topic Re: How do you go from say 5k to 10k limits? in Credit Cards

How do you go from say 5k to 10k limits?

Nocturnal — Mon, 23 Mar 2015 01:31:20 GMT

My highest limit right now is the Paypal MC which is at $6000.00. I asked for $10,000.00 the last time I called but was granted a $1000.00 increase up from $5000.00. I have a Chase Freedom and Capital One Quicksilver, $5500 and then $5000 respectively. I believe my credit to debt ratio is around 20%. Fico through Discover and WalMart showing as 702.

Re: How do you go from say 5k to 10k limits?

grinlikechelsea — Mon, 23 Mar 2015 01:34:09 GMT

Just steady on time payment history and usage I would say. As long as your overall credit profile looks good, you'll be bound to have a 10,000 limit soon enough. It took me awhile to get there.

Re: How do you go from say 5k to 10k limits?

Nocturnal — Mon, 23 Mar 2015 01:35:32 GMT

@grinlikechelsea wrote:
Just steady on time payment history and usage I would say. As long as your overall credit profile looks good, you'll be bound to have a 10,000 limit soon enough. It took me awhile to get there.

Thank you, good to know!

Re: How do you go from say 5k to 10k limits?

NRB525 — Mon, 23 Mar 2015 01:37:52 GMT

Do you have an AMEX revolver yet, such as the no AF Every Day or Blue Cash ED? Regardless of initial CL, with the 3X CLI program, you will be able to get the card to $10k+ in a matter of a year, outside. Start at $1k, for example, goes to $3k in 61 days, then $9k 181 days after that. If you get $2k (not unreasonable if you have 700+ scores and already at $5k with others) then $2k - $6k - $18k. You get the idea.

Re: How do you go from say 5k to 10k limits?

csryang — Mon, 23 Mar 2015 01:39:02 GMT

@Nocturnal wrote:
My highest limit right now is the Paypal MC which is at $6000.00. I asked for $10,000.00 the last time I called but was granted a $1000.00 increase up from $5000.00. I have a Chase Freedom and Capital One Quicksilver, $5500 and then $5000 respectively. I believe my credit to debt ratio is around 20%. Fico through Discover and WalMart showing as 702.

In general, it depends on your income and overall credit profile/spending pattern etc.

And then each lender is different. Some offer periodic soft pull credit limit increase (CLI) and some dont. Cards from credit unions usually have higher CL. Amex can easily reach 10k+ from their 3X CLI method.

Re: How do you go from say 5k to 10k limits?

Nocturnal — Mon, 23 Mar 2015 01:39:47 GMT

@NRB525 wrote:
Do you have an AMEX revolver yet, such as the no AF Every Day or Blue Cash ED? Regardless of initial CL, with the 3X CLI program, you will be able to get the card to $10k+ in a matter of a year, outside. Start at $1k, for example, goes to $3k in 61 days, then $9k 181 days after that. If you get $2k (not unreasonable if you have 700+ scores and already at $5k with others) then $2k - $6k - $18k. You get the idea.

I have two of their business cards. I have the Costco business card and an Open Gold card which isn't a credit card but a charge card. I got the Costco card in December and I attempted to do the 3x CLI about 3-4 days ago and got the 7-10 mail notice.

Re: How do you go from say 5k to 10k limits?

Anonymous — Mon, 23 Mar 2015 01:43:11 GMT

Stop applying to cards and let your profile build up. After a long break from apps, your new application will be approved for a significantly bigger CL.

Re: How do you go from say 5k to 10k limits?

Anonymous — Mon, 23 Mar 2015 01:45:03 GMT

I literally applied for a Capital One QuickSilver about 20 mins ago.

I used their Pre-Qualification tool, got offered the card with 14% APR.

My credit card FICO score stands at 715.

When I filled the information it asked me about my income, and how much I would spend monthly with the credit card.

Got instantly approved with a 10k CL.

I'm sure income and score of 700+ and spending pattern will get you a 10k CL eventually.

Re: How do you go from say 5k to 10k limits?

Nocturnal — Mon, 23 Mar 2015 01:45:32 GMT

@Anonymous wrote:
Stop applying to cards and let your profile build up. After a long break from apps, your new application will be approved for a significantly bigger CL.

Back to the garden I shall go.

Re: How do you go from say 5k to 10k limits?

Nocturnal — Mon, 23 Mar 2015 01:50:24 GMT

@Anonymous wrote:
I literally applied for a Capital One QuickSilver about 20 mins ago.
I used their Pre-Qualification tool, got offered the card with 14% APR.
My credit card FICO score stands at 715.
When I filled the information it asked me about my income, and how much I would spend monthly with the credit card.
Got instantly approved with a 10k CL.
I'm sure income and score of 700+ and spending pattern will get you a 10k CL eventually.

Out of curiosity what did you put your spend amount at and what is your income? If you don't mind...

Re: How do you go from say 5k to 10k limits?

wacdenney — Mon, 23 Mar 2015 01:59:53 GMT

@Nocturnal wrote:
My highest limit right now is the Paypal MC which is at $6000.00. I asked for $10,000.00 the last time I called but was granted a $1000.00 increase up from $5000.00. I have a Chase Freedom and Capital One Quicksilver, $5500 and then $5000 respectively. I believe my credit to debt ratio is around 20%. Fico through Discover and WalMart showing as 702.

