INCOME/ CL on CC

[gettnthere]

I have an interesting question for you guys. I always see where people put heavy weight on income in relation to credit limits. As of right now, I absolutely DO NOT have ANY big Cl's..Or decent Cl's for that matter lol. I know its bc IM relatively new to credit and lenders don't quite trust me that much yet but IM looking to build relationships and grow higher Cl's. I know ALOT of ya'll make alot more money than I do (not ashamed to admit it lol) but my income is $68,500 right now and will be right at $71,000  by January 2013. I do not think it will go past that for a long while. Now with that being said, is it unrealistic to think that I can get  CL's of at least 20k based on that income or do you guys think its very possible. Im just wondering where I stand as far as CL's go and just how much I can expect them to grow based on my stated income. What are ya'lls honest opinions?

[jamesdwi]

Half of getting good CL's is qualifing and APing for the right cards. Rebuilder cards don't give good limits. But you can't get good cards without proven experience with cards so you are stuck starting with them. To get in with the good cards you need 1 year experience with 2 or more MC/VISA/DISC based credit cards. No lates or baddies in the last 2+ years and a FICO score of at 650 to get through the door, if youi want to start with higher limits Its best to start with a 700 FICO. 

The key to getting higher limits is to have high limits, earlier in your process is to get cards that are friendly with CLI's, this is what makes GE backed cards so popular, you may start out low but every 4 months you can get another CLI, so in one year of history with the card you can easily get 3 CLI's  easily doubling your CL 

If you can qualifiy for NFCU they are a big help in getting big CL's in a short period of time. AMEX is verry is good with CL and CLI's, followed closely by Citibank. Chase can by but CLI's always come with a HP, but you can move credit limits from one card to another. As posted earlier on this board Citi co-branded cards are easier to get thus may get you a higher starting CLI. Once you get your prime cards close down your starter cards when there AF hits unless they have a decent limit when compared to your others.

AMEX charge cards can be your friend while you are building your scores by keeping UTL low, balances reported on your charge card don't count towards your UTL thus helping your score. 

[Anonymous]

Getting a hard limit of $20,000 with your income isn't impossible, but will require overall good credit and a solid relationship with the lender.  NFCU is famous for high limits, if you can get in with them.  Amex is a good way to get a high limit, there is a the charge card option, which isn't a hard limit, but they can have very high internal limits.  Amex revolvers can also grow quickly under the right conditions because of their good CLI policies.

[CK_Charles_Lover]

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@gettnthere wrote:

I have an interesting question for you guys. I always see where people put heavy weight on income in relation to credit limits. As of right now, I absolutely DO NOT have ANY big Cl's..Or decent Cl's for that matter lol. I know its bc IM relatively new to credit and lenders don't quite trust me that much yet but IM looking to build relationships and grow higher Cl's. I know ALOT of ya'll make alot more money than I do (not ashamed to admit it lol) but my income is $68,500 right now and will be right at $71,000  by January 2013. I do not think it will go past that for a long while. Now with that being said, is it unrealistic to think that I can get  CL's of at least 20k based on that income or do you guys think its very possible. Im just wondering where I stand as far as CL's go and just how much I can expect them to grow based on my stated income. What are ya'lls honest opinions?

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Getting credit limits of 20,000 with your income shouldn't be a problem especially with amex and a few others. Just have to have patience. 

[AndySoCal]

The problem is not the invome most likely.  You said you were new to credit  how long have you had credit and what type of credit dso you have? Your scores are okay I agree with your dcision to garden for a while. If you any negative items on your credit report work at fixing thise items Look at what is hurting your score on your credit report and see if you do something to correct or fix that reason if possible

[andre181]

$20k CL on a $70k income is TOTALLY doable with the right credit profile on the right cards.

My income is about $33k and my highest CL is $14k and I have 3 cards that are over $10k.

Just be patient and it will happen.