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I have a card with $5,500 limit. If I apply for a new card, wouldn't they give me a limit higher than $5,500 since I already have a card with this limit?
@hussain99 wrote:I have a card with $5,500 limit. If I apply for a new card, wouldn't they give me a limit higher than $5,500 since I already have a card with this limit?
Not necessarily...every creditor is different. Some consider giving CL that match or counter higher than certain cards on your report, but most of the time it's an algorithmically calculated limit based on aspects on your report or simply just from a CS/income situation.
Places like NFCU or USAA will give you a very inflated limit compared to your reports, but other lenders like CapOne, Chase, Discover, wouldn't even consider that type of limit based on those same stats!
I think you can achieve the goal with 5 application sprees, timed 6 months apart, starting today, before your Southwest card gets reported. For the first one, apply for the cards that don't offer high rewards so you can be approved with higher initial CL's. For the later ones, once you have already added high CL cards into your portfolio, you can shoot for better cards. Definitely throw Amex in the mix for their 61-day 3x CLI as well.
+1
HiLine,
Can you please tell why should I apply for these 5 cards before my southwest card is reported?
Secondly, which banks/credit unions in the market match the highest credit limit on your current report? Can you please specifically highlight which 5 credit cards are the best bet for me?
Thanks
cowboyguy,
Every time you open a credit card, you gain debt allowance, which is not a good sign to creditors. Often when someone is in financial troubles, the person would try to accumulate as much debt as possible, then default. Creditors perceive new credit accounts as risk. If you apply before your new card gets reported, no one will be informed of the new card yet.
And notice that I said 5 application sprees, not 5 applications. You apply for multiple cards in each application spree. Sorry if I confused you.
Regarding your second question, I honestly have not spent much time investigating particular lenders' tendencies to match the highest credit limit from the borrower's portfolio. But many posters on here can give you their anecdotal information.
If some creditor already gave you such a high credit limit, chances are you'll get approved for similarly high limit cards. Since today is a new month, you also have one more month of credit history. Just make sure to avoid cards that are generally regarded as having tough criteria.
Guys, nobodies spiddy-senses went off within the OP?
$900 in TOTAL CL, and then hits us with SWA Siggy Visa with $8500 CL?!!?!?
This is a train wreck that I'll have to stop from watching.