You look very similar to me. My first 10k limit came from Lowes. I've had that about 3 months now and just yesterday requested a CLI on my BofA and FIA cards and was given 9k and 10k on those. My advise would be to go for Lowes. You will get a low instant approval. Mine was for 2k. I called in immediately and asked for I think 15k and they countered with 10k. Let that stew for a few months and then go for some CLIs. That worked for me anyways.

If you are in a hurry, app for a Chase card with a minimum 5k limit like CSP. Then combine limits to get to 10k. This would work, but I would go the Lowes route instead.

Re: How do you go from say 5k to 10k limits?

Anonymous — Mon, 23 Mar 2015 02:00:09 GMT

Income is 92k. I entered that I spend 500 a month. I think some months I'll end up spending more than that on it, but that's what I put on the application.

Re: How do you go from say 5k to 10k limits?

Nocturnal — Mon, 23 Mar 2015 02:02:29 GMT

@wacdenney wrote:
@Nocturnal wrote:
My highest limit right now is the Paypal MC which is at $6000.00. I asked for $10,000.00 the last time I called but was granted a $1000.00 increase up from $5000.00. I have a Chase Freedom and Capital One Quicksilver, $5500 and then $5000 respectively. I believe my credit to debt ratio is around 20%. Fico through Discover and WalMart showing as 702.
You look very similar to me. My first 10k limit came from Lowes. I've had that about 3 months now and just yesterday requested a CLI on my BofA and FIA cards and was given 9k and 10k on those. My advise would be to go for Lowes. You will get a low instant approval. Mine was for 2k. I called in immediately and asked for I think 15k and they countered with 10k. Let that stew for a few months and then go for some CLIs. That worked for me anyways.

If you are in a hurry, app for a Chase card with a minimum 5k limit like CSP. Then combine limits to get to 10k. This would work, but I would go the Lowes route instead.

Thank you! I am not too much in a hurry. I was recently approved for a couple of new cards, Chase and Cap One but both with around $5500 and then $5000 limits. I will work the garden and try to see if I can get CLIs on these down the line, thank you though, very insightful information!

Re: How do you go from say 5k to 10k limits?

Nocturnal — Mon, 23 Mar 2015 02:05:36 GMT

@Anonymous wrote:
Income is 92k. I entered that I spend 500 a month. I think some months I'll end up spending more than that on it, but that's what I put on the application.

Thank you! I'm real close. I put 100k and 1000/monthly.

Re: How do you go from say 5k to 10k limits?

onstar — Mon, 23 Mar 2015 06:00:49 GMT

I had no one giving me a credit card (bunch of late payments; bunch of derogs; sub 600 score; unemployed).

Then I got a job, started making 100% of payments on time, reduced debts by 80% ($10K to $2K), got score up to low 600s in about 2 years.

Discover was the first to give me another credit card; $1500 CL.

Then another 2 years before I got a card with over $5K CL: Chase Southwest with $9000 CL.

Then another 9 months later, I got 3 cards with $10K+.

Keep making on time payments. Control the utilization. The higher CLs will come sooner than you think.

Re: How do you go from say 5k to 10k limits?

Anonymous — Mon, 23 Mar 2015 11:58:59 GMT

In the fall, my ED card will be the path to my first 10k limit, since I got it 3x CLIed when I got it from 2.5k to 7k, will probably not ask for 3x again, will probably just try to go from 7k to 15k, or try to 3x my new BCE from 5k to 15k

Re: How do you go from say 5k to 10k limits?

Anonymous — Mon, 23 Mar 2015 13:43:54 GMT

The fastest way to get an $10K card is to already have a $10k card.

Use credit limit increases to boost one card over $10k and then others will follow. I'll use myself as an example:

-In December of 2011 I got my WF Platinum card with a $5000 limit

-In January of 2014 I got my (now closed) Citi Simplicity with a limit of $5000

-In November of 2014 I got Citi Double Cash with a limit of $3000

-In December of 2014 I got my Discover It with a limit of $8900

-In January 2015 I asked WF to do a soft pull CLI on my Platinum Card. I asked for $15k, they countered at $10.5k, accepted.

-In February 2015 I applied for US Airways with Barclaycard, instant $10k approval

-This month I requested a soft pull CLI from Discover, increased to $11.4k

-This month I applied for Chase United Mileage Plus Explorer and got instant approval for $10.5k

When you get one $10k card, the rest follow easily. I went from having $13,000 in available credit in November to having $45,400 in available credit today.

Re: How do you go from say 5k to 10k limits?

takeshi74 — Mon, 23 Mar 2015 13:48:07 GMT

@Nocturnal wrote:
How do you go from say 5k to 10k limits?

As with all credit decisions limits are based on one's credit and income. It's not simply a matter of doing X to get $Y limit and creditors do not simply match limits. If you want higher limits then your credit needs to support the higher limit. You'd need to review your reports and look into what you need to work on.

Re: How do you go from say 5k to 10k limits?

ilovelisa — Mon, 23 Mar 2015 15:25:21 GMT

I had a capital one VentureOne card. I requested a CLI from $5000 to $10000. It was approved via their CLI button.

After you get one card at 10k, many others will soon follow.

Re: How do you go from say 5k to 10k limits?

Anonymous — Mon, 23 Mar 2015 16:39:26 GMT

How do you go from say 5k to 10k limits?