Low Credit Limits

Dec 29, 2018 65 Comments

My credit limits:

BofA - $1500
Discover - $3000
Amex - $8000

Loans:
Car Loan - $5k

I spend on an average of $1500 - $2000 every month on credit cards and pay them immediately.

Credit Score on Credit Karma - 785; Been in the US for 3+ years, never missed a payment. I tried to get a credit line increase from discover but they increased it to $3300. How can I increase my credit limits?

TC: $180K

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TOP 65 Comments
  • Why do people care about having high credit lines? I have around 10k in credit and very rarely come anywhere near my limit.
    Dec 29, 2018 13
    • Microsoft / Eng Tier 1
      Yeah but that could be an online savings account take takes 3 business days to withdraw from. Parts of it could even be in CDs
      Dec 29, 2018
    • New / Eng AussieSWE
      Readily accessible cash. Not in a CD.
      Dec 29, 2018
    • Microsoft / Eng Tier 1
      Why?
      Dec 29, 2018
    • New / Eng AussieSWE
      Do you have a financial advisor?
      Dec 29, 2018
    • Microsoft / Eng Tier 1
      No those are a scam
      Dec 29, 2018
  • Have you updated your annual income on the credit card sites? But also, why do you want more credit? I have 25K of credit but I never go over 4000 and I pay it off every month
    Dec 29, 2018 3
    • Yes I did update the annual income. As my limits are low, utilization % is going up..
      Dec 29, 2018
    • Microsoft richardhea
      Pay off your balance a few days before statement close date - that should drive your utilization close to zero. Then again, you should be able much higher limits as it is.
      🍆
      Dec 29, 2018
    • eBay / Eng
      mDBW53

      eBay Eng

      PRE
      NVIDIA
      mDBW53more
      It keeps your utilization lower. Having a very high credit limit with low usage makes you look like a very stable professional. The kind of person you’d trust with a $2M low interest loan payable over 30 years.
      Dec 30, 2018
  • Lyft aWBv38
    Depends on lender. I've noticed institutions where I had accounts as grad student with 25k income are less likely to give high limit. Try a new institution?
    Dec 29, 2018 4
    • Looks like the same case, I opened accounts with them while I was a grad student
      Dec 29, 2018
    • Lyft aWBv38
      I just got a new card with Uber, benefits are good and they came back with a decent limit. Recommend if you eat out or travel but don't like the whole miles / points thing
      Dec 29, 2018
    • Databricks Vjsmwx
      O.o Lyft employee got an Uber card
      Dec 29, 2018
    • Lyft aWBv38
      Mercenary AF
      Dec 29, 2018
  • Facebook / Product
    oooooops

    Facebook Product

    PRE
    Google
    oooooopsmore
    Get multiple credit cards from the same company and then merge the credit limits into an account.

    I've been doing this over the years and now have 250K+ in available credit and I keep my utilization at 1%
    Dec 29, 2018 2
    • Have two cards from BofA and both combined give me $2500
      Dec 29, 2018
    • American Express TPxG05
      Limits are determined at a customer level based on your debt capacity irrespective of number of cards, so this wouldn’t work. Having said that, all major banks have proactive line increase programs based on your usage/ behavior.
      Dec 29, 2018
  • Facebook public2
    Call every 6 months and request a credit increase like every other adult on the planet.
    Dec 29, 2018 1
  • Microsoft / Eng Tier 1
    Discover is desperate for usage.

    If you max your discover card each month, especially early in the billing cycle, then pay in full, they should increase the limit within 3-6 months or so
    Dec 29, 2018 1
    • eBay / Eng
      mDBW53

      eBay Eng

      PRE
      NVIDIA
      mDBW53more
      Can confirm. I was stuck with $5k for around 5 years. Then they had a promotion of something like $100 cash back bonus on $3k usage each month. So I maxed out 3x and now have $18900.
      Jan 2
  • Medallia hFEH36
    Its good not to have high limit, keeps your cc spending in check
    Dec 29, 2018 3
    • Oracle redvsblue
      No, you never keep a balance on credit cards (unless it’s 0% APR). Paying interest is for chumps. I use all credit cards as charge cards and autopay every one of them off every month.
      Dec 29, 2018
    • Facebook
      TOPTOPTOP

      Facebook

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      TOPTOPTOPmore
      Wtf, this is the kind of argument you use to not give a 10-year-old all their grandparent's birthday money at once. Don't apply it to adults.
      Dec 29, 2018
    • Oracle redvsblue
      Yeah having a high credit limit doesn’t mean you ever have to use it all or even close to it.
      Dec 29, 2018
  • Microsoft Big Pun
    Your credit history is too short.
    Dec 29, 2018 1
    • eBay / Eng
      mDBW53

      eBay Eng

      PRE
      NVIDIA
      mDBW53more
      At 3 years of credit history I already had a $26500 card and about $40k total limit. That was with no job.
      Dec 30, 2018
  • Facebook
    TOPTOPTOP

    Facebook

    BIO
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    TOPTOPTOPmore
    Damn. I got 10k from BofA fresh off the boat in 2012
    Dec 29, 2018 4
    • Which card from bofa?
      Dec 29, 2018
    • Facebook
      TOPTOPTOP

      Facebook

      BIO
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      TOPTOPTOPmore
      I don't know, whatever default visa signature cash rewards thing they have
      Dec 29, 2018
    • Does it have annual fees?
      Dec 29, 2018
    • Facebook
      TOPTOPTOP

      Facebook

      BIO
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      TOPTOPTOPmore
      Nope
      Dec 29, 2018
  • Oracle redvsblue
    You’re dealing with the wrong banks!! I’ve had my discover card for 10 years and my limit is still something dumb like 4K 😂. Opened a second discover card recently and they gave me 1k limit. So worthless for their 0% apr offer.

