topic Re: Suggestions for increasing credit limits? in Credit Card Applications

Suggestions for increasing credit limits? Or, Cards highest initial CL?

GatorGuy — Tue, 11 May 2021 00:03:22 GMT

I regularly request a credit limit increase but recently have not seeing any increases. I am not sure if it is because my limits are maxed out for the cards I have. I would really like to grow my overall CL to over $500k. Should I keep requesting credit limit increases or would I be better off just going for new cards? Especially the Chase ones, I am not sure if I should waste a HP on a CLI or just open a card and wait a year to combine limits. My most recent scores are between 780 and 810. Any advice would be appreciated.

CSR $43k

Amazon Prime $12k

Chase Freedom $35k

Chase Freedom Unlimited $25k

CapitalOne Venture $57k

Penfed CashRewards $20k

NFCU Flagship Rewards $49k

Target RedCard $7.5k

Amex Platinum

Re: Suggestions for increasing credit limits?

Anonymous — Mon, 10 May 2021 03:35:37 GMT

New cards would be easier to increase your TCL

Re: Suggestions for increasing credit limits?

Remedios — Mon, 10 May 2021 03:46:07 GMT

@GatorGuy wrote:
I regularly request a credit limit increase but recently have not seeing any increases. I am not sure if it is because my limits are maxed out for the cards I have. I would really like to grow my overall CL to over $500k. Should I keep requesting credit limit increases or would I be better off just going for new cards? Especially the Chase ones, I am not sure if I should waste a HP on a CLI or just open a card and wait a year to combine limits. My most recent scores are between 780 and 810. Any advice would be appreciated.

CSR $43k
Amazon Prime $12k
Chase Freedom $35k
Chase Freedom Unlimited $25k
CapitalOne Venture $57k
Penfed CashRewards $20k
NFCU Flagship Rewards $49k
Target RedCard $7.5k
Amex Platinum

Chase cards, use more than 60% of your limit for several consecutive months. If that's not possible due to already high limits, that's exactly how Chase will see it. Limit on a new card will depend on many things if they are willing to extend additional credit.

Cap one, same, except they aren't going to be happy with 60%, you might need to do better than that. Also, Cap One no longer hands out limits like candy. More or less, high limits will need to be earned.

Platinum doesn't have limit per se, so I am not sure what kind of increase are you looking for. Have you encountered difficulties charging over a certain amount?

Target, whenever they feel like it. There is no other card to apply for, so it is what it is.

Penfed, you are certainly allowed to ask for HP CLI or apply for a new card. Hopefully, you're using the one you have so they are motivated to extend you additional credit.

Re: Suggestions for increasing credit limits?

FinStar — Mon, 10 May 2021 03:48:06 GMT

@GatorGuy wrote:
I regularly request a credit limit increase but recently have not seeing any increases. I am not sure if it is because my limits are maxed out for the cards I have. I would really like to grow my overall CL to over $500k. Should I keep requesting credit limit increases or would I be better off just going for new cards? Especially the Chase ones, I am not sure if I should waste a HP on a CLI or just open a card and wait a year to combine limits. My most recent scores are between 780 and 810. Any advice would be appreciated.

CSR $43k
Amazon Prime $12k
Chase Freedom $35k
Chase Freedom Unlimited $25k
CapitalOne Venture $57k
Penfed CashRewards $20k
NFCU Flagship Rewards $49k
Target RedCard $7.5k
Amex Platinum

Depending on where you are with income, Chase overall relationship/assets, and max exposure that they can allow, I can't see Chase increasing your lines anymore than what you presently have. Perhaps another Chase card might do the trick, but they can potentially carve out from your existing exposure to approve a new card.

Capital One will not grow beyond what you have on a single card. If your actual usage is around 60%-80% of the limit on a frequent basis, maybe. No guarantees though.

So, if you don't mind opening new cards, PenFed or NFCU still have some room. You can see if AmEx yields any pre-approved offers for any revolvers.

Re: Suggestions for increasing credit limits?

