@@SpencerJohnsonOfficialfor example if I have a 50k credit limit if I have a credit card machine I can literally liquidate the entire credit limit without 0 cash advance fee because it will be looked at as a regular purchase but of course I will only do if I have 18 months 0 percent APR Or better and the only way I would do it if I have a business move I’m going to make and then I can make the money back To pay the credit card back plus I get to keep the Rest of the proceeds from the business
@@SpencerJohnsonOfficialdo you agree spencer you should only liquidate your business card is If you have a business or already have a business plan in place so you can pay it back 😊
It's nice when a credit lender increases your credit limit for you. I remember my Marriott Chase card got about $5k higher limit automatically not too long ago. Great vid, Spencer!
Good deal. thanks for sharing. i recently secured about $20k in CLIs. Also important to note that CLs are a reflection of income. People sometimes hit their maxium CL a bank is willing to lend them if the income is not their to support the credit line.
Great points and great vid Spencer! Another reason not to get a credit limit increase is some issuers, like Chase, have a total limit they’re comfortable with you having and if you hit that limit they might deny you additional cards. You might then have to call and ask to lower your existing limit to be able to get their cards.
Thank you so much my man!! And that's a good point too. That wouldn't necessarily be a reason not to try to get a CLI, but you'd wanna go in with that expectation that you may need to shift your limits around or lower your existing limits when applying for a new card. Good note there!
Damn everyone getting credit limit increases today! 🏆 Haha at Amex giving you just shy of what you asked for, “we can’t just give you all of it” - Amex 😂 Josh Shade wow 🥀 Nice place Spencer, can’t wait to see the final setup!
Haha I love it!! And yeah that Amex increase was kinda annoying tbh.. like why not just give it all to me 🤣 But of course I had to poke a little fun at Josh even though his overall credit limit is about 10x mine it feels like lol. Thanks for watching Tony!
Super fun video Spencer! Raising Credit Limits especially if you are someone that has a higher Credit Utilization than you want it to can be a great choice. That's funny that Amex almost completely maximized the Credit Limit to $30k, and instead "partially approved" you to $28,300 haha. Great video as always Spencer!
I appreciate you Matt! I was definitely a bit annoyed about the Amex BBP CLI here lol. Like why not just push it all the way to $30k? Who knows lol. Thank you for watching brotha!
Spencer, this caught my attention. First off, wonderful video by the way and happy your steadily growing and secondly I thought you already received the chase sapphire reserved so wouldn't the chase sapphire preferred be gone from the list since you can only hold one of the two cards?
Thank you so much!! And I tried to note this in the video, but it may not have been obvious enough. I filmed this video before I product changed to the CSR, so now that $16,800 limit is present on my CSR instead!
Doing them all at once is the best way. I'm waiting for an inquiry to roll off and all my cards to report this month to ask for more myself. Wells Fargo makes you call or did the last time I did it. And capital one does seem stingy too.
It worked for me!! I just wouldn't recommend everyone do it as a blanket statement since everyone's situations are so different. And yeah Capital One was definitely stingy, but I tried to be as honest as possible in my CLI request which is likely why my limit basically stayed the same. Best of luck to you on your requests though!
Congrats on your CLI requests. As you were talking about the third credit card CLI, in my head, I said to myself that it would be a CitiBank and I was right. hahaha
Dude, do more videos like this. Screw ranking credit cards. Small, but important steps can be the difference between getting the Ritz card and well, not. One question, are CLI better than slapping big purchases on business cards which are invisible to the credit reports?
I really appreciate the comment man! That's good to know you really enjoyed this one. I always try to bring my personal experiences into every video, but if you ever have ideas for me, let me know! And as for your question, I really couldn't say it better than Shawn did above. I'd reiterate what he said when it comes to paying off your cards early though. To protect your utilization on the personal side, you can always pay off your cards before the statement close date.
You're welcome man. Thanks to you and Shawn for answer the question. If you're looking for video suggestions, consider doing a vid about getting value out of cards post-SUB. EG, if you've signed up for the Marriott Boundless and you got the welcome offer, what are the best uses for that card after that besides cancelling? I feel like issuers are making the sign-up bonus/sock-drawer strategy less feasible.@@SpencerJohnsonOfficial
Good work. I found though that the short-term boost in credit score does burn-off within six months and then you end up effectively back where you were, all else being equal of course.
