topic Re: Need Some Card Options With High Limits in Credit Cards

Need Some Card Options With High Limits

daudi81 — Tue, 03 May 2016 19:26:57 GMT

Looking for some options for cards with high limits. Due to how my business is structured, and the delay between my expenditures and when I get my invoices filled, I need some credit with high limits so that I can keep things running. I usually pay my credit cards off every month (or every other month depending on when my invoices from the previous few months get filled).

The cards don't necessarily have to be business cards, they can be personal. It doesn't matter. I don't really have business credit anyway (that I know of).

My FICO 8 scores are ~740-770 depending on the bureau.

Income after expenses & taxes is ~$600k / year.

I have the chase sapphire preferred that I got a few years ago, with a $16k limit (credit and income was not as good as it is now), I'm planning on asking for an increase, but I doubt it's going to do much good - I have a feeling that card doesn't go much higher. I also have a few extra cards with small limits from when I was in college - and haven't really asked for credit limit increases. They are all in the $1000 - $5000 limit range - which doesn't even dent my expenditures. I'm used to paying cash for everything, so I haven't really needed credit cards until now.

I'd like to get some business credit card(s) - but I don't really have an established business credit (which I am kicking myself for not working on when I first started my business). So personal cards with high limits are fine as well.

Re: Need Some Card Options With High Limits

redpat — Tue, 03 May 2016 19:47:29 GMT

I would suggest that you get a line of credit with who you do your business banking with. This is the most cost effective way to provide working capital while waiting for receivables to come in. You should be able to get a LOC a prime plus one or lower.

Re: Need Some Card Options With High Limits

Anonymous — Tue, 03 May 2016 19:54:32 GMT

Have you considered a credit union or several credit unions? My highest credit line is with NASAFCU. Good luck with whatever you decide. (Edited to add this.) Credit Unions also offer PLOC's.

Re: Need Some Card Options With High Limits

CreditMagic7 — Tue, 03 May 2016 19:55:01 GMT

@Anonymous wrote:
Have you considered a credit union or several credit unions? My highest credit line is with NASAFCU. Good luck with whatever you decide. (Edited to add this.) Credit Unions also offer PLOC's.

Credit Unions

Re: Need Some Card Options With High Limits

redpat — Tue, 03 May 2016 20:00:59 GMT

@Anonymous wrote:
Have you considered a credit union or several credit unions? My highest credit line is with NASAFCU. Good luck with whatever you decide. (Edited to add this.) Credit Unions also offer PLOC's.

I would start with your business banking relationship since you have some history with them already. Ask them to speak to someone if commerical lending, this will also start giving you a business credit history.

Re: Need Some Card Options With High Limits

Anonymous — Tue, 03 May 2016 20:03:03 GMT

Your CSP can definitely go higher than 16k, especially with your income, so asking for a CLI is probably a good idea.

For business credit, you could go with any of Amex's business charge cards (whichever fits your needs best) - those don't have a pre-set credit limit so they should work with your higher spend, but they do need to be PIF every month. If you would prefer a revolver, their Simply Cash Plus is a decent card, and easy to get with no business credit. Chase's Ink cards could be an option as well.

For personal cards, you should be able to get decent limits with just about any lender with your income and credit scores. Discover, Amex, BOA, Capital One, Citi, etc.

Re: Need Some Card Options With High Limits

Bman70 — Tue, 03 May 2016 21:05:35 GMT

Some of the Capital One cards tend to give out high starting limits. And fairly quick increases. Their Spark Business (I think) and Venture cards seem to give out ~$30k lines on opening to the right profiles. If you're putting a lot through it on everyday spend, maybe a 1.5 or 2% uncapped rewards would be best.

Re: Need Some Card Options With High Limits

daudi81 — Wed, 04 May 2016 18:30:55 GMT

Thanks for the responses. Couple quick questions that may or may not seem obvious:

If I apply to a few of these creditors, is that going to look pretty bad on my credit?

Do you guys have any recommendations on credit unions - or just find someone locally?

Thanks!

Re: Need Some Card Options With High Limits

baller4life — Wed, 04 May 2016 19:17:34 GMT

One word. Penfed.

ETA: I lied. I would also suggest Amex SimplyCash. They don't care about business credit. It's based off your personal credit. And I agree that you would be a great candidate for NASA Federal Credit Union.

Re: Need Some Card Options With High Limits

Anonymous — Wed, 04 May 2016 19:25:14 GMT

@daudi81 wrote:
Thanks for the responses. Couple quick questions that may or may not seem obvious:

If I apply to a few of these creditors, is that going to look pretty bad on my credit?

Do you guys have any recommendations on credit unions - or just find someone locally?

Thanks!

As long as you don't go wild applying for cards; I think even applying for 5-6 cards you should be fine (as long as you don't make a habit of it). Your score will take a small hit from the inquiries, but it's only temporary. Most business cards will check your personal credit reports to make a decision, but will not report the cards to your personal credit reports, they will be reported on your business credit reports only (except for Capital One, I believe they do report to personal)

As far as credit unions, I would take baller4life's advice and look at PenFed credit union. They are known for high credit limits, and I believe they have business cards as well.

Re: Need Some Card Options With High Limits

Anonymous — Wed, 04 May 2016 19:36:28 GMT

If these are business related charges then you should specifically look at business cards. It's not an issue that you haven't established business credit as the vast majority of business cards are gong to rely solely on your personal credit. It is not very difficult to get approved for business cards from Amex, Citi or even Chase. You can apply solely as a sole proprietor using your SSN or under whatever business structure you might have. If you have that much business income then you should be able to get fairly high limits with the business cards. Additionally I would refrain from putting business charges on personal credit cards as that can cause Robles with certain creditors.

Re: Need Some Card Options With High Limits

daudi81 — Wed, 04 May 2016 21:30:23 GMT

Just curious as to Which Fico model do most of these credit union type places pull from?

I know that most credit cards use FICO 8 (or something similar), and my scores are pretty high in that area (~750, maybe higher). My mortgage score is lower, that's sitting in the low-to-mid 700's (715-720 most likely). I have no idea why it's lower, I've never missed any mortgage payments.

Just curious.

Re: Need Some Card Options With High Limits

baller4life — Wed, 04 May 2016 21:59:04 GMT

Penfed will pull EQ. They use a Nextgen score used exclusively by them. NASA will pull EX. I agree with Irish that if you will be soley using these for your business, you should look into business cards like Amex SimplyCash, Chase Ink.