GatorGuy — Mon, 10 May 2021 03:53:28 GMT

@Remedios wrote:
@GatorGuy wrote:
I regularly request a credit limit increase but recently have not seeing any increases. I am not sure if it is because my limits are maxed out for the cards I have. I would really like to grow my overall CL to over $500k. Should I keep requesting credit limit increases or would I be better off just going for new cards? Especially the Chase ones, I am not sure if I should waste a HP on a CLI or just open a card and wait a year to combine limits. My most recent scores are between 780 and 810. Any advice would be appreciated.

CSR $43k
Amazon Prime $12k
Chase Freedom $35k
Chase Freedom Unlimited $25k
CapitalOne Venture $57k
Penfed CashRewards $20k
NFCU Flagship Rewards $49k
Target RedCard $7.5k
Amex Platinum

Chase cards, use more than 60% of your limit for several consecutive months. If that's not possible due to already high limits, that's exactly how Chase will see it. Limit on a new card will depend on many things if they are willing to extend additional credit.

Cap one, same, except they aren't going to be happy with 60%, you might need to do better than that. Also, Cap One no longer hands out limits like candy. More or less, high limits will need to be earned.

Platinum doesn't have limit per se, so I am not sure what kind of increase are you looking for. Have you encountered difficulties charging over a certain amount?

Target, whenever they feel like it. There is no other card to apply for, so it is what it is.

Penfed, you are certainly allowed to ask for HP CLI or apply for a new card. Hopefully, you're using the one you have so they are motivated to extend you additional credit.

Thank you for the response. Do you think I have room for much credit limit increases or would I just be better off applying for new cards?

Re: Suggestions for increasing credit limits?

GatorGuy — Mon, 10 May 2021 04:00:50 GMT

@FinStar wrote:
@GatorGuy wrote:
I regularly request a credit limit increase but recently have not seeing any increases. I am not sure if it is because my limits are maxed out for the cards I have. I would really like to grow my overall CL to over $500k. Should I keep requesting credit limit increases or would I be better off just going for new cards? Especially the Chase ones, I am not sure if I should waste a HP on a CLI or just open a card and wait a year to combine limits. My most recent scores are between 780 and 810. Any advice would be appreciated.

CSR $43k
Amazon Prime $12k
Chase Freedom $35k
Chase Freedom Unlimited $25k
CapitalOne Venture $57k
Penfed CashRewards $20k
NFCU Flagship Rewards $49k
Target RedCard $7.5k
Amex Platinum

Depending on where you are with income, Chase overall relationship/assets, and max exposure that they can allow, I can't see Chase increasing your lines anymore than what you presently have. Perhaps another Chase card might do the trick, but they can potentially carve out from your existing exposure to approve a new card.

Capital One will not grow beyond what you have on a single card. If your actual usage is around 60%-80% of the limit on a frequent basis, maybe. No guarantees though.

So, if you don't mind opening new cards, PenFed or NFCU still have some room. You can see if AmEx yields any pre-approved offers for any revolvers.

I was hestitate to use a HP on Chase CLI because I didn't want to do it and then get nothing or only a few thousand increase.

Re: Suggestions for increasing credit limits?

Remedios — Mon, 10 May 2021 04:08:50 GMT

@GatorGuy wrote:
@Remedios wrote:
@GatorGuy wrote:
I regularly request a credit limit increase but recently have not seeing any increases. I am not sure if it is because my limits are maxed out for the cards I have. I would really like to grow my overall CL to over $500k. Should I keep requesting credit limit increases or would I be better off just going for new cards? Especially the Chase ones, I am not sure if I should waste a HP on a CLI or just open a card and wait a year to combine limits. My most recent scores are between 780 and 810. Any advice would be appreciated.

CSR $43k
Amazon Prime $12k
Chase Freedom $35k
Chase Freedom Unlimited $25k
CapitalOne Venture $57k
Penfed CashRewards $20k
NFCU Flagship Rewards $49k
Target RedCard $7.5k
Amex Platinum

Chase cards, use more than 60% of your limit for several consecutive months. If that's not possible due to already high limits, that's exactly how Chase will see it. Limit on a new card will depend on many things if they are willing to extend additional credit.

Cap one, same, except they aren't going to be happy with 60%, you might need to do better than that. Also, Cap One no longer hands out limits like candy. More or less, high limits will need to be earned.

Platinum doesn't have limit per se, so I am not sure what kind of increase are you looking for. Have you encountered difficulties charging over a certain amount?

