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More Credit Limit

New Member

More Credit Limit

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.

26 REPLIES
New Member

Re: More Credit Limit

Your valuable advices are most welcome

Moderator Emeritus

Re: More Credit Limit

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?

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
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Current scores after adding $81K in CLs and 2 new cars since July 2013
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New Member

Re: More Credit Limit

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.....

New Member

Re: More Credit Limit

$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.....

Valued Contributor

Re: More Credit Limit

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?

Valued Contributor

Re: More Credit Limit

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.
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Established Contributor

Re: More Credit Limit


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...


Starting Score: TU 686 EX 641 EQ 690
Current Score: TU 779 EX 767 EQ 740
Goal Score: 800 Club

BCE $12.5K, 5/3 Sig $10K, Wally Discover 10K, Cash+ $9K Sam's Discover 10K, Freedom $6K, Zales $5.5K, More $5K, Cap one $5K, Barclay 2.5K, Household Plat $1.5K, Household Gold $1.5K, Credit One $1K, First Premier Plat $.675K First Premier Gold $.65K
New Member

Re: More Credit Limit

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.....

Valued Contributor

Re: More Credit Limit

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