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Regular Contributor
Posts: 197
Registered: ‎07-26-2012
0

What should be my optimal strategy?

My Equifax FICO Score is 694.

 

I have 8 months of credit history & have the following credit limits:

 

Commerce Bank $500

Capital One $300

Macy's $100

 

I just got approved for a Southwest Airline card with $8500 credit line (so happy to get that...). My goal is to reach a total $100,000 credit limit (total of all CCs) within 2 years. Do you think it's a reasonable/realistic target? If yes, what should be my optimal strategy to reach this goal? I want to apply for new CCs which could give very high credit lines but I want to focus on those CCs who have the highest possibility of approving me, giving me highest credit lines & increasing my credit limits with time. Which CCs do you recommend in this regard?

 

Thank you very much in advance!

Walmart Discover $10,000... Chase SW $8,500... Freedom $7,000... CSP $6,000... Amex Delta $3,000... Amex BCP $2,000... Local CU $1,500...
Valued Contributor
Posts: 1,673
Registered: ‎11-11-2012
0

Re: What should be my optimal strategy?

People will probably ask why you want that, is it for a specific need, or just a general goal.  Answer doesn't really matter (apart from whether it is a good idea!).

 

Feasibility depends on your income more than credit score.    At some stage, issuers don't want to give credit if there are outstanding potential credit lines way above income.  Companies have different sensitivities to this, depending on their overall level of risk tolerance.

Regular Contributor
Posts: 197
Registered: ‎07-26-2012
0

Re: What should be my optimal strategy?

I have around $100,000 annual income (including bonuses). I need CCs because I use them & pay off them full.

Walmart Discover $10,000... Chase SW $8,500... Freedom $7,000... CSP $6,000... Amex Delta $3,000... Amex BCP $2,000... Local CU $1,500...
Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
0

Re: What should be my optimal strategy?

[ Edited ]

Very agressive goal but might be possible with that income.

 

Suggest you open several secured cards with hightest limits available ($3k to $10K) with major banks,   That will help you get to higher limits.

Regular Contributor
Posts: 197
Registered: ‎07-26-2012
0

Re: What should be my optimal strategy?

Why do I need to open secured cards with high limits when I already have a Southwest Airline Chase CC with $8,500?

Walmart Discover $10,000... Chase SW $8,500... Freedom $7,000... CSP $6,000... Amex Delta $3,000... Amex BCP $2,000... Local CU $1,500...
Valued Contributor
Posts: 1,673
Registered: ‎11-11-2012
0

Re: What should be my optimal strategy?

 

And not open to all, but NFCU seems famous around here for giving very high (and unjustified!) credit limits on their cards, so if you are eligible, look there at some point.

Regular Contributor
Posts: 197
Registered: ‎07-26-2012
0

Re: What should be my optimal strategy?

Unfortunately I'm not eligible for NFCU. What other CCs in the market are famous for their approval & high credit limits?

Walmart Discover $10,000... Chase SW $8,500... Freedom $7,000... CSP $6,000... Amex Delta $3,000... Amex BCP $2,000... Local CU $1,500...
Valued Contributor
Posts: 1,673
Registered: ‎11-11-2012
0

Re: What should be my optimal strategy?

 

Also, if you just want to pay in full each month, you can also consider an Amex charge card with good rewards (gold PR one for example).

Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
0

Re: What should be my optimal strategy?


cowboyguy wrote:

Why do I need to open secured cards with high limits when I already have a Southwest Airline Chase CC with $8,500?


Because you are in a big hurry!  It is an extreme measure to accomplish an extreme goal!

Established Member
Posts: 32
Registered: ‎11-20-2012
0

Re: What should be my optimal strategy?

[ Edited ]

I have a similar kind of question

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