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Senior Contributor
score_building
Posts: 3,513
Registered: ‎01-10-2008

Re: how do I get a High Credit Limit 5k+


hopefully700soon wrote:
do you think I should try a big credit union we have BECU ( boeing credit union) over here its decent size. or do you think its better to go with a slight small credit union ? . I am just trying to research all before doing a inquire you know.
either one will likely serve your needs well so in that sense it doesn't matter too much.  the larger more established (major) ones tend to be ultra conserv and more difficult to get in.  if you have a short history any recent baddies, low income etc. you may want to start small and app a major CU later down the road when your credit profile is stronger/ better established.
FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Established Contributor
Posts: 513
Registered: ‎04-03-2007

Re: how do I get a High Credit Limit 5k+


hopefully700soon wrote:

Ok here is the deal I would like to geta 5k+ credit card just for emergencies and what not I currently know my Eq credit score is 692, I am not sure what my others areI currently have 4 credit cards with $0 balance and had all them for about 4 years now. here are the limits

 

Chase Limit $300  Balance $0

Capt 1  Limit $500  Balance $0

Circuit City  Limite $1400  Balance $0  <- this will never be used again out of business hehe

Best buy  Limit $1500 balance $0 

 

now these were all recent paid off and are showing the $0 balance on my credit report my EQ report says my history is to short about 5 years. so I think that would be the only reason I would be declined. I recently called Capt 1 back door number to get a credit limit increase and I was declined not sure why yet...

 

Does anyone know where I can get a 5k+ credit limit Visa or Mastercard easily with my credit ??

 

One other thing to add I have never been late on any of my bills mortgage , car loan or credit cards ...


 

 I doubt that you will get a $5,000 limit card over night in this current credit climate. I am thinking that you might be able to get a new Bank of America card, possibly with a $1,000 credit limit. Chase is your only prime bank (not store) card. Normally I would recommend to ask for a credit limit increase from Chase before trying for higher limits from new cards. Unfortunately Chase would do a hard pull for a CLI request. Since Chase would pull hard, it is usually advisable to apply for another Chase card instead. You however already have another Chase issued card (Circuit City). It is therefore best to obtain a new card from a bank that actively competes with Chase by giving higher limits than already possessed on existing Chase cards.

 

 I wonder why your credit score is not higher with a five year history and  four year average age. Are there any negs at all that you have not mentioned? You mention mortgage and car loans, but don't provide details. Those details are important. Do you have other tradelines that you have not mentioned? Do you owe balances on those tradelines? Something seems to be missing in the summary of your credit file.

 

 

 Another factor that is considered for credit limits is your income. One can't really give much specific advice about obtaining a $5K limit without knowing your income.

 

Congrats on being credit card debt free.

 


Member
hopefully700soon
Posts: 13
Registered: ‎03-17-2009

Re: how do I get a High Credit Limit 5k+

I have one collection that was paid off 6 years ago it will fall off next january :smileysad:, my auto loan is for 30k from toyota motor and my mortgage is from wamu at 165k.  I do make 60k a year no lates on anything credit cards mortgage or auto loan.

 

I have had a auto loan on my credit since late 04 and always paid on time.

Member
hopefully700soon
Posts: 13
Registered: ‎03-17-2009

Re: how do I get a High Credit Limit 5k+

Well based on research I did and your gys help I felt Bank of America was the safe and best choice to go with here.

 

B Of A has approved me for a rewards platnium card with a limit of $3400.

 

this is close to what I wanted and is a lot better then any of other credit cards.

 

Thank you !

 

even though i am still very curious of what the credit union would have offered.

Established Contributor
Posts: 513
Registered: ‎04-03-2007

Re: how do I get a High Credit Limit 5k+


hopefully700soon wrote:

 

B Of A has approved me for a rewards platinum card with a limit of $3400.

 

this is close to what I wanted and is a lot better then any of other credit cards.

 


Congrats!  You are on your way. Use the BoA card as much as possible (PIF) and you will most likely get auto increases to at least $10K if not $20K or more. BoA's Luv will really kick in after January when the baddie falls off and / or your scores jump up. BoA will still have the baddie in your bank credit history but other future creditors won't see it. For that reason, I would wait to apply for additional credit cards until your credit files are completely clean. That would be a good time to try a CU like PenFed. :smileywink: 

 

 


Established Contributor
Posts: 513
Registered: ‎04-03-2007

Re: how do I get a High Credit Limit 5k+


hopefully700soon wrote:

I have one collection that was paid off 6 years ago it will fall off next January :smileysad:, my auto loan is for 30k from Toyota motor and my mortgage is from wamu at 165k.  I do make 60k a year no lates on anything credit cards mortgage or auto loan.

