topic Re: I need a very high credit limit. I have great credit scores! in Credit Cards

I need a very high credit limit. I have great credit scores!

Anonymous — Tue, 22 Nov 2011 00:23:03 GMT

Hello;

I am looking to apply for a credit card, I need at least a $250,000 Credit Limit. My FICO score is 803.

I have an annual income of $865,000.

I currently have 6 CC Accounts open,

Capital One VentureOne Rewards with a $95,000 Limit

Discover Card with a $85,000 Limit

U.S. Bank with a $105,000 Limit

American Express Plaitnum with a $122,500 Limit

Chase Slate with a $89,000 Limit

CitiBank card with a $265,000 Limit

Combined, I have about $388,000 in Credit card debt, which is mostly on the Capital One card, American Express, and the CitiBank card, because they offer the most rewards, and have a 0% Interest rate for 18 Months. I plan to have the entire balance paid off within the 18 months of 0%, but In order for that to happen, I need a card that I can transfer the balance onto. I have great credit, I have 2 Mortgages in my name, each for over $500,000, I have never missed a payment on anything. Any help? I can't find any cards with a limit as high as I need. Any tips? Thank you!

Re: I need a very high credit limit. I have great credit scores!

Anonymous — Tue, 22 Nov 2011 00:22:37 GMT

1, you'd be hard pressed to find an issuer that will grant that limit, regardless of how great your credit is, in this current market. Maybe in the 1980s and 1990s - MAYBE - but not in this day and age.

2, according to your numbers, you're using nearly 60% of your total available credit, and have over $1,000,000 in mortgage debt. Despite your score, it's unlikely an issuer would extend even 10% of what you need, much less the full $250,000...

Re: I need a very high credit limit. I have great credit scores!

LS2982 — Tue, 22 Nov 2011 00:23:17 GMT

@Anonymous wrote:
Hello;
I am looking to apply for a credit card, I need at least a $250,000 Credit Limit. My FICO score is 803, and I have an annual income of $865,000. I currently have 6 CC Accounts open, Capital One VentureOne Rewards with a $95,000 Limit; Discover Card with a $85,000 Limit; U.S. Bank with a $105,000 Limit; American Express Plaitnum with a $122,500 Limit; Chase Slate with a $89,000 Limit; and a CitiBank card with a $265,000 Limit. Combined, I have about $388,000 in Credit card debt, which is mostly on the Capital One card, American Express, and the CitiBank card, because they offer the most rewards, and have a 0% Interest rate for 18 Months. I plan to have the entire balance paid off within the 18 months of 0%, but In order for that to happen, I need a card that I can transfer the balance onto. I have great credit, I have 2 Mortgages in my name, each for over $500,000, I have never missed a payment on anything. Any help? I can't find any cards with a limit as high as I need. Any tips? Thank you!

Wow...........

I didn't know you could get a card over 50K let alone 250K..............With that kind of money who needs credit?!?!?

Re: I need a very high credit limit. I have great credit scores!

Anonymous — Tue, 22 Nov 2011 00:26:05 GMT

As I said, I plan on paying off all of the credit card debt, because my Investment accounts, and the interest rate on all of my cash holdings is far greater than the 0% interest rate that is on the cards. So, I make monthly payments, and once 17 months is up, I will pay off the entire amount. And also, I have a co-signer on one of the mortgages, which is my brothers house, (he doesn't have good credit at all, and I helped him finance his house), and I plan on paying off the entire amount on my mortgage within the next 2 years, and his should be paid off within this year.

Re: I need a very high credit limit. I have great credit scores!

Anonymous — Tue, 22 Nov 2011 00:29:07 GMT

It doesn't matter whats in the bank, its whats in your wallet that counts!

Re: I need a very high credit limit. I have great credit scores!

