Are credit card companies that dumb, or is my credit really that good?

[notfred]

I'm 21 years old. Still a college student. I jsut got approved for a VISA card from Citbank, with an $8500 limit. I have an Amex Blue card w/ an $8600 limit. I've never bought a new car or a house. What'd I do that qualifies me for $17,000 in credit?

I don't think I'd lend me money...

BTW: I'm using the citibank card to pay off a rather large balance on the Amex card. 1.99% APR on balance transfers till Feb. of next year.

 

[iamwiz82]

didnt you rack up huge debt before? They know you are buyer and you have shown you are making payments? Why not throw more "cash" in your face?

 

[Evadman]

Cool. they know you pay, so you have good credit. BTW, 8k limits are not awesome, they are probably about average.

 

[notfred]

Originally posted by: Evadman
Cool. they know you pay, so you have good credit. BTW, 8k limits are not awesome, they are probably about average.

Average for anyone, or average for a 21yo college student?

 

[ObiDon]

I jsut got approved for a VISA card from Citbank, with an $8500 limit. I have an Amex Blue card w/ an $8600 limit.

Oh yeah? Well...well...my Capital One Platinum card with a $500 limit is almost here!
My Capital One Gold has a way higher limit than that!

Damn Capital One jokers!

 

[AU Tiger]

Once you get one credit card, they all want you. Sort of like women. (Did I just say that?)

 

[TranceNation]

lol, this post is so ironic. They are not as 'dumb' as you think, in fact, they are quite genious. They give you more credit, you spend more, they make more money off you in interest. Since you are young they figure you'll probably spend the next 5-10 years paying it off.Pretty simple.

 

[ObiDon]

Getting credit when you're in college is a LOT easier than if you're not.

It's probably because they know you need lots of stuff and money for college and probably need to borrow a lot.

Besides, even if college students bomb out on their CC loans and have to claim bankruptcy...that means that later they can catch them again in a few years when they have cooler stuff and can't do the bankruptcy thing again!

 

[RossMAN]

You have an unusually high limit for being 21 years old but that's not a bad thing, unless you're me

When I was 21 I think I had around cc's with limits totalling around $3,000 - $5,000, fast forward 6 years and WOW do I owe a lot of money.

 

[Evadman]

Originally posted by: notfred

Originally posted by: Evadman
Cool. they know you pay, so you have good credit. BTW, 8k limits are not awesome, they are probably about average.

Average for anyone, or average for a 21yo college student?

I am 22, and have quite a bit more than that. (several orders of magnitude ) But you are probably right, in that for the age, it is a lot.

 

[csiro]

Originally posted by: ObiDon

I jsut got approved for a VISA card from Citbank, with an $8500 limit. I have an Amex Blue card w/ an $8600 limit.

Oh yeah? Well...well...my Capital One Platinum card with a $500 limit is almost here!
My Capital One Gold has a way higher limit than that!

Damn Capital One jokers!

Stupid Capital One sent me a pre approved Platinum offer for $100.. I was like wtf??

 

[SerraYX]

Originally posted by: RossMAN
You have an unusually high limit for being 21 years old but that's not a bad thing, unless you're me

When I was 21 I think I had around cc's with limits totalling around $3,000 - $5,000, fast forward 6 years and WOW do I owe a lot of money.

Jeez... that's why I'm afraid to accept any credit cards, I have enough that I'll owe in college dues.

 

[ObiDon]

Originally posted by: csiro

Originally posted by: ObiDon

I jsut got approved for a VISA card from Citbank, with an $8500 limit. I have an Amex Blue card w/ an $8600 limit.

Oh yeah? Well...well...my Capital One Platinum card with a $500 limit is almost here!
My Capital One Gold has a way higher limit than that!

Damn Capital One jokers!

Stupid Capital One sent me a pre approved Platinum offer for $100.. I was like wtf??

:Q

The mailer I got said $200 minimum and $5000 maximum. Their website says $10k maximum.

The good thing about Capital One is that if you're not on a secured account they're pretty generous with limit increases after a while. On my gold account they started automatically rasing my limit by $100 every month since I always pay my Capital One accounts off entirely every month. And, they don't charge limit increase fees like some companies...*cough* Providian *cough*

I just like being able to handle my accounts on-line (for free) because I'm a lazy, impatient bastard. On-line payments go through pretty quick!

