". but it's ridiculous that your credit rating is not based on you successfully paying it off in full each month---who cares if you have used 50% of your credit if on the due date it goes to $0.

They don't care about you individually. They don't have enough people to assess on a case-by-case basis. So they use actuarial tables, probabilities and experience. The banking community does understand your displeasure and appreciates your input and will take that into account in its future evaluations.

[Anonymous]

12-21 cc you all are living chaotic lives.

[Anonymous]

I call the card company and decline the increase.

There is no reason to have that high of a limit.

If we ever need an overage over 25k I call and ask never been turned down.

[Anonymous]

Welcome to Trump's administration's debt

No more regulations

Just like 50 year mortage garbage.

[Anonymous]

Anonymous wrote:12-21 cc you all are living chaotic lives.

+1
Redonkulous

[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?

You only use one card a month? Its pointless to have all those cards. If you have money you don't need them. You can still have excellent credit with 2-3 cards.

[Anonymous]

Anonymous wrote:

Anonymous wrote: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.

Ha, I'm wondering if I should if I should go and sign up for another 11 credit cards? I only have one.

I also only have one cc, and my credit score is 845. I can see 2 or 3 cc's but 12 seems crazy.

[Anonymous]

Anonymous wrote:12-21 cc you all are living chaotic lives.

Trashy af to have that many cards.

[Anonymous]

Anonymous wrote:

Anonymous wrote:12-21 cc you all are living chaotic lives.

Trashy af to have that many cards.

It's relative. I'm the PP with the 840 credit score. When I look at my report and it makes suggestions to improve it literally says "open more accounts."

Also 20 accounts isn't all cards. It's things like car loans or mortgages. We always take car loans with new cars, but pay them off immediately after 1 month of interest or at the end of a promo period. Why do this when you can pay cash? Because it builds positive credit. And then it sits on your report as an account, even when it's paid.