topic Re: More Credit Limit in Credit Cards

More Credit Limit

srshb — Sun, 18 Nov 2012 06:16:23 GMT

Hi, I have 8 credit cards totalling to $50000. Here is the list

2 citi credit cards of 14000 and 11000

2 chase cards of 3000 and 4000

2 dsicover cards of 8000 and 3000

capital one of $1500

usaa master card of $6000 limit

The total is almost $50000. Within a year from now, I want to touch $100k. Please suggest me I can achieve that. My credit score is in 730's and just 1 hard inquiry, probably it will be 2, as I have applied an account recently What are the different new cards I can apply for. I heard nfcu gives high limits, but I am not eligible, as neither me or any of my friends are related to military. Please suggest me.

Re: More Credit Limit

srshb — Sun, 18 Nov 2012 06:17:20 GMT

Your valuable advices are most welcome

Re: More Credit Limit

Shogun — Sun, 18 Nov 2012 06:23:07 GMT

Hello and welcome to the forums. First off, there are a few questions to ask. Why do you want $100K in revolving credit? Do you really need that much or just want it? What is your income like? Will your income support that much credit? If not, you may see a backfire and watch those CLIs shrink instead of grow. &50K is a lot of revolving debt, so why more?

Re: More Credit Limit

srshb — Sun, 18 Nov 2012 06:28:37 GMT

thanks for your reply......I am planning to start a mini business next year ending.....my payment history has been excellent and I never missed a single payment till now in my 3.5 yrs of credit history........the budget almost I need for the business which I am planing to start along with my friend is $75k.......so I am planing to touch 100k, because I can use this introductory aprs, balance transfers on cc for my business......please suggest my good cards to achieve that 100k......my income is 60k, but I am planning to quit the job in 6 months.....

Re: More Credit Limit

srshb — Sun, 18 Nov 2012 06:34:35 GMT

$50k is the total limit on all my credit limits, not my balances........my balances are there in just 3 of those cards.....balance of $3.5k k in discover, $2k in citi, $2k in chase......the rest have 0 balance.......all my payments have been excellent and on time.....

Re: More Credit Limit

bs6054 — Sun, 18 Nov 2012 07:53:04 GMT

So you want to fund the business using credit card debt? Not always a good idea, as credit lines can easily get reduced as issuers see that your utilization is way up and/or if you have to miss a payment, you might get hit with penalty rates on APR.

Have you also tried other approaches, such as getting a small business loan (or a HELOC if you own property). Anyway, good that you explained what you need, so the emphasis needs to be on cards with good introductory APRs, and low balance transfer fees, and not necessarily those with the highest CL and reward structure.

You didn't list exactly which cards you have, so advice might duplicate. For example, Citi Simplicity is often mentioned in this context, 0% purchase/BT for a long time, but is that one you already have?

Re: More Credit Limit

beb86 — Sun, 18 Nov 2012 13:11:21 GMT

If you need a card to run business expenses through I would recommended an AMEX charge card. You will be able to have the flexibly of pushing the charges you need but also know that you can't carry the debt month to month. I would also recommend going to a local CU with your business plan and get a business line of credit.

Re: More Credit Limit

JonStur — Sun, 18 Nov 2012 13:26:35 GMT

beb86 wrote:
If you need a card to run business expenses through I would recommended an AMEX charge card. You will be able to have the flexibly of pushing the charges you need but also know that you can't carry the debt month to month. I would also recommend going to a local CU with your business plan and get a business line of credit.

+1 Although it has been done many times, financing a business with consumer credit cards is an extremely risky business. Definately a credit union or bank LOC. When you start amassing large amounts of personal credit, creditor want to make sure you have the income to support it...

Re: More Credit Limit

srshb — Sun, 18 Nov 2012 14:59:26 GMT

Please give me advice to achieve that. Apart from business, there are lot of personal needs also, which I am planing for my wedding also......so please suggest to acheive 100k limit in an year, as I heard lot of people have touched that.....

Re: More Credit Limit

beb86 — Sun, 18 Nov 2012 15:27:43 GMT

My advice is to save up cash for the wedding... In reality you shouldn't charge what you couldn't normally pay for

Re: More Credit Limit

webhopper — Sun, 18 Nov 2012 15:30:52 GMT

I'm sorry to say that the folks who have CL in the realm of 20k and up usually have an income to support it; or they have investments in that amount. Its unlikely you will be able to "touch that" unless you secure the credit line with some cash deposits.

Re: More Credit Limit

beb86 — Sun, 18 Nov 2012 15:30:56 GMT

A lot of the posters here who have over 100k in limits, and there are a few with 2 and 3x more than that, don't carry anywhere near that or if the do pay it quickly.

Re: More Credit Limit

Cdnewmanpac — Sun, 18 Nov 2012 15:32:58 GMT

I know you want someone to post a simple road map of how to get your limits to double in a year, but the reason nobody is posting such a road map is because it doesn't exist. I'm not sure where you read that it was common to increase your limits by 100% in a single year, but it really isn't. The best way is to double your income. Have you doubled your income in the last year?