 

[ElFenix]

capital one does weird things. when i was already carrying an amex blue with 5K line and a gold MC with 9K line they approved me for $300. and $100 of that was only available at kmart stores. i was like, WTF? more than a year ago.

you know, i've never had the line on my amex go up, and they've never sent me something telling me i was elligible for a credit increase. i probably am. maybe i should call them just to see.

 

[Viper GTS]

My one card hit $5,000 before I turned 20, in a few months I'll probably get it raised again to $6500-$7000.

None of my friends my age have anywhere near the credit I do, I'm not exactly sure why...



Viper GTS

 

[Jugernot]

I'm 21 years old and I have a Platinum VISA with a $19,000 limit. I'm in the top 5% of people with good credit....

 

[vi edit]

Bah! I'm still trying to figure out WTF is up GM's butt. I've got a GM card that I use as my sole credit card and my credit limit was $1500 when I opened the account two years ago.

I've got a wedding coming up and have to put a bunch of stuff on credit card so I called to have them up my balance - what did they up it to? $2500. That's it. $2500. I've never had a late payment, my credit is in the mid 700's, my gross monthly income is over $5000, and I've STILL got a lower limit than 90% of the no income college kids out there. :|

If it wasn't for the $1000 in GM points that I have built up, I'd dump the card in a heartbeat.

 

[Viper GTS]

Originally posted by: vi_edit
Bah! I'm still trying to figure out WTF is up GM's butt. I've got a GM card that I use as my sole credit card and my credit limit was $1500 when I opened the account two years ago.

I've got a wedding coming up and have to put a bunch of stuff on credit card so I called to have them up my balance - what did they up it to? $2500. That's it. $2500. I've never had a late payment, my credit is in the mid 700's, my gross monthly income is over $5000, and I've STILL got a lower limit than 90% of the no income college kids out there. :|

If it wasn't for the $1000 in GM points that I have built up, I'd dump the card in a heartbeat.

In a few months, request to have it raised again. And again.

I had mine raised by CitiBank (at my request) four times in a little over a year. They did it without checking my credit, too, all based on my record with them. Every month or so I ask for an increase, & they either offer me one pre-approved with no credit check, or they give me a request form to fill out and let them check my credit. I never use the request form, I just take the automatic increases when they offer them.

$1,200, $2,000, $2,800, $3,800, $5,000... Next step $6,500?

Viper GTS

 

[RossMAN]

Gregg,

You and your cc increasing, you have some serious issues man.

Before you or anyone else says it, I have even MORE serious issues (cc and non-cc related), so there!

 

[Cal166]

when i was 19, my limit was 1000 now they raised to $3000 so i asked them to down my limit to lower. Being a college student, having a lower limit is good because its easy to rack up $3000 in CC bills.

 

[CrazyDe1]

Oh yeah, vi_edit, carrying a balance and paying off a bit more than the minimum helps your credit more than paying the whole thing off monthly as I've learned...

 

[mrchan]

thats not bad, i have about 20,000 in credit and i'm 20.

 

[BL0RT]

Originally posted by: notfred

Originally posted by: Evadman
Cool. they know you pay, so you have good credit. BTW, 8k limits are not awesome, they are probably about average.

Average for anyone, or average for a 21yo college student?

i have 1200 on a citibank, and 1500 on a capital one. i've never made a late payment in full either bah!

edit: i'm 20 and in college

edit2: heh heh heh i just upped my credit line to 2200 and 2000 respectively just by clickign around

 

[bizmark]

Originally posted by: Evadman

Originally posted by: notfred

Originally posted by: Evadman
Cool. they know you pay, so you have good credit. BTW, 8k limits are not awesome, they are probably about average.

Average for anyone, or average for a 21yo college student?

I am 22, and have quite a bit more than that. (several orders of magnitude ) But you are probably right, in that for the age, it is a lot.

:Q What? You've got over $800,000 available credit? No wonder you have all those computers

 

[bizmark]

Originally posted by: Cal166
when i was 19, my limit was 1000 now they raised to $3000 so i asked them to down my limit to lower. Being a college student, having a lower limit is good because its easy to rack up $3000 in CC bills.

Yeah, I think that part of the reason they increase credit, is that you show that you *need* the credit. E.g. you carry high balances all the time.

I know it sucks (until recently I paid all my cards in full every month), but that's the way it is.