I have a credit card with $25k limit on it. I kept accepting increases because I thought it was funny how they kept giving it to me. Thrn I heard having a lot of credit lowered your credit score or some bullshit so stopped. I still get offers to raise it. I’m not rich, just paid off my house.
wtf 50k? I’ve never had a card go over 2k, and the highest I’ve ever been offered was 5k. I can’t imagine the level of wealth you’d need to spend that much in a month.
Peppycito@sh.itjust.works 1 day ago
TheReanuKeeves@lemmy.world 1 day ago
I’m not so sure that higher limits reduce your credit score, if you kept your spending the same then your credit utilization % would be lower, which is a factor that increases your credit score.
Peppycito@sh.itjust.works 1 day ago
I don’t know how it works. I never use a $1000 of my limit, let alone $25k. Especially at 20% or what ever my card is.
NABDad@lemmy.world 1 day ago
Yeah that dude is right. One of the things they look at is available credit. If you close an account with a $20k limit and zero balance, your score will drop.
For any future/current parents with good credit: if you add one of your kids to your credit card, their credit rating gets a boost.
Rhynoplaz@lemmy.world 1 day ago
I have a $50k card, and I’m broke as fuck.
I’ve had the card for 10 years and always pay on time.