topic Re: How do you get approved for $100,000+ limit business credit cards and lines of credit? in Business Credit

How do you get approved for $100,000+ limit business credit cards and lines of credit?

bigpoppa1 — Sat, 04 Jun 2022 08:03:02 GMT

Re: How do you get approved for $100,000+ limit business credit cards and lines of credit?

SouthJamaica — Sat, 04 Jun 2022 11:38:06 GMT

When you find out, let me know.

Re: How do you get approved for $100,000+ limit business credit cards and lines of credit?

WayneSki — Sat, 04 Jun 2022 13:26:55 GMT

@SouthJamaica wrote:
When you find out, let me know.

Lol....this post made my day {no disrespect to the original poster}

Re: How do you get approved for $100,000+ limit business credit cards and lines of credit?

ridgebackpilot — Sat, 04 Jun 2022 16:00:00 GMT

I received a $100K SL on my Chase Ink Business Preferred card. Several of my staff are authorized users on the card, and we all travel a lot overseas, so I needed a higher limit.

Chase originally offered $50K, which wasn't sufficient and I appealed for a higher limit. We had to send them financial records for the company, a nonprofit organization with an annual budget of around $8 million.

Interestingly enough, Chase counts the $100K limit against my personal credit profile, so having the Ink Preferred card makes it nearly impossible for me to get additional personal Chase cards or CLIs on my other existing Chase cards.

Re: How do you get approved for $100,000+ limit business credit cards and lines of credit?

babygirl1256 — Sat, 04 Jun 2022 22:09:52 GMT

@ridgebackpilot Thanks for posting . . . I didn't know that Chase business cards limit counts against your personal credit profile.

Re: How do you get approved for $100,000+ limit business credit cards and lines of credit?

simplynoir — Sat, 04 Jun 2022 22:36:38 GMT

@babygirl1256 wrote:
@ridgebackpilot Thanks for posting . . . I didn't know that Chase business cards limit counts against your personal credit profile.

This is true for a lot of the banks really. Chase, AMEX, BofA, and I believe Citi take all your credit limits into consideration when extending additional credit. In fact depending on the bank you are able to reallocate limits to suit your personal and business needs with some exceptions/rules regarding transfering limits around. In cases like BofA what they sometimes do is approve your credit application and take a portion of a credit limit from a card you have with them already to accommodate your approval; this applies to credit limit increase requests as well. I think AMEX does this too

For the OP to get credit lines in the six digits you will have to demonstrate a need for the limits themselves. As @ridgebackpilot did you may need to submit documentation showing your financial needs and/or use the card heavily and ask for an increase after showing what kind of spend you're putting through it. A shortcut could be AMEX charge cards if you want to go down that route since the spending power will evolve as you use it. For example for a few years when AMEX Biz Plat was wfie's heavy hitter for her business we were able to carry a solid six digit balance without having to make a payment to free up the limit til balance was due. For LOCs it depends on your credit reports, what type of business you are running and for how long, and any collateral you may have for starters. Different factors can affect how much you can get for LOCs and what terms as well

Re: How do you get approved for $100,000+ limit business credit cards and lines of credit?

redpat — Sun, 05 Jun 2022 11:28:59 GMT

Well to get any high BLOC you really need to have a relationship with a Bank and their Commercial Lending Department. In addition, your business needs to be able to support the line that you are requesting. My biz CCs can support over $100k of purchase power and we have a $1mm LOC.

That LOC requires annual reviewed financial statements, personal financial statement, copies of business and personal tax returns and a HP on renewal. In addition to the annual requirements, monthly borrowing base certificates are required.

Banks don't hand out large LOCs or CCs like chiclets.

So my suggestion is to start a relationship with a commercial lender and tell them what your business needs are.

As simplynoir stated business credit and personal credit go along way.

Re: How do you get approved for $100,000+ limit business credit cards and lines of credit?

Nicky101 — Thu, 28 Jul 2022 05:26:21 GMT

The fastest way is for sure with Amex. Get a card and start using it and paying it off multiple times a month. I was using about $250k a month about 15 years ago. They took me from $20k up to $100k within two months. $100k was kind of a soft limit back then. Be prepared to submit bank statements. If you can't prove you need it, you won't get it.

Re: How do you get approved for $100,000+ limit business credit cards and lines of credit?

SouthJamaica — Thu, 28 Jul 2022 11:37:22 GMT

@Nicky101 wrote:
The fastest way is for sure with Amex. Get a card and start using it and paying it off multiple times a month. I was using about $250k a month about 15 years ago. They took me from $20k up to $100k within two months. $100k was kind of a soft limit back then. Be prepared to submit bank statements. If you can't prove you need it, you won't get it.

Which card was it?

Re: How do you get approved for $100,000+ limit business credit cards and lines of credit?

