CC company raises your limit...good or bad?

[flatbutt]

I have no problem controlling my spending. I'm very disciplined in that way. AmEx keeps raising my credit limit and in the past I've said no leave it alone. So, are there downsides to having the limit raised?

[stomachmonkey]

Originally Posted by flatbutt

I have no problem controlling my spending. I'm very disciplined in that way. AmEx keeps raising my credit limit and in the past I've said no leave it alone. So, are there downsides to having the limit raised?

Higher limit reduces your utilization percentage which is good.

What sucks is when you let a card go idle and they drop your limit, it increases your utilization percentage which drops your FICO even though you still owe the same.

I have a very high line of credit and keep my utilization under 25%.

In April had 2 FICO changes.

A$4k increase in utilization dropped my score 13 points but a $7k drop in utilization increased my score by 30 pts.

You should use creditkarma.

I check my accounts minimum once a week if not twice.

It's interesting to see what events trigger FICO changes.

[Sooner or later]

I have a 21,000 limit and it never changes. I have about 700 a month in charges and always pay it off. I only have the one card and no loans so my credit score has stayed at 789 for a couple of years (according to Credit Karma). It hasn't varied a point.

CK hasn't buried me in emails. Probably 2 a month.

[varmint]

spend maybe 500 a month. pay it off immediately. been that way for decades.

somehow i've got 20k limit the last time i checked. think they want me to go on a cocaine bender in vegas and be their debt slave for life.

[911 Rod]

I always reject the credit limit raises. Don't need it.
But my Lowes card is $8,000 and when I tried to raise it to buy appliances, they said no.

[stevej37]

I welcome any credit limit raise. I always pay it all off each month, so it doesn't matter.
The fico thing...I have no idea what mine is, and don't care.

[Steve Carlton]

No disadvantage that I can see unless you overspend. The lower percentage of utilized credit will increase your FICO, which could help along the way. And you'd have a deeper reserve in time of need.

[id10t]

Having too much available is bad too... I guess the thought process is that you'll get a new loan/etc and then turn around and max out the cards too...

[tabs]

Just more to DEFAULT ON!

I am waiting for INSTITUTIONAL DEFAULTS..

Of fking course the FED is printing MONEY to cover them....

THREE HUNDRED AND SIXTYNINE BILLION in ONE DAY last week... $369,000,000.00 or A THIRD OF A TRILLION!!! just another day at the fking REVERSE REPO window...

Man those numbers are staggering!!!..that is indicative of just how desperate, out of whack, FRAGILE the economic/financial house of cards really is..

The FED has been steady at buyin 120,000,000 a month or 1,400,000,000,000.00 a year in Treasuries and mortgage bonds...so the Balance Sheet is running...

The fires of he11 are getting hotter..

Ohh but the economy is doing so much better and stock market is UP again today...

Exactly what does that buy you if the FED and Treasury is manipulating the the very money and economic system you are trading and DEPENDING UPON to eat your dinner tonight?

My question is when do you get the message that the Economic REALITY of your life is a FRAUD, A DELUSION, IS NOT REAL IS A FICTION THAT YOU HAVE BEEN SOLD......You Boyz have bet your lives and families lives on it...

A BERNIE MADOFF PONZI SCHEME....

I keep thinking what would my Old School Hard Scrabble Kid of the Depression Dad say about all of this..my Dad only trusted the banks because of FDIC...he lost money when FDR CLOSED THE BANKS IN 33....and the NO GOOD ones did not reopen...and the depositors were sol...

Anger..comes to mind as to what a bunch of incompetent losers Americans have become...AMERICANS HAVE SQUANDERED 230 years of built up wealth and more importantly TRUST. The USD WAS THE ROCK OF GIBRALTAR OF CURRENCIES SINCE DAY ONE. Now for some ephemeral gratification of not having to feel hardship YOU have pissed it ALL AWAY> The DREAM of a poor kid being able to make good is gone.

He would be perplexed..as what to do with his hard earned and saved money...where safety of principle is first...Bank/Bond interest rates...I can hear him beotching about that..robbing the savers... Equities..not on you fking life.. RE..during the depression he saw the foreclosures and prices drop through the floor..and more over become illiquid...you can't sell it...no body had any cash...His philosophy was "CASH IS KING." Intellectually he would have to go against sentiment...because the FED IS MONETIZING THE DEBT>>>WEIMAR!!!! He would have to go to Gold and Silver...liquidity on demand..and in a currency debasement environment...protection against inflation. OR WEALTH PROTECTION..

Crypto...an Idiots Chimera..no intrinsic value, just electrons through a wire...and MORE OVER SUBJECT TO MANIPULATION...rich today poor later today..that is the biggest mind fk ever.

You have heard of Caveman Steaks??? Think in terms of Caveman economics..very basic, everything else is somebodies fluffy idea of a get rich scheme.

[stevej37]

^^^ Maybe another stim check coming.

[Por_sha911]

With most cards, if you use it at least once or twice a year they will not drop your card. Multiple cards with zero balance is a great way to keep your score high when you have little to no debt.

[Steve Carlton]

I think it's all about the amount owed/total credit limit percentage. Ideally, supposedly, around 5%. You can get dinged for too many accounts or too few. You can pull all three credit bureaus for free without an inquiry showing once a year through AnnualCreditReport.com, the website created by the bureaus themselves. I'm not sure if you can see the top reasons your score isn't higher (no matter how trivial they are), but that will identify why your score isn't higher.

[tabs]

Originally Posted by stevej37

^^^ Maybe another stim check coming.

Hey I am lookin forward to a bunch more coming so I can get more of that WEALTH PROTECTION stuff.

[stevej37]

^^^ There ya go...If they can print it, we can spend it!

[herr_oberst]

Visa dropped my limit from 20k to 15k because I wasn't using a very large percent each month - around 200-500 bucks which gets paid off at the end of the month. No fees, cash back. I'm good with that.

My credit score is the same, well above 800 so I'm not worried (yet).

[tabs]

The FED's Reverse Repo Operations have been escalating over the past 2 weeks...now the FED is sucking about 450B a day out of the system... Half a TRILLION a day in cash is being sucked out...