I'm sure this has been answered before but I wanna know for sure. How do credit cpmpanies look at your existing credit limit on all your cards and your h/h income in determining a cl for a new card. i had THOUGHT that having limits up to your income was the deal however someone just told me that CC companies dont like it when you have over 25% in credit limits above your H/H income. In other words: my H/H income is 130K. I currently have 56K in credit lines. According to what i just heard - anything over 25% of 130K is considered too much. Is this true???
NEVER too much income... NEVER too much credit... ----->UNLESS YOUR GEORGE... Years ago "PRE F.I.C.O." I had ~8 x income in CREDIT CARD LIMITS...
Hmm. My lines exceed my income by 15% or so. I have yet to see a denial for "too much available credit". This is the one instance where I don't quite mind the creditors not reporting CL's. I have plenty of CL to go around and my "silent CL" on my CapOne doesn't seem to hurt anything. I once disputed my Amex Blue tradeline over the lack-of-CL-reporting issue and the entire tradeline disappeared (from TU I think it was)! Kewl! I can now charge the account right up and my TU will be all spiffy! These aren't good things when you are rebuilding or just starting out, but I have enough positive tradelines that losing one or two doesn't seem to matter. RM
