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Valued Member
king82
Posts: 46
Registered: ‎07-08-2009
0

How do i get Big Limit credit card

[ Edited ]

My scores are 632,661,644 . I have like 10-12 CC's and most of them have $500 credit limit and 1-2 have $1000 credit limit.  The highest i ever had was a $4000 limit credit card and i would like to get one like this right now.  I have paid pretty much everything so my score should go up in a month. Current utilization around 5% ( 430/7600) 

 

Can someone tell me how to get a Big limit CC or who to apply with ?

Thanks!

Message Edited by king82 on 10-10-2009 01:10 PM
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: How do i get Big Limit credit card


king82 wrote:

My scores are 632,661,644 . I have like 10-12 CC's and most of them have $500 credit limit and 1-2 have $1000 credit limit.  The highest i ever had was a $4000 limit credit card and i would like to get one like this right now.  I have paid pretty much everything so my score should go up in a month. Current utilization around 5% ( 430/7600) 

 

Can someone tell me how to get a Big limit CC or who to apply with ?

Thanks!


Large CL's beget large CL's. So the question is how to get someone to go first.

 

First of all I'm not sure where your scores are from, but a third FICO score has not been available for around 8 months now. 1) Obtain your CBR's and true FICO scores through one of the channels where they are available. Go over the reports with a keen eye. Note anything negative, the negative "reasons" provided and fix anything that can be fixed. Unfortunately some problems can only be fixed by the passage of time. For those you have to wait. Try to get your true FICO scores to 700+. When you've gotten there you want to app for the best products you can - no more starter or rebuilder cards. 2) What is your income? Do you have the income to justify higher CL's? That will be a factor when an issuer is setting your CL, particularly when you a looking for a higher CL than you have ever had before. 3) You either get a higher CL by going to an issuer that will issue it straight off or by growing into it. Certain CU's may issue higher CL's straight away. Many people find that NFCU issues very high CL's compared to what they were used to receiving. If it is at all possible to join NFCU do so. Other CU's may work for you as well. Citi is an example of a bank where you can grow into a higher limit over time. Your initial limit is, however, going to be largely determined by your income and your other lines. Since your existing credit lines play such a large role in determining what your next CL will be it is very important to stop app'ing until you have your credit issues fully nailed down and then app when/where you are likely to get what you want. Once you get someone to produce for you it will become easier.

 

To illustrate my point it was PenFed for me. (I do not recommend PenFed for you. Your scores aren't there yet.) Since I managed a $10K approval from PenFed every following approval has been for a great credit product at a $5K or higher CL. (Before that the highest I had was $3.9K from Providian-> WaMu. However, I had to wait a very long time to get to the point where I could get that $10K approval. You can get what you want, but it takes the diligence to clean up what you can and the patience to wait until the time is right to app for the correct product for you. Good Luck!

Valued Member
king82
Posts: 46
Registered: ‎07-08-2009
0

Re: How do i get Big Limit credit card

I am closing in on a VA loan next month, so I got my scores from my Lender. I have cleared all negatives from my reports. sent GW letters, and the only late is 12 months old, on toyota, 90 day lates. so that hurting a lot. I make $54K a year. i will try Citi because i remember that I have a CC from them with $1700 limit.
Moderator Emerita
LilMirth
Posts: 3,091
Registered: ‎08-09-2008
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Re: How do i get Big Limit credit card


king82 wrote:
I am closing in on a VA loan next month, so I got my scores from my Lender. I have cleared all negatives from my reports. sent GW letters, and the only late is 12 months old, on toyota, 90 day lates. so that hurting a lot. I make $54K a year. i will try Citi because i remember that I have a CC from them with $1700 limit.

Hi king82,

 

Just to be safe, you'll want to close on your loan before you apply for more credit.

 

Also, you might want to trying waiting for that 90 day late to hit two years old before actively seeking any CLIs. It's still hurting you a lot, and still considered "recent". That's been enough for some credit card issuers lately to turn a CLI request into an opportunity for a CLD or closure.

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Frequent Contributor
deemac
Posts: 388
Registered: ‎09-09-2008
0

Re: How do i get Big Limit credit card

What score is needed for PenFed? And is utilization just below 50% a killer?
Established Contributor
l9ikjam
Posts: 662
Registered: ‎09-07-2007
0

Re: How do i get Big Limit credit card

You just gotta be patient and every 6 Months try to get CLI's from all of your CC's and eventually you're gonna get that 1 big CLI which will cause the other issuer to give you larger CLI's.
Advice is what we ask for when we already know the answer but wish we didn't.
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: How do i get Big Limit credit card


deemac wrote:
What score is needed for PenFed? And is utilization just below 50% a killer?

 

A score of about 700 will probably do it. However, you want that UTIL below 35%, no more than one recent INQ and no more that one newish account. Low toleration for baddies - must be resolved and well aged. They are very fussy. If you can sneak past the hall monitor they can issue some pretty impressive CL's.
Established Contributor
VEEnVEGAS
Posts: 645
Registered: ‎10-24-2007
0

Re: How do i get Big Limit credit card


king82 wrote:
I am closing in on a VA loan next month, so I got my scores from my Lender. I have cleared all negatives from my reports. sent GW letters, and the only late is 12 months old, on toyota, 90 day lates. so that hurting a lot. I make $54K a year. i will try Citi because i remember that I have a CC from them with $1700 limit.

 

Citi is very good about giving CLIs every 6 months or so. Check your account online to see if you're currently eligible. You want an automatic CLI though, if you're asked to fill in a form let it go for now as they will do an inquiry and you don't want that until you close on your home loan.
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: How do i get Big Limit credit card

To get a CLI from Citi:

1) You have to have a "Luv Button". If you do not forget it, and

2) When you press the "Luv Button" if you get a form to complete rather than a "Congratulations" message you need to bail out immediately. If you get a form and complete it you're going to get a hard INQ.


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