Most of the people with >100k in total limits built these limits over YEARS, not hours. This is especially true for those who have >100k in limits, but <100k in salary. If you are earning >500k a year, you should talk to your private banker about increasing your limits. If you need the credit to start a business, you should apply for a business credit (or charge) card or two, as the limits for business cards will rise faster than personal cards, assuming a growing business.

Citi limits will grow over time, but not at the pace you are requesting. If you really hope to get to 100k, I think your best bet is an Amex personal revolver and business revolver or charge combined with a Chase Ink. Amex can (though not a guarantee) triple your limit at 61 days and again 6 months later. None of the other cards you have are likely to grow at that pace.

Good luck.

Re: More Credit Limit

srshb — Sun, 18 Nov 2012 15:35:55 GMT

instead of giving advices, please suggest me getting that $100 k limit.......please give me propoer advice in that, instead of sugestions on other things....

Re: More Credit Limit

beb86 — Sun, 18 Nov 2012 15:46:39 GMT

To give accurate advice we need understand your financial needs, and as you explained you need 100j in limits to fund a wedding, business, and personal reasons. Most of us here have done just that and ended up in a bad place so we use our experiences to try and advise you on which way may be best for you to go that is all. I hope you find what you are looking for and I wish you success.

Re: More Credit Limit

Shogun — Sun, 18 Nov 2012 15:46:42 GMT

srshb wrote:
instead of giving advices, please suggest me getting that $100 k limit.......please give me propoer advice in that, instead of sugestions on other things....

Perhaps the problem you are having is that myFICO members don't want to give bad advice. You are wanting something that just doesn't make sense to us. Our forum members, Community Leaders and Mods want to give you advice to build a healthy, responsible financial situation. You are asking for a way to get a huge personal CL for the purpose of starting a business. Business and personal should be seperated. The advice you are getting is good advice and would hopefully prevent you from a financial disaster. Plus there's the fact that you're not giving us any information. What's your income? If you're making $30K a year and want a CL of $100K then you are headed for disaster. Some just don't don't feel comfortable in giving advice when it seems that it would be a detriment to you.

Re: More Credit Limit

srshb — Sun, 18 Nov 2012 18:17:24 GMT

@shogun.....

Thx for your advice.......I am earning 60k per year right now.......planing to touch 100k credit limit in a year.......yes, I know that if have 80k in balances, it will be disaster.......the thing I might use upto 80%, but that 80% I will keep it for only 6 months by making the minimum payment, as I can repay 75% of that 80k in just 6 months......I can't tellthat the type of business I am going to do along with my frd.......but 1 thing I can tell is definitely I can repay the 75% balance in 6 months, hence want to utilise bt offers, low apr's on credit cards instead of going for loans.......

Re: More Credit Limit

srshb — Sun, 18 Nov 2012 18:20:55 GMT

I can't take loans or business credit card, because I am not the main person in that business........I am the partner and the owner is my frd, but I need to put atleast 70-75 in that business and repay most of the amt in just 6 months......so give me advices in that way.....

Re: More Credit Limit

bs6054 — Sun, 18 Nov 2012 18:36:17 GMT

srshb wrote:
@shogun.....

Thx for your advice.......I am earning 60k per year right now.......planing to touch 100k credit limit in a year.......yes, I know that if have 80k in balances, it will be disaster.......the thing I might use upto 80%, but that 80% I will keep it for only 6 months by making the minimum payment, as I can repay 75% of that 80k in just 6 months......I can't tellthat the type of business I am going to do along with my frd.......but 1 thing I can tell is definitely I can repay the 75% balance in 6 months, hence want to utilise bt offers, low apr's on credit cards instead of going for loans.......

If I were a potential creditor, I would be getting more worried by "1 thing I can tell is definitely I can repay the 75% balance in 6 months,"

There are only a few businesses where you can have that sort of certainty, roughly a) drug smuggling, b) arms running, c) human trafficking. And in each of those cases, the certainty comes from the fact that if you fail, you are dead, so repayment is not an issue. And of course, if you are planning on one or more of those activities, you certainly don't want to leave a credit card paper trail.

Assuming it's something else, I think you need to realistic about the risks of defaulting, messing up your personal credit score etc. As shogun says, we don't want to give bad advice, but it doesn't seem, without detailed knowledge, to be a good idea.

Re: More Credit Limit

LesWH — Sun, 18 Nov 2012 18:46:35 GMT

I knew someone who wanted really high credit limits really fast. Not saying this is the OP's intention, but the person I knew wanted the high limits so that the cards could be run up in a quick amount of time because that person had every intention of filing bankruptcy and not paying the cards since it was unsecured debt. To the OP, I would suggest going to a financial planner or business advisor so that he/she can show you the proper way to do business. If you aren't the main person in the business, and you don't have the actual capital to invest in the business, why on earth would you want to use personal credit limits to the tune of 100 grand, that you obviously don't currently have, to do this? I always wondered why inquiries were such a big deal to banks, but this post has shown me why. I now know that if I saw a ton of inquiries in a short period of time, I would be suspicious of a grab and run.