Credit Cards

[srshb]

Hi, I have 8 credit cards totalling to $50000. Here is the list

2 citi credit cards of 14000 and 11000

2 chase cards of 3000 and 4000

2 dsicover cards of 8000 and 3000

capital one of $1500

usaa master card of $6000 limit

The total is almost $50000. Within a year from now, I want to touch $100k. Please suggest me I can achieve that. My credit score is in 730's and just 1 hard inquiry, probably it will be 2, as I have applied an account recently What are the different new cards I can apply for. I heard nfcu gives high limits, but I am not eligible, as neither me or any of my friends are related to military. Please suggest me.

[srshb]

Your valuable advices are most welcome

[Shogun]

Hello and welcome to the forums.  First off, there are a few questions to ask.  Why do you want $100K in revolving credit?  Do you really need that much or just want it?  What is your income like?  Will your income support that much credit?  If not, you may see a backfire and watch those CLIs shrink instead of grow.  &50K is a lot of revolving debt, so why more?

[srshb]

thanks for your reply......I am planning to start a mini business next year ending.....my payment history has been excellent and I never missed a single payment till now in my 3.5 yrs of credit history........the budget almost I need for the business which I am planing to start along with my friend is $75k.......so I am planing to touch 100k, because I can use this introductory aprs, balance transfers on cc for my business......please suggest my good cards to achieve that 100k......my income is 60k, but I am planning to quit the job in 6 months.....

[srshb]

$50k is the total limit on all my credit limits, not my balances........my balances are there in just 3 of those cards.....balance of $3.5k k in discover, $2k in citi, $2k in chase......the rest have 0 balance.......all my payments have been excellent and on time.....

[bs6054]

So you want to fund the business using credit card debt?  Not always a good idea, as credit lines can easily get reduced as issuers see that your utilization is way up and/or if you have to miss a payment, you might get hit with penalty rates on APR.

Have you also tried other approaches, such as getting a small business loan (or a HELOC if you own property).  Anyway, good that you explained what you need, so the emphasis needs to be on cards with good introductory APRs, and low balance transfer fees, and not necessarily those with the highest CL and reward structure.

You didn't list exactly which cards you have, so advice might duplicate.  For example, Citi Simplicity is often mentioned in this context, 0% purchase/BT for a long time, but is that one you already have?

[beb86]

If you need a card to run business expenses through I would recommended an AMEX charge card. You will be able to have the flexibly of pushing the charges you need but also know that you can't carry the debt month to month. I would also recommend going to a local CU with your business plan and get a business line of credit.

[JonStur]

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beb86 wrote:
If you need a card to run business expenses through I would recommended an AMEX charge card. You will be able to have the flexibly of pushing the charges you need but also know that you can't carry the debt month to month. I would also recommend going to a local CU with your business plan and get a business line of credit.

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+1 Although it has been done many times, financing a business with consumer credit cards is an extremely risky business. Definately a credit union or bank LOC. When you start amassing large amounts of personal credit, creditor want to make sure you have the income to support it...

[srshb]

Please give me advice to achieve that. Apart from business, there are lot of personal needs also, which I am planing for my wedding also......so please suggest to acheive 100k limit in an year, as I heard lot of people have touched that.....

[beb86]

My advice is to save up cash for the wedding... In reality you shouldn't charge what you couldn't normally pay for