topic Re: How Do I Get To $300K+ In Credit Lines? in General Credit Topics

How Do I Get To $300K+ In Credit Lines?

KingFICO — Mon, 28 Aug 2023 20:41:09 GMT

I need to develop a clear cut strategy to get to $300K+ in credit lines; here is where I stand.

Fico Score 8
Equifax 781 | TransUnion 776 | Experian 746

Fico Scores 5, 4 & 2
Equifax 783 | TransUnion 725 | Experian 742

Credit Utilization 11%
Inquiries: 0
Income: $110k Annually

Current Credit Lines

Regions Bank $4000 (Secured Loan)
Upgrade $8000 Credit Line $6500 balance
Apple Card $4000 Credit Line $0 balance
NFCU, $2000 Credit Line $0 Balance
USAA, $10,500 Credit Line $0 Balance

I have banking relationships with:

Fidelity
Fifth Third Bank
First Tech Credit Union
Novo Online Bank
PenFed Credit Union
Regions Bank
USAA Bank
Wells Fargo
Chase (Personal Account)
Chase (Business Account)

I want to be able to pull at least $200k+ in cash advances.

My previous issues (charge-offs that happened in 2006 - 2009). Are these banks/institutions off-limits?

Foreclosures
SunTrust $68,000
Countrywide $18,000

Credit Cards Charged Off
BoA, $18,951.00
Cap1, $13,000
Bank One, $31,000
Discover, 11,000
MBNA, $42,000
Wachovia 3,000
Advanta, $23,000
AMEX, $2,300

I believe that covers all of the pertinent data points.

Thanks a million for your valuable input and advice!

Re: How Do I Get To $300K+ In Credit Lines?

Horseshoez — Mon, 28 Aug 2023 20:50:13 GMT

@KingFICO, you will see an oft repeated adage here which states, "Credit is a marathon, not a sprint", my first question to you is, "How long are you willing to wait for the $300,000 total limit?" Based upon the fact you appear to have a total current revolving limit of $24,500, my guess is it will take several years, at the very least, before you get there, and even then that would be by requesting CLIs and applying for new cards on a very regular basis (both activities can often work against new credit).

From my perspective, you would have better chances securing a $200,000 personal loan much sooner than $300,000 in revolving limits; have you considered that option?

Re: How Do I Get To $300K+ In Credit Lines?

BigBS — Mon, 28 Aug 2023 21:11:02 GMT

First, I would have to ask why $300k and is there a pressing need? As@Horseshoez said, the current limits you have indicate it will take some time and not something you should rush to achieve.

Re: How Do I Get To $300K+ In Credit Lines?

KingFICO — Mon, 28 Aug 2023 21:13:21 GMT

Thanks Horseshoez,

The time issue does not bother me; if it takes a few years then so be it.

I don't need the money, this is about building credit to swing certain types of business/real estate deals.

That stated, I have no thought about a $200k personal loan. Are you speaking in terms of a type of personal loan/credit line that I can take withdrawals at my leisure? Or, just a typical personal loan?

Re: How Do I Get To $300K+ In Credit Lines?

FireMedic1 — Mon, 28 Aug 2023 21:14:58 GMT

These will have to fall off before that ever happens. Got a way to go to get there. Thats is if they dont go the legal route. Pay the past so you have a future.

Credit Cards Charged Off
BoA, $18,951.00
Cap1, $13,000
Bank One, $31,000
Discover, 11,000
MBNA, $42,000
Wachovia 3,000

Advanta, $23,000
AMEX, $2,300

Total: $118,951

Re: How Do I Get To $300K+ In Credit Lines?

KingFICO — Mon, 28 Aug 2023 21:20:00 GMT

Hello FireMedic1,

Those was over 14 years ago, they no longer appear on my credit profiles.

Thanks

Re: How Do I Get To $300K+ In Credit Lines?

KingFICO — Mon, 28 Aug 2023 21:23:41 GMT

Hello BigBS,

There is no presseing need, this is about increasing credit lines to execute business deals.

Thanks!

Re: How Do I Get To $300K+ In Credit Lines?

CYBERSAM — Mon, 28 Aug 2023 22:01:04 GMT

If your credit file is clean then it should not take that long!

Now you have burnt some banks that they don't forget easy but over ten years... probably have a chance again.

The normal CCs that offer high limits usually have AF, but you get benefits from it...

See if AMEX would let you back in again, if so you can get couple of their CCs to go over 30K+ each with SP.

