NASA and massive limits

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NASA and massive limits

Postby MemberSince99 » Fri Sep 26, 2014 1:20 pm

I see why all the FICO crowd wants NASA - they seem to be handing out huge limits.

Honestly, ONE card at 10k would MORE than be sufficient to meet my own personal needs. I simply don't spend enough to need more and I pay the cards as the amounts are due.

I've had a card with an over 20k limit and I never got close to using that limit. The nice part of it is, you don't have to worry about utiliziation if you don't want to. Otherwise, it's really overkill for me. For that matter I have too many cards as it is. I just don't feel like closing any.

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Postby Vattené » Fri Sep 26, 2014 2:37 pm

Agreed. I never came close to my original limit with Discover, but getting an increase helped utilization. Plus it is a great feeling that your credit is improving. In a similar vein, I plan on seeing if I can get my interest rate down in a few months. I haven't paid a penny in interest yet and don't intend to start. It won't benefit me in any tangible way, but it's bragging rights.
EX - 804 (10/16) | TU - 803 (10/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

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Postby takeshi » Sat Sep 27, 2014 1:06 am

MemberSince99 wrote:The nice part of it is, you don't have to worry about utiliziation if you don't want to.

Precisely why I like having the limits I have. I don't need the limits that I have but they keep me well under 10% with my spend.

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Postby lobbythis » Sat Sep 27, 2014 2:26 am

Well I'm on the opposite end. Plenty of money, but poor credit history except the past 3-4 years so my limits are frustratingly low. I need one of these crazy CU cards when one pops up again. ahhh

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Postby popamode72 » Sat Sep 27, 2014 6:24 am

I find that having a Visa Signature card with a 5k limit is plenty for me and my Amex cards have pretty big limits for me too and in terms of utilization, I never find myself having to use a lot of credit from them in comparison to what the limits are. Only time that I've used anywhere near half of the credit limit was buying my MacBook with the Delta card when it still had a 2,100 limit and since then, it's been paid off completely (I paid most of it off right after buying the laptop anyway and my current balance on that card is 0).

I never thought that a year ago I'd have this much credit in my wallet but it feels great knowing that I have a lot of backup there and that utilization for me is very easy to manage. I doubt I'll ever come close to even using 20% of it at all.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

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Postby CarefulBuilder14 » Sat Sep 27, 2014 7:58 am

Eventually, high limits can be a problem. If a credit union gives me a massive CL on a card with mediocre rewards, or even several cards with a high CL, then other lenders might feel my existing CL-to-income ratio is too high.

That could make it harder to get a card with great rewards from another lender.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

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