topic Re: how do I get a High Credit Limit 5k+ in Credit Cards

how do I get a High Credit Limit 5k+

Anonymous — Tue, 17 Mar 2009 14:07:57 GMT

Ok here is the deal I would like to geta 5k+ credit card just for emergencys and what not I currently know my Eq credit score is 692, I am not sure what my others areI currently have 4 credit cards with $0 balance and had all them for about 4 years now. here are the limits

Chase Limit $300 Balance $0

Capt 1 Limit $500 Balance $0

Circuit City Limite $1400 Balance $0 <- this will never be used again out of business hehe

Best buy Limit $1500 balance $0

now these were all recent paid off and are showing the $0 balance on my credit report my EQ report says my history is to short about 5 years. so I think that would be the only reason I would be declined. I recently called Capt 1 back door number to get a credit limit increase and I was declined not sure why yet...

Does anyone know where I can get a 5k+ credit limit Visa or Mastercard easliy with my credit ??

One other thing to add I have never been late on any of my bills mortgage , car loan or credit cards ...

Message Edited by hopefully700soon on 03-17-2009 07:07 AM

Re: how do I get a High Credit Limit 5k+

moondog7324 — Tue, 17 Mar 2009 14:10:07 GMT

Kays Jewelers- but I doubt that in an emergency you'll want to spend 5Gs in jewelery. It's tough in this economy- even people taht have had perfect high cards for years are finding them being slashed.

Re: how do I get a High Credit Limit 5k+

moondog7324 — Tue, 17 Mar 2009 14:19:58 GMT

Sometimes I think its better to wait for them to come to you. With your short history every new card is going to kill you AAoA. Can that circuit city card be turned into a regular card? Is it a store card or a Visa?

I was getting tons of junk offers, I ignored them all until out of the blue I got a pre-approval for a Chase Paltinum- I applied, and got a $4000 card. Funny thing is a month later I applied for a Amzaon/Chase card to get a 30 discount on an Amazon.com purchase and was denied. I actually called re-con and had them apply 1000 of the Plat credit line to an Amzaon card. Not the smartest move. So now I have the 3000 Chase Plat and a 1000 Amazon/Chase.

Message Edited by moondog7324 on 03-17-2009 07:19 AM

Re: how do I get a High Credit Limit 5k+

PayingTheBills — Tue, 17 Mar 2009 14:21:30 GMT

I thought Circuit City cards could be converted into something else now that they were going out of business?

Circuit City cards are underwritten by Chase Bank, so maybe you could convert to a Chase Freedom card or something similar?

Re: how do I get a High Credit Limit 5k+

Anonymous — Tue, 17 Mar 2009 14:41:56 GMT

I have asked chase to combine my 2 cards my circuit city and my chase and they said they acan't do but this was the front line maybe I could call a backdoor number ? what do you guys think what number should I call ?

Re: how do I get a High Credit Limit 5k+

PayingTheBills — Tue, 17 Mar 2009 14:50:44 GMT

Chase: 877-781-3109 (combining & product change)

I haven't called anything but backdoor numbers since finding this site.

Re: how do I get a High Credit Limit 5k+

score_building — Tue, 17 Mar 2009 14:53:56 GMT

perhaps go with a product change 1st. then you should be able to combine.

Re: how do I get a High Credit Limit 5k+

Anonymous — Tue, 17 Mar 2009 15:01:34 GMT

Try going to a credit union. Given your current credit lines, and short history, coupled with the current state of the financial sector, you might meet with frustration from the big banks. Or, you could score a higher limit card, and find it slashed before an applicable emergency arises. Banks are quickly cutting for lack of usage as much as declining credit profiles.

Credit Unions seem to be much better positioned financially, in spite of these troubled times. They want to lend money, and they don't have all of the constraints of the same constraints as the big banks. Further, they seem to be much more tolerant of low usage over time (of course, YMMV). In other words, I think you stand a better chance of getting a higher credit line to use with less frequency than you'd be compelled to use from a big bank, because the big bank would cut or close you for lack of use, or not using enough of your credit line.

Re: how do I get a High Credit Limit 5k+

Anonymous — Tue, 17 Mar 2009 16:15:50 GMT

I'd try a credit union or Bank of America. My first high limit was with Chase ($16K Amazon/Chase a few years ago), but given today's economy, I doubt they offer a $15+K initial CL any longer. Bank of America was the easiest card (with most auto CLI's) I've ever had.

You might also consider Discover Card or Nordstrom Visa as they are their own banks (which tends to be easier in my mind) and not as troubled or needing bailout funds.