Thank you! And if you're looking at credit utilization in a vacuum, this wouldn't just be a temporary credit score boost as long as you don't spend more now because of the higher limits. But since credit utilization changes your credit score on a monthly basis, it could be a net zero change, it just all depends on how much you're using your cards.
Hi Spencer! Congrats on your approvals. Quick question: when people talk about the $35k cumulative credit with AMEX, is this across both personal & business or just personal? Thanks in advance for your help.
Hey there! Thank you so much! I could be missing something here, but in general, cumulative credit could apply to either personal and business or each of them separately. It just all depends on who's talking about it I guess. I would probably need a bit more context to give a better answer, but hopefully that helps a bit 🤷🏼♂️
@@SpencerJohnsonOfficial thank you sooo much Spencer for responding. I really appreciate it. Okay, so, with AMEX I hear a lot of creators talk about a $35k cumulative credit limit before a financial review. But I'm not sure if that only applies to the personal side or if I have a total of $35k limit across both business and personal. And that's when a financial review may occur. If that makes sense. And thanks again for responding!!!
🙌 Loved the video Spencer! Capital One really come through for you with that $2k LOL 🤑 I appreciate the shout out and hopefully we'll see some of the other credit card creators make their own versions of this video.
I appreciate you Josh! Your video was awesome, so I just tried to do it justice here with my version. And yeah I felt like a high roller with that $2k CLI from Cap1 🤣 Thanks again for the inspiration!
Interesting video, Spencer. One issue I wonder about is whether having a higher total credit limit on all cards will affect my future approvals for new card applications. Alternatively, whether the total credit limit for the cards of one issuer might be a factor causing that issuer to deny a future card application. On at least one or two occasions, I have had my overall credit limit cited as a reason for denial. Do you have any information on how much of a concern this potential problem should be to your viewers? (In my case, I work diligently to maintain a low utilization score, usually around 1% at the point each month when the score is updated.)
these videos are just for the views if you want to increase your credit limit, you have to be physically at the bank. That is how I got credit for my farming business. I didn’t have to go to the bank though because I have somebody who works in the government if you want to increase your limit, I can link you with the person and it is free of charge
It's funny cause I closed a quicksilver one of 2400 credit limit and right away I asked for a credit limit increase on my venture x and got 3800 increase😂😂
Well that's one way to go about it!! I would have said the same thing as Shawn here though. If it was one of your oldest accounts, you generally want to leave those open for credit age purposes, but it'll still age on your report for 10 years while your other cards age too, so you should be fine there. Congrats on your CLI!
I started at 10k with the Venture X and after 6 months of use they randomly raised my limit to 17,500. Not really sure what happened but I’m curious to see what happens after one year 🧐. If I don’t receive another random increase maybe I’ll request it to 20k and see what happens.
Well dang, that's awesome! It looks like they started you with the lowest limit possible and I assume that they saw you spending on it regularly and decided to give you an increase. On your CLI request, I would shoot for higher than $20k just to see what they'll extend you. But of course, that's completely up to you!
@@SpencerJohnsonOfficial Yeah it’s my catch all card with the savor one being my restaurant/grocery card. So, makes sense getting an increase because I do put most of my purchases on it. You’re right, maybe I’ll aim for 30k and see what happens 🤣
Hey i never had used a credit card and I don’t know how to use one the correct way, do you have any videos for beginners who want to start building credit and benefit from the perks🤔
In the past ive been able to trigger auto CLI on each of my chase cards by putting heavy spend on them & quickly pay it off + updating my income. Ive done this at least 3x.
Nice video! I’m actually very curious to see how US Bank and Wells Fargo go about their process of credit limit increase requests, but near $30K increase in one day is just plain insane! 😮
I recently got a credit limit increase from U.S Bank. I have the most slept on underrated credit card in the game. That is the Altitude Go card that gives you 4% cash back on restaurants. I applied for this card back in April and received a credit limit of $500. Very low limit. At the time it was my 3rd credit card. My score was somewhere between 710-720. About 7 months later I now have 7 credit cards and score hovering at 780-800 depending on the credit bureau. U.S Bank increased my Altitude Go card to $5,000. So a $4,500 credit limit increase. Not outstanding but a decent increase. It was not an immediate approval. It took about 3 days to get a decision.
