How long B4 your first 5 digit CL?

[Desmoire]

What would you guys say is the big trick to getting the big 5 digits? Income? (I only make about 30k gross right now) Credit score 700+?

[Themanwhocan]

1 year with a secured card. Then 11 months more till $18,000 on an American Express (Christmas Morning, about 9am)... 5.5 more months, and I now have 5 out of 10 credit accounts at $10K or more.

My emphasis has been on cash back first, and $10K limits second. And $10K only because they are "premium bankcard accounts". And like everyone else, I don't get what the point of Premium Bankcard Accounts are either. But if they aren't important, then why do they keep count?

[Themanwhocan]

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@Desmoire wrote:

What would you guys say is the big trick to getting the big 5 digits? Income? (I only make about 30k gross right now) Credit score 700+?

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Probably the biggest trick is applying to NASA FCU for a credit card. Second biggest maybe getting an American Express credit card.

[SomeGuyOnTheWeb]

Tell you when I make it. I'm almost there. Just need $500 more out of my Discover. I was hoping for an auto-CLI, but no dice

As soon as I pay down some balances, I'm going to see if I can get the last $500 needed for the "mythical" 5 digit CL.

[HiLine]

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@Desmoire wrote:

What would you guys say is the big trick to getting the big 5 digits? Income? (I only make about 30k gross right now) Credit score 700+?

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1. Perfect, albeit short, credit history

2. Concentrated spending

3. Bank of America

4. Having cards with other banks to generate competitive pressure

If I had to pick one, it's probably Bank of America. With that level of spending with Chase or any other bank I would never have dreamed of a $10k limit on one card, especially with a mere one year of credit history.

[jamie123]

I started rebuilding  2 1/2 years ago. At that time the only thing on my reports was 2 BIG tax liens (Still there!) and a foreclosure. I didn't even have enough information on my reports to generate a score for the first 4 months of rebuilding.

Two weeks ago I was instantly approved for a Cap1 Quicksilver with a $10,000 CL.

In my wallet:

Cap1 Platinum Secured: $1300

BoA Rewards: $6000

Walmart/MC: $6000

AMEX Zync: $500 Hard Limit

Chase Freedom: $1500

Discover: $5000

Cap1 Quicksilver: $10,000

My highest score was 703 for about 2 weeks, 18 months ago, so all in all my credit limits are pretty good. I learned how to do it here and couldn't have done it without everyone's help.

[alkaline]

It took me about a year and a half after getting my first credit card to get a 5 digit limit... got a CLI on my Citi from $2000 to $10000!

[Santi78342]

Got my first credit card when I was 18. So my credit history is 5 years 7 months old and that how long it took me to get a 5 figure credit line. I didn't really start paying attention to my credit until October of last year. Got my BofA card in March at $2k and was bumped up to $10k yesterday!

[takeshi74]

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@Desmoire wrote:

How long did it take you to get your first 5 digit CL? 

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Since what starting point?  Since I first obtained a credit product?  Since my BK?  Since I really started learning about credit and working on my credit?

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@Desmoire wrote:

What would you guys say is the big trick to getting the big 5 digits? Income? (I only make about 30k gross right now) Credit score 700+?

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There's no trick.  It's a matter of building on all the usual factors.

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

It takes time. responsibile usage and appropriate income.

Well, there is one potential trick but you have to have established MSD with AmEx to leverage it for backdating.  Even so, AAoA is just a small piece of the pie.

[Santi78342]

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@Desmoire wrote:

What would you guys say is the big trick to getting the big 5 digits? Income? (I only make about 30k gross right now) Credit score 700+?

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I would agree that there is no "big trick;" Especially not one that works for everyone as credit is always a YMMV situation. But as a data point, I make just over $50k/year and my scores are all around 650 and I just received my first 5 figure limit a couple days ago.