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@Anonymous wrote:
BOA offers cards with that kind of limit. But as stated it takes the income and credit score to get it. But, BOA will use your history with them (looking for a word , i cant find) vs doing a hard hit on your credit. Vicki
Yep. Heck, there are at least two people on another board with a $100k credit limit on a BoA card. Obviously, YMMV.
Hello -
What I would do (since your highest limit is 18K is open two (2) accounts with the same company - Citi, Chase, US Bank and then combine the cards. I would give yourself a min of 3 months to get the limit exactly where you want and be willing to take a few inquiries. For example, Chase may open the initial account with 25k but the second could be 10k for a total 35k. wait 2 months and CLI (hard inq) to 25k on the second card then call in the next week or so and combine the cards. You can do this with Citi and USBank as well. Note for the CL to be increased so quickly they will definately pull another credit bureau, so dont make any other changes/applications (except for paying down the balance) until you complete the process. If they should ask why you need the CL in a short period, tell them you are interested in balance transferring the large balance on XYZ card to theirs. I started this way in my own credit strengthening project in 03/08. Went from 20k to just over 200k, with excellent payment history. You have to plan it out before starting so you dont take a vicious hit. My ficos intially went down about 20pts but are now almost where they were when I started in March. At 1 year I will be above where I began with much to show for it.....
I've learned from offering advice on the boards to add the following disclaimer: YMMV
Good luck OP!!
@sr2000 wrote:I was reading on here the other day that if you have a $50,000 limit on a credit card - then whatever $$ you have on it, it doesn't count against your credit limit.
At this point, it would be a great thing to have all of my CC debt transferred to an account that doesn't affect my FICO score.
Right now, my total revolving debt is $24,000 and the total limit of all my cards is $66,350 - approx 36%. My highest limit on any card is $18,100 and I think at one point they offered to jack it up to about $21,000 ( I declined though). Equifax score is 700 at last glance
So, the question is - how do I get my highest limit card all the way up to $50,000 - what's the best strategy here?
I cant imagine why in these times or infact any time why someone would want so much credit. Thats just drawing a big target on yourself and from my own experience 70k of debt paid over 5 years is not a fun thing to deal with.
I would never use a credit card and extend they payments past 1 year unless it was at 0%. That puts me into the 12 - 20k range of credit which is about where I am now (total on 3 cards).
@Anonymous wrote:
My card at $30K is from Chase (a Toys R Us card, actually!)
30K Toys R Us card. I wish my parents have that when I was a kid.
Hi marty56,
Times have changed...it seems it only makes creditors give you more.... It made a big difference in my car APR.... If you have a long history....over 10yrs your good to go...if you have a short history you need to appear rock solid (open lines of credit). Each creditor that pulled by CB"s over the past 4 months have told me I have excellent credit (even amex) and then ask "what can I do for you".....
This is why "in these times" it helps..... more than you know actually. Of course, stabilization of home, job and salary paints a nice picture as well..... but I have not rec'd any AA or CLD's like so many others.
My credit offers these days are few and far between. In my bad credit days I was getting all kinds of offers.
I would say that goal of any person here is to get their FICO scores as high as possible and CC debt as low as possible to survive the current credit crunch and what is probably coming down the pike.
No one needs a 50k Visa card. I would trade my 10Kk Visa card for the deletion of my BofA TL.
I have two CC above $50K limit. They both report and count against my utilization exactly like the other CCs.
I can't imagine having a card for personal use with a limit that high unless you have substantial income and/or assets. Any balance on a CC that you can't pay off in a matter of months is crazy.
The two cards with high limits are personal cards that appear on my credit reports but are used for business use. They got to those limits by being used for monthly useage up to $45K and individual payments of up to $30K or so.
@GregB wrote:They got to those limits by being used for monthly useage up to $45K and individual payments of up to $30K or so.
Whoa. I heard that.