I appreciate that! And maybe one day I'll be able to test those for you. I believe Josh had at least a US Bank card in his video, so I'd check that out! Thanks for watching though!
I was at 5/24 when requesting this CLI on my CSP! It doesn't look like Chase 5/24 should impact a credit limit increase request based on my experience, so maybe they won't give you the CLI for other reasons. Keep me updated on that!
I appreciate that man!! As for next cards, I'd already have picked up the Hilton Honors Biz if they increased the offer on it. Other than that, probably a CIU and Bilt card on the same day, but that's up for debate 👀 Thanks for being here as always man!
@@SpencerJohnsonOfficial i didn't want to make a separate post about it but.. i just wanted to let you know your income was visible for a split second just in case you want to edit that out.
You are going to hurt your credit score by having too much in available credit lines. There is a fine line between having too much open credit and not enough credit. Give it a few months and what I said will show up in your credit report/score.
I haven't seen this issue. My score actually stays high. However, one negative was when trying to increase my CL on my Chase Freedom Unlimited, they said I had too much available credit. I have like over $150k available to me. So, I'm stuck at $4.5k CL on my Freedom Unlimited. Most of the issuers still gave me nice CL increases.
While I appreciate the concern, this is not fully accurate. As I mentioned in the video, as long as you don't spend more money because of your higher limits, your credit utilization will drop and that's a positive for your credit score. Maybe you're talking about something different here that I'm misunderstanding, but in general, a lower credit utilization (due to higher credit limits in this case) is a positive for your credit score as long as you don't start spending more money because of the higher limits.
It won’t automatically hurt your score unless you go bonkers & spend more than you can payback. What is actually more likely is that on the personal side an individual may hit their “maximum exposure” limit based on their i come & what a bank is willing to lend them. This will be evidenced by denials for new cards or very low limits.
You are one step ahead of the game. FICO is conservative in nature. That means his total dollar amount of available credit could hurt his credit score. Spencer sees increasing his credit line as a quick way to reduce his credit utilization. He went way over the top on his credit line increases. 28K is credit line increases will affect his credit score and ability to obtain new lines of credit in the future. He would have been better off increasing his credit lines by no more than 10K between his various credit cards. When he applies for new cards in the future. He may be denied for having too much outstanding available credit. (total $ amount of available credit) @@docsays I understand his logic but FICO does not see increasing several credit lines to reduce credit utilization as a good thing.
🎥 To see me apply for these cards LIVE, click into this playlist next: spencerjohnsonofficial.com/watchmeapply
Your future credit score is thanking you rn
Haha you know it!
I’m going to follow up and try this too! Thanks Spencer and Josh…now to continue watching…
Haha I'm looking forward to seeing it!! 🫡
Definitely wanna see what Amex says
@@SpencerJohnsonOfficialfor example if I have a 50k credit limit if I have a credit card machine I can literally liquidate the entire credit limit without 0 cash advance fee because it will be looked at as a regular purchase but of course I will only do if I have 18 months 0 percent APR Or better and the only way I would do it if I have a business move I’m going to make and then I can make the money back To pay the credit card back plus I get to keep the Rest of the proceeds from the business
@@SpencerJohnsonOfficialdo you agree spencer you should only liquidate your business card is If you have a business or already have a business plan in place so you can pay it back 😊
Great video! Congratulations on all the increases! Thank you for sharing this experience with us!
Thank you sir! That means a lot!
It's nice when a credit lender increases your credit limit for you. I remember my Marriott Chase card got about $5k higher limit automatically not too long ago. Great vid, Spencer!
Loved Joshua’s video and love that it inspired this one! Very cool to see your spin on this process 😊
I loved it too! He killed it with that one. Thanks for watching!
NICE! I loved Josh's video on this too, congrats on the approvals!!
Josh's video was great!! And thanks so much Brenley!!
Congratulations on the CLIs! Loved Josh's video and was waiting to see if other credit content creators would do something similar!