Initially, I got a Nordstrom Visa with a $10K line with a 720 score.

Message Edited by prettykitty on 03-17-2009 09:15 AM

Re: how do I get a High Credit Limit 5k+

Anonymous — Tue, 17 Mar 2009 16:50:38 GMT

do you think I should try a big credit union we have BECU ( boeing credit union) over here its decent size. or do you think its better to go with a slight small credit union ? . I am just trying to research all before doing a inquire you know.

Re: how do I get a High Credit Limit 5k+

score_building — Tue, 17 Mar 2009 17:04:20 GMT

@Anonymous wrote:
do you think I should try a big credit union we have BECU ( boeing credit union) over here its decent size. or do you think its better to go with a slight small credit union ? . I am just trying to research all before doing a inquire you know.

either one will likely serve your needs well so in that sense it doesn't matter too much. the larger more established (major) ones tend to be ultra conserv and more difficult to get in. if you have a short history any recent baddies, low income etc. you may want to start small and app a major CU later down the road when your credit profile is stronger/ better established.

Re: how do I get a High Credit Limit 5k+

CreditAble — Tue, 17 Mar 2009 17:12:07 GMT

@Anonymous wrote:
Ok here is the deal I would like to geta 5k+ credit card just for emergencies and what not I currently know my Eq credit score is 692, I am not sure what my others areI currently have 4 credit cards with $0 balance and had all them for about 4 years now. here are the limits

Chase Limit $300 Balance $0
Capt 1 Limit $500 Balance $0
Circuit City Limite $1400 Balance $0 <- this will never be used again out of business hehe
Best buy Limit $1500 balance $0

now these were all recent paid off and are showing the $0 balance on my credit report my EQ report says my history is to short about 5 years. so I think that would be the only reason I would be declined. I recently called Capt 1 back door number to get a credit limit increase and I was declined not sure why yet...

Does anyone know where I can get a 5k+ credit limit Visa or Mastercard easily with my credit ??

One other thing to add I have never been late on any of my bills mortgage , car loan or credit cards ...

I doubt that you will get a $5,000 limit card over night in this current credit climate. I am thinking that you might be able to get a new Bank of America card, possibly with a $1,000 credit limit. Chase is your only prime bank (not store) card. Normally I would recommend to ask for a credit limit increase from Chase before trying for higher limits from new cards. Unfortunately Chase would do a hard pull for a CLI request. Since Chase would pull hard, it is usually advisable to apply for another Chase card instead. You however already have another Chase issued card (Circuit City). It is therefore best to obtain a new card from a bank that actively competes with Chase by giving higher limits than already possessed on existing Chase cards.

I wonder why your credit score is not higher with a five year history and four year average age. Are there any negs at all that you have not mentioned? You mention mortgage and car loans, but don't provide details. Those details are important. Do you have other tradelines that you have not mentioned? Do you owe balances on those tradelines? Something seems to be missing in the summary of your credit file.

Another factor that is considered for credit limits is your income. One can't really give much specific advice about obtaining a $5K limit without knowing your income.

Congrats on being credit card debt free.

Re: how do I get a High Credit Limit 5k+

Anonymous — Tue, 17 Mar 2009 17:36:13 GMT

I have one collection that was paid off 6 years ago it will fall off next january , my auto loan is for 30k from toyota motor and my mortgage is from wamu at 165k. I do make 60k a year no lates on anything credit cards mortgage or auto loan.

I have had a auto loan on my credit since late 04 and always paid on time.

Re: how do I get a High Credit Limit 5k+

Anonymous — Tue, 17 Mar 2009 17:55:52 GMT

Well based on research I did and your gys help I felt Bank of America was the safe and best choice to go with here.

B Of A has approved me for a rewards platnium card with a limit of $3400.

this is close to what I wanted and is a lot better then any of other credit cards.

Thank you !

even though i am still very curious of what the credit union would have offered.

Re: how do I get a High Credit Limit 5k+

CreditAble — Tue, 17 Mar 2009 19:00:23 GMT

@Anonymous wrote:

B Of A has approved me for a rewards platinum card with a limit of $3400.

this is close to what I wanted and is a lot better then any of other credit cards.

Congrats! You are on your way. Use the BoA card as much as possible (PIF) and you will most likely get auto increases to at least $10K if not $20K or more. BoA's Luv will really kick in after January when the baddie falls off and / or your scores jump up. BoA will still have the baddie in your bank credit history but other future creditors won't see it. For that reason, I would wait to apply for additional credit cards until your credit files are completely clean. That would be a good time to try a CU like PenFed.

