10k plus cardst

[tbea1004]

I have just got my first 2 cards, a Capital 1 card with a $300 limit and a Kohl's with a $400 limit. I have no other credit history. I have 4 inquiries at this time. Is it possible to get any 10k limit cards in the next year or would it take longer to get a limit that high. If so which should be the best cards to aim for and when should I try? I keeping my util under %30 at all times.

[longtimelurker]

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@tbea1004 wrote:

I have just got my first 2 cards, a Capital 1 card with a $300 limit and a Kohl's with a $400 limit. I have no other credit history. I have 4 inquiries at this time. Is it possible to get any 10k limit cards in the next year or would it take longer to get a limit that high. If so which should be the best cards to aim for and when should I try? I keeping my util under %30 at all times.

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While such things do happen, just put yourself in the lenders shoes.   "tbea1004 has 2 cards, the bigger one a store card, with a combined limit of $700.   Should we give him a $10K card and see what happens?"

But, strange things happen (Diners, Nasa, Duck all giving way high CLs at various points) so you could luck into one of those.   But more likely try to get some intermediate cards first.

[tbea1004]

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@longtimelurker wrote:

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@tbea1004 wrote:

I have just got my first 2 cards, a Capital 1 card with a $300 limit and a Kohl's with a $400 limit. I have no other credit history. I have 4 inquiries at this time. Is it possible to get any 10k limit cards in the next year or would it take longer to get a limit that high. If so which should be the best cards to aim for and when should I try? I keeping my util under %30 at all times.

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While such things do happen, just put yourself in the lenders shoes.   "tbea1004 has 2 cards, the bigger one a store card, with a combined limit of $700.   Should we give him a $10K card and see what happens?"

But, strange things happen (Diners, Nasa, Duck all giving way high CLs at various points) so you could luck into one of those.   But more likely try to get some intermediate cards first.

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Thanks for the advice...

[afinch1992]

not very likely unless you can get in with AMEX with atleast a $1,200 starting limit. With that you would potentially be able to get 2 -3x CLIs. 

I will warn you it is not likely you could get in without prime credit history and even more unlikely you would be able to get in and recieve both CLIs. 

Is there a reason why you need a 10k limit so quickly?

[sobeone1]

I have only even had a credit score for less than a year, with a bk on score and I got a Venture card 10k a 5th/3rd bank card 10k a nasafcu card 20k and lowes 25k. If I can do it anyone can. Going for nfcu flagship in may hoping for 20k a loc 15k. Good luck

[Anonymous]

My credit union gave me a card w/ a 10k SL four months ago. Prior to that, I had two B of A Visas with limits of $800 and $4000. My CU card isn't super sexy, but it has a 9.49% APR w/ 1% cash back everywhere. Might be worth a look!

[barthooper]

I got my first card last Jan. Barclay Rewards at $1500. 3 months later a $4700 Sallie Mae and this past fall a 10K Quicksilver. Before my first card I only had student loans on my credit report.

[Anonymous]

[Ghoshida]

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@tbea1004 wrote:

I have just got my first 2 cards, a Capital 1 card with a $300 limit and a Kohl's with a $400 limit. I have no other credit history. I have 4 inquiries at this time. Is it possible to get any 10k limit cards in the next year or would it take longer to get a limit that high. If so which should be the best cards to aim for and when should I try? I keeping my util under %30 at all times.

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If you are eligible, try for a credit union card. Don't look for rewards etc, just get a card at the highest limit possible. It might mean you need to move your primary account there, get direct deposits etc. It should get you your first 4-digit limit. 

I won't suggest Venture or QS because you just got your first cards, that too a Cap One and at $300. Don't waste any more inquiries. 

Stay app-free for 6 months. At the end of it, apply for an AMEX, say BCE or ED. Before applying, make sure the existing 2- or 3 cards are at their best utilization for at least one billing cycle. Only one card should have a balance on the statement, and less than 10%. Others should have 0 balance on the statement. That means, use the cards but pay them off before the statement cuts. 

If your Cap One is registered for Credit Steps, and you use it heavily and pay it back soon, before this 6-month mark you should get a CLI, and have $1.5-2k limits. I went from $500 to 2k, it was my second card. Let that statement get generated (as mentioned above) and AMEX will look at you favorably. 

You should get a card from them then, the limit will be similar to your Cap One limit (or the credit union card limit, if you have one by then). 

Follow http://ficoforums.myfico.com/t5/Credit-Card-Applications/The-Definitive-Amex-3X-CLI-Guide/m-p/181107... then to get to 9X your AMEX limit in 9 months. That should take you to 10k in about 15-18 months.

[joedtx]

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@Anonymous wrote:

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Good card, no promo on balance transfer but there isn't a balance transfer fee.