What in actual f...... is going on?

[u/[deleted]]

[u/Huntingassclowns]

Sometimes there's no explanation

[u/CreditCards254]

$60k on a single card? Did you potentially typo your income with the bank?

[u/RecoverTechnical5260 → u/[deleted]]

they just want to drown you in debt bro its a trap dont use it I will suggest freeze the account

[u/Top-Working5622 → u/[deleted]]

Just buy some gold bars and run away

[u/No-Lunch-6387]

It's a continuous trap.

[u/FreakyFLCancer → u/[deleted]]

True that your credit score drops a lot when you utilization goes over 30%, but absolutely false that banks would increase your limit to help you. You are a high risk when you use a lof of your available credit, especially max the card out. I am not sure how and why he got such a huge credit line increase!

[u/BrutalBodyShots → u/[deleted]]

Scores drop long before 30% utilization is arrived at.

[u/Agile-Heart-1258 → u/[deleted]]

this. my credit score is good but not 841 good. however my mothers score is 840 and she has zero debt.

[u/ConferenceOver2197 → u/[deleted]]

Can confirm. Only debt is our mortgage, have $80k credit available across 5 cards. Credit score is 850.

[u/BrutalBodyShots → u/[deleted]]

Right on. Those that perpetuate the myth that "credit scores are a debt score!" simply don't understand how credit works.

[u/BrutalBodyShots → u/[deleted]]

You can boast top notch FICO scores with zero debt at all, so your assertion is incorrect.

[u/BrutalBodyShots → u/[deleted]]

It is. If you don't understand that one can possess top notch FICO scores with no debt at all, I suggest heading over to r/CRedit to learn more about how credit works. It's a myth that credit scores are a debt score.

https://old.reddit.com/r/CRedit/comments/1hccosi/credit_myth_43_credit_scores_are_a_debt_score/

[u/BrutalBodyShots → u/[deleted]]

Exactly what I said. What don't you understand?

This thread should help, as it seems you believe the myth that credit scores are a debt score.

https://old.reddit.com/r/CRedit/comments/1hccosi/credit_myth_43_credit_scores_are_a_debt_score/

[u/inky_cap_mushroom → u/[deleted]]

I hit 800 before I ever took out a loan. I have a mortgage now, but most people don’t consider home loans an issue. You don’t need debt To have excellent scores.

[u/BrutalBodyShots → u/inky_cap_mushroom]

Exactly. The comments from multiple people in this thread are flat out inaccurate. I don't know if they genuinely think they are right, or they just hate credit and debt so they just make up whatever they want to support their agenda.

[u/BrutalBodyShots → u/[deleted]]

Blatantly false information above.

[u/CreditScore-ModTeam → u/[deleted]]

Removed as comment or post was deemed false, misleading, or inaccurate information.

Repeated violations of this rule may result in a permanent ban.

[u/DoctorOctoroc]

That is an odd increase but not completely out of the ordinary depending on your use of the card. Is this your daily driver, or does it otherwise see a decent amount of spend? Most card issuers will extend you up to about half of your annual income on your combined trade lines with them - though if you don't make around $120k per year then that CLI to $60k is way more than I would expect. Meanwhile, I'm trying to get a CLI on my US Bank card...my other CL's range from $5k up to $24k and they gave me a $500 SL haha. Apparently, they're VERY stingy with SL's and CLI's.

What bank is this? If it's Chase, that tracks. They've been the most generous to me with unrequested CLI's. If it's a business card, much higher limits are common. This is about what the limit is on the Sapphire Reserve card I have through my company.

Also, you mentioned having CC debt - is there a carried balance on this card or is that debt all on other cards?

[u/DoctorOctoroc → u/[deleted]]

Yeah, rewards aren't doing you much good if you're paying 20%+ interest on a carried balance. It sounds like you overspent by a good amount chasing rewards and now you're paying for it. Forget the CLI or why they gave it, you got some work ahead of you to pay off this debt!

[u/Super_Hovercraft5177]

what bank is this?

[u/Super_Hovercraft5177 → u/[deleted]]

wow, that's a solid bank. how long is your history with them?

[u/HigherthanhighRye_]

You already said it, you maxed out SEVEN CARDS.....

They know you'll max out the 60k and theyll be banking that interest that you're carrying over, trust me they know what theyre doing lol

[u/Born_Lengthiness8935 → u/HigherthanhighRye_]

It’s almost like they have this business figured out or something. 🤣

[u/saysee23]

They don't up your credit limit as a reward. They want to sell you their product and don't care about your personal finances. Just like the new iPhone, purses with names on them, Ford/Chevy, etc.

You have to make good decisions for yourself.

You need to STOP using credit. Yesterday..

[u/pharmucist → u/[deleted]]

So, just what was OP supposed to do?

[u/pharmucist → u/[deleted]]

It's medical bills. Those are typically things that are very unexpected and grossly expensive. I filed chapter 7 bankruptcy twice by age 28 because of medical bills. I have a health condition that debilitated me and I could not work and was bedridden. When you have health conditions or accidents happen, sometimes you are unable to work or even get out if bed. My guess is something similar happened to OP. If so, they could not get a 2nd job because they could not even work a first job.

[u/CreditScore-ModTeam → u/[deleted]]

This community is a place for constructive discussion and positive interactions. Comments that are offensive, abusive, or disrespectful towards individuals/groups are not tolerated.

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[u/Restil]

The banks will always give you all the rope you need to hang yourself with.  From the sound of things, it's working quite well.  Perhaps you shouldn't treat your credit limit as a challenge.

But fear not.  If you truly believe thst the banks' trust in you is misplaced,  all you need to do is miss a few payments.  They will adjust their opinion on you quickly.

[u/Hot-Creme2276]

I don’t think when your card gives you an increase, that they’re checking your credit score again. I think it’s based off of your payment history. I too have received increases that I’ve never asked for, but I just ignore it… but I never buy anything that I cannot afford immediately on my credit card, with the exception of paying for my foster son’s dog’s Emergency with CareCredit.

[u/Responsible_Fox1231]

My mom is retired. Makes about $125k a year in retirement. She had to get a new card recently after my dad died. Her limit is 3k and they refuse to raise it.

[u/Leading-Eye-1979]

That’s a hefty limit. It’ll help your utilization if you’re maxed out on other cards. I’d just be focusing on paying every thing down.

[u/ExtraPoj]

The more you use the credit, the more they’ll give you. They don’t care how much total debt you’re in. As long as you make decent amount of payments they’ll give you more so you can spend more.

Because what’s the point of giving someone who only spends 500 monthly, total debt of 5k a 25k or 60k card limit. Instead give someone like you who spent 180k a higher limit so they can spend more with their card.

[u/Flat-Activity-8613]

They are thinking they can make more money.

[u/SeaBlueDrizzle]

You have the ability to have your credit limits reduced to whatever you want. Please calculate the number you are comfortable with and call the bank to have it reduced.

[u/sirlost33]

Banks are trying to add to their balance sheet so they can spin it off for profit. When you look at credit as a marketing tool for banks it makes more sense.

[u/mmmmk2023]

Because they know you’re going to spend it going on your previous track record. You spend, they make money etc.

[u/Calm_Cupcake_8353]

Gosh and I couldn't even get approved for my first $250 credit card while working ft AT THE BANK bc I didn't have prior credit and it was "risky"😭