11-30-2012 02:39 PM
My Equifax FICO Score is 694.
I have 8 months of credit history & have the following credit limits:
Commerce Bank $500
Capital One $300
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!
11-30-2012 02:46 PM
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.
11-30-2012 02:50 PM - edited 11-30-2012 02:52 PM
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.
11-30-2012 02:52 PM
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.
11-30-2012 06:18 PM
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!
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