 

I have had a auto loan on my credit since late 04 and always paid on time.


 

 The fact that BoA issued you a card with a $3,400 limit with your profile is very interesting. It seems that a sub 700 FICO score and an old collection in file is not that much of a hindrance for a decent credit card limit from BoA. You didn't even have that high of a credit limit with Chase. That was the reason I had guessed a $1,000 initial BoA CL.

 

 It seems that BoA liked your mortgage and car loan perfect repayment history. Your income should be good for up to a $25,000 credit limit.

 

 It looks like Bank of America is getting back to basics. Income and a manual review of your credit history seems to be more important than credit scores alone these days.

 

 You might want to open a checking or savings account at either BoA or Chase. Make sure you have a few thousand in the account and watch how the credit limits go up.

 

 I know you wanted to have a $5,000 CL for emergencies. While you wait for the collection to fall of, I would try to save a few thousand for emergencies. That will enable you to build credit limits higher and faster by always having plenty of cash on hand to PIF. 

 

 My guess is that you can get Chase to raise your limits substantially a year from now. After all Chase will have your mortgage info in file from WaMu and will see your CLs with BoA go up, up, up.  

 

 Chase was a little late showing me a lot of Luv, but once I was nailing CLIs from BoA twice a year, for a couple of years, Chase played catch up really fast. I believe that Chase will wake up and smell the coffee now that it can see that BoA is romancing you with a starting limit of $3,400.

 

 BoA definitely wants to have all your banking business and Chase will soon be well aware of that.   You might even be one of those rare blessed Chase customers who receive unrequsted auto CLIs.

 

 In these days of tight credit and adverse actions, your story should be an inspiration to more than a few people.

 

 In case anybody misses the "moral of the story". You had paid off all revolving debt. You had zip, ziltch, nada... balance on credit cards. Bank of America decided that you were an outstanding credit risk even though you had a sub 700 FICO score and a paid collection in file.

 

You definitely earned the $3,400 credit limit by your responsible credit management. 


New Member
prettykitty
Posts: 7
Registered: ‎02-25-2009

Re: how do I get a High Credit Limit 5k+

As far as the credit union goes, take a couple hundred dollars and open a savings if you can.  Once any derogs fall off report and/or you've had your BofA for a few months, apply for a credit union card.  You should have no problem getting the $5K you are looking for.

 

Congrats on your BofA card.  Personally, Ilike them - more so than Chase.

Moderator Emeritus
WhirledPeasPlease
Posts: 3,418
Registered: ‎12-27-2007

Re: how do I get a High Credit Limit 5k+

After a month I went from 2k to 5k on my BofA Amex -- soft pull via online request. 

 

I'm maxed out w/ BofA tho -- my own 5k card and I'm an AU on a 25k card.  My income is roughly 50k.  My scores were mid 600s when I app'd and when I got the CLI.  A few scattered baddies on my reports -- from 2005 or earlier.

 

I keep getting offers for a BofA Business card -- what business?  LOL.

 

HSBC was my first card to go over 5k, and then Target Visa, which sits at 7k.  (Crazy weird for Target, I know.)  Cap1 also made it to 5250 awhile back.

 

You'll get there!!

~*~*~*~*~*~*~*~*~*~*~
From 700 in 2008 to 498 in 2012...
4/23/12 -- BK 13 date of filing EQ = 505
4/18/12 -- EQ 498
12/5/13 -- EQ 669
Here we go.... back on track.
Member
hopefully700soon
Posts: 13
Registered: ‎03-17-2009

Re: how do I get a High Credit Limit 5k+

ok i have to say curiosty got the best of my after getting the B of A card for $3400. I decided what to try my local credit union yesterday with not having much sucess with there online system because i found i needed a savings account to sign up for a credit card I went in to the branch.

 

Signed up for a saving account then a credit card. before the credit application went through the Rep told me they use Equifax I was like hmm ok lets do it he asked what limit i would like on the card I said 5k.

 

after a about a minute or so he said I was approved for $7500 at 10% and I should recieve my card in about 2 weeks or less.

 

after recieving and getting approved for these last 2 cards I still can't figure out why cap 1 would not raise my limit from $500. I guess Ill see once i get the letter in the mail. 

Member
hopefully700soon
Posts: 13
Registered: ‎03-17-2009

Re: how do I get a High Credit Limit 5k+

I few other notes on previous replyer I actually currently bank with wamu. I am sure once all the accounts are transfered to chase they will see  my saving account. I currently have 2k in savings and $2500 in checking. and have been with wamu for about 5 years. not sure what that will do to help

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