topic Re: Looking for a credit card with high initial limit!!! in Credit Cards

Looking for a credit card with high initial limit!!!

turnerte — Tue, 24 Sep 2013 20:46:08 GMT

Im about to pay off my car and im looking for another account I can get to replace it. Im basically looking for most mainstream card with the highest initial limit to help my utilization stay as low as possible. My scores are 734 equifax, 736 transunioin, 786 experian and the score i get with my Walmart credit card is 780. I currently have two credit cards, a car loan that will be paid off very shortly and student loans. I make around 60,000 a year and im 24 years old. Please help me find the highest initial limit credit card!

Re: Looking for a credit card with high initial limit!!!

myjourney — Tue, 24 Sep 2013 20:48:07 GMT

@turnerte wrote:
Im about to pay off my car and im looking for another account I can get to replace it. Im basically looking for most mainstream card with the highest initial limit to help my utilization stay as low as possible. My scores are 734 equifax, 736 transunioin, 786 experian and the score i get with my Walmart credit card is 780. I currently have two credit cards, a car loan that will be paid off very shortly and student loans. I make around 60,000 a year and im 24 years old. Please help me find the highest initial limit credit card!

What is UTL (high)?

Re: Looking for a credit card with high initial limit!!!

Anonymous — Tue, 24 Sep 2013 20:48:28 GMT

@turnerte wrote:
Im about to pay off my car and im looking for another account I can get to replace it. Im basically looking for most mainstream card with the highest initial limit to help my utilization stay as low as possible. My scores are 734 equifax, 736 transunioin, 786 experian and the score i get with my Walmart credit card is 780. I currently have two credit cards, a car loan that will be paid off very shortly and student loans. I make around 60,000 a year and im 24 years old. Please help me find the highest initial limit credit card!

go with a credit union. They tend to be more generous.

Re: Looking for a credit card with high initial limit!!!

Anonymous — Tue, 24 Sep 2013 20:49:56 GMT

If you want a Credit Card with a High Limit i would suggest getting a American Express Charge Card like Gold or Platnium.

With a Charge Card there is no pre-set spending limit and the spending does not affect your credit score or your Utilization.

In the First Month they do however start you with a internal limit but it goes away after 2-3 months and you can spend as you wish.

Re: Looking for a credit card with high initial limit!!!

09Lexie — Tue, 24 Sep 2013 20:50:07 GMT

Installment loans are not used in calculating util - only rev cc's.

Re: Looking for a credit card with high initial limit!!!

azguy13 — Tue, 24 Sep 2013 20:51:58 GMT

How long have you had your current credit cards?

What is your reported AAoA?

Do you have any baddies?

Current CL's?

Keep in mind that lenders do not go just off your score. Lenders, especially Chase, want to see a decent length history of revolver payements.

Re: Looking for a credit card with high initial limit!!!

azguy13 — Tue, 24 Sep 2013 20:54:05 GMT

@Anonymous wrote:
If you want a Credit Card with a High Limit i would suggest getting a American Express Charge Card like Gold or Platnium.

With a Charge Card there is no pre-set spending limit and the spending does not affect your credit score or your Utilization.

In the First Month they do however start you with a internal limit but it goes away after 2-3 months and you can spend as you wish.

I think the OP was trying to say they want a high CL so they can keep their overall UTI low, not just on the card

Re: Looking for a credit card with high initial limit!!!

turnerte — Tue, 24 Sep 2013 20:57:27 GMT

My aaoa is around 2 and a half years, no late payments or bad marks, current utilization is around 7% and current limits are $5000 and $5500. I'm looking for a fairly mainstream (if that makes any sense) card that I will be able to keep a while.

Re: Looking for a credit card with high initial limit!!!

Anonymous — Tue, 24 Sep 2013 21:11:11 GMT

@turnerte wrote:
My aaoa is around 2 and a half years, no late payments or bad marks, current utilization is around 7% and current limits are $5000 and $5500. I'm looking for a fairly mainstream (if that makes any sense) card that I will be able to keep a while.

Well, credit unions are somewhat mainstream too. I don't have any, so I can't really testify to how good or bad they are, but if you are in it for a "quick and easy" high CL and low APR, credit unions kinda the way to go, or at least the "easy way out." Some people do prefer credit unions over banks, and they're great in many ways.

As far as mainstream banks go, the CL you will get is up in the air. It can be very high, or it can be very low. It just really depends on your income, and whatever is in your CR. There's no one card to apply for high CL. I've seen people get approved for 40k on the Citi Diamond Prefered (supposedly one of their worst cards), and I've also seen people get approved for only 2k on the Citi Prestige (supposedly their best card). So, it really depends.

EDIT: To add, credit unions are sometimes somewhat negotiable on the CL too. If they gave you too little, you can sometimes ask for more and they'll be willing to work with you, as long as you're not flagged as an high risk customer, which I don't think you are. Banks are generally very HP friendly if you want to recon / appeal the CL. You can end up with multiple inquiries just for 1 card.

Re: Looking for a credit card with high initial limit!!!

09Lexie — Tue, 24 Sep 2013 21:12:11 GMT

I am confused with what OP is looking for- A new cc because a car loan is due to be PIF and can now afford the pyt? What current cc's do you have?

