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I have requested to lower credit limit for some spare credit cards, I will try to request credit increase on the primarily used credit card again in two months. Let me see if it will works, hopefully, it will create more room for them to increase my credit limit.
With 10 cards, id just close the ones you least use, unless you really really need to load all the cards.
1) the high limit on that particular card has been reached
2) the fact you have $200k across all cards is the linit to which they refer.
I had a card i wanted an increase on. I asked and was denied. I called and asked why. I had a high credit score, so i wondered. I was told i had too much overall available credit already, that if i closed down two other cards i had, i would qualify for a credit limit increase. ( i had about 8 cards.)
The fact IS you may be able to pay off to the limit in a lump sum, but if you overextend your self on the other cards too, you might not be able to pay theirs is the theory.
Call and ask if you closed some of your 10 cards would they approve a limit increase. If no, then that is the maximum limit. If yes, close the cards you use least or which have the highest interest rate.
Or, the fact that you already have $200k in available credit may be the highest total limit they allow any card holder to have access to, whether that card or others combined, or whether the card has a $20k limit or $50k limit.
Check and see.
No, I don't want to close credit cards, those are OLD to me, closing them will reduce age of credit history.
However, I have to request to lower credit limit on quite a few credit cards.
I am not talking about total credit limit, I am talking about credit limit on one particular credit card (primary credit card, used for more than 90% of my spending).
I’m well aware of your issue as I can read and comprehend just fine
Yes, you are right. I think I have more than $200k credit limit for all credit cards combined, I wish I have more than $50k for that particular credit card(primary credit card), I don't really care about other credit cards (rarely used)
Look at it from this point - Don't put all your eggs in one basket. What happens if Creditor A decides to lower your limit for a dumb reason? It's better to have a couple of options. If you have 50k with one bank your exposure is high if they lower it to 10k. It will make it annoying to rebalance utilization compared to if the limit is only 20k and they lower it to 10k. Then you can just cut your losses close the account etc.
No, I don't want to close credit cards, those are OLD to me, closing them will reduce age of credit history.
However, I have to request to lower credit limit on quite a few credit cards.
Without combing through every response across at least six pages:
¿No comprende, señor? My AmX Platinum has a "nebulous" limit. They say: "no limit" which can't be true, since balance is due in full each month and they have algorithms based on my income and payment history with them.
In fact for business I've run up $10-12K/month at least once, about June last year. They must know I can cover it, my company was real prompt on reimbursements. That's unusual, typical business was more like $5K/month.
Were I to incur a business expense of say $30K...not sure how, but not impossible...I'd call them. They'd probably approve it.
The AmX Black is invite-only, allegedly for those who charge up about $250K per year on other cards, like the Platinum I'm guessing, and obviously pay everything off. The Black does exist, for sure, going from rumor to fact after about Y2K. Probably for people w/$10M plus in net worth and above, which ain't me. We'll see if that ever happens, but both the above sorta-kinda kill the idea that "no limit" cards exist.
I have more than $30k limit on multiple cards. I almost never reach those limits.
The key to a high credit score is to have a lot of credit you never use. I love some of the bonuses I get for signing up and using some credit cards, so I have about twelve right now. I estimate I have total credit available of about $150,000.
The highest limit that I have on any one card is $25,000 (my Chase Sapphire Reserve).
I use a credit card long enough to obtain the bonuses and than I retire it. Many of my cards do not have an annual fee. The good ones, like Sapphire Reserve, do have a fee that is mostly refunded through travel credits.
However, to respond to the OP. Credit card companies offer you unsecured debt. This is a way of saying if you ever file bankruptcy the chances of them getting paid are low. Therefore, even people who have excellent credit get a limit on their card that only goes so high.
I have about $75K in credit limit, it really doesn't make a difference. If I need something that bad and I can't put it on a card, I just pay cash.
For the OP, the lenders have dictated that you are simply not worthy of a credit limit increase. Good credit is not enough. You need a long history of spending A LOT of money and paying it all off in full. The people with $30K+ on one card typically not only make alot of money, but they spend a lot of money and pay it off in full.
Lenders have all the data they need to make their decisions and limit their risk, right now you're simply too risky for the credit limit increase you want. And the more you keep requesting it, the easier it is for them to deny you.
There's plenty of things you can derive self-worth and accomplishments from, a credit limit so you can buy a car or remodel your house should not be one of them.
I have almost 10 credit cards, my credit score is excellent (over 800).
Most of my credit card limit is between 20k and 30k. For one particular credit card (better cash back), I use it a lot, and wish to increase the limit a lot. High credit limit will decrease utilization, but I have always been denied to increase credit limit (reason: Maximum amount of unsecured credit already issued).
I am not sure what they mean "maximum", it sounds their credit card has the maximum limit, since I have no problem to apply for new credit cards with more than 20k credit limit each.
I really hope to have more than 50k credit limit for that particular credit card.
With interest rates going up, credit markets will continue to tighten. The free ZIRP money flow is finally coming to an end. Credit companies will be less likely to put big limits out there. They know what is coming down the tracks. Debt is not so fun to service when it isn't at record low rates (just speaking generally about the average American loaded with debt - not you personally).
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