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New Member
khtims75
Posts: 5
Registered: ‎04-30-2013
0

High Limit Credit Cards?

Hello, I am looking for the best high limit credit card for my credit.  I have a 726 credit score right now and have 3 inquiries.  My yearly income is 93,000.00.  I don't want to waste another inquiry on just the "hopes" of getting a good credit limit but I need up toward $50,000.00 for a small business venture.  My debt to income is lower than 30% right now and I think I am a great candidate for this type of loan.  I realize that most credit cards do not go up this high but I need a solution.  Where would I have the best chances of getting the help I need?  Please help.  Thanks!

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Senior Contributor
myjourney
Posts: 26,548
Registered: ‎02-07-2013
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Re: High Limit Credit Cards?


khtims75 wrote:

Hello, I am looking for the best high limit credit card for my credit.  I have a 726 credit score right now and have 3 inquiries.  My yearly income is 93,000.00.  I don't want to waste another inquiry on just the "hopes" of getting a good credit limit but I need up toward $50,000.00 for a small business venture.  My debt to income is lower than 30% right now and I think I am a great candidate for this type of loan.  I realize that most credit cards do not go up this high but I need a solution.  Where would I have the best chances of getting the help I need?  Please help.  Thanks!


You might want to also post this in the business forum good luck

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New Member
khtims75
Posts: 5
Registered: ‎04-30-2013
0

Re: High Limit Credit Cards?

I must also contribute that I have 0 late payments and have only about $4,000.00 charged among about $15,000.00 in credit limit already.  I belive I am a good risk.

Moderator
09Lexie
Posts: 25,546
Registered: ‎09-13-2012
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Re: High Limit Credit Cards?

Welcome to the forum

I agree with myjourney- the business forum is probably a better location to get a response.

Mod - can we have this moved please?
New Member
khtims75
Posts: 5
Registered: ‎04-30-2013
0

Re: High Limit Credit Cards?

Thank you.  I did post this to the business forum instead.  I appreciate your help.

Moderator
09Lexie
Posts: 25,546
Registered: ‎09-13-2012
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Re: High Limit Credit Cards?

Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012
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Re: High Limit Credit Cards?

[ Edited ]

You will need to app for several cards to reach $50k in available credit. Some CU's such as NFCU provide good limits.

 

Credit cards should not be used to carry debt. They are meant to process up to one month's worth of charges, then be paid back in full.

 

If your business idea is solid. Present it to venture capital firms. People are always looking for ways to invest. Or, just get a business loan instead of a credit card.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Established Contributor
djrez4
Posts: 504
Registered: ‎08-28-2012
0

Re: High Limit Credit Cards?

No one is going to give you a $50,000 credit card limit with your income and history.

 

I think you need to explore the capital requirements of your business a bit more.  Diving into $50,000 of debt with only $93,000 of annual income is a big risk.

Established Contributor
scenery_guy
Posts: 958
Registered: ‎07-24-2012
0

Re: High Limit Credit Cards?

$50,000 limit is possible but not right off the bat with any credit card bank. I have a Bof A card with $46,000 (and it used to be $100,000 pre housing crash). If you are going to use this for business you have more options than personal as it's effected by your sales figures not just personal income. Yes, you will need to PG the card but from then on it's all business. 

 

What kind of business? What's the sales annually (or is it a start up with no sales?) Do you have business banking accounts? No offense but how legit is your business? I only ask as if you are doing well most business bankers will go out of the way to assist you as they want the business from your business. 

 

I have a Chase Ink Bold as well as several other Chase cards. I also have my business accounts and investments with Chase so I see them a few times a month in branch. My last visit I inquired as to the internal limit on my Bold charge card as I will be needing to spend quite a bit in next few months as I am getting busy. Last time I checked I had an internal limit of $20,000 and told them that they needed to work on raising it as for larger spends as AMEX still has them beat with my Business Platinum spending ability. They called for me on my last visit and told me I would be safe at $40,000 but should be able go higher if I get close to that number. I'm guessing that's because I have deposits in business accounts with them in excess of that amount.  

New Member
khtims75
Posts: 5
Registered: ‎04-30-2013
0

Re: High Limit Credit Cards?

The business is a small used car lot.  I am trying to use my credit score and income to fund the business that someone I know will actually be running.  I thought credit cards would be easiest because the business has not started yet and I have no financial figures.  I don't really know how to predict such a thing.  I have been loaning this person $2000.00 at a time and buying and selling cars as we can.  It is paying off very well but I want to take this to the next level.  The lot we want to lease just became available but will be lost in the upcoming month or two if I can't act on it.  We can't secure any inventory, of course, because of the rate we will be buying and selling the cars.  I thought my credit score and income would be enough to get me the money but the more I hear the less sure I am about that.  I don't have time to build up a credit card relationship from $10,000 or $20,000 up to $50,000 and I'm just not sure that we can get this done well on a smaller budget.


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