Reply
Frequent Contributor
Posts: 402
Registered: ‎08-13-2008
0

How do people get 10k Credit Limits on a single card

I've seen and hear of people with credit card limits of 10k, 25k even 50k. How does one get this much credit with an average credit score from all 3 bureaus over 745?

Equifax - 658, Experian -628, Transunion- 704 In the garden until 01/01/2016
Super Contributor
Posts: 5,703
Registered: ‎10-06-2007
0

Re: How do people get 10k Credit Limits on a single card

In the past, household income and balance history would be the major factor in setting CLs.  These days who knows.  IMHO asking for a high CL unless its a business card is just drawing a big target on yourself.  Along with revolving non-store CCs.
11/28/2014 FICO: EQ: 796 EX:788 TU:803
Moderator Emerita
Community Leader
Epic Contributor
Posts: 28,098
Registered: ‎04-01-2007
0

Re: How do people get 10k Credit Limits on a single card

Are you talking about FICO's over 745, or "credit scores", aka FAKO's?

My high-limit cards are from USAA ($27K and $10K), PenFed ($20.3K), and BofA ($18K.) Believe me, the rest of my cards are down in the much-more-normal range. Most of these limits were granted before I hit 740's FICO's.

Credit unions are generally more willing to extend higher CL's. USAA is not a credit union, but a federal savings bank, but it functions in many ways like a CU. BofA used to extend higher-than-usual CL's, which was their version of rewards. They've pulled back now, and in fact, I had to argue back the reinstatement of my CL. CU's and BofA have traditionally been the sources of higher-CL cards.

I have a mess of 30-day lates, plus a 90-day late. But they're all over two years old, everything was repaid, I have way lower than 1% util (something like $20 out of $110K total CL's), and I use my cards and pay them off faithfully. That's the best I can tell you!

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Established Contributor
Posts: 541
Registered: ‎03-20-2009
0

Re: How do people get 10k Credit Limits on a single card

I'm not sure the exact answer but I imagine it is based on household income & length of credit history to go along with a good score.  My parents scores are 800+  (not sure exact score but my mom's was 830 last time she pulled it & I'm sure my dad's is higher)  But their length of credit I'm sure is at least 50 years or more.(assuming there were even CC back then) 

 

Not sure about the 25K or 50K but they do have several CC that are over the 10K.  They earn some great rewards that they pass along to me in the form of gift cards on occasion as they charge everything every month & then PIF when the bill comes.   

Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
Current (7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)



Senior Contributor
Posts: 4,831
Registered: ‎04-20-2007
0

Re: How do people get 10k Credit Limits on a single card

These days unless you are over 750 and have a very decent income you would be doing well to get over 10K from normal channels. NFCU might be a little easier. The easy days are gone at least temporarily.
Established Contributor
Posts: 790
Registered: ‎09-09-2008
0

Re: How do people get 10k Credit Limits on a single card

Just to add to what was already said, Alliant nowadays gives up to 10k without income check (they don't even ask), and they will check for higher CL's. In former times, they gave more. Which means that, with higher income, you might be even better off with a different CU, which might start you with a higher limit.

 

My bank cc limits have crept up over time, but I don't have an account with any of those banks that traditionally offered high limits. Frex, WF got stuck at $8,900, although it doesn't really matter as its a Visa Signature card (but doesn't report as such).

Regular Contributor
Posts: 184
Registered: ‎03-04-2008
0

Re: How do people get 10k Credit Limits on a single card

I started out with a 500.00 CL's as a college student back in the early 90's, and the limits have increased over the years. From my experiences, it takes time to get the high limits. I Paid all of my bills on time, used credit responsibly, etc, and saw my limits steadily rise over the years.  I found that after I bought my house in 2000, the banks started increasing me to the crazy 25-50K limits.
Frequent Contributor
Posts: 401
Registered: ‎02-23-2009
0

Re: How do people get 10k Credit Limits on a single card

I strongly believe to have a high credit limit on any credit cards start with your payment history. Pay on time is important to lender so that they can balance cash flow..If i were the lender I would do the same thing, look at past credit and payment history. Afterall, everyone is responsible for all their actions so take care of your credit, credit will take care of you. It makes alot of sense. I have a Credit Union Mastercard with a 10K limit, my highest credit card limit in my wallet after AMEX..
Valued Contributor
Posts: 1,754
Registered: ‎11-03-2007
0

Re: How do people get 10k Credit Limits on a single card

Can you please explain your point.

 


marty56 wrote:
In the past, household income and balance history would be the major factor in setting CLs.  These days who knows.  IMHO asking for a high CL unless its a business card is just drawing a big target on yourself.  Along with revolving non-store CCs.

 

 

IN VINO VERITAS.
Established Member
Posts: 16
Registered: ‎08-02-2007
0

Re: How do people get 10k Credit Limits on a single card

Join a CU
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.