topic Re: Silly Question.... in Credit Cards

Silly Question....

Cheryla18 — Sun, 05 May 2013 01:07:50 GMT

I have seen some people have a combined CC limits at around 30...40K....How in the world do you achieve this....aside from having a clean report....Is it based off of income or something else? Just curious

Cheryl

Re: Silly Question....

09Lexie — Sun, 05 May 2013 01:11:10 GMT

It depends on the person, some have a lot of cc's, some have few cc's with large CLI's. income, clean to semi clean report also the cc issuer can make a difference. GE, NFCU are very generous with CL and CLI's

Re: Silly Question....

myjourney — Sun, 05 May 2013 01:16:15 GMT

@09Lexie wrote:
It depends on the person, some have a lot of cc's, some have few cc's with large CLI's. income, clean to semi clean report also the cc issuer can make a difference. GE, NFCU are very generous with CL and CLI's

+1 what lexie said

Re: Silly Question....

Anonymous — Sun, 05 May 2013 01:25:17 GMT

+1 to what lexie said.
A quick and easy way to get a high CL is to have a high income and clean credit report. If not, a long credit history and clean credit report will also help you with getting CLIs over time.

Re: Silly Question....

09Lexie — Sun, 05 May 2013 01:29:48 GMT

@ enharu

Yes, I forgot to mention AAOA.

Re: Silly Question....

LS2982 — Sun, 05 May 2013 01:35:06 GMT

@Cheryla18 wrote:
I have seen some people have a combined CC limits at around 30...40K....How in the world do you achieve this....aside from having a clean report....Is it based off of income or something else? Just curious

Cheryl

Thick, clean files and good income get the higher CLs.

Re: Silly Question....

youngandcreditwrthy — Sun, 05 May 2013 15:01:07 GMT

Everyone is right.
Ime, once ANY issue allows you$5k + that's when the others take notice.
My first $4500 limit was a Smile Generation Financial card. From that point forward, all of my limits began increasing substantially and my new approvals had pretty high initial limits too (4-7k range).
If you have 50-70k income, you should be able to get $5k-10k limits easily

Re: Silly Question....

Repo-ed — Sun, 05 May 2013 15:04:10 GMT

I went from $320 in CL to well over $40K in CL this past year, and I neither have "high" (high is relative) income, nor the thickest file.

I think with most things credit YMMV

Re: Silly Question....

jamesdwi — Sun, 05 May 2013 15:25:48 GMT

For me it was thick file, no lates on any credit card. and good income and time.

Time is probably the most important part and working with creditors that offer good CLI's. GE rocks, yes they start out small but they grow fast, and once you are in there good standings even new cards can grow fast and be your highest CL's of GE cards. Started with an Amazon card with a $600 2 years later its now $3900 with out any phone calls to the underwriters. Walmart card started out at $900, 18 months later its at $2500. Paypal MC extras started at $2000, now $3200 just 9 months old, Sam's club started at $800 now its $4800 and its only 9 months old and its my highest Store card limit.

Coventry is another good bank to get in with, pre-approved offers via the shopping cart trick, gets you TL's without INQ's usually happen when you are over 610 Fico's and after 9 months they give small CLI's every 3-4 months. Just got a $200 auto-cli (from $500 to $700) on my roamans card this morning in a few weeks I should get more cli love on there cards, yes they are addicting, I have 6 of their cards could probably close two of them at least, but no AF's and they help with UTL and no one will tell me my file is thin.

Once you get in with Prime lenders you limits really do grow quickly. I'm sure once I garden for the next 6 months I will be getting cards that start over $7500 CL's. Just remember when you reach prime lenders approvals aren't as easy they will deny you if have too many INQ's the subprime lenders usually approve even if you have gotten 2-3 cards in the last 6 months but with prime cards its one-two cards max at least untill your AAoA is over a couple years.

Re: Silly Question....

Cheryla18 — Sun, 05 May 2013 16:39:25 GMT

@jamesdwi wrote:
For me it was thick file, no lates on any credit card. and good income and time.

Time is probably the most important part and working with creditors that offer good CLI's. GE rocks, yes they start out small but they grow fast, and once you are in there good standings even new cards can grow fast and be your highest CL's of GE cards. Started with an Amazon card with a $600 2 years later its now $3900 with out any phone calls to the underwriters. Walmart card started out at $900, 18 months later its at $2500. Paypal MC extras started at $2000, now $3200 just 9 months old, Sam's club started at $800 now its $4800 and its only 9 months old and its my highest Store card limit.

