How long did it take you to get into high limit territory?

[Anonymous]

I'm only 10 months into my credit history and I now have what I consider to be high limits. It all happened much quicker than I anticipated. I had read on here that some people have 1 year or more of history and are still struggling to get high limits. I suppose it depends on what lenders you go with. It seems like AmEx and Discover are the best entry into high limits quick.

Here's what I did...

October 2015: Opened my first card, the Capital One Secured, with only a $200 limit. In April 2016, I was given a CLI to $500.

April 2016: Opened my 2nd card, the Delta AmEx, with a $1k limit. At the 61 day mark, I did the 3xCLI to $3k.

August 2016: Opened my 3rd card, the JetBlue Barclays, with a $6k limit. Stunned by how much they gave me. I did wait until my 3k limit with AmEx was reporting before I went for a 3rd card, as I knew that would most likely increase my chances of getting a high limit. But all I expected was for my 3rd card to match my limit with AmEx, so I'm more than pleased.

Very happy about how all of this turned out. There are a few reasons to want high limit cards...such as utilization, more attention from other lenders, etc. There are also a lot of cards that are only Visa Signature/World MasterCard that you may not be approved for if your largest limit is only 1-3k. I'm glad I didn't go the route of getting in with Chase or another lender who would stick me with toy limits until I did a hard pull for a CLI.

Just posting this for anyone who is just starting out and is wondering the same thing. I'd also be curious to hear how long it took others to get up to 5k+ territory. I'm going to the garden now, and by the time I come out my limits with AmEx/Barclays will be even bigger.

[Anonymous]

lot easier when you make good decision at the start!
great job

[Anonymous]

Good work! Thanks for sharing your story.

[Themanwhocan]

I applied for a US Bank secured card for $1000.

2 days shy of 12 months later, I applied for a US Bank Platinum card (no rewards, but lower APR and they claim higher limits). They gave me a $8,500 limit, with what I later found out was a 732 FICO score, though US Bank uses FICO 04 Bankcard scores. I applied for 2 other cards a week later, an Elan card for $4,500 and a Discover for $2000.

3 months later I applied for another US Bank card, and was given a $6,500 starting limit.

So yes, if you have clean credit reports and use the cards mildly and always pay in full, and give your scores and reports a chance to build up some good history, you can get good starting limits. But if you jump the gun, or apply for cards that are likely to give toy limits, then you won't have immediate success.

BTW that Discover card is now exactly 3.5 years old, and the $2000 limit is now my highest limit: $42,500. The squeaky wheel gets the grease...

[Anonymous]

OP made the right decisions.

I see a lot of the people struggling to get higher limits are the ones who went on app sprees. Lenders seem less likely to hand out big limits to those with 25 crappy store cards less than a year old.

Keep up the good work!

[Anonymous]

I started out with a Kohl's store card 300 limit about 18 months ago. I didn't know much about credit back then but when I found this site and started to get informed I'm just glad that I hadn't already messed up my credit, I was always on time with my Kohl's. After I started to learn more I received a prequal in the mail for the Freedom Unlimited and decided to give it a try. Approved instantly for 1,000 back in May of this year. In the same month I applied for the Cap1 quicksilver 1 approved instantly 500. After a few months of responsible use I saw my scores jump into the 720 range and decided to try for CSP in July, approved instantly for 5k. I think what really helped me a lot was Chase taking a chance on me with my first non store revolver back when I only had a 300 store card and very limited history. So to answer your question its been about 18 months until I got that 5k limit. Also since then my Kohl's went from 300 to 700 and I know my Cap 1 will grow in credit steps. I've been rewarded with responsible use and I'm so grateful for this forum and all the great stuff I've learned from everyone here. Thanks to you all !!!!

[Anonymous]

Also congrats on your success OP !!!!

[Anonymous]

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@Anonymous wrote:
OP made the right decisions.

I see a lot of the people struggling to get higher limits are the ones who went on app sprees. Lenders seem less likely to hand out big limits to those with 25 crappy store cards less than a year old.

Keep up the good work!

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Thanks! I agree that you definitely need to make the right decisions from the get go. I'm not interested in store cards, and high limits are what I was after from day one...so I made a plan and stuck to it.

[Anonymous]

IMO, the Amazon store card is not in the crappy store card category. 5% back is pretty good. When my Discover IT is not running 5% on Amazon (which seems about 6 to 9 months of the year,) I put all my Amazon spend on the store card which is typically $300 - $400 a month. Plus getting a 5k+ SL is not hard. 

[Berk]

You did the right thing for sure OP. Good job on taking your time. I restarted my credit journey in 2007 with a Cap 1 card and a $500.00 limit. It had a $49 AF but it was a start. Got a card from my CU a year later and closed the Cap 1. Then in 2009 got a Discovery with either a $900 or $1000 limit. I then got a Best Buy store card in 2010. Because of the crash of '08 my cards grew very slowly. In 2012 I applied for a Citi Visa and the Amex Delta Gold. Both had $1500 starting limits. After that, I was off and running to where I am today. My prime cards all have what I consider to be decent limits as well.

Keep on doing what you are doing and your credit profile will continue to grow nicely.