What are the steps to getting high limits?

[Open123]

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@Untitled wrote:

How likely is it that a person with around a 30,000 income can get a credit card for 10,000+?

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100% likely with time, active TLs, and on time payments.

[mxp114]

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@emptypockets wrote:

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@mxp114 wrote:

I aggressively sought high lines and was pretty successful in getting them. However besides income, having the spend to justify the lines plays a critical role too.

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mxp, I always wanted to ask you...how did you get a 25k limit on your BB MC? Mine is stuck at 10k, and they are telling me that is the limit for that card.

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I got it so long ago, I think sometime in 2012 but it was def before Capital One. I'll pm you some details.

[Gunnar419]

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@Open123 wrote:

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@Untitled wrote:

How likely is it that a person with around a 30,000 income can get a credit card for 10,000+?

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100% likely with time, active TLs, and on time payments.

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+1. I speak from experience. You don't have to have a high income, just extreme reliability and patience. And Open123 is exactly right about the factors that'll get you there.

It also helps to know what each card issuer likes. For instance, Discover likes to see balances, even some that would give most MyFicoans the heebie jeebies (like 40%), while Amex likes to see a good bit of activity but would rather you not carry a balance from month to month. Every issuer is different. Learn to get a feel for the ones you hope to get high limits from. Do what they like over time.

[efranklin23]

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@dtjones052209 wrote:

I have been observing and reading the many post of people receiving high CL increases. Their backgrounds vary across the board.  I am curious on each individuals plan of attack when asking for the 5k, 10k, 20k and so on limits. I am starting to see a trend in the post of people who received the higher limits because of their other card limits. But what did you do to get the first increase and how was your situation. Does income play a lot in the equation or just timely payments of the  $700 to 1k limits?

The only reason I ask is that I may try my hand at trying to see if I can get an increase. I know there are maybe steps along the way to obtaining  the great feats.

The final question is that once you receive that limit does your situation change for future card request?

Thanks,

DJ

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When it comes to Large CL, slow and steady wins the race but to answer your question, here's some keys:

- Have a High AAoA: Having this will show to lenders that can maintain a account for awhile and can also be responsible at the same time. This is a plus for lenders as they know you tend to be a lower risk. I've seen people on here with income of 30k/yr have 25k limits with lenders because of this.

- Finding a generous lender: Finding a lender that gives generous limits can be key as many prime lenders like to match your limit of your higher cards to stay competitive. It's the reason why many people pursue generous lenders on here (NFCU, AMEX, OCCU, DCU and etc.) THe good news about this that it's easier to due as it doesn't take as much time as getting a large AAoA. Many people get large limits with just 2 years of history with the generous limits.

- Income: This is a obvious one. The more money you make, the more money a lender can give you as you're considered a lower risk. 

- Credit Score - Another obvious one, the higher the CS, the higher the limit. Credit is all about risk and most lender wouldn't want to give an inital limit of 20k to someone with an 649 (even making 100/k yr)

- No Derogs - Try your hardest not to get any derogs!!!

Follow these and you will have nice CLs!!

[efranklin23]

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@longtimelurker wrote:

And, my usual wonder of what you plan to do with high credit limits.  Providing you have enough money to pay off your credit cards each month (so you can micromanage utilization), and the limits are not so small that you have to pay several times a month, high CLs really are not ALL that important.

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 +1 This is something I always wondered. I dont make a whole lot a year (45/k year), but I always felt that I don't need a 25/k card as I always in PIF after statements cut. I don't mind the auto CLIs either though 

[user5387]

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@longtimelurker wrote:

And, my usual wonder of what you plan to do with high credit limits.  Providing you have enough money to pay off your credit cards each month (so you can micromanage utilization), and the limits are not so small that you have to pay several times a month, high CLs really are not ALL that important.

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I can think of a couple of reasons for higher limits.

If you put $1K on a CC in a month, and let it report, and want 10% or less utilization, that implies a $10K limit.  The three CCs I use regularly have high limits, and this is the reason why I care.  It's not a matter of big spending.

Another reason is for emergency and financing purposes.  For example, a CU card with a $10K limit, and no fees for BTs and cash advances, is a very handy thing to have in an emergency.

A third reason is that higher limits indicate greater financial maturity, even though they don't directly affect scores.

[dtjones052209]

Wow. This is a variety of wisdom and experiences. This is why I love myfico because I can take all of this information and apply it to my current situation.

Thank you all for your responses. 

I think I will try for a Amex card this summer. I will keep the myfico family posted On my progress. So far I am gardening until we close this summer. Current income is 150k scores are 700 to 720. I do have some old things from 2007, but they are not affecting As bad, but still affects it.