Reply
Moderator Emeritus
webhopper
Posts: 7,225
Registered: ‎09-16-2011
0

Re: More Credit Limit

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.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Valued Contributor
beb86
Posts: 1,115
Registered: ‎10-31-2011
0

Re: More Credit Limit

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.
ccpics2.jpg
Established Contributor
Cdnewmanpac
Posts: 766
Registered: ‎01-16-2012
0

Re: More Credit Limit

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. 

In wallet: Ink Plus 10k, AMEX TE 25k. In bag: CSP 16k, USAA WMC 15k, Hyatt 13k, United MPE 12k, AMEX HHonors 3k. In SD: Cap 1 QS 5k, Discover IT 7k. FICO 08 says my EQ is now 844, was 510 in 2010.
New Member
srshb
Posts: 9
Registered: ‎11-17-2012
0

Re: More Credit Limit

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....

Valued Contributor
beb86
Posts: 1,115
Registered: ‎10-31-2011
0

Re: More Credit Limit

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.
ccpics2.jpg
Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: More Credit Limit


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.


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+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
New Member
srshb
Posts: 9
Registered: ‎11-17-2012
0

Re: More Credit Limit

[ Edited ]

@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.......

New Member
srshb
Posts: 9
Registered: ‎11-17-2012
0

Re: More Credit Limit

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.....

Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
0

Re: More Credit Limit


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.

Established Contributor
LesWH
Posts: 608
Registered: ‎10-11-2012
0

Re: More Credit Limit

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.


NFCU Signature Visa Cash Rewards, NavChek, Citi AA AMEX, Cap1 Cash Rewards, Discover IT, Home Depot, Sears, Walmart, Chase Freedom, AMEX Green, Lowe's, AMEX BCE, Chase Sapphire Preferred, AMEX Hilton Honors Surpass, PayPal Extras MC, PenFed Platinum Cash Rewards, AMEX Platinum

GC Challenge: App Free since 1/8/13. No more apps til 2014







myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}