Do credit limits on existing cards affect limits on new cards?

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paparoach429
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Do credit limits on existing cards affect limits on new cards?

Postby paparoach429 » Tue Nov 27, 2012 10:50 am

Do credit card companies such as American Express, Chase, BoA base your new credit card limit on existing cards? I have a Citi Forward card with 4k limit and was wondering if i applied for a new card would they take into consideration my limit on that card and give me roughly the same limit? Possibly a higher limit to persuade me to use it more? In the next few months I'd like to get a new card to keep me set for a while so my average age of accounts doesnt drop to bad in the far future but if they are the type to start you out with toy limits I probably will just pass. Also can you guys recommend a good card comparable to the Citi Forward as far as rewards, interest, and credit limits?


Ratfacedudeguy
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Postby Ratfacedudeguy » Tue Nov 27, 2012 11:31 am

Creditors are certainly more likely to extend higher limits to you if they see that other creditors have as well. As an example, when I was applying for the CSP I got denied several times, mainly due to the fact that the minimum limit for a Visa Signature is $5k and I did not have any comparable limits reporting. A couple months later, I had my SECU account report an increase from $2500 to $5000 and my Discover reported the increase from $3800 to $7000. Apparently that did the trick and got me in the door with a $5000 CSP. As far as how close other issuers will come to matching your current limit, it's a mixed bag. In my experience, it's pretty safe to say that a new institution with which you have no previous history will generally not give you a higher limit off the bat than another institution that you already have an established history with, especially if you have recent inquiries reporting. There are notable exceptions of course, so really the only way to find out is to put in the app and keep your fingers crossed.
Amex Green - NPSL - 05/12
Amex Zync - NPSL - 06/12
Discover it - $7750 - 11/12
Chase Sapphire Preferred Visa Signature - $5000 - 11/12
SECU Platinum Visa - $5000 - 08/08
Bank of America Cash Rewards Platinum Plus Visa - $3000 - 06/08
Citi Diamond Preferred Mastercard - $3000 - 05/12
GECRB Old Navy Visa - $2500 - 11/12
Chase Amazon Visa - $2000 - 11/12
Chase Freedom Visa - $2000 - 07/12
Citi Thank You Visa - $1000 - 06/12
Amex Blue Cash Everyday - $1000 - 01/13

cashback
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Postby cashback » Tue Nov 27, 2012 11:48 am

paparoach429 wrote:Do credit card companies such as American Express, Chase, BoA base your new credit card limit on existing cards? I have a Citi Forward card with 4k limit and was wondering if i applied for a new card would they take into consideration my limit on that card and give me roughly the same limit? Possibly a higher limit to persuade me to use it more? In the next few months I'd like to get a new card to keep me set for a while so my average age of accounts doesnt drop to bad in the far future but if they are the type to start you out with toy limits I probably will just pass. Also can you guys recommend a good card comparable to the Citi Forward as far as rewards, interest, and credit limits?


I can't say yes or no to your question, but until about a month ago, BCP was the only card I had with a CL of 25K. I applied for Discover IT, Cash+, and PenFed cards within the same week and got CL's of 6K, 8K, and 15.5K, respectively.
Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

Future Cards
Sallie Mae World Mastercard

FICOs
Exp 772 - TU 781 - Equ 781


paparoach429
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Postby paparoach429 » Tue Nov 27, 2012 12:01 pm

Thanks for your responses. As far as what I should take into consideration for my next card do you guys have any suggestions?

cashback
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Postby cashback » Tue Nov 27, 2012 12:10 pm

paparoach429 wrote:Thanks for your responses. As far as what I should take into consideration for my next card do you guys have any suggestions?


The four cards mentioned in my post are the best IMO.
Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

Future Cards
Sallie Mae World Mastercard

FICOs
Exp 772 - TU 781 - Equ 781

paparoach429
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Postby paparoach429 » Tue Nov 27, 2012 12:24 pm

Ok so which cards realistically can I get? lol Isnt the PenFed and Cash+ pretty hard to get? Also the BCP being one of the "harder" cards to obtain? I might be wrong.

cashback
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Postby cashback » Tue Nov 27, 2012 12:31 pm

paparoach429 wrote:Ok so which cards realistically can I get? lol Isnt the PenFed and Cash+ pretty hard to get? Also the BCP being one of the "harder" cards to obtain? I might be wrong.


Well I can't speak for how "hard" these cards are to get. lol. It was pretty easy for me and I don't know your situation.
Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

Future Cards
Sallie Mae World Mastercard

FICOs
Exp 772 - TU 781 - Equ 781


sakhalin
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Postby sakhalin » Tue Nov 27, 2012 2:11 pm

Try Discover More/IT. I got it right after I got my Forward.
AMEX BCE ($20,000), Citi Forward ($4,800), Discover IT ($3,750), BoA Travel Rewards ($1,800)

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Snowman
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Postby Snowman » Tue Nov 27, 2012 3:21 pm

I did the same thing. I applied for the forward first and then applied for the more and got approved for both with cl's of 1.5k each. Then again my income is kind if low but as long as your history is okay you should not have a problem. I just got approved for an Amex gold as well. Good luck. It really all comes down to your scores, income, and what's on your cr's.
Cards And Credit History
Bank Of America: BankAmeriCard Cash Rewards-4/25/12-1,000$ (CLI Increase on 6/15/13)
Citi: Forward-10/27/12-3,000$ (SP CLI 2/8/14)
Discover: More. 10/27/12-2,000 (Auto CLI 5/31/14)
Amex: PRG.- 11/24/12 (Closed 12/13/13) Amex BCE.2k-12/7/13. Amex SPG-4k.-12/8/13
Chase: Freedom-2,400-5/1/13. Southwest Rapid Rewards Plus- 3,600- 6/15/13.
Future Cards
Marriott Premier Rewards
American Airlines AAdvantage Gold
Chase Sapphire Preferred
Fidelity Amex

paparoach429
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Postby paparoach429 » Wed Nov 28, 2012 3:10 am

How long have you had the more? How do you like the rewards as compared to the Forward, also the card in general compared to the Forward. Also, how has the card grown with you so far?



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