Piddly credit card line?

Well I thought I would go for Capital One Quicksilver offer, $200 back if you spend at least $500 within 90 days. Already have a modest checking account and a small card with them. So I thawed Experian and applied. Yes approved!

Only I got a whopping credit line of $500! With over 800 credit score! It has been years since I have had a bank issue such a silly little credit line. Maybe they think I won’t manage to spend $500 in 3 months? Could have used card today at dentist but the bill was higher then the credit line.

Does anyone have ideas on why a bank would issue such a silly little line to someone with awesome credit score?

It took me forever to get the Quicksilver card even when my credit score exceeded 780.

I finally was able to open it after closing down six credit cards that I had opened for the bonus offers

Very odd, I’m sure they would increase it once you talk to CSR. My guess is it was a glitch.

I was about to say banks are tightening things because of the looming recession but that is serious tightening. I’m thinking instead of $8000 limit banks might go to $5000 on a new account.

That’s weird, when my kid switched from his high school account to a college account Chase gave him a Visa with a $2,000 limit (it might have been $2,500).

Banks are probably getting nervous. I haven’t seen this yet but they did this in April 2020 expecting people to lose their jobs. It is a matter of time until they recycle this tightening.

I probably need to use my oldest credit card that I rarely use. It has a 20K credit limit and I only make a couple small charges per year on it. I pretty much switched exclusively to my fidelity 2% unlimited card for daily use.