Credit limits are funny

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Credit limits are funny

Postby DGenerateKane » Mon Feb 27, 2012 6:39 pm

Last August I got approved for a Chase Freedom card for a measly $500 limit. While my income is crap (disability) I had at the time one account current account with them (the account was 6 years old although Chase is the third bank to have it) and they had info from my Sony card which they had just transferred over to Cap1 a few months before so they had plenty of info on my ability to cover my debt.

I just got my Fidelity American Express card today and found my credit limit is $10,000. The only two things that I entered differently on the Fidelity application was my income increased 3.4% and my rent went up $50 a month (3.4% cost of living increase did not outweigh the rent increase of course).

I find it funny that a bank I have history with gives me crap credit but a bank I have no history with gives me my largest initial credit line I've ever had before.

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Postby randeman » Mon Feb 27, 2012 6:51 pm

I think you're right (and congrats on the Amex). One of my part-time employees is a bank executive with Citibank and he has been telling me that Citi is all about "relationships," of the variety that you are alluding to. I wonder if there is a substantial difference between your FICO scores between now and last August. Since scores fluctuate wildly, maybe that had something to do with it. I know that the first time I applied for a Macy's card, I was turned down. Six months later I applied, and voila! Got the card. My scores were not that different between the time I first applied and the second, but they were somewhat higher. I didn't question it.
Cards and Credit lines Acquired:

Escape by Discover (7.75K), Barclay Holland America Visa (7K), Macy's store card (7K), Bloomingdale's store card (2.6K), Citi Custom Credit Line (3.5K), PayPal Smart Connect credit line (2.7K), Chase Freedom Visa (5K), Chase United MileagePlus Visa (5K), Chase Sapphire Preferred Visa (6K), Amazon store card (2.2K), Lord & Taylor store card (550), Nordstrom store card (1500), Gold Delta SkyMiles from American Express (3K), Discover It (6.5K), PayPal Credit Line (1K).

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Postby namvet » Mon Feb 27, 2012 6:51 pm

Looks like this card will be a keeper!

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