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whats your credit limit?

Valued Contributor

Re: whats your credit limit?


CS800 wrote:

I think Bibro is the only one in the $100K CL on one card...baller status. Smiley Happy


I think there are a couple of others floating around on this forum. A $50k-$100k CL is actually probably "standard" for the Palladium card; my friend has a $250k limit on his for example.

TU FICO: 800 (2/1/14) | CK Score: 802 (2/1/14) | CS Score: 805 (2/1/14)

J.P. Morgan Palladium ($250k) | AmEx Platinum (NPSL) | AmEx SPG Personal/Business ($50k/$50k) | Citi Executive AAdvantage WEMC ($50k) | Citi Dividend WEMC ($50k) | Chase Sapphire Preferred VS ($50k) | Chase Ink Bold WEMC ($50k Flex) | Chase Ink Plus WEMC ($25k) | Chase Freedom VS ($25k) | Chase Freedom WMC ($25k) | Chase MileagePlus Explorer ($25k) | Chase Southwest RR Plus Business/Personal ($15k/$15k) | Barclays US Airways ($25k) | Barclays Hawaiian Airlines ($25k) | BofA Alaska Airlines ($10k) | Lexus Financial Services ($30k) | Mercedes-Benz Financial Services ($50k)
Message 21 of 27
Valued Contributor

Re: whats your credit limit?


GatorGuy wrote:

bribro wrote:

jamesdwi wrote:

They exist, but more likely someone with that high of a limit has a signature card that will allow the holder to exceed the limit knowing that anything in excess of the CL wil be due on the next statement. JP Morgan chase allows holders to exceed the CL by 300%.  Chase Black cards holders can arrange speical lines of credit to be attached to the card. Same with AMEX Centurion cards. With out even going to those elite cards, AMEX Platinum card holders can have internal limits of 100k or more if they have a long history with AMEX or a high income or Assets.

 

 


A couple of corrections. J.P. Morgan Palladium card holders can exceed their CL by at least 200%, not 300%. J.P. Morgan Select card holders can exceed their CL by at least 100%. Also, there is no Chase "black card" - what you're describing ("special lines of credit to be attached to the card") sounds like something Morgan Stanley and UBS offer to their private banking customers. J.P. Morgan can do something like that as well with their Palladium card where there is essentially a condition to hold investment assets as collateral, kind of like a rich person's secured card.


Do you really have to have $25 million with JP? $100k seems kind of low when you basically securing that low of a CL with 250x that. What specifically do you like about having the card?

 

Thanks bribro for educating us!


The minimum for a J.P. Morgan Private Bank UHNW account is $25 million AUM. The tier below that, J.P. Morgan Private Bank HNW (previously called J.P. Morgan Private Wealth Management), is for $5mm-$25mm accounts. There is also J.P. Morgan Securities, which is almost like an independent RIA nestled within JPM; they don't have hard limits like the PB, but you typically need at least $5mm to open an account.

 

JPM doesn't hold your entire investment portfolio as collateral for your Palladium credit line, it's pretty much 1:1 and it's only for people that can't qualify for the credit limit they want using "traditional" underwriting methods (i.e. UW largely based upon credit score and income). For example, let's say JPM gets a new client with $100mm in the bank. He's paid for everything with cash his entire life, so he has an extremely thin credit profile and cannot get approved for a Palladium card the "normal" way. His banker can set aside $100,000 of his $100,000,000 asset base as collateral in order to secure a credit limit.

I like the Palladium card for the EMV chip, hotel benefits (free upgrades), United Club access (unadvertised benefit), Lounge Club premium access, the J.P. Morgan concierge, and outstanding customer service. No cash advance fees are nice too, in case I don't want to carry my JPM debit card with me when traveling.

TU FICO: 800 (2/1/14) | CK Score: 802 (2/1/14) | CS Score: 805 (2/1/14)

J.P. Morgan Palladium ($250k) | AmEx Platinum (NPSL) | AmEx SPG Personal/Business ($50k/$50k) | Citi Executive AAdvantage WEMC ($50k) | Citi Dividend WEMC ($50k) | Chase Sapphire Preferred VS ($50k) | Chase Ink Bold WEMC ($50k Flex) | Chase Ink Plus WEMC ($25k) | Chase Freedom VS ($25k) | Chase Freedom WMC ($25k) | Chase MileagePlus Explorer ($25k) | Chase Southwest RR Plus Business/Personal ($15k/$15k) | Barclays US Airways ($25k) | Barclays Hawaiian Airlines ($25k) | BofA Alaska Airlines ($10k) | Lexus Financial Services ($30k) | Mercedes-Benz Financial Services ($50k)
Message 22 of 27
Contributor

Re: whats your credit limit?

can you tell us when did you get those cards and palladium?how did you do this?i have a fair credit but my income is 40000 a year.me and my wife owe too much for credit cards.I m AU for most of them and i have my own cards too.i have been paying on time and never missed the payments.my score arround 620-630 and i want to remove myself from her cards and convert my cards to prime cards.i have subprime cards.what do you recomend for me?