Thank you so much! Josh's video was awesome and I was happy to put my own twist on it!
Congratulations on the new setup. You seem more relaxed and genuinely happy.
I appreciate you Bob! That really means a ton. I hope the content continues to provide some value/entertainment in this new setup!
Good deal. thanks for sharing.
i recently secured about $20k in CLIs.
Also important to note that CLs are a reflection of income. People sometimes hit their maxium CL a bank is willing to lend them if the income is not their to support the credit line.
I like your all the videos very important tips for credit card thank you 👍
Great points and great vid Spencer! Another reason not to get a credit limit increase is some issuers, like Chase, have a total limit they’re comfortable with you having and if you hit that limit they might deny you additional cards. You might then have to call and ask to lower your existing limit to be able to get their cards.
Thank you so much my man!! And that's a good point too. That wouldn't necessarily be a reason not to try to get a CLI, but you'd wanna go in with that expectation that you may need to shift your limits around or lower your existing limits when applying for a new card. Good note there!
Damn everyone getting credit limit increases today! 🏆
Haha at Amex giving you just shy of what you asked for, “we can’t just give you all of it” - Amex 😂
Josh Shade wow 🥀
Nice place Spencer, can’t wait to see the final setup!
Topic is "I'm getting declined for having too much available credit". but I asked for it!
Haha I love it!! And yeah that Amex increase was kinda annoying tbh.. like why not just give it all to me 🤣 But of course I had to poke a little fun at Josh even though his overall credit limit is about 10x mine it feels like lol. Thanks for watching Tony!
Super fun video Spencer! Raising Credit Limits especially if you are someone that has a higher Credit Utilization than you want it to can be a great choice. That's funny that Amex almost completely maximized the Credit Limit to $30k, and instead "partially approved" you to $28,300 haha. Great video as always Spencer!
I appreciate you Matt! I was definitely a bit annoyed about the Amex BBP CLI here lol. Like why not just push it all the way to $30k? Who knows lol. Thank you for watching brotha!
Spencer, this caught my attention. First off, wonderful video by the way and happy your steadily growing and secondly I thought you already received the chase sapphire reserved so wouldn't the chase sapphire preferred be gone from the list since you can only hold one of the two cards?
He product changed it, so now that 16,800 limit is on the Reserve!
Thank you so much!! And I tried to note this in the video, but it may not have been obvious enough. I filmed this video before I product changed to the CSR, so now that $16,800 limit is present on my CSR instead!
Doing them all at once is the best way. I'm waiting for an inquiry to roll off and all my cards to report this month to ask for more myself. Wells Fargo makes you call or did the last time I did it. And capital one does seem stingy too.
It worked for me!! I just wouldn't recommend everyone do it as a blanket statement since everyone's situations are so different. And yeah Capital One was definitely stingy, but I tried to be as honest as possible in my CLI request which is likely why my limit basically stayed the same. Best of luck to you on your requests though!
Congrats on your CLI requests. As you were talking about the third credit card CLI, in my head, I said to myself that it would be a CitiBank and I was right. hahaha
Thank you so much! And it sounds like it's time to buy a lottery ticket!! Jk, I don't advise that 🤣
Dude, do more videos like this. Screw ranking credit cards. Small, but important steps can be the difference between getting the Ritz card and well, not. One question, are CLI better than slapping big purchases on business cards which are invisible to the credit reports?
I really appreciate the comment man! That's good to know you really enjoyed this one. I always try to bring my personal experiences into every video, but if you ever have ideas for me, let me know! And as for your question, I really couldn't say it better than Shawn did above. I'd reiterate what he said when it comes to paying off your cards early though. To protect your utilization on the personal side, you can always pay off your cards before the statement close date.
You're welcome man. Thanks to you and Shawn for answer the question. If you're looking for video suggestions, consider doing a vid about getting value out of cards post-SUB. EG, if you've signed up for the Marriott Boundless and you got the welcome offer, what are the best uses for that card after that besides cancelling? I feel like issuers are making the sign-up bonus/sock-drawer strategy less feasible.@@SpencerJohnsonOfficial
Good work. I found though that the short-term boost in credit score does burn-off within six months and then you end up effectively back where you were, all else being equal of course.
