High Credit Line

If you have like $50,000 credit limit on your credit cards but pay off all the balance ( average $ 1000) every month, does it effect your future loans( like applying for mortgage or auto finance) ? (some say you have too much credit line)
-Thanks for the info.
Basically that means I have to reduce my credit line...(Is it a problem again if go from a credit line of $50,000 to $10,000)

The short answer is "yes."

The longer answer is "the amount of credit you have available to you is one factor among many that determines your credit worthiness. Alone, having a $50k credit limit with $0 debt will not prohibit you from nor qualify you for a loan."

I've included more information below. I think the best one is epic.org which outlines the percentage of your score that is attributed to each factor.

By the way, the reason that having such a high available credit line is potentially considered a negative contributor to your overall score is because you have the ability to use that entire credit line and your income may not support that.

2006-04-07 12:34:55 by samu_nyc

Is it possible to get a credit card with high credit limit even with bad credit? Most people do not think so. Credit cards for people with bad ...

I have good credit, i want to apply for high credit line, i was wondering if any of you know which credit card company gives high credit line right at the beginning (due to some finacial difficulties)!!! your knowledge appreciated!

It depends what you consider "High credit line". Bank of America will give you up to $8,500 on certain Platinum VISA cards with a FICO credit score of 715 and no pending balances in more than 3-other credit cards and no recent inquiries.

American Express is another card issuer that provides generous credit lines but only on Blue and Costco TrueEarnings cards., the rest have no pre-set spending limits but each one comes with hefty annual fees.

2007-01-04 15:13:40 by sunshine

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I am an 19 year old college student and I want to get a credit card to help build credit. The only problem is that I need something with a somewhat high line of credit because I own a landscaping company and I spend alot of money on materials - probably 2-3 thousand a month. Is it possible to get a card with a line of credit that high while I am 19 years old?

you can apply for this credit card, http://fexr.com/22mr . its made for people like you who have no credit history or bad credit. i wouldn't be able to tell you the kind of limit you would be able to get but its guaranteed to be at least 1500 i think. i was able to get a 2500 dollar credit line myself with my horrrrrible credit.

2008-07-20 07:14:50 by polar q

Price: $386.99 $285.99

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My husband has a 682 and got a $10,000 line of credit. Thanks though.

Nope- for a Discover/high limit, you typically need above a 700 score

2008-05-15 18:11:25 by EmC22

My credit score 747. My school loans, car loans, dept cards, etc are all paid off. I have one open credit card maxed to 9000 on Citi mastercard. My Visa is up to 3400, I asked for 4000 more credit line. Why was I declined? They told me some bs because I was too high on my CitiMc. I don't believe this. Anyone else go through the same thing?

A credit increase can be declined because of your debt to credit ratio. In other words, if you currently have a total allowed credit of $20,000, but you owe $19,000 on all of your credit cards, then you only have $1,000 available. (95% owed, 5% free) This is NOT a good thing when it comes to requesting more credit. It would be better if you had $10,000 owed and $10,000 available (50% owed, 50% free)...THEN they would grant you more credit (but then again, you probably wouldn't NEED it at that time either now, would you? ROFL! ....but that's how it works!

2009-04-08 11:55:17 by FLEX