topic Re: High limit credit cards (over 20k) in Credit Cards

High limit credit cards (over 20k)

folks19 — Wed, 15 May 2024 04:11:09 GMT

Hi!

I want to add some high limit cards over 20k because I'd like to qualify for high loan amounts and want established history with high limits. My highest card currently is from PenFed with 20k.

Fico 8 scores are all in 770 - 800 range.

Util under 4%

6 HPs on EX (3 from last 12 months), 3 on TU (1 last 12), 3 on EQ (1 last 12).

AoOA 5 years

AAoA 2 years 8 months

AoYA 3 months

3/24

No missed payments, BK, etc.

130k income.

I'm hearing that Chase could be a good option, but I'm concerned because I have 30k in business CL with them (across 3 cards). Should this be a concern?

What's my best option?

Re: High limit credit cards (over 20k)

ptatohed — Wed, 15 May 2024 05:20:30 GMT

My Chase IHG card I got in March gave me a record $35k. My next highest I believe is my SavorOne at $20k. The others are mostly in the $8k-$12k range. So I was shocked by the IHG limit. It does have an AF but if you can use the one free night per year, that alone pays for the AF and more. I don't know if I had gotten the no AF version, if they would have been as generous. Looking for any specific rewards or features, or just a high limit?

Re: High limit credit cards (over 20k)

FicoMike0 — Tue, 14 May 2024 20:37:47 GMT

amex has been pretty generous for me.

Re: High limit credit cards (over 20k)

CreditCuriosity — Tue, 14 May 2024 20:39:32 GMT

Chase is best bet for a high SL (mainly the AF cards more-so although certainly can get some good limits without AF cards) although if only 3 business card at 30k each possibly is a concern how long have you had said cards? Some will come down to income along with other similiar with cards and many other factors. 20k CL out of the bat can be tough for some, but many cards an grow to that fairly quickly. A lot of variables need to be considered.

Re: High limit credit cards (over 20k)

FicoMike0 — Tue, 14 May 2024 20:43:58 GMT

Last year my numbers were lower than yours, they approved me for bce at $6000. Then in about 5 months auto cli to $9000. This month, they approved my 3X request to $27000. I didn't know to request cli at 91 days, or that they went 3X until this year, probably could have moved faster.

Re: High limit credit cards (over 20k)

bourgogne — Tue, 14 May 2024 23:07:27 GMT

you lost me, you have 30K in chase inks/ihg? nothing beats ink cards for high limits imo but you are missing a few details out of your post, income and rate of spend. If you make north of 250K and have decent spend through the inks good things will happen in both auto and manual clis. my inks range from 35-65K. another good bet is nfcu, again if one has income and spend its a snap to add 8K every half year to the limits. ax biz cards are also great. biz cards have the highest limits imo. out of consumer cards bofa and chase csp and csr are good

Re: High limit credit cards (over 20k)

folks19 — Wed, 15 May 2024 04:02:32 GMT

Looking for any specific rewards or features, or just a high limit?

@ptatohed

Ideally with a nice bonus because this would count as a slot in 5/24 strategy, but I'd apply for a card with a low or no SUB / rewards if it had a good track record oh high limits

Re: High limit credit cards (over 20k)

folks19 — Wed, 15 May 2024 04:04:44 GMT

@FicoMike0 wrote:
amex has been pretty generous for me.

@FicoMike0 I already have several Amex cards, and I'm afraid of a financial review I were to get another high limit card.

I'd probably also have to close a card first because I already have 5 Amex non charge cards.

Re: High limit credit cards (over 20k)

folks19 — Wed, 15 May 2024 04:06:41 GMT

@CreditCuriosity wrote:
Chase is best bet for a high SL (mainly the AF cards more-so although certainly can get some good limits without AF cards) although if only 3 business card at 30k each possibly is a concern how long have you had said cards? Some will come down to income along with other similiar with cards and many other factors. 20k CL out of the bat can be tough for some, but many cards an grow to that fairly quickly. A lot of variables need to be considered.

@CreditCuriosity It's 30k across 3 cards on total, not on each card. I've had the cards for for less than a year.

Re: High limit credit cards (over 20k)

folks19 — Wed, 15 May 2024 04:10:24 GMT

@bourgogne wrote:
you lost me, you have 30K in chase inks/ihg? nothing beats ink cards for high limits imo but you are missing a few details out of your post, income and rate of spend. If you make north of 250K and have decent spend through the inks good things will happen in both auto and manual clis. my inks range from 35-65K. another good bet is nfcu, again if one has income and spend its a snap to add 8K every half year to the limits. ax biz cards are also great. biz cards have the highest limits imo. out of consumer cards bofa and chase csp and csr are good

@bourgogne 100%, but business cards don't post to personal credit, so my high limit Ink cards don't help for this purpose. (And I'm happy it's that easy because I put heavy spend on them and take advantage of 0 apr.)

Income is 130k, I'll update the original post.

Re: High limit credit cards (over 20k)

coldfusion — Wed, 15 May 2024 13:00:00 GMT

@folks19 wrote:
@bourgogne wrote:
you lost me, you have 30K in chase inks/ihg? nothing beats ink cards for high limits imo but you are missing a few details out of your post, income and rate of spend. If you make north of 250K and have decent spend through the inks good things will happen in both auto and manual clis. my inks range from 35-65K. another good bet is nfcu, again if one has income and spend its a snap to add 8K every half year to the limits. ax biz cards are also great. biz cards have the highest limits imo. out of consumer cards bofa and chase csp and csr are good
@bourgogne 100%, but business cards don't post to personal credit, so my high limit Ink cards don't help for this purpose. (And I'm happy it's that easy because I put heavy spend on them and take advantage of 0 apr.)

