Need A Higher Limit Credit Card

[Anonymous]

I just checked my FICO scores which are not horrible by any means, I am in the 658-668 range. Due to the current "credit crunch" I have had some of my credit limits lowered and one Visa card cancelled (Bank Of America cancelled my $7500 Visa card for missing a few payments).  I have since acquired a higher paying position at work and can now afford regular payments on a decent limit Mastercard or Visa. The highest limit card I have now is $2500.00 on my Household Bank Mastercard and I need to get a card with at least a $5,000.00 limit for travel and business purposes. 

Does anybody know of a major card company offering at least a $5,000.00 credit limit with a FICO score in my range? I have not applied for any new credit for a while so I would hope that somebody somewhere would approve me for a new card. I also wouldn't mind getting a rewards/travel card but I know that may require a higher score than I currently have.

[Comp5569]

You might have trouble.  Credit card companies look at more than just your FICO score when making a decision on a credit card.  And considering you had a card closed due to missed payments, you may run into some trouble.  How long ago was the card closed? And what is on your CR?

I got a Citi card with scores right around yours, but only with a $3600 limit and no baddies for 2-3 years.  You might want to try the HSBC/Capital One pre-selector sites.  Maybe that will give you a better idea of what you might qualify for, however I think HSBC in particular is pretty stingy on starting CLs.

Good Luck!

[oracles]

Hi Freemark and welcome to the forums

Unfortunately, I do  not believe you are in a position to receive a high limit card. You recently experience a card closing on you as well as some lates on your report. When offering you a card, companies will see this and see you as a risk.

I would advise you to first try to goodwill BofA and get those lates off your report. They are recent, I am assuming. Recent lates is not a good sign at all. Afterwards, you should then reduce your util%. I am assuming again because of the recent cld and closure of a card, you are dealing with high util.

Get the util down and then you will be in a better position to apply for a high limit card. This will also reward you with high scores.

Hope this helps and keep us updated

[Anonymous]

I agree with the previous poster that you might have some trouble due to the lates, if they're recent; you didn't mention if they were or not. Also, if you're maxed out on your other cards due to balance chasing, that's going to be another ding, but (again) you didn't say one way or the other.

Are those your real FICO scores, purchased from Myfico.com? If so, then I'm thinking that you might have a fair chance for a higher CL card with a credit union. As the previous poster mentioned, it's not just FICO scores that matter, it's the history too. So even more relaxed lending is not a guarantee in the current climate.

Another option is a secured card. Normally, I'd recommend BoA, but I think it's unlikely that they'll let you open a secured card if they closed your previous card (have you paid in full any balance associated with that account?). There's a thread that I started a few weeks back about secured cards from prime issuers. If you search for it, you'll see a list of those cards. If all else fails, you can put up your own money as collateral, and get whatever line you need and can afford.

Good luck!