I applied for the MBNA Quantum card last week. I called first and asked about how one would go about getting a higher limit since they say CL's up to $250k. I was told you must fill out the application and get the card with whatever limit they decide to start you on. I am now waiting for the card and to find out what limit they gave me. I figure the first step is just get the card and then call about how to increase line. I know some issuers like AMEX will require past couple years of 1040's. I don't know much about moving limits between cards but I have an MBNA card which has a $30k limit and was wondering if it would be dumb to add that line to the Quantum card and then close it. Card is only about 2 years old so I don't think it would affect my score much

SlimJr said:

Also, I know you are very proud of your 800+ credit score and you were upset when your score dropped 8 points.

Since I applied for the new card I have not received an alert from MyFico telling me my score changed. Seems they just monitor changes on your Equifax report. I noticed MBNA did the pull from Experian so I just paid the $14.95 to get my current Experian FICO and was very surprised to see a new all time high of 828

SCOTT
July 27, 2006


Credit record source: Experian
Your FICO score of 828 summarizes the information on your Experian credit report as of July 27, 2006.
FICO scores range between 300 and 850™.
Higher scores are considered better scores. That is, the higher your score, the more favorably lenders look upon you as a credit risk. Your score is well above the average score of U.S. consumers and clearly demonstrates to lenders that you are an exceptional borrower.

828

The Bottom Line: What a FICO score of 828 means to you
More than 75% of the applications for credit in the U.S. last year were decided with the help of a FICO score. Lenders consider many factors in addition to your credit score when making credit decisions. Looking solely at your FICO score, however, most lenders would consider this score as excellent.

This means:

It is extremely unlikely your application for credit cards or for a mortgage or auto loan would be turned down, based on your score alone.
You should be able to obtain relatively high credit limits on your credit card.
Most lenders will consider offering you their most attractive and most competitive rates.
Many lenders will also offer you special incentives and rewards targeted to their "best" customers.
It is important to understand that different lenders set their own policies and tolerance for risk when making credit decisions, so there is no single "cutoff score" used by all lenders.



Summary of factors affecting your score
The FICO score is calculated based on the information contained in your Experian credit history. While knowing your actual score is a good start, understanding the key factors affecting your FICO score is much more important. These factors will provide you direction on how you can increase or maintain your FICO score over time.

Negative Factors
Here are the top factors where you have the most opportunity to take action that will increase your FICO score over time (they are listed in priority of impact on your score):

You have recently been seeking credit or other services, as reflected by the number of inquiries posted on your credit file in the last 12 months More information
You have too many accounts that were recently opened

RagingBull said:Anyone here ever had luck moving a credit line over from a chase business card to a chase personal card? One rep said he could do it then another rep said it can't because they're business and person, but they are both under my ssn anyway.yes read the reallocation thread.

2 people stated that they were able to do so; I was unable to do so after calling both the personal CSR and business CSR, being fairly persuasive, etc, so YMMV.

I used to get odd effects involving reallocations depending on whether historically, a given card was originally chase issued vs firstusa/bankone issued, but not sure if relevant here. (similarly, when chase was integrating firstusa, i was able to view my card on both online systems, but only get certain BT deals on existing accounts when logged into one system, but not the other.)

troyb said:SUCKISSTAPLES said:RagingBull said:Anyone here ever had luck moving a credit line over from a chase business card to a chase personal card? One rep said he could do it then another rep said it can't because they're business and person, but they are both under my ssn anyway.yes read the reallocation thread.

I actually had a similar question and could not find an answer on the reallocation thread. Does anyone have experience moving from a Chase personal line to a Chase business line?

Thanks.
Troy It was asked in the reallocation thread a couple days ago and I answered it there. I also updated the quicksummary there. So the answer is both on the first and last page of the reallocation page.

HOW is it you were not able to find the info?

Generally, how often can someone request a CL increase? My last requested increases were about 45 days ago, and I would like to request another increase before applying for a few cards.

Is it true that one can have a credit limit that is "too high" that can hurt your credit score? Will lender's think that if you have a TON of available credit, that you're a higher credit risk?

At what point will it start hurting your credit score?

I have 4 cards, each with a $5000 limit, which is obviously very low in the spectrum, but I am trying to figure out if I should try to get some of them raised.

markkundinger said:Having too much available credit will never hurt your score. It might make a human being nervous if they are reviewing an app, though.

Will a computer ever look at that as a factor when doing an automatic approval process?

5star bank declined to renew my account due to the fact my open credit lines were higher than their acceptable limits.

who knew. i forgot about that bank along time ago. but nevertheless it goes to show some banks have stupid limitations from days gone by "still in effect".

codename47 said:Half of all BK's were caused by catastrophic medical expenses. Irresponsible people, gamblers, etc... were not a majority or significant percentage.

The only people that messed up the BK bill were lobbyists and people in Congress. Financial companies made tons of money before and are making tons of money now as well.

I hate this quote. First of all, it's inaccurate, as the data actually says that 1/2 of all BKs are caused my medical expenses OR job losses OR divorces, not just medical expenses. Second, it would be even more accurate to say that the PROXIMATE cause of 1/2 of BKs are the above events. In fact, if you have always saved a substantial portion of your income for emergencies, and lived well within your means, and taken out appropriate medical and disability insurance, a serious medical illness is much less likely to cause a BK. With a national savings rate of -1%, of course any moderate-sized emergency will lead to a BK. IF the national savings rate were closer to 10% or 20%, people would have more of a cushion to fall back on when the inevitable emergencies hit.