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High Credit Limit

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Anonymous
Not applicable

Re: High Credit Limit

Forgive me for asking...but what is the "Chase Limit Consildation Trick"? I am curious about that? I have two Chase cards now the one I mentioned Chase IHG with 13,000 limit..and then my Chase Freedom at 400.00 (which I am going to ask for a CL increase in two months). 

Message 21 of 29
wmweeza
Established Contributor

Re: High Credit Limit

"For example 20,000 or higher..how do you manage that? What I mean is, are you spending an amount to justify that credit limit? How did you get your credit limit to that amount?"

 

My highest card when I applied for my AMEX was my $5400 BofA card. As far as spending I still spend the same amount; Between $20-100 a month usually, sometimes $150 (I'm frugal.)

When I applied I guess for some reason AMEX just liked what they saw


Last App 10/14. FICO's: AMEX Ex 846, BarclayTU08 815.FAKOs:CreditKarma 775,CS score 771.BofA 5400,Target $5000,Barnes $8500,Amex $22k
Message 22 of 29
Anonymous
Not applicable

Re: High Credit Limit

It is used to utilization mostly.  But if you need to buy something (large purchase) you have that option.  I would also go home and PIF.  Just put 1200 on my new Venture this week but intend on paying it off tomorrow.  I tend to use 3/4 cards on a regular basis for just about everything & PIF.  That can add up at the end of the month.  I cannot put my mtg or car payment on them but everything else is fair game!  I know Cap One asks what your monthly spend on cc's is.

Message 23 of 29
jamesdwi
Valued Contributor

Re: High Credit Limit


@Anonymous wrote:

Forgive me for asking...but what is the "Chase Limit Consildation Trick"? I am curious about that? I have two Chase cards now the one I mentioned Chase IHG with 13,000 limit..and then my Chase Freedom at 400.00 (which I am going to ask for a CL increase in two months). 


call up chase, and have then move 3000 from the IHG card to the freedom card, no HP, but a workable limit, if you still need more credit AP for CSP... keep the card for a year, spend about 3k and get 40k UR points...  at the end of year move CL as needed, and/or close the card. 

 

 

Cards: Chase Southwest 20k & CSR 17k & CSP 10k & FNBO 30k Oregon Duck 5k, & AMEX BCP 32.5k & Amex Magnet 15k&amg; Hilton Surpass 7.5k & Delta Gold 12k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 20k, Paypal Extras MC 10k, Paypal Credit 7.25k CapOne Venture 15k, QS 2.5k, QS 750, Amazon 10k, Walmart 10k, Citi Simplicity 18k, Discover IT 23k and a nice stack of store cards.
Landmarkcu Personal Loan 10k
Message 24 of 29
Anonymous
Not applicable

Re: High Credit Limit

The definition of a "high" credit limit is certainly relative.  I have respsonsibly used credit cards since the 1970's and remember when $1000 was a high limit.  When I got a card with a $25,000 CL I thought it was the highest available.  When I hit $50K I thought I must have been rich.  100K?  I thought I must be a 1%  But of course I now know that major banks offer set limits to 250K and allow some customers to charge more.

 

In my opinion if you have relatively good income, a good score and a reasonable history you can expect to get a card up to 25K.  As you AOA matures, credit scores rise and have income in excess of $100-150ish you can expect to get a CL up to 50K if you have history with a bank.  With the exception of Navy Federal CU once you try for limits in excess of $50K up to the 75K you need all of the above and then assets with an institution come into play.  Mid range accounts with assets in the $500K range will get you that 50K-75K limt.  Once you join private banking with Chase, BofA, Wells, etc you can expect to get 100K plus CL.

 

I have a card with ML in the mid 6 figure range.  Do I need that mucn credit?  No not really but I like the feeling that I can access if I needed to.  I put quite a bit of business and personal spending on cards each month.  I don't necessarily use the card with the highest limit but rather the card that gets me the most rewards or points for my purchase. 

 

To answer you question, how do you manage a high limit card....I am going to share the secret of the universe with you....charge only what you can afford to pay back.l  If you have an emergency or unforseen circumstance that does not allow you to pay back at the end of the month.  Put it on your lowest rate card, or better yet transfer the balance to a 0% card.  Good credit and high limits are great...interest is bad.

Message 25 of 29
Anonymous
Not applicable

Re: High Credit Limit


@Anonymous wrote:

The definition of a "high" credit limit is certainly relative.  I have respsonsibly used credit cards since the 1970's and remember when $1000 was a high limit.  When I got a card with a $25,000 CL I thought it was the highest available.  When I hit $50K I thought I must have been rich.  100K?  I thought I must be a 1%  But of course I now know that major banks offer set limits to 250K and allow some customers to charge more.

 

In my opinion if you have relatively good income, a good score and a reasonable history you can expect to get a card up to 25K.  As you AOA matures, credit scores rise and have income in excess of $100-150ish you can expect to get a CL up to 50K if you have history with a bank.  With the exception of Navy Federal CU once you try for limits in excess of $50K up to the 75K you need all of the above and then assets with an institution come into play.  Mid range accounts with assets in the $500K range will get you that 50K-75K limt.  Once you join private banking with Chase, BofA, Wells, etc you can expect to get 100K plus CL.