Anonymous — Tue, 22 Nov 2011 00:29:33 GMT

@Anonymous wrote:
As I said, I plan on paying off all of the credit card debt, because my Investment accounts, and the interest rate on all of my cash holdings is far greater than the 0% interest rate that is on the cards. So, I make monthly payments, and once 17 months is up, I will pay off the entire amount. And also, I have a co-signer on one of the mortgages, which is my brothers house, (he doesn't have good credit at all, and I helped him finance his house), and I plan on paying off the entire amount on my mortgage within the next 2 years, and his should be paid off within this year.

Underwriters don't look at the future in terms of what your plans are. They look at the here and now. They see 60% utilization and $1,000,000+ in mortgage debt.

Just sayin', from an industry perspective. I'm 99.99% sure you won't find a card that will meet your needs, or even close to it, simply given the credit market and your credit make up. An 800+ FICO score isn't everything.

Re: I need a very high credit limit. I have great credit scores!

Anonymous — Tue, 22 Nov 2011 00:33:15 GMT

First of all, let me just say CONGRATULATIONS on your excellent score!

Re: I need a very high credit limit. I have great credit scores!

Anonymous — Tue, 22 Nov 2011 00:34:52 GMT

So, what you are saying, is that if I went to the bank right now, and made a withdrawal of $1,000,000, and paid off both mortgages in my name, My chances of receiving a high limit credit card are extremely increased? Also, This is pretty important; I currently have $3,200,000 in investment accounts, $2,885,000 in Retirement accounts, and I have a $1,500,000 Line of Credit from Bank of America, that I haven't used any of.

Re: I need a very high credit limit. I have great credit scores!

Anonymous — Tue, 22 Nov 2011 00:38:18 GMT

@Anonymous wrote:
So, what you are saying, is that if I went to the bank right now, and made a withdrawal of $1,000,000, and paid off both mortgages in my name, My chances of receiving a high limit credit card are extremely increased? Also, This is pretty important; I currently have $3,200,000 in investment accounts, $2,885,000 in Retirement accounts, and I have a $1,500,000 Line of Credit from Bank of America, that I haven't used any of.

Some, yes. The bigger benefit would be the paying down the balances to lower your utilization.

What I'm curious about... Instead of worrying about another balance transfer, why not simply just cash out on your investment account and pay the balance off once the 0% deal expires, vs. transferring over again?

If your investments, deposits, etc, are all housed at the same financial institution, you could check with them about a credit card with 0% options. Still, it's doubtful you'll find a credit card with a $250,000 limit, simply given the market.

Re: I need a very high credit limit. I have great credit scores!

LS2982 — Tue, 22 Nov 2011 00:42:19 GMT

@Anonymous wrote:
So, what you are saying, is that if I went to the bank right now, and made a withdrawal of $1,000,000, and paid off both mortgages in my name, My chances of receiving a high limit credit card are extremely increased? Also, This is pretty important; I currently have $3,200,000 in investment accounts, $2,885,000 in Retirement accounts, and I have a $1,500,000 Line of Credit from Bank of America, that I haven't used any of.

edited

Re: I need a very high credit limit. I have great credit scores!

bostonte — Tue, 22 Nov 2011 00:41:42 GMT

Your numbers make no sense.

Plus:

@Anonymous wrote:

Combined, I have about $388,000 in Credit card debt, which is mostly on the Capital One card, American Express, and the CitiBank card, because they offer the most rewards, and have a 0% Interest rate for 18 Months. I plan to have the entire balance paid off within the 18 months of 0%, but In order for that to happen, I need a card that I can transfer the balance onto.

So you plan to pay the balance off... by transferring it? That's not paying it off. Are you going to pay it off or are you looking to continue riding a low interest offer someplace?

You don't get rewards by carrying a balance, so why do you have $388,000 on those cards "because they offer the most rewards"?

How much could you possibly be earning per year, in this market, on that $388,000 of 0% money (assuming it's all 0%)? I mean yes that's a lot of possible interest to someone making my salary and with my assets -- but with the salary and assets you listed above the possible extra interest income is hardly worth the time, effort, and expense in managing $388,000 in credit card debt.