Target, whenever they feel like it. There is no other card to apply for, so it is what it is.

Penfed, you are certainly allowed to ask for HP CLI or apply for a new card. Hopefully, you're using the one you have so they are motivated to extend you additional credit.

Thank you for the response. Do you think I have room for much credit limit increases or would I just be better off applying for new cards?

Well. you dont have to answer this, but are you asking just because you think $500,000.00 is a nice number or are you using significant portion of all your limits to the point of having to make multiple payment per month?

Re: Suggestions for increasing credit limits?

GatorGuy — Mon, 10 May 2021 12:50:03 GMT

@Remedios wrote:
@GatorGuy wrote:
@Remedios wrote:
@GatorGuy wrote:
I regularly request a credit limit increase but recently have not seeing any increases. I am not sure if it is because my limits are maxed out for the cards I have. I would really like to grow my overall CL to over $500k. Should I keep requesting credit limit increases or would I be better off just going for new cards? Especially the Chase ones, I am not sure if I should waste a HP on a CLI or just open a card and wait a year to combine limits. My most recent scores are between 780 and 810. Any advice would be appreciated.

CSR $43k
Amazon Prime $12k
Chase Freedom $35k
Chase Freedom Unlimited $25k
CapitalOne Venture $57k
Penfed CashRewards $20k
NFCU Flagship Rewards $49k
Target RedCard $7.5k
Amex Platinum

Chase cards, use more than 60% of your limit for several consecutive months. If that's not possible due to already high limits, that's exactly how Chase will see it. Limit on a new card will depend on many things if they are willing to extend additional credit.

Cap one, same, except they aren't going to be happy with 60%, you might need to do better than that. Also, Cap One no longer hands out limits like candy. More or less, high limits will need to be earned.

Platinum doesn't have limit per se, so I am not sure what kind of increase are you looking for. Have you encountered difficulties charging over a certain amount?

Target, whenever they feel like it. There is no other card to apply for, so it is what it is.

Penfed, you are certainly allowed to ask for HP CLI or apply for a new card. Hopefully, you're using the one you have so they are motivated to extend you additional credit.

Thank you for the response. Do you think I have room for much credit limit increases or would I just be better off applying for new cards?
Well. you dont have to answer this, but are you asking just because you think $500,000.00 is a nice number or are you using significant portion of all your limits to the point of having to make multiple payment per month?

It would make sure that I almost never go over 10% overall utilization in a given month.

Re: Suggestions for increasing credit limits?

firefox100 — Mon, 10 May 2021 20:12:57 GMT

First what is your income, If you have not open any new credit lines or have any new inquies in the last 12 months then tri for the US bank Visa cash+ card, I have the US bank visa cash+ credit card which started out August of 2019 at limit of 14.5K and today it is at 24.5K. I also have a Altitude go visa with a credit limit of 15K, have total US bank limits of 39.5K on income of 85K, with total credit limits of 245.450K If you have open any new accounts in the last year don't apply for any US bank cards then try going for PayPal mastercard by Synchrony they can go fast , you can request cli every 3 months. good luck.

Re: Suggestions for increasing credit limits?

Remedios — Mon, 10 May 2021 20:15:19 GMT

So, if your current spend is $50,000.00 per month (based on not wanting to go over 10%), is it all personal, any business spend included and how much of that is current vs carrying balance?

Might seem intrusive, but all of it is important.

If you have business, you might want to look into business cards so that utilization isn't an issue.

If you are currently carrying balance, it might affect both new account app and CLI, so that's why I asked.

You could try for a new card with Chase, and if you aren't approaching ceiling with income, they might approve it, or approve but only via reallocation from existing accounts, making it a zero sum game.

Cap One, currently $10,000.00 approval would be a success story, but maybe it will be different for you.

Seems like Penfed and NFCU might be your best shot, depending on what your CR looks like.

Another option, go with lenders with whom you have no exposure. Might have better chance that way.

Re: Suggestions for increasing credit limits?

firefox100 — Mon, 10 May 2021 21:05:39 GMT

If you are trying to put 50K per month through credit cards justbe careful, you could be shut down, it could like money laundering. You may want to apply for business credit cards. Some business credit cards don't report to consumer credit bureaus. To get to 500K of can not be done in a day its going to take couple of years. You can get nice credit limits with Bank of America I also have 2 credit cards with BOA which total 41K and also a discover card which has a 29K limit. again good luck.