Income is 130k, I'll update the original post.

GIven your income, amount of credit has Chase already extended to you, and amount of time you've been a cardholderwith them I suspect that while an approval would be a realistic outcome it would be more of a roll of the dice to get a $20K SL. A corollary to that is a reminder that while Chase allows limits to be redistributed among cards it does not allow movement from business cards to personal cards although I also suspect that given that you place heavy spend on your business cards a limit reallocation wouldn't be of much if any interest.

Re: High limit credit cards (over 20k)

folks19 — Wed, 15 May 2024 13:26:51 GMT

GIven your income, amount of credit has Chase already extended to you, and amount of time you've been a cardholderwith them I suspect that while an approval would be a realistic outcome it would be more of a roll of the dice to get a $20K SL. A corollary to that is a reminder that while Chase allows limits to be redistributed among cards it does not allow movement from business cards to personal cards although I also suspect that given that you place heavy spend on your business cards a limit reallocation wouldn't be of much if any interest.

@coldfusion What are my chances of I asked to lower my limits in a few months? I have a 17k Ink card with 0 APR expiring soon, and I'd be fine reducing the limit.

Is there any chance that Chase would show a CL relocation from business to personal, even though the the general type doesn't apply?

Re: High limit credit cards (over 20k)

CreditCuriosity — Wed, 15 May 2024 13:40:10 GMT

@folks19 wrote:
GIven your income, amount of credit has Chase already extended to you, and amount of time you've been a cardholderwith them I suspect that while an approval would be a realistic outcome it would be more of a roll of the dice to get a $20K SL. A corollary to that is a reminder that while Chase allows limits to be redistributed among cards it does not allow movement from business cards to personal cards although I also suspect that given that you place heavy spend on your business cards a limit reallocation wouldn't be of much if any interest.
@coldfusion What are my chances of I asked to lower my limits in a few months? I have a 17k Ink card with 0 APR expiring soon, and I'd be fine reducing the limit.
Is there any chance that Chase would show a CL relocation from business to personal, even though the the general type doesn't apply?

As mentioned by Cold Fusion reducing your CLs could help then applying although that is a risk that might or might not pay off. As mentioned by @coldfusion Chase will not do Credit line reallocation from business to personal. Your income it could go either way and lets say you only get approved for 10k CL initially with chase they do SP CLI increases these days so the new card can certainly grow over time if it doesnt start at your 20k preferred limit

Re: High limit credit cards (over 20k)

Aim_High — Wed, 15 May 2024 20:30:40 GMT

@CreditCuriosity wrote:
@folks19 wrote:
GIven your income, amount of credit has Chase already extended to you, and amount of time you've been a cardholderwith them I suspect that while an approval would be a realistic outcome it would be more of a roll of the dice to get a $20K SL. A corollary to that is a reminder that while Chase allows limits to be redistributed among cards it does not allow movement from business cards to personal cards although I also suspect that given that you place heavy spend on your business cards a limit reallocation wouldn't be of much if any interest.
@coldfusion What are my chances of I asked to lower my limits in a few months? I have a 17k Ink card with 0 APR expiring soon, and I'd be fine reducing the limit.
Is there any chance that Chase would show a CL relocation from business to personal, even though the the general type doesn't apply?
As mentioned by Cold Fusion reducing your CLs could help then applying although that is a risk that might or might not pay off. As mentioned by @coldfusion Chase will not do Credit line reallocation from business to personal. Your income it could go either way and lets say you only get approved for 10k CL initially with chase they do SP CLI increases these days so the new card can certainly grow over time if it doesnt start at your 20k preferred limit

IMO, while there might always be exceptions, I believe voluntary CLDs are likely an unnecessary sacrifice, @folks19.

I agree with @CreditCuriosity that targeting the right lenders and the right cards can help deliver the higher limits you seek. I've often written about my theories about credit limits with higher ones appearing to go towards AF cards for many consumers. In my case, I got higher limits with five Chase apps over 18 months on AF cards and the highest was on the highest fee card, CSR. The lower limits on no-AF cards were also not the last apps in that series. And knowing each lender's rules about limits (for example, some set known total limits or limits per card) as well as approval patterns based on studying the card approvals forum data points.

Your best option for now, with 3x inquiries per CRB, is to garden. Even at higher FICO and higher income, starting limits tend to fall with more recent credit-seeking. You're at a point where you may get lower-limit approvals with some lenders. I believe being 0/12 or 1/12 is a much stronger position for optimal SLs. When you reach that point, you could do a little 2-card mini-spree on two desirable cards to optimize the chances of better limits on each one.

Re: High limit credit cards (over 20k)

Bubblewhale — Wed, 15 May 2024 21:33:35 GMT

BoA can be pretty generious if you do banking with them. Gave me 19K CL on my PR with 80K income when I got the PR last year. Was at 4/24 at that point.

Re: High limit credit cards (over 20k)

xenon3030 — Wed, 15 May 2024 22:18:29 GMT

I have a question about your problem statement. How the credit card CL can impact the amount of loan that you plan to qualify? What type of loan is it?

Re: High limit credit cards (over 20k)

coldfusion — Thu, 16 May 2024 11:16:31 GMT

@CreditCuriosity wrote:
mentioned by Cold Fusion reducing your CLs could help then applying although that is a risk that might or might not pay off.

That's right! CL reduction is an old game churners used to play with Chase before the bank got burned badly enough to take steps to curtail that specific practice like the mininum 24 (now 48) month gap between requalifying for a SUB, but while it could sometimes help with odds of approval they also had no expectation of recovering all of that CLD if approved nor did they need or even particularly want a high SL to do what they wanted to do with the card either.