How the hell do people have the ability to get $20K lines of credit? The most I've been able to get was $500...
>>34874301Why do you want one? Most I ever had need of was $5000 for travel expense.Why would you intend to pay so much interest? In 20k you're literally giving them $4000 for free each year.
>>34874306I didn't say I want one. I'm just curious how people do it.
>>34874311And by do it, I mean how the hell they got approved for that amount of fucking credit.
>>34874306Having a bigger line of credit is always a good thing (unless youre an idiot with no self control and think it just means you can buy more stuff).A higher limit doesn't mean you spend more. It means your credit score gets positively affected because youre trusted with more money and you now have a lower credit utilization rate, which is one credit score factorX/N > X/2N, for exampleIf you have any large expenses (like a new car once every 15 years), it also means you can put more money on it to get more cash back (points).>>34874301Higher salary and history of good and varied credit. Proves youre responsible, and are capable of paying larger bills.Generally financially-interested anon here, not rich or anything, just learned basic financial literacy in my 20s and make decent money.
>>34874350>Higher salary and history of good and varied credit.Ah well alright then>anime girl webmFaps extensively
>>34874301>How the hell do people have the ability to get $20K lines of credit?In my case : time.I got a 500 $ card, and every time they asked me if I wanted to raise the limit, I said yes. I'm up to 35k or so. The other thing is to always pay your debts on time. I barely use my CC anyway.
>>34874306Available credit is not the same thing as debt. Always pay your card when it's due. If you can't, you should live inside your means.
>>34874350>lower credit utilization rate.Not sure that's what it means bombaclot.What a high credit score actually means, is that, you frequently get into debt, pay interest on that debt and eventually pay off the debt.Banks only make money off of credit cards when people pay interest and bay back their debts. They want you using it as much as possible, so long as you are giving them money.
>>34874493I regret to inform you that you don't know what you're talking about.I hate debt. I despise debt. I do not get debt unless absolutely necessary, or if it's advantageous to me. I have never paid interest on debt in my life, except for a voluntary car loan where I could have paid for it all in cash but instead *chose* to loan out a certain amount, because I invested the rest of the cash and roughly broke even with my earnings minus the interest paid.Banks make money from stupid people who pay interest on their credit cards, yes, but they probably also make money by their cards being a gateway to their other financial services, and by selling your data lol
>>34874516What about you not paying interest and hating debt has anything to do with disproving what I said?Selling data is not more profitable than interest returns.It seems obvious to me banks would reward credit card holders whenever they give them money by raising their credit score. Not to mention the only metric banks care about is how much money they can make off you. Thats what a credit score represents.
>>34874301Idk by paying off prior loans without fail
>>34874311>>34874316There are two things that primarily factor into this. One is having enough assets to just cover the cost of the limit if it all came due at once. You got 50k in savings? I well 20k credit card isn’t going to be as big a problem if it does become a problem. These companies know who your family is and how much money they have too, even if they say they don’t.The other way is to be such a “good boy” credit-wise over many years that they give you an increased limit as a status thing, knowing full well that either you will NEVER put that amount on a credit card and/or that you will literally do anything to pay that money back if it were to ever come due, compared to the average person who would probably just declare bankruptcy.
>>34874301Highest I've got is 17.8k, currently 27, had that limit for a year or two. Only finished schooling/training about a year ago so that limit predates my current income. Dunno how it happened, meanwhile for my wife her highest limit is sub 10k even though we are pretty similar on paper
>>34874911Damn
>>34874301earn a higher income and don't miss payments. i've got about 110k income with one card at 26k limit and the other at 15k.most cards will reassess your limit if you update your yearly income or just ask. or they'll do it on their own and just let you know they bumped your limit if you're not a complete fuckup.
>>34874301It's partly a matter of being able to demonstrate that you have a decent income. It's also about history. If you have ever had problems paying off a debt, like missing a payment, that reduces your rating. If you've borrowed money and always paid it off perfectly, that improves your rating. The second part of that sometimes surprises people: they expect that if they've never needed to borrow money, their credit rating will be good, but in fact the opposite is true: if you have never borrowed money, they don't know if you're good to pay it back or not. People with high credit ratings tend to be people who have taken out a mortgage and consistently made overpayments every month until it was paid off; that kind of thing.