Re: I need a very high credit limit. I have great credit scores!

Anonymous — Tue, 22 Nov 2011 00:42:04 GMT

Well, I don't do that because If I cash out of my investments, I will have to pay a very lot of taxes on the gains, because when I bought into the corporation that I invested in, I paid about $500,000 (that was in 1987) And that is a gain of over 3,000,000. That would be a very very lot of taxes. And I don't make a withdrawal of cash, because my cash account is paying 8.8% annually, which is more than I am paying on the debts.

Re: I need a very high credit limit. I have great credit scores!

Anonymous — Tue, 22 Nov 2011 00:42:27 GMT

I would also like to congratulate you on all your years of hard work. Obviously, it paid off.

If you really don't want to touch your investment accounts, why not apply for a Visa Black Card?

https://www.blackcard.com/

From what you have told the credit boards, it would seem like you would automatically qualify for this card, get the limit you desire, all while preserving your investment accounts.

Re: I need a very high credit limit. I have great credit scores!

Walt_K — Tue, 22 Nov 2011 00:44:06 GMT

@Anonymous wrote:
So, what you are saying, is that if I went to the bank right now, and made a withdrawal of $1,000,000, and paid off both mortgages in my name, My chances of receiving a high limit credit card are extremely increased? Also, This is pretty important; I currently have $3,200,000 in investment accounts, $2,885,000 in Retirement accounts, and I have a $1,500,000 Line of Credit from Bank of America, that I haven't used any of.
Do you have a private banking account anywhere? If not, why don't you look into that and see what they can help you with. Maybe BoA would help you out if they've already given you that LOC. Or talk to Citi since they've already extended you a $250K+ card.

Re: I need a very high credit limit. I have great credit scores!

Anonymous — Tue, 22 Nov 2011 00:45:41 GMT

When I made purchases on the cards, I only made them so I could get the rewards. Which I have chose to receive miles on all of my cards. I bought my daughter a Lexus, and bought my son a BMW, I bought my grandchildren diamond necklaces, I made a lot of purchases on them. The balances on my cards isn't from balance transfers. I need to transfer a balance from the CitiBank card, which has a higher interest rate, onto a card with a lower interest rate, so I can get more rewards from the Citibank card.

Re: I need a very high credit limit. I have great credit scores!

Anonymous — Tue, 22 Nov 2011 00:48:28 GMT

I would also like to add the the Visa Black Card does come with a 0% interest rate on Balance Transfers for the first 15 billing cycles. This card, along with a 495 a year annual fee sounds like your type of card. It is backed by Barclays Bank Delaware.

If you apply please update this post as I would sure like to know what type of credit limit they would issue a consumer of your caliber.

Re: I need a very high credit limit. I have great credit scores!

Anonymous — Tue, 22 Nov 2011 00:54:14 GMT

Well, I was approved for it. Also, I hate barclays bank. I had a card from them a long while ago, and I honestly did not like their customer service.

Re: I need a very high credit limit. I have great credit scores!

Anonymous — Tue, 22 Nov 2011 00:54:39 GMT

And, not at the credit limit that I wanted.

Re: I need a very high credit limit. I have great credit scores!

Anonymous — Tue, 22 Nov 2011 00:58:56 GMT

Well Congratulations Buddy!!!!!!!!!!! That was fast!!!!!!! I maybe a newbie around these boards, but if there is one thing I have spent more time on, it is credit researching!

I was recently approved for a Barclays Backed card, and their customer service has been wonderful. Hopefully this time around, they treat you as good as they have been treating me, and the others on this board.

Again, Congrats

Glad I Could Help

Enjoy that VIP Treatment

Re: I need a very high credit limit. I have great credit scores!

LS2982 — Tue, 22 Nov 2011 01:01:52 GMT

@Anonymous wrote:
Well, I was approved for it. Also, I hate barclays bank. I had a card from them a long while ago, and I honestly did not like their customer service.

What limit did you get?