Re: Suggestions for increasing credit limits?

FinStar — Mon, 10 May 2021 21:17:27 GMT

@firefox100 wrote:
If you are trying to put 50K per month through credit cards justbe careful, you could be shut down, it could like money laundering. You may want to apply for business credit cards. Some business credit cards don't report to consumer credit bureaus. To get to 500K of can not be done in a day its going to take couple of years. You can get nice credit limits with Bank of America I also have 2 credit cards with BOA which total 41K and also a discover card which has a 29K limit. again good luck.

@firefox100- if an individual's income supports those limits, and if there is transaction and payment history established that is within the range of $50,000 per month, there should be no issues, especially if these are on the personal, non-business side. What would be the reason for the shutdown? Your implied logic makes no sense if any individual happens to be a high income earner and can support those charges. By the way, money laundering doesn't just occur in a single, large transaction. Transactions could be structured as well or done in many other forms.

Now, if this isn't the case, the lender could potentially CLD or flag/decline certain transactions (if such payment/transaction patterns are out of the norm). I've had no issues placing large transactions (single or in the aggregate) within that range in a single month on the personal side. Similar on the biz side.

Re: Suggestions for increasing credit limits?

firefox100 — Mon, 10 May 2021 22:08:06 GMT

@FinStar wrote:
@firefox100 wrote:
If you are trying to put 50K per month through credit cards justbe careful, you could be shut down, it could like money laundering. You may want to apply for business credit cards. Some business credit cards don't report to consumer credit bureaus. To get to 500K of can not be done in a day its going to take couple of years. You can get nice credit limits with Bank of America I also have 2 credit cards with BOA which total 41K and also a discover card which has a 29K limit. again good luck.
@firefox100- if an individual's income supports those limits, and if there is transaction and payment history established that is within the range of $50,000 per month, there should be no issues, especially if these are on the personal, non-business side. What would be the reason for the shutdown? Your implied logic makes no sense if any individual happens to be a high income earner and can support those charges. By the way, money laundering doesn't just occur in a single, large transaction. Transactions could be structured as well or done in many other forms.

Now, if this isn't the case, the lender could potentially CLD or flag/decline certain transactions (if such payment/transaction patterns are out of the norm). I've had no issues placing large transactions (single or in the aggregate) within that range in a single month on the personal side. Similar on the biz side.

Ok I some one who I know about teen years ago had retired and sold ther business for over 700K and had the proceeds sitting in checking and CD's at Chase. One hand does not know what other is doing. This person and wife took a 3 month trip through europe and was spending 25K per month through a chase credit card which hhad credit limit of 30K and they making couple payments per month from ther Chase checking account. They wher at dinner when ther charge would not go through. Ther credit card was closed down. It was very messy legal situation the end result they don't bank with Chase any more. Chase shuts down don't ask questions ther banker who knew them could not undue closing of ther credit card. They had relationship with said bank for over 25 years. Ther mistake was not calling the credit card side of bank and saying we are taking world trip, they thought because ther banker knew it would be all right.

Cards highest initial CL

GatorGuy — Mon, 10 May 2021 23:48:52 GMT

I am looking to increase my overall credit limit and was recommended that applying for new cards will likely yield quicker results than CLIs. What cards that you have applied for have given you the highest initial limits?

I already have the following:

CSR $43k

Amazon Prime $12k

Chase Freedom $35k

Chase Freedom Unlimited $25k

CapitalOne Venture $57k

Penfed CashRewards $20k

NFCU Flagship Rewards $49k

Target RedCard $7.5k

Amex Platinum

Re: Cards highest initial CL

firefox100 — Tue, 11 May 2021 00:46:02 GMT

Here are the credit cards that I hold, Discover card 29K started out with cl of 9K in June of 2016, Bank of America mastercard 25K started out with cl of 8K in july of 2017, Bank of america Visa cash rewards card limit 16K open last month of this year. Wallmart mastercard 19K capital one started out with credit limit of 6K as Synchrony card in august 2015. I have 18 cards with total cl of 245.450 K. I do have Blispay card which can not be used but showing open. Next year I plan to apply for couple of new cards Paypal mastercard and the US connect card. Make note that US bank does not like more then one new card in the past 12 months.