Re: how do I get a High Credit Limit 5k+

CreditAble — Tue, 17 Mar 2009 20:26:20 GMT

@Anonymous wrote:
I have one collection that was paid off 6 years ago it will fall off next January , my auto loan is for 30k from Toyota motor and my mortgage is from wamu at 165k. I do make 60k a year no lates on anything credit cards mortgage or auto loan.

I have had a auto loan on my credit since late 04 and always paid on time.

The fact that BoA issued you a card with a $3,400 limit with your profile is very interesting. It seems that a sub 700 FICO score and an old collection in file is not that much of a hindrance for a decent credit card limit from BoA. You didn't even have that high of a credit limit with Chase. That was the reason I had guessed a $1,000 initial BoA CL.

It seems that BoA liked your mortgage and car loan perfect repayment history. Your income should be good for up to a $25,000 credit limit.

It looks like Bank of America is getting back to basics. Income and a manual review of your credit history seems to be more important than credit scores alone these days.

You might want to open a checking or savings account at either BoA or Chase. Make sure you have a few thousand in the account and watch how the credit limits go up.

I know you wanted to have a $5,000 CL for emergencies. While you wait for the collection to fall of, I would try to save a few thousand for emergencies. That will enable you to build credit limits higher and faster by always having plenty of cash on hand to PIF.

My guess is that you can get Chase to raise your limits substantially a year from now. After all Chase will have your mortgage info in file from WaMu and will see your CLs with BoA go up, up, up.

Chase was a little late showing me a lot of Luv, but once I was nailing CLIs from BoA twice a year, for a couple of years, Chase played catch up really fast. I believe that Chase will wake up and smell the coffee now that it can see that BoA is romancing you with a starting limit of $3,400.

BoA definitely wants to have all your banking business and Chase will soon be well aware of that. You might even be one of those rare blessed Chase customers who receive unrequsted auto CLIs.

In these days of tight credit and adverse actions, your story should be an inspiration to more than a few people.

In case anybody misses the "moral of the story". You had paid off all revolving debt. You had zip, ziltch, nada... balance on credit cards. Bank of America decided that you were an outstanding credit risk even though you had a sub 700 FICO score and a paid collection in file.

You definitely earned the $3,400 credit limit by your responsible credit management.

Re: how do I get a High Credit Limit 5k+

Anonymous — Tue, 17 Mar 2009 20:52:58 GMT

As far as the credit union goes, take a couple hundred dollars and open a savings if you can. Once any derogs fall off report and/or you've had your BofA for a few months, apply for a credit union card. You should have no problem getting the $5K you are looking for.

Congrats on your BofA card. Personally, Ilike them - more so than Chase.

Re: how do I get a High Credit Limit 5k+

Anonymous — Wed, 18 Mar 2009 00:10:21 GMT

After a month I went from 2k to 5k on my BofA Amex -- soft pull via online request.

I'm maxed out w/ BofA tho -- my own 5k card and I'm an AU on a 25k card. My income is roughly 50k. My scores were mid 600s when I app'd and when I got the CLI. A few scattered baddies on my reports -- from 2005 or earlier.

I keep getting offers for a BofA Business card -- what business? LOL.

HSBC was my first card to go over 5k, and then Target Visa, which sits at 7k. (Crazy weird for Target, I know.) Cap1 also made it to 5250 awhile back.

You'll get there!!

Re: how do I get a High Credit Limit 5k+

Anonymous — Wed, 18 Mar 2009 14:51:14 GMT

ok i have to say curiosty got the best of my after getting the B of A card for $3400. I decided what to try my local credit union yesterday with not having much sucess with there online system because i found i needed a savings account to sign up for a credit card I went in to the branch.

Signed up for a saving account then a credit card. before the credit application went through the Rep told me they use Equifax I was like hmm ok lets do it he asked what limit i would like on the card I said 5k.

after a about a minute or so he said I was approved for $7500 at 10% and I should recieve my card in about 2 weeks or less.

after recieving and getting approved for these last 2 cards I still can't figure out why cap 1 would not raise my limit from $500. I guess Ill see once i get the letter in the mail.

Re: how do I get a High Credit Limit 5k+

Anonymous — Wed, 18 Mar 2009 14:57:01 GMT

I few other notes on previous replyer I actually currently bank with wamu. I am sure once all the accounts are transfered to chase they will see my saving account. I currently have 2k in savings and $2500 in checking. and have been with wamu for about 5 years. not sure what that will do to help