Coventry is another good bank to get in with, pre-approved offers via the shopping cart trick, gets you TL's without INQ's usually happen when you are over 610 Fico's and after 9 months they give small CLI's every 3-4 months. Just got a $200 auto-cli (from $500 to $700) on my roamans card this morning in a few weeks I should get more cli love on there cards, yes they are addicting, I have 6 of their cards could probably close two of them at least, but no AF's and they help with UTL and no one will tell me my file is thin.

Once you get in with Prime lenders you limits really do grow quickly. I'm sure once I garden for the next 6 months I will be getting cards that start over $7500 CL's. Just remember when you reach prime lenders approvals aren't as easy they will deny you if have too many INQ's the subprime lenders usually approve even if you have gotten 2-3 cards in the last 6 months but with prime cards its one-two cards max at least untill your AAoA is over a couple years.

Holy cow...lol Ok ....I have read references to the cart trick...can you explain that please.... Also you said something about AF's...what is that?

Re: Silly Question....

b_seeker — Sun, 05 May 2013 17:15:20 GMT

@Cheryla18 wrote:
@jamesdwi wrote:
For me it was thick file, no lates on any credit card. and good income and time.

Time is probably the most important part and working with creditors that offer good CLI's. GE rocks, yes they start out small but they grow fast, and once you are in there good standings even new cards can grow fast and be your highest CL's of GE cards. Started with an Amazon card with a $600 2 years later its now $3900 with out any phone calls to the underwriters. Walmart card started out at $900, 18 months later its at $2500. Paypal MC extras started at $2000, now $3200 just 9 months old, Sam's club started at $800 now its $4800 and its only 9 months old and its my highest Store card limit.

Coventry is another good bank to get in with, pre-approved offers via the shopping cart trick, gets you TL's without INQ's usually happen when you are over 610 Fico's and after 9 months they give small CLI's every 3-4 months. Just got a $200 auto-cli (from $500 to $700) on my roamans card this morning in a few weeks I should get more cli love on there cards, yes they are addicting, I have 6 of their cards could probably close two of them at least, but no AF's and they help with UTL and no one will tell me my file is thin.

Once you get in with Prime lenders you limits really do grow quickly. I'm sure once I garden for the next 6 months I will be getting cards that start over $7500 CL's. Just remember when you reach prime lenders approvals aren't as easy they will deny you if have too many INQ's the subprime lenders usually approve even if you have gotten 2-3 cards in the last 6 months but with prime cards its one-two cards max at least untill your AAoA is over a couple years.
Holy cow...lol Ok ....I have read references to the cart trick...can you explain that please.... Also you said something about AF's...what is that?

AF = Annual Fee. For example, you have to pay $95 a year to use the CSP(Chase Sapphire Preferred). Usually reserved for subprime rebuilder cards or cards with extra perks.

Re: Silly Question....

vagrants — Sun, 05 May 2013 20:10:32 GMT

@Cheryla18 wrote:

Holy cow...lol Ok ....I have read references to the cart trick...can you explain that please.... Also you said something about AF's...what is that?

I haven't heard of the Coventry, but I heard of Comenity Bank aka WFNNB. In the case of Comenity, they provide store cards like Victoria Secret, Roaman's, etc. They don't do HPs for approvals but SPs. You go to Vicroria Secret's web site, add an item to the shopping cart. When you are ready to purchase, a pop up tells you that you are pre-approved for the Victoria Secret's card. I don't know the details on how you can get on Comenity's list though since I'm not that interested in doing it. It's useful for rebuilding credit if you can't get sub-prime cards.

HIgh end personal and business cards usually charge AF because 'perks' are build-in to it as another member indicated.

Re: Silly Question....

Gunnar419 — Mon, 06 May 2013 00:22:49 GMT

@Anonymous wrote:
If not, a long credit history and clean credit report will also help you with getting CLIs over time.

+1. I have combined CLs in that range and my income is nothing to write home about. I've just been plugging away at my credit for a long time.

It also does help to have cards from companies like GE that like to lavish CLI luv on their cardholders.

Re: Silly Question....

Cheryla18 — Mon, 06 May 2013 00:24:57 GMT

@Gunnar419 wrote:
@Anonymous wrote:
If not, a long credit history and clean credit report will also help you with getting CLIs over time.

+1. I have combined CLs in that range and my income is nothing to write home about. I've just been plugging away at my credit for a long time.

It also does help to have cards from companies like GE that like to lavish CLI luv on their cardholders.

Which CC come from GE?

Re: Silly Question....

b_seeker — Mon, 06 May 2013 00:30:33 GMT

http://www.gecapital.com/en/our-company/retail-partners.html

Click that link and GE lists its partners. Easier then trying to list them myself.