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Message 1 of 9
8 REPLIES 8
ficofox
Regular Contributor

Re: Need Highest Limit Card Possible!!!

Credit Unions (PSECU or NFCU, etc.) are notorious for giving higher credit limits than traditional banks. 

 

If the secured card is the only one in your portfolio at the moment, you may need to start a bit smaller and slower with 2 or 3 lower limit unsecured cards to build a stronger base.  After about a year or so of managing those well, you will look attractive for higher limit, no annual fee, rewards cards.

 

But again, it wouldn't hurt to try one of the credit unions just to see where you are. Unfortunately, Fako scores can easily be off by about 100 points or so, so your score could be lower (or higher) than you think.

 

ETA: On second thought, if your goal is to finance your own Barber Shop, there would be small business loans and programs that would probably make more sound financial, tax, and business sense than financing with a credit card. Many cities and communities offer programs and incentives for small business owners.

 

 


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Message 2 of 9
aftermath
Established Contributor

Re: Need Highest Limit Card Possible!!!

If you're self employed, be ready to whip out those Tax filings to prove that you make $60k just in case they ask for it.

American Express Blue Cash Everyday $6600
Barclays US Airways Premier World Mastercard $14500
Chase Sapphire Preferred $5000
Chase Freedom Visa $1000
Chase United Explorer $8500
Citi AAdvantage Platinum Select Visa Signature $7500
Citi ThankYou Premier World Mastercard $7500
Message 3 of 9
Imhotrodcrazy
Valued Contributor

Re: Need Highest Limit Card Possible!!!

US Bank caters to both personal and business lines of credit. 

FICO 08
TU 842 12/8/18
EX 840 12/29/18
EQ 842 12/8/18
(NASA 30K) ( Amex 44k ) ( Freedom 10.6K ) ( US Bank Cash+ 20k, LOC 15k ) Winners never quit, and quitters never win
last app 2/15
Message 4 of 9
jausanka
Frequent Contributor

Re: Need Highest Limit Card Possible!!!

Taking on personal, unsecured debt on a credit card for business financing is not a good idea.  Try a small business loan or line of credit instead.  Protect yourself and make smart choices for yourself.

Good luck!

 

(As an aside, if you do plan to still try to do it with personal credit cards, you will probably need to get some better history and a wider range of accounts before a reputable bank will take a chance on you with a large credit line.  8 months of history on a subprime secured card is not very reassuring to most banks.  A secured card does not show a lender that other lenders have taken a risk lending to you and you have a long consistent history of repayment. I'd also recommend the CU's previously listed)

Message 5 of 9
Anonymous
Not applicable

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Message 6 of 9
ficofox
Regular Contributor

Re: Need Highest Limit Card Possible!!!

If you're careful and patient with building your credit history, there is the potential to eventually be approved for credit limits as high as $20,000 plus additional lines of credit of about the same amount. There are higher limits, of course, but those are typically reserved for extremely high scores and long credit histories. In some cases, these higher lines with a credit union might come faster than traditional banks (1-2 years of credit building, rather than 4-5 years of credit building).

 

In order for you to position yourself for these credit lines, your best approach is to carefully build your credit with a handful of major bank cards, maybe one store card, and an installment loan. Also, in order to obtain these higher credit lines, banks typically like to see a longer credit history and Average Age of Accounts.

 

If you aren't careful about these steps, it may take much longer to obtain those higher credit lines, so instant gratification might hurt for much longer than taking the slower route.

 

I don't think that your mother's average age of accounts or length of credit history would transfer to you if you were added as an AU, so it might just be smarter to try your luck with apping for a few rebuilder credit cards, a credit union account, or a small business loan or line of credit.

 

ETA: I highly recommend searching for the thread on here that discusses how to sign up with PSECU credit union and trying an application with them (once you set up an account).  They would be a great place to build credit and a long relationship. They will pull your Experian credit report.  Also, it would be a very good idea for you to know what your true credit score is. You can purchase your Equifax and Transunion scores from this website. You cannot purchase your Experian report.

 

 


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Message 7 of 9
jausanka
Frequent Contributor

Re: Need Highest Limit Card Possible!!!


@ficofox wrote:

 

I don't think that your mother's average age of accounts or length of credit history would transfer to you if you were added as an AU, so it might just be smarter to try your luck with apping for a few rebuilder credit cards, a credit union account, or a small business loan or line of credit.

 

 


Agreed to almost all of ficofox's advice, except this part.  If your mother has a good history, adding you as an AU will almost certainly be a benefit to you.  AAoA, length of history, and util all transfer if the accounts are reported to the bureaus correctly.  As it stands right now, at 30 years old, my length of history is "38.8 years" with an AAoA of 6.6 years, though I have 12 open in the last 2 years.  It's not magic though, any competent underwriter or analyst will understand the difference between an AU account you are listed on compared to your own account, but from a high level, those accounts can help your scores and at least get you considered through automated systems.

 

Good luck!

Message 8 of 9
ficofox
Regular Contributor

Re: Need Highest Limit Card Possible!!!


@jausanka wrote:

@ficofox wrote:

 

I don't think that your mother's average age of accounts or length of credit history would transfer to you if you were added as an AU, so it might just be smarter to try your luck with apping for a few rebuilder credit cards, a credit union account, or a small business loan or line of credit.

 

 


Agreed to almost all of ficofox's advice, except this part.  If your mother has a good history, adding you as an AU will almost certainly be a benefit to you.  AAoA, length of history, and util all transfer if the accounts are reported to the bureaus correctly.  As it stands right now, at 30 years old, my length of history is "38.8 years" with an AAoA of 6.6 years, though I have 12 open in the last 2 years.  It's not magic though, any competent underwriter or analyst will understand the difference between an AU account you are listed on compared to your own account, but from a high level, those accounts can help your scores and at least get you considered through automated systems.

 

Good luck!


Wow, that's very nice to gain that credit history from being added as an AU. Good to know.  Now, what happens if and when he is eventually dropped as AU? He doesn't take along with him those extra years, just the ones that he earned while an AU right?


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Message 9 of 9
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