Citylights18 — Sun, 31 Jul 2022 17:50:39 GMT

First question on any product I'm intending to run a balance on is what percentage of the money accessed will you have to pay on? Credit cards are usually 2% of the balance. PNC business lines I believe are 1.5%. Some products out there are interest only. I have a vendor offering a great deal but looking for basically cash in a briefcase so if I could get an interest only line of credit with the idea the incoming revenues will pay the balance in full in a year's time that is better than being saddled by a higher payment.

My point here is that while banks can be talked into for massive limits you are going to have to be able to pay that back. Its not like the personal credit game where big limits are there to drive down utilization. The game seems to be get the smallest limit that will fit your needs and the lowest possible payment. Once you get north of 50k the liklihood of requiring a personal guarantee increases which I don't particualry care about in my position but at the commercial level I can see where it would be a detriment.

But anyways I would look into alternative lenders. There are programs where they give you a 50,000 dollar no cash advance fee credit card that you can use as a personal loan. But if you can get anything interest only that is the way to go. I came across this comany Brass Financial that has interest only business loans for up to 5 years starting at 7.5% APR. On 50,000 that would cost you only $250 a month with the idea that you can knock out that 50k once the revenue for it clears. 1% monthly arbitrage on 50,000 would be enough to pay for the interest only.

https://brassfinancialgroup.com/hard-money-loans/

Re: How do you get approved for $100,000+ limit business credit cards and lines of credit?

Nicky101 — Mon, 01 Aug 2022 01:02:27 GMT

@SouthJamaica wrote:
@Nicky101 wrote:
The fastest way is for sure with Amex. Get a card and start using it and paying it off multiple times a month. I was using about $250k a month about 15 years ago. They took me from $20k up to $100k within two months. $100k was kind of a soft limit back then. Be prepared to submit bank statements. If you can't prove you need it, you won't get it.
Which card was it?

It was a Platinum Amex and then I turned it into a black card after I spent $250k with them.

Re: How do you get approved for $100,000+ limit business credit cards and lines of credit?

purebulldogs — Wed, 03 Aug 2022 18:37:29 GMT

One of the big wigs at work has a 100k limit on his capital one spark business card, and 100k limit on an Amex business card. He told me capital one and Amex were the two that would give him the highest limits and wanted his business. Capital one readily allows him to charge over the limit without issue, he's owed up to 130k on it according to what he told me.

he said chase only offered 20k limit which surprised him. It wasn't enough since he spends almost 100k a month and didn't want to have to make 5 payments a month to just one card. He makes a million a year and an 800 score and chase just wouldn't budge (his words).

Re: How do you get approved for $100,000+ limit business credit cards and lines of credit?

EGMF — Fri, 05 Aug 2022 20:51:27 GMT

When you say "counts against" your personal credit- what does that mean? As in shows up on your personal credit report? Or does it mean something else. Thanks for helping me understand.

Re: How do you get approved for $100,000+ limit business credit cards and lines of credit?

ridgebackpilot — Fri, 21 Oct 2022 20:55:26 GMT

@EGMF wrote:
When you say "counts against" your personal credit- what does that mean? As in shows up on your personal credit report? Or does it mean something else. Thanks for helping me understand.

Sorry for the late response! I learned about this phenomenon after I obtained a Chase Ink Preferred card for my business with a $100K limit.

Sometime after that, I applied for another Chase personal card, I believe it was the Chase Amazon Prime card. At first they denied my application on the grounds that I'd reached my aggregate credit limit with the bank. The figure they gave me didn't make sense until it became clear Chase was counting the $100K limit on my Ink Preferred card as part of my personal credit exposure with them.

I told the CSR that holding me personally accountable for my business card limit is patently unfair. Further, I told them, if Chase was going to take my business card limit into account when issuing me new personal credit cards, then by the same logic they should count my business assets (around $140M) as personal savings, too! They quickly approved me for the Chase Amazon card with no further argument.

The moral of this story is that Chase doesn't really consider the Ink Preferred card a business card. It's issued to individuals based on business assets and spending. No, Chase doesn't report it to the credit bureaus, but it counts towards your overall credit exposure with the bank and may affect furture personal lending by the same bank.

Re: How do you get approved for $100,000+ limit business credit cards and lines of credit?

BronzeTrader — Sun, 23 Oct 2022 00:17:30 GMT

There are various kinds of business credit cards. Small buisness and corporate cards.

The small business cards could be somehow linked to personal credit. But since most business cards are not reported to credit bureau, other banks do not even see them. So other than the issuing CC bank, there is little impact.

Seriously, there is no need to get very high CL. If you really need high CL, go with Corporate card. That is linked to the business itself, not even on personal profile. There are many structures. If the corporate has solid backgrond, it stands on its own.