topic Re: First goal .. 100k in credit in Credit Cards

First goal .. 100k in credit

Anonymous — Thu, 02 Jun 2016 19:07:47 GMT

One of my financial goals is to obtain as much available credit as I can. I currently have around 25k. I had a 450 score about a year ago. I'm now flucuating around 675-700.

I'm looking for suggestions on proper methods to build and increase credit limits or how long I should wait until I apply for new cards.

Re: First goal .. 100k in credit

DoroLucky — Thu, 02 Jun 2016 19:11:43 GMT

Congrats on the new scores and good luck!! Impressive!!
I have no doubt you'll get to $100K in no time. Took me a little over a year to get there starting with less than $5K in total credit.

Re: First goal .. 100k in credit

Anonymous — Thu, 02 Jun 2016 19:20:03 GMT

Congrats on your scores and your cl's!!! That was my first goal also. I used the app's in 6 month cycles. Now that I surpassed my goal of 300k, I'm cancelling some of the cards that I don't use much or really want. And am out to a 1 yr process instead of 6 mos. for any new app. And those apps are far and few right now. You'll get to that point and your scores and cl's will be most important. You will have great scores and great cl's with less cc's.

Re: First goal .. 100k in credit

Anonymous — Thu, 02 Jun 2016 19:28:37 GMT

so you've gone through what I want to do. you're suggesting every 6 months I should look for new cards to apply for? how often do cards with low limits ever increase to higher limits?

can you suggest any cards that start offering higher limits for someone like me?

Re: First goal .. 100k in credit

Anonymous — Thu, 02 Jun 2016 19:31:13 GMT

and how do you guys put the credit card images in your signature? thanks!

Re: First goal .. 100k in credit

wasCB14 — Thu, 02 Jun 2016 19:46:58 GMT

You already have a few decent cards. My advice is to focus on cards with rewards/perks you really want (and plan to keep), and just let the CLs grow with time.

I'm under $100k in total credit, but my oldest accounts include the frequently-useful Freedom, Sallie, and It. They serve as a foundation to my history, and AAoA "ballast" to support my bonus hunting.

Re: First goal .. 100k in credit

Anonymous — Thu, 02 Jun 2016 19:47:06 GMT

I liked eveyr 6 months since most new accts age after 6 months. You should check on the cards that would suit you. I know many on here go after certain cards like mad when they are the "it" card for the moment. I can say that I really wanted the Amex Plat for 100k but couldn't do another app because I just finished with almost the last ot them. Research and research what you like and need. Make sure your score can support the app and remember Chase with the 5/24 right now. I did get shot down for that last year when that just started for the CSP. That's why I'm waiting a yr to app for it again. I suggest not many store cards other than the ones you know you'll use and for promo deals. And Comenity is right up there. They also carry the Sportsmand Guide and Total Rewards Visa which give out excellent clis every 6 months. They are great for extra padding when you are purchasing something on one of your prime cc's. Citi is about the slowest. Cap One is probably the best with higher starting limits and asking for cli's. Also Amex is great with their 3X cli's. First in 61 days and again in 6 mos. Also both are SP's. Work your way up and keep asking for those cli's with sp's as much as you think is necessary. BOA will raise your limit if you call and speak with a credit analyst but it will cost you a HP. Discover is also great for cli's often and also a SP. I would hit that button every month until you find out how often they will give you a cli. I went from 5.5k to 25k in 17 months. Chase I have stayed away from since they have already given me alot of $$$. Cap One did the same so I don't ask much from them right now. But will keep going with Discover, Citi, Amex and my Comenity cards. If you can combine those 2 Cap One's and use the oldest AAOA to combine to. Then you will have the option to try again for a Venture or 2 and get those higher sl's. Hope this helps.

Re: First goal .. 100k in credit

Anonymous — Thu, 02 Jun 2016 19:48:50 GMT

I wish I could help with this but I can't even get my fico scores from the board up here! And I'm a photog.

