High Limit Cardholders (Questions)

[Drew]

Hello All,

I have a few questions for those who have credit cards with $10,000+ credit lines.  I think this would really help me align my expectations with reality.

1. Did you apply for cards in sequential order or did you apply for cards all at the same time?
2. Did you establish high limits on current cards before applying for a new card?
3. Did you have a specific high balance percentage showing on each card? (e.g. $3,000 or 30%)
4. Did you alternate usage of the cards or did you use one card for everything when trying to get a higher credit limit?
5. Lastly, what does your AAoA and credit score look like?

[navigatethis12]

1. All at the same time in two waves.

2.Not really trying to, it just happened. American Express gave 10,000 when the other highest line was 2380.

3. No. The high balance on all cards is about 3-6000 I suppose, but I don't try to utilise it just so it wil report.

4.I use most cards every month for general purchases. The two I really wanted the increase on I used a lot, but the others not really. The one's that were approved for 10,000 or more from the start I don't use that much at all.

5.Average age of accounts is probably 1 year or less, I know it isn't 2. Credit scores are around 730-780 depending on the bureau. Length of credit history is 3 years but I received the first 10,000 limit at 18 months and the next somewhere around 2 years of age.

[bribro]

1. I tend to go on mini app "sprees" consisting of 2-3 new credit card applications and several CLI requests on the same day. I try to space out the mini app sprees so there's at least 6 months of "gardening" time in between, but if there's a great limited time offer I will not hesitate to jump on it (e.g. Chase Freedom with 35k, Ink Plus with 60k, etc.).

2. I had 1 credit card (Citi Dividend) that I used exclusively for almost 5 years that I slowly built from a $500 CL to $10k before I started applying for other cards (notably, Chase cards).

3. I try to keep my per card utilization under 20-30%, but if a single card runs up to 40-50% I won't give it a second thought. I always PIF, but generally let the statement balances report.

4. I use whatever card gives me the best rewards with very little consideration given to future app sprees. Things tend to work themselves out; I think people overthink credit strategy too much on this forum. I try to use my dormant cards at least once a year so that don't get shut down though.

5. AAoA is about 4-5 years last time I checked, and credit scores are right around 800.

[Drew]

---

@navigatethis12 wrote:

1. All at the same time in two waves.

2.Not really trying to, it just happened. American Express gave 10,000 when the other highest line was 2380.

3. No. The high balance on all cards is about 3-6000 I suppose, but I don't try to utilise it just so it wil report.

4.I use most cards every month for general purchases. The two I really wanted the increase on I used a lot, but the others not really. The one's that were approved for 10,000 or more from the start I don't use that much at all.

5.Average age of accounts is probably 1 year or less, I know it isn't 2. Credit scores are around 730-780 depending on the bureau. Length of credit history is 3 years but I received the first 10,000 limit at 18 months and the next somewhere around 2 years of age.

---

1. What was the timeframe inbetween the waves?
2. Did American Express play a major part in the higher credit limits that followed?
3. Did the high balances result from carrying balances over from month to month?
4. Did you revolve balances on cards that were below $10,000?
5. The first wave of cards are all at $10,000+ limits?  I assume the approvals for the second wave resulted in immediate approvals for $10,000 limits?

Also, how many cards do you have in total?

[navigatethis12]

---

@Drew wrote:

---

---

1. What was the timeframe inbetween the waves?
2. Did American Express play a major part in the higher credit limits that followed?
3. Did the high balances result from carrying balances over from month to month?
4. Did you revolve balances on cards that were below $10,000?
5. The first wave of cards are all at $10,000+ limits?  I assume the approvals for the second wave resulted in immediate approvals for $10,000 limits?

Also, how many cards do you have in total?

---

1. Ten months. I forgot that I just did a three month spree for some cards as well, so six months this time.

2. Not really. They decreased it for non use and I was still able to get high limits so they didn't really help at all.

3. No. I did max out a card once(0% interest) and left it for about one month, but I paid it off because I didn't like being maxed. I 95% of the time pay before the statement closes on all card.

4.I don't revolve balances at all.

5. No, just American Express. The second time only two applications were 10 and above, even though I had high limits at the time. The third(this time) all(6) except one(8,000) were 12,000 and above.

I have 29 cards with 7 being business cards that don't show up on personal reports.

[SnackTrader]

While I will be happy to reply to this post using the numbered format later this evening, I just want to point out something from this analysis that is missing. That is: Income is a humongous determinant in credit line assignment. All else being equal, a higher income will lead to higher credit lines.

Now, if you are able to build a long and successful credit history with a smaller income, there is a chance for higher credit lines as well. But that takes plenty of time. The real key to high credit limits is high income, low debt, no baddies. There are other ways to get there, and I'm sure that the gradual loosening of credit availability that has been occurring will help, but those other ways will always be subject to lender-specific circumstances that are less likely to be universal.

[SnackTrader]

Edit: Fixed my previous post. This post is now pointless...sorry.

[Smug]

i closed all my small cards, 300. 500 and got my first 5K card, the rest was easy

[09Lexie]

1. Mini-spree
2. No
3. Never let a high balance report when applying. Most I've ever used of my CL's is 15%
4. Rotate based on what I'm buying. Not trying to get a higher CL
5. AAOA over 6 yrs. CS usually low 700's. still recuperating from last spree current CS are in my siggy.

I have 17 open cc's.

[sr383]

I've heard that 2x salary is possible, but I can't imagine what I'd do with such a limit. Beyond my anticipated mortgage, there's only about $2,800 a month in spending to go around, assuming I could route every cent of it through a cash-back card. So a 30K limit would be ample, even if everything were going to one card.

By the way, if anyone knows a card that offers 5% back on mortgage payments, please let me know.