Re: Cards highest initial CL

M_Smart007 — Tue, 11 May 2021 19:13:16 GMT

@firefox100 wrote:

. Make note that US bank does not like more then one new card in the past 12 months.

I totally blew that outta the water.

#OutlierClub

Re: Cards highest initial CL

Anonymous — Tue, 11 May 2021 20:05:03 GMT

@GatorGuy wrote:
I am looking to increase my overall credit limit and was recommended that applying for new cards will likely yield quicker results than CLIs. What cards that you have applied for have given you the highest initial limits?

I already have the following:
CSR $43k
Amazon Prime $12k
Chase Freedom $35k
Chase Freedom Unlimited $25k
CapitalOne Venture $57k
Penfed CashRewards $20k
NFCU Flagship Rewards $49k
Target RedCard $7.5k
Amex Platinum

Anyone answering this will only be providing information for entertainment purposes, as everybody's profile is unique, and one person's results will in no way imply similar results for anyone else. This is why others have asked for more details on your finances that so far have not been provided. Without knowing the basics of what you're working with, anything we say is pure speculation, and if you add $3 to the value of that speculation you can get a $3 cup of coffee.

Re: Suggestions for increasing credit limits? Or, Cards highest initial CL?

babygirl1256 — Wed, 12 May 2021 00:41:05 GMT

@GatorGuy Wow, your limits are significantly high already and you stated, ". . . my limits are maxed out for the cards I have . . ." so if it was me; I'd start to pay down the current card balances before requesting any CLIs and certainly before applying for any new credit; that's just my little opinion. I would love to have your current credit limits!

Re: Suggestions for increasing credit limits?

GatorGuy — Wed, 12 May 2021 02:01:55 GMT

@Remedios wrote:
So, if your current spend is $50,000.00 per month (based on not wanting to go over 10%), is it all personal, any business spend included and how much of that is current vs carrying balance?
Might seem intrusive, but all of it is important.
If you have business, you might want to look into business cards so that utilization isn't an issue.
If you are currently carrying balance, it might affect both new account app and CLI, so that's why I asked.

You could try for a new card with Chase, and if you aren't approaching ceiling with income, they might approve it, or approve but only via reallocation from existing accounts, making it a zero sum game.
Cap One, currently $10,000.00 approval would be a success story, but maybe it will be different for you.

Seems like Penfed and NFCU might be your best shot, depending on what your CR looks like.

Another option, go with lenders with whom you have no exposure. Might have better chance that way.

I don't carry a balance on any credit card. I do have a credit line with Sleep Number which shows a balance. I don't spend $50k every month but that is the most that I spend. It is all technically consumer spending. The Amex platnium was opened 4 months ago. Other than that, approximately 8 months ago I had a HP from the SBA. My income is top one percent.

Right now, I think my first step will be to get AOD since I like the 3% although their CLs aren't that large. Followed by NFCU since they gave my largest initial CL. After that I might go for something with Citi since I have no cards with them like you mentioned.

Re: Cards highest initial CL

designated_knitter — Wed, 12 May 2021 13:48:42 GMT

@GatorGuy wrote:
I am looking to increase my overall credit limit and was recommended that applying for new cards will likely yield quicker results than CLIs. What cards that you have applied for have given you the highest initial limits?

I already have the following:
CSR $43k
Amazon Prime $12k
Chase Freedom $35k
Chase Freedom Unlimited $25k
CapitalOne Venture $57k
Penfed CashRewards $20k
NFCU Flagship Rewards $49k
Target RedCard $7.5k
Amex Platinum

Bear in mind NFCU only likes to see 80K total exposure. So you have 31K left... Assuming you got approved for a second card at the max, that would be 25K so would be bumping up against that.

I might try for another Penfed card as well.

Someone can correct me if I'm wrong but I believe a Personal Line of Credit would count as a "revolving account" so that might work for utilzation.

That said, I can't believe I'm even answering this since something just seems "off" with this thread. If, as you say, you put through 50K / month in consumer spending and then PIF each month, then why do you care about utilization and the magic number of 500K?