Re: First goal .. 100k in credit

Anonymous — Thu, 02 Jun 2016 19:54:40 GMT

@Anonymous wrote:
and how do you guys put the credit card images in your signature? thanks!

See this thread: http://ficoforums.myfico.com/t5/SmorgasBoard/THIS-IS-HOW-YOU-ADD-CREDIT-CARD-PICS-TO-YOUR-PROFILE/td-p/2262839

Re: First goal .. 100k in credit

Anonymous — Thu, 02 Jun 2016 19:58:15 GMT

You know I tried this all last night and gave up! Hope OP has better luck.

Re: First goal .. 100k in credit

Anonymous — Thu, 02 Jun 2016 20:03:32 GMT

Congrats on your scores and best of luck for the century goal....

I just hit 50K mark last month and my FICO is around 695... with discipline and proper credit management, it is possible !

Re: First goal .. 100k in credit

redpat — Thu, 02 Jun 2016 20:29:12 GMT

I hate to be the party pooper here, but why as much credit you can get?

Is that just because that's a number you want or is there a need?

Having 100k CL doesn't mean you can have util of 25% lets say and be ok. Also, having a high CL doesn't mean you can use it, it may look good to you, but having the ability to pay and income is a major factor.

I would suggest setting your goals on CCs that you really want based on your spend patterns rather than purely on CL.

To each there own as many say in these forums but slow and steady is the best way to go and getting the cards you really want can be more rewarding than CL goals.

Re: First goal .. 100k in credit

Anonymous — Thu, 02 Jun 2016 20:32:50 GMT

I want high, available credit as a backup plan for the future if something happens to my career. other than that, i have no reason to have available credit. i carry no balances on my cards and use cash to pay for everything.

Re: First goal .. 100k in credit

redpat — Thu, 02 Jun 2016 20:43:07 GMT

@Anonymous wrote:
I want high, available credit as a backup plan for the future if something happens to my career. other than that, i have no reason to have available credit. i carry no balances on my cards and use cash to pay for everything.

Unfortunately that plan can lead to bankruptcy and AA. IMO have a better plan, for starters savings and have a goal of putting at least six months of living expenses aside and build from there.

Why do you use cash to pay for everthing? Use your cards for rewards and PIF on or before the due date. Your chances of getting CLI are slim to none if you don't show usage.

Re: First goal .. 100k in credit

Bman70 — Thu, 02 Jun 2016 20:50:27 GMT

OP, when's the last time you tried the Capital One "luv" (credit line increase) button? It's free and doesn't cost you a hard pull.

Re: First goal .. 100k in credit

redpat — Thu, 02 Jun 2016 20:54:02 GMT

OP BTW, close credit one!

Re: First goal .. 100k in credit

Anonymous — Thu, 02 Jun 2016 22:11:36 GMT

Every bank is only going to extend a max amount of credit before giving you some tax forms to fill out. So you may want to choose your cards wisely, and go one card per bank. So you don't end up with multiple smaller limit cards like me and my chase and amex cards.

I hit 100k recently. It was a nice secure goal to acheive.

Re: First goal .. 100k in credit

Anonymous — Thu, 02 Jun 2016 22:50:32 GMT

+1 for redpat. Meant to quote it.

Reread his post. Let it sink in. Thinking that credit can/should replace income is a problem.

You need a plan.

Apping for cards without a purpose, not knowing how to grow them and and trying to rush the process will make your progress more difficult IMO. Good luck!

Re: First goal .. 100k in credit

Anonymous — Thu, 02 Jun 2016 22:34:45 GMT

$100K is also a goal of mine. Not too far away, but not there yet.

Re: First goal .. 100k in credit

CYBERSAM — Thu, 02 Jun 2016 22:49:12 GMT

@Anonymous wrote:
and how do you guys put the credit card images in your signature? thanks!

New users can't display signature, you need to be active for little bit.

Also great job on rebuilding.

I can see 100K CL would be a nice milestone, same as 700+ or 800+ Fico score!

However I prefer to have higher limit on handful of CCs rather then having 50 CC with low limit to get to 100K