Re: Looking for a credit card with high initial limit!!!

turnerte — Tue, 24 Sep 2013 21:27:19 GMT

I'm looking for a new card to replace the account I will lose when I pay off my car. I have cash to pay the car, that's not the issue. The only thing that isn't graded highly on myfico page is my number of accounts and the age of the ones I have. I'm just looking for a new card, not a card to use to pay for my car.

Re: Looking for a credit card with high initial limit!!!

Anonymous — Tue, 24 Sep 2013 21:38:15 GMT

@turnerte wrote:
I'm looking for a new card to replace the account I will lose when I pay off my car. I have cash to pay the car, that's not the issue. The only thing that isn't graded highly on myfico page is my number of accounts and the age of the ones I have. I'm just looking for a new card, not a card to use to pay for my car.

when you pay off the car, the car loan will remain on file for up to 10 years. Sometimes it falls off sooner, sometimes it stays on perpetually. Hard to tell, but you're usually covered for at least a few years.

As for what card to get, it really depends on what your priorities and preferences are. Do you want a low APR card, a cashback card, a travel card, etc..........

If you can tell us more, such as what you mostly spend on, then maybe people can make their recommendations.

Re: Looking for a credit card with high initial limit!!!

09Lexie — Tue, 24 Sep 2013 21:38:22 GMT

Ok, let me say this again, a car loan is an installment loan and not factored into your util. In order to fix your age of accounts is to let your existing accounts age, be added to older accounts as an AU. Opening new accounts will shorten the age and impact your score.

Re: Looking for a credit card with high initial limit!!!

turnerte — Tue, 24 Sep 2013 21:44:43 GMT

I understand that the installment loan isn't factored into the utilization, that's common knowledge. I'm looking for a high limit to keep my utilization as low as possible. I'm looking for a rewards card of some kind. Mostly I use the card in place of cash or debit card and pay the card off at the end of the month.

Re: Looking for a credit card with high initial limit!!!

myjourney — Tue, 24 Sep 2013 21:47:19 GMT

@09Lexie wrote:
Ok, let me say this again, a car loan is an installment loan and not factored into your util. In order to fix your age of accounts is to let your existing accounts age, be added to older accounts as an AU. Opening new accounts will shorten the age and impact your score.

+1 and none of these is a reason to add a CC

Adding CC's for rewards, emergency or financing a long term purchase is a different story

Re: Looking for a credit card with high initial limit!!!

Anonymous — Tue, 24 Sep 2013 21:49:20 GMT

@turnerte wrote:
I understand that the installment loan isn't factored into the utilization, that's common knowledge. I'm looking for a high limit to keep my utilization as low as possible. I'm looking for a rewards card of some kind. Mostly I use the card in place of cash or debit card and pay the card off at the end of the month.

There are many rewards cards of many kinds. Which kind do you prefer?

Re: Looking for a credit card with high initial limit!!!

jamie123 — Tue, 24 Sep 2013 22:52:07 GMT

You still haven't told us what cards you currently have and that would really help us to make an informed decision.

In my opinion these are the prime banks and the only places that you should be applying:

AMEX

Bank of America

Chase

CitiBank

Discover

Wells Fargo

I would suggest you apply for two credit cards today and these are my suggestions:

AMEX Blue Cash Everyday. It is a good rewards card and whatever limit they give you can be increased after 61 days by 3 times. So if they start you out at $3K you can call for an increase on the 61st day and ask for a $9K limit and probably get it.

Discover IT. They will start you out with a high credit line and it is relatively good rewards card.

Re: Looking for a credit card with high initial limit!!!

turnerte — Tue, 24 Sep 2013 23:03:00 GMT

I have a Discover card with a $5000 limit and a Walmart credit card with a $5500 limit. Ive had the Discover for about a year, and the Walmart card for about 2 and a half years. Im really interested in Amex because of the 3x cli and the backdating with future cards.

Re: Looking for a credit card with high initial limit!!!

Creditaddict — Tue, 24 Sep 2013 23:08:16 GMT

@turnerte wrote:
I have a Discover card with a $5000 limit and a Walmart credit card with a $5500 limit. Ive had the Discover for about a year, and the Walmart card for about 2 and a half years. Im really interested in Amex because of the 3x cli and the backdating with future cards.

Amex Blue Cash Preferred #1

Amex Costco #2

Would be my choices and probably will give you a very nice starting limit and then of course the possible 3x CLI at just 61 days... go for it!

Re: Looking for a credit card with high initial limit!!!

Anonymous — Tue, 24 Sep 2013 23:09:49 GMT

@turnerte wrote:
I have a Discover card with a $5000 limit and a Walmart credit card with a $5500 limit. Ive had the Discover for about a year, and the Walmart card for about 2 and a half years. Im really interested in Amex because of the 3x cli and the backdating with future cards.

any lender will be willing to give a customer 3x (or even more) CLI as long as the customer qualifies for it.

For Amex, the 3x CLI isn't guaranteed, and for well qualified customers who could / should get more than 3x CLI, it can be restrictive. So really, don't pay attention to the CLI policy. Only nice aspect of it is that it's a SP.

Backdating is very nice though.

If you want an Amex, look at the Amex website and see which card suits you most. We don't know you as well as you know you.