Thank you! And if you're looking at credit utilization in a vacuum, this wouldn't just be a temporary credit score boost as long as you don't spend more now because of the higher limits. But since credit utilization changes your credit score on a monthly basis, it could be a net zero change, it just all depends on how much you're using your cards.
Hi spencer great video🙏🏻👍✋😀❤💯
Hey Pablo!! Thanks so much! 👊🏼
@@SpencerJohnsonOfficial 🙏🏻👍
Just tripled my BBP limit too!
Hi Spencer! Congrats on your approvals. Quick question: when people talk about the $35k cumulative credit with AMEX, is this across both personal & business or just personal? Thanks in advance for your help.
Hey there! Thank you so much! I could be missing something here, but in general, cumulative credit could apply to either personal and business or each of them separately. It just all depends on who's talking about it I guess. I would probably need a bit more context to give a better answer, but hopefully that helps a bit 🤷🏼♂️
@@SpencerJohnsonOfficial thank you sooo much Spencer for responding. I really appreciate it. Okay, so, with AMEX I hear a lot of creators talk about a $35k cumulative credit limit before a financial review. But I'm not sure if that only applies to the personal side or if I have a total of $35k limit across both business and personal. And that's when a financial review may occur. If that makes sense. And thanks again for responding!!!
🙌 Loved the video Spencer! Capital One really come through for you with that $2k LOL 🤑 I appreciate the shout out and hopefully we'll see some of the other credit card creators make their own versions of this video.
I appreciate you Josh! Your video was awesome, so I just tried to do it justice here with my version. And yeah I felt like a high roller with that $2k CLI from Cap1 🤣 Thanks again for the inspiration!
Interesting video, Spencer. One issue I wonder about is whether having a higher total credit limit on all cards will affect my future approvals for new card applications. Alternatively, whether the total credit limit for the cards of one issuer might be a factor causing that issuer to deny a future card application. On at least one or two occasions, I have had my overall credit limit cited as a reason for denial. Do you have any information on how much of a concern this potential problem should be to your viewers? (In my case, I work diligently to maintain a low utilization score, usually around 1% at the point each month when the score is updated.)
getting capital one credit card increase is ridiculously hard
these videos are just for the views if you want to increase your credit limit, you have to be physically at the bank. That is how I got credit for my farming business. I didn’t have to go to the bank though because I have somebody who works in the government if you want to increase your limit, I can link you with the person and it is free of charge
It's funny cause I closed a quicksilver one of 2400 credit limit and right away I asked for a credit limit increase on my venture x and got 3800 increase😂😂
@@Shawn.credit it was one of my oldest card butt my age of credit didn't drop though it stayed the same
Well that's one way to go about it!! I would have said the same thing as Shawn here though. If it was one of your oldest accounts, you generally want to leave those open for credit age purposes, but it'll still age on your report for 10 years while your other cards age too, so you should be fine there. Congrats on your CLI!
I started at 10k with the Venture X and after 6 months of use they randomly raised my limit to 17,500. Not really sure what happened but I’m curious to see what happens after one year 🧐. If I don’t receive another random increase maybe I’ll request it to 20k and see what happens.
Well dang, that's awesome! It looks like they started you with the lowest limit possible and I assume that they saw you spending on it regularly and decided to give you an increase. On your CLI request, I would shoot for higher than $20k just to see what they'll extend you. But of course, that's completely up to you!
@@SpencerJohnsonOfficial Yeah it’s my catch all card with the savor one being my restaurant/grocery card. So, makes sense getting an increase because I do put most of my purchases on it. You’re right, maybe I’ll aim for 30k and see what happens 🤣
Woah this video is kind of crazy, 30k in limit increases 👀
No one was messing around today!! 🥉
Definitely fortunate to have it all go smoothly! Can't complain at the end of the day.
Hey i never had used a credit card and I don’t know how to use one the correct way, do you have any videos for beginners who want to start building credit and benefit from the perks🤔
I just tried dong it on my CSP card and got a 9K increase from 13K
Does chase increase on its own without asking?
Sometimes they do! I got one on my CFU a long time ago, but it wasn't for much.
In the past ive been able to trigger auto CLI on each of my chase cards by putting heavy spend on them & quickly pay it off + updating my income. Ive done this at least 3x.