Message 23 of 27
Valued Contributor

Re: whats your credit limit?


murat wrote:

can you tell us when did you get those cards and palladium?how did you do this?i have a fair credit but my income is 40000 a year.me and my wife owe too much for credit cards.I m AU for most of them and i have my own cards too.i have been paying on time and never missed the payments.my score arround 620-630 and i want to remove myself from her cards and convert my cards to prime cards.i have subprime cards.what do you recomend for me?


Freedom Visa: 3/2012

CSP Visa (PCed to Freedom MC): 3/2012

Palladium: 3/2012

Ink Bold: 11/2012

United MP: 3/2013

CSP MC: 6/2013

Ink Plus: 6/2013

 

I have good income, good credit, and a JPM Private Banking relationship, the combination of which certainly helped me get approved for all of these.

 

I would recommend doing whatever it takes to pay down your credit card debt (duh), starting with the highest interest rate ones first. Some people recommend paying the small balance cards down first, but that's largely for psychological reasons. Logically, you  should pay down the debt that is costing you the most money first.

TU FICO: 800 (2/1/14) | CK Score: 802 (2/1/14) | CS Score: 805 (2/1/14)

J.P. Morgan Palladium ($250k) | AmEx Platinum (NPSL) | AmEx SPG Personal/Business ($50k/$50k) | Citi Executive AAdvantage WEMC ($50k) | Citi Dividend WEMC ($50k) | Chase Sapphire Preferred VS ($50k) | Chase Ink Bold WEMC ($50k Flex) | Chase Ink Plus WEMC ($25k) | Chase Freedom VS ($25k) | Chase Freedom WMC ($25k) | Chase MileagePlus Explorer ($25k) | Chase Southwest RR Plus Business/Personal ($15k/$15k) | Barclays US Airways ($25k) | Barclays Hawaiian Airlines ($25k) | BofA Alaska Airlines ($10k) | Lexus Financial Services ($30k) | Mercedes-Benz Financial Services ($50k)
Message 24 of 27
Super Contributor

Re: whats your credit limit?

+1 to what bibro said.

Work on paying down your debt first. Once you get to around 20-30% utilization, you can try getting a BT card. Getting a BT card now with high utilization reporting is going to end up with a 500CL card even if you are approved.

Utilization alone can account for a 100-120 point difference for my case. When I was at 97% utilization, my CS was around 650, as opposed to 780approx when my utilization went down to 0%.
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 25 of 27
Super Contributor

Re: whats your credit limit?


bribro wrote:

murat wrote:

can you tell us when did you get those cards and palladium?how did you do this?i have a fair credit but my income is 40000 a year.me and my wife owe too much for credit cards.I m AU for most of them and i have my own cards too.i have been paying on time and never missed the payments.my score arround 620-630 and i want to remove myself from her cards and convert my cards to prime cards.i have subprime cards.what do you recomend for me?


Freedom Visa: 3/2012

CSP Visa (PCed to Freedom MC): 3/2012

Palladium: 3/2012

Ink Bold: 11/2012

United MP: 3/2013

CSP MC: 6/2013

Ink Plus: 6/2013

 

I have good income, good credit, and a JPM Private Banking relationship, the combination of which certainly helped me get approved for all of these.

 

I would recommend doing whatever it takes to pay down your credit card debt (duh), starting with the highest interest rate ones first. Some people recommend paying the small balance cards down first, but that's largely for psychological reasons. Logically, you  should pay down the debt that is costing you the most money first.


+2

 

Keep util low. Even if you have a big credit limit available. That's one thing I was told when I got my Freedom PC to the CSP. I had the Palladium way before the CSP. I like the hidden tradeline.




Message 26 of 27
Contributor

Re: whats your credit limit?

my utilit is % 70 right now with my wife.it is going to take too long and i have 20 inq on each one.

Message 27 of 27