topic Re: Suggestions for high limit credit cards. in Credit Cards

Suggestions for high limit credit cards.

Mastermind_5D — Fri, 20 Dec 2024 00:40:13 GMT

Any suggestions for high limit credit cards? I have 758 exp, 784 eq, 788 tu. My highest limit is $5k, average age 5 years on eq & tu, 3yrs 7 mos on exp. I was recently denied this month for chase sapphire preferred & nfcu flagship.

Re: Suggestions for high limit credit cards.

Varsity_Lu — Fri, 20 Dec 2024 00:53:21 GMT

I just got $25k starting limit on the AmEx Hilton Honors card. My scores are similar to yours, but my average age is higher, closer to 9 years. If you have another AmEx card, you could use the pre-approval tool to see what they would give you. It's also a soft pull if you do get approved for a second AmEx card.

Re: Suggestions for high limit credit cards.

Patient957 — Fri, 20 Dec 2024 00:57:46 GMT

@Mastermind_5D wrote:
Any suggestions for high limit credit cards? I have 758 exp, 784 eq, 788 tu. My highest limit is $5k, average age 5 years on eq & tu, 3yrs 7 mos on exp. I was recently denied this month for chase sapphire preferred & nfcu flagship.

I think you will get better suggestions and advice if you say more about what your goals are and list your current cards and limits.

Re: Suggestions for high limit credit cards.

Mastermind_5D — Fri, 20 Dec 2024 01:30:20 GMT

My goal is to get approved for high limit business credit cards. My strategy is to acquire 100k in combined personal credit limits so I can apply for business credit with a good foundation of high personal credit limits. Right now I have 3 cards: navy fed cash rewards - $5k limit, Cap1 quicksilver - $1k, self - $1.5k.

Re: Suggestions for high limit credit cards.

NoHardLimits — Fri, 20 Dec 2024 01:37:49 GMT

@Mastermind_5D wrote:
My goal is to get approved for high limit business credit cards. My strategy is to acquire 100k in combined personal credit limits so I can apply for business credit with a good foundation of high personal credit limits. Right now I have 3 cards: navy fed cash rewards - $5k limit, Cap1 quicksilver - $1k, self - $1.5k.

How old are your current cards? Have you tried requesting CLIs (credit limit increases)?

Re: Suggestions for high limit credit cards.

Mastermind_5D — Fri, 20 Dec 2024 01:50:50 GMT

Cap1 quicksilver- 4yrs 8mos, nf cash rewards 4yrs 3mos, self 3yrs, 3mos

Re: Suggestions for high limit credit cards.

Mastermind_5D — Fri, 20 Dec 2024 01:52:47 GMT

I haven't tried a cli but I just got denied today for a nf flagship rewards card.

Re: Suggestions for high limit credit cards.

NoMoreE46 — Fri, 20 Dec 2024 01:54:01 GMT

Stated Income could be a factor here.

If you provide an income range, it might be insightful.

@Mastermind_5D wrote:
Any suggestions for high limit credit cards? I have 758 exp, 784 eq, 788 tu. My highest limit is $5k, average age 5 years on eq & tu, 3yrs 7 mos on exp. I was recently denied this month for chase sapphire preferred & nfcu flagship.

Re: Suggestions for high limit credit cards.

Mastermind_5D — Fri, 20 Dec 2024 01:55:35 GMT

I put $108,000

Re: Suggestions for high limit credit cards.

NoMoreE46 — Fri, 20 Dec 2024 01:58:57 GMT

So stated income isnt the issue. What is the UTI?

@Mastermind_5D wrote:
I put $108,000

Re: Suggestions for high limit credit cards.

Mastermind_5D — Fri, 20 Dec 2024 02:03:47 GMT

9%. Chase sapphire reserved denied me earlier this month, the reason was - "Too few accounts on file for a sufficient length of time."

Re: Suggestions for high limit credit cards.

Snook_on_the_Line — Fri, 20 Dec 2024 02:15:48 GMT

I'd recommend the prime visa but it seems that chase doesn't like something about your profile seeing as they have denied you twice recently

If it's just a big limit you're looking for maybe try Jovia Financial Credit Union.

they pull from TU and $25k seems to be their go to number for folks with scores similar to yours.

Re: Suggestions for high limit credit cards.

NoHardLimits — Fri, 20 Dec 2024 02:22:00 GMT

@Mastermind_5D wrote:
Cap1 quicksilver- 4yrs 8mos, nf cash rewards 4yrs 3mos, self 3yrs, 3mos

By "self" do you mean it's a secured card? If so, is there any way for you to increase the amount of the line with a bigger deposit?

Also, what is your DTI (debt-to-income) ratio?

Re: Suggestions for high limit credit cards.

Mastermind_5D — Fri, 20 Dec 2024 02:34:22 GMT

Chase only denied me once, which was for the sapphire preferred. I am going to call for a reconsideration tomorrow. Ok I will go for Jovia & keep the thread updated.

Thanks alot.

Re: Suggestions for high limit credit cards.

Patient957 — Fri, 20 Dec 2024 02:36:16 GMT

@Mastermind_5D wrote:
9%. Chase sapphire reserved denied me earlier this month, the reason was - "Too few accounts on file for a sufficient length of time."

I think your issue is your thin file with low limits can't support the cards you're applying for.

You would be in a much better position if you had been getting CLIs on your existing cards every 6 months over the last several years.

However, you have good scores and decent age on your existing cards, so I don't think you're too far off from getting approved for the type of cards you're applying for. It's just going to take a little time and effort first.

I would start by getting those CLIs going now. Pick up one or two additional cards that might be easier to get, to thicken up your file. Perhaps something from Amex, where you can start requesting 3x CLIs every 3 months. By mid to late 2025 you will be in a better position to get higher end cards.

Re: Suggestions for high limit credit cards.

Mastermind_5D — Fri, 20 Dec 2024 02:38:25 GMT

DTI is about 30%. Yes, it's a secured card. I can only increase limit to 3k. I was thinking about closing this account.

Re: Suggestions for high limit credit cards.

Mastermind_5D — Fri, 20 Dec 2024 02:44:21 GMT

Ok sounds good.. By 3x CLIs every 3 months, do you mean I can apply for 3 times my current limit as an increase every 3 months?

Thanks alot for the advice.!

Re: Suggestions for high limit credit cards.

NoMoreE46 — Fri, 20 Dec 2024 02:46:02 GMT

FYI - Here is a recent thread on the same topic.

https://ficoforums.myfico.com/t5/Credit-Cards/Biggest-opening-CL/m-p/6800398#M1879885

Re: Suggestions for high limit credit cards.

Patient957 — Fri, 20 Dec 2024 03:04:45 GMT

@Mastermind_5D wrote:
Ok sounds good.. By 3x CLIs every 3 months, do you mean I can apply for 3 times my current limit as an increase every 3 months?

Yes, Amex is known for 3x CLIs every 3 months. Search this forum for "Amex 3x" for many threads and data points.

So even if they start you with a low limit, it's often possible to grow it fast.

It's never a guarantee of course, but it's quite common.

Re: Suggestions for high limit credit cards.

NoHardLimits — Fri, 20 Dec 2024 03:17:03 GMT

@Mastermind_5D wrote:
DTI is about 30%. Yes, it's a secured card. I can only increase limit to 3k. I was thinking about closing this account.

30% DTI isn't terribly high, but it certainly isn't low either.

I would consider raising the secure card to the full $3k if you can afford it. Don't close the account. Your profile is already too thin.