I froze my credit so chase wasn’t able to process it, is that odd?
Nice video! I’m actually very curious to see how US Bank and Wells Fargo go about their process of credit limit increase requests, but near $30K increase in one day is just plain insane! 😮
I recently got a credit limit increase from U.S Bank. I have the most slept on underrated credit card in the game. That is the Altitude Go card that gives you 4% cash back on restaurants. I applied for this card back in April and received a credit limit of $500. Very low limit. At the time it was my 3rd credit card. My score was somewhere between 710-720. About 7 months later I now have 7 credit cards and score hovering at 780-800 depending on the credit bureau. U.S Bank increased my Altitude Go card to $5,000. So a $4,500 credit limit increase. Not outstanding but a decent increase. It was not an immediate approval. It took about 3 days to get a decision.
I appreciate that! And maybe one day I'll be able to test those for you. I believe Josh had at least a US Bank card in his video, so I'd check that out! Thanks for watching though!
Thanks for sharing your data point on this!! And congrats on the increase!
Just curious - what was your 5/24 status? I've been trying with Chase and they haven't budged :P.
I was at 5/24 when requesting this CLI on my CSP! It doesn't look like Chase 5/24 should impact a credit limit increase request based on my experience, so maybe they won't give you the CLI for other reasons. Keep me updated on that!
I got that with my CSR. They gave me $28,500. LOL
Awesome man! Congrats on that!
Sheesh - 28.5k in limit increases in one day is fire!
What’s your next card gonna be? The CS Plat?
Love your content
- Ivan
I appreciate that man!! As for next cards, I'd already have picked up the Hilton Honors Biz if they increased the offer on it. Other than that, probably a CIU and Bilt card on the same day, but that's up for debate 👀 Thanks for being here as always man!
👍🏻
Steady top 3 finisher!! 🥈
Patiently waiting for what’s in my wallet 2024 q1 video 👀
I need to get on that!! I'll likely have some big changes in Q1, so the Q2 video could be a pretty substantial change, we'll see!
@@SpencerJohnsonOfficial i didn't want to make a separate post about it but.. i just wanted to let you know your income was visible for a split second just in case you want to edit that out.
You are going to hurt your credit score by having too much in available credit lines. There is a fine line between having too much open credit and not enough credit. Give it a few months and what I said will show up in your credit report/score.
I haven't seen this issue. My score actually stays high. However, one negative was when trying to increase my CL on my Chase Freedom Unlimited, they said I had too much available credit. I have like over $150k available to me. So, I'm stuck at $4.5k CL on my Freedom Unlimited. Most of the issuers still gave me nice CL increases.
While I appreciate the concern, this is not fully accurate. As I mentioned in the video, as long as you don't spend more money because of your higher limits, your credit utilization will drop and that's a positive for your credit score. Maybe you're talking about something different here that I'm misunderstanding, but in general, a lower credit utilization (due to higher credit limits in this case) is a positive for your credit score as long as you don't start spending more money because of the higher limits.
It won’t automatically hurt your score unless you go bonkers & spend more than you can payback.
What is actually more likely is that on the personal side an individual may hit their “maximum exposure” limit based on their i come & what a bank is willing to lend them. This will be evidenced by denials for new cards or very low limits.
You are one step ahead of the game. FICO is conservative in nature. That means his total dollar amount of available credit could hurt his credit score. Spencer sees increasing his credit line as a quick way to reduce his credit utilization. He went way over the top on his credit line increases. 28K is credit line increases will affect his credit score and ability to obtain new lines of credit in the future. He would have been better off increasing his credit lines by no more than 10K between his various credit cards.
When he applies for new cards in the future. He may be denied for having too much outstanding available credit. (total $ amount of available credit) @@docsays
I understand his logic but FICO does not see increasing several credit lines to reduce credit utilization as a good thing.
First
Super close man! People came to play today.
@@SpencerJohnsonOfficialnah…they’re disqualified, give me my gold medal!
first
Wow! What a race! Thanks for being here so quick Javier! 👑
Umm…Javier, I think you’re new to this but rule #1: All “first” comments before CJ are disqualified.
Thanks for understanding!