 

I have a card with ML in the mid 6 figure range.  Do I need that mucn credit?  No not really but I like the feeling that I can access if I needed to.  I put quite a bit of business and personal spending on cards each month.  I don't necessarily use the card with the highest limit but rather the card that gets me the most rewards or points for my purchase. 

 

To answer you question, how do you manage a high limit card....I am going to share the secret of the universe with you....charge only what you can afford to pay back.l  If you have an emergency or unforseen circumstance that does not allow you to pay back at the end of the month.  Put it on your lowest rate card, or better yet transfer the balance to a 0% card.  Good credit and high limits are great...interest is bad.


Agreed and good very good post.

Message 26 of 29
Anonymous
Not applicable

Re: High Credit Limit


@Anonymous wrote:

Forgive me for asking...but what is the "Chase Limit Consildation Trick"? I am curious about that? I have two Chase cards now the one I mentioned Chase IHG with 13,000 limit..and then my Chase Freedom at 400.00 (which I am going to ask for a CL increase in two months). 


Chase is one of those banks that lets you consolidate limits.  In your case with $13,000 and $400, it could be used to make your Freedom more useable.

 

But since you are aiming for higher limits, I'd hold off on moving stuff now.  When you are ready,apply for another Chase card and you will probably get something like $15K or more on the next card.

 

Then if you want to do the "trick", you can move the limits around to make 1 card $25K and the other card will be $3K.  It basically sets you at a high limit that other cards will try to match.

 

Not really sure if it's a trick per se, but it is a bit of a loophole to quickly get a $20K+ cards for other lenders to follow..

 

Most of the time, Chase "Limit Consildation" and AMEX 3X CLI are pretty easy ways to get to 25K limits.  From there, getting 15K+ limits is pretty normal.  Most of my approvals these days come in at over $15K but there are exceptions since some cards have internal limits (like co-branded Commenity VISA cards, they usually start out in 5K-$10K territory no matter how great your credit)

Message 27 of 29
Anonymous
Not applicable

Re: High Credit Limit


@Anonymous wrote:

The definition of a "high" credit limit is certainly relative.  I have respsonsibly used credit cards since the 1970's and remember when $1000 was a high limit.  


LoL, I don't have that kind of history.

 

But I do remember the days when $2000 was a high limit.  When I got my Discover at $4500, I thought I was at the pinnacle of credit.

 

$15K+ seems like a high limit these days with $20K getting more common.

 

$50K credit lines...that just seems unfathomable to me... and I can't even wrap my head around 6 figure lines.  Wow.

Message 28 of 29
Roarmeister
Frequent Contributor

Re: High Credit Limit


@Anonymous wrote:

I was curious, those of you guys that have a pretty high credit limit..for example 20,000 or higher..how do you manage that? What I mean is, are you spending an amount to justify that credit limit? How did you get your credit limit to that amount? In my signature block below are some of the cards I have from largest to smallest. My Chase IHG is my biggest at 13,000, then I have my VirginAmerica at 6,000 and my CitiDouble Cash back at 5,500..and a couple of Capital One's..etc. I am in the process of trying to get my points for my Chase IHG (just got the card) but truth be told I really like my Citi Double Cash back card and most likely that will be my card of choice once I get my points from my IHG. How does one get the card company to raise the limit? 


It takes time and patience.  Pay on time, garden your credit.  And for me I was fortunate to have a high income, no dependants and a high credit score when I app'd for a couple new cards.  I was brash and asked for high initial limits and was gobsmacked when I got them.  After that, I just asking for higher limits from a few of the CCCs, I liked tempting my limits. I basically stopped after that since additional credit would not have given me any more benefits.  Besides to get higher CLs would mean going to higher fee paying cards.  I'd rather not pay fees if I can help it.

Amex                          Initial limit $2700, 7 CLIs later = $25k

BMO Mastercard        Initial limit $6k, 6 CLIs later = $25k

ScotiaBank Visa         Initial limit$10k, 2 CLIs later = $25k

CapOne Mastercard  Initial limit $20k, no CLIs

MBNA Mastercard      Initial limit $20k, 2 CLI later = $31k

BMO LoC - bank gave me this for renewing my mortgage, I never even asked for it - $10k

BMO Mortgage credit account keeps growing because I am many payments ahead - $24k.

 

Of these, I have several low interest options so I often charge to one card to get rewards, then transfer to a low interest option and pay it off as quickly as possible.  I work the system because I know how heartless the system is when you are down on your luck.  Do I spend a lot on the cards? - empatically no.  I only run $1-$2k a month on my cards. Exercise each card with a charge every few months and then pay it off.

 

To apply for a CLI be mindful that you may also be subject to a hard pulls which may affect your credit score in the interirm so don't ask for too many CLIs at one time. Patience is the key.  NEVER LIE or embellish for a CLI.  Use the websites for your credit card company to ask for the CLI.  The only other thing I can suggest is get promoted at work and get more income. Yeah, easier said than done I know.

Starting Score: EQ 732 October 2007; Current Score: EQ 839; TU 865, July 2022;
Oldest Reporting EQ Account: 20.4 years; EQ AAoA: 9.9 years;
ACTUAL Oldest account 40.1 years; ACTUAL AAoA 19.3 years.





Message 29 of 29
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