    Get a chase card or a couple. Doesn’t look like you have any. They will give you 10-20k limit. I have like 100k in credit lines just from my 6 chase cards. Citi also gives better limits. Also can try Barclay. My Amex and discover limits are much lower.

    I have about same credit score and have over 250k credit line and like 10+ credit cards. My TC is lower.
    Dec 29, 2018 2
    • eBay / Eng
      mDBW53

      eBay Eng

      PRE
      NVIDIA
      mDBW53more
      My Discover has a limit of 18900. All I had to do was max it out 3 months in a row when it was $5k (my starting limit). Didn’t even have to ask.
      Dec 30, 2018
    • Oracle redvsblue
      Damn guess I don’t use my discover much. Their CB program sucks now.
      Dec 30, 2018
  • MailChimp ibeknowin’
    Try for an Amex Platinum card. No limit but you must pay off every month. Since you already do that, it sounds like it wouldn’t be a problem. There is a yearly fee, but it’s worth it if you travel a lot. Also, try to only use one card for the next three or so months, probably the Amex. I did this and my limit on my BOA card increased automatically. However, I hate that card and don’t even use it anymore. Just keep it open to look good on credit.
    Dec 29, 2018 1
    • Same thing, i almost never use my bofa cards unless someone says they only accept VISA card
      Dec 29, 2018
  • Cruise Automation newstar
    Amex is easy to increase every year. The premium cards like Chase Sapphire Reserve can get you 30k line. And an Amex charge card doesn't really have a limit.
    Dec 29, 2018 1
    • Google euBx84
      So true. Average TC for Chase reserve customers is 180k and people generally spend 20k+ per year. They will take care of you in the credit limit department lol.
      Dec 29, 2018
  • Rates have been climbing on credit cards lately so banks will likely be willing to increase credit limits for consumers.

    I've had my credit limits increased automatically by banks like BofA when maxing out a card and paying it off immediately. There are likely other strategies but picking up the phone to call and ask your bank shouldn't hurt either.
    Jan 3 0
  • Microsoft / Eng
    sloanmba

    Microsoft Eng

    PRE
    Freelancer
    sloanmbamore
    146k credit line with 3 years experience in USA. Credit util is always 0% and age of credit less than 2 years.

    Start with Chase credit cards and then apply for Amex cards. Call BofA and discover to increase your credit line

    Don't get platinum if you don't travel. Most of their perks like $200 travel credits, tsa pre check fee, baggage insurance, primary auto insurance is for travellers
    Dec 30, 2018 0
  • Amazon XIjQ36
    Discover and BoA are hard to get bigger limits with. Try Chase. For Amex you can request credit limit increases from Amex fairly often. Amex should double your Credit Limit. Go online and try to ask for 20k.

    Source: have had 40+ credit cards in the last 8 yrs and currently have 200k of open credit. In 2010 my credit score was 500 and I had 1 secured credit card with a $2000 limit. You should easily be able to get 50-60k.
    Dec 29, 2018 0
  • Wells Fargo hsLy13
    You have to beat the system bro. I know a way to increase the limit in BOFA credit cards using the line increase application, that’s how we built it. There are some parameters that we need to enter in the application which will automatically approve the application :)
    DM me.
    Dec 29, 2018 0
  • Amazon fmcl
    Indian spotted
    Dec 30, 2018 3
    • Flagged by the community.

    • Flagged by the community.

    • Flagged by the community.

  • Microsoft @at
    You need to keep your cc balance lower. Out money on your cc daily to keep your credit usage low
    Dec 29, 2018 1
    • eBay / Eng
      mDBW53

      eBay Eng

      PRE
      NVIDIA
      mDBW53more
      No. You need to keep your balances higher. Max out one card multiple months in a row. It will get its limit raised automatically. Just don’t do this for two months prior to opening a new line of credit or when shopping for a home/car.
      Dec 30, 2018
  • New bzRF81
    You have Discover and Amex? Just go to their sites and ask for a credit limit increase periodically. I think Discover kinda got mellow recently with credit limits but with your salary and clean records they shouldn't have any issues.
    May 3 0
  • AT&T / Eng
    DDM2K

    AT&T Eng

    PRE
    Optum, Windstream, AT&T, Verizon
    DDM2Kmore
    You can still get an Amex/Chase/Citi with under 700 score (if your credit is just young - like you first got a card one year, then an auto the next, then another card the next) but you still have to have a perfect payment history and low util.

    As far as limits now, the people getting limits of half their salary and higher seem to have at least 1-2 bureaus reporting over 800. Most older people know what it was like to have their credit lines slashed in 2008/9.

    Always had perfect payment history but the biggest thing I learned is your AAoA (Average Age of Accounts) is more important than your credit mix (variety of different types of credit: auto, mortgage, revolving). Instead of boosting your score, “diversifying” your file by opening new types will drop your score due to so many new accounts being opened.
    Dec 30, 2018 0

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