Chase is good with high limits, get 2 or 3 of their higher end cards (CSP, Amazon, CSR e.g.) and that should put you around 100K+

Cap1 Venture and VentureX should give you high limits.

Sync bank has few CCs that can grow quick but try not push too much with them.

All the above CCs are going to give you SP CLIs, that is important as they would not affect your score as you grow them.

Now if you are planning to have 300K that you can cash advance! That could be a problem as they would flag you for that request internally. CC companies HATE cash advances, not to mention requesting high limits of your credit for it. But you can get around that by getting BT offers and deposit them in to your bank account.

Also some CU can give you decent CL and use SP.

I’m not suggesting to go on app spree, that would set you back! Pace yourself and don’t go after CCs that would not grow or it would take very long time to do so.

I have over 300K CL and it didn't take that long once my file was clean.

Good luck.

Re: How Do I Get To $300K+ In Credit Lines?

markbeiser — Mon, 28 Aug 2023 23:25:38 GMT

IMO, If you want to be able to pull $200k cash advances for your business, you need to look into business lines of credit, and/or lines of credit secured by real estate, like a HELOC, or equivalent for commercial property if you own any, not consumer credit cards.
I believe there are buisiness credit cards that can function as a line of credit, but that is outside the scope of normal consumer credit cards.

Re: How Do I Get To $300K+ In Credit Lines?

Jeffster1 — Tue, 29 Aug 2023 01:08:03 GMT

All other issues aside, my only advice is to make sure you have learned from the sins of the past before you go one step further.

Re: How Do I Get To $300K+ In Credit Lines?

SouthJamaica — Tue, 29 Aug 2023 01:21:17 GMT

@KingFICO wrote:
I need to develop a clear cut strategy to get to $300K+ in credit lines; here is where I stand.

Fico Score 8
Equifax 781 | TransUnion 776 | Experian 746

Fico Scores 5, 4 & 2
Equifax 783 | TransUnion 725 | Experian 742

Credit Utilization 11%
Inquiries: 0
Income: $110k Annually

Current Credit Lines

Regions Bank $4000 (Secured Loan)
Upgrade $8000 Credit Line $6500 balance
Apple Card $4000 Credit Line $0 balance
NFCU, $2000 Credit Line $0 Balance
USAA, $10,500 Credit Line $0 Balance

I have banking relationships with:

Fidelity
Fifth Third Bank
First Tech Credit Union
Novo Online Bank
PenFed Credit Union
Regions Bank
USAA Bank
Wells Fargo
Chase (Personal Account)
Chase (Business Account)
I want to be able to pull at least $200k+ in cash advances.

My previous issues (charge-offs that happened in 2006 - 2009). Are these banks/institutions off-limits?

Foreclosures
SunTrust $68,000
Countrywide $18,000

Credit Cards Charged Off
BoA, $18,951.00
Cap1, $13,000
Bank One, $31,000
Discover, 11,000
MBNA, $42,000
Wachovia 3,000
Advanta, $23,000
AMEX, $2,300

I believe that covers all of the pertinent data points.

Thanks a million for your valuable input and advice!

Getting cash advances from banks is a losing proposition.

If your goal is to be able to get cash advances, you should add cards that are ideal for cash advances.... credit union, non-rewards, low interest, no-cash-advance fee, no-balance-transfer-fee type of cards. Some examples are NFCU platinum, Vantage West Connect, Chartway FCU Visa, BECU Platinum Visa, Unify FCU Platinum Visa, Members 1st Platinum, First Tech FCU Platinum, SDFCU Platinum, Virginia Credit Union Essential Card, Dept of Interior Platinum, etc. Strategy: find a credit union that has that kind of card, become a member, apply for card... wait 3 months and then repeat with another credit union.

I see that you're already a member of First Tech and NFCU, and each of them does have that kind of card, so you could just go ahead and apply for the cards. I have the impression, though, that First Tech is a bit on the conservative side.

Re: How Do I Get To $300K+ In Credit Lines?

Jeffster1 — Tue, 29 Aug 2023 01:18:39 GMT

$200K in cash advances can quickly turn into a VERY expensive $200K.

Re: How Do I Get To $300K+ In Credit Lines?

SouthJamaica — Tue, 29 Aug 2023 01:22:48 GMT

@Jeffster1 wrote:
$200K in cash advances can quickly turn into a VERY expensive $200K.

True. Especially if there are cash advance fees.

Re: How Do I Get To $300K+ In Credit Lines?

NoMoreE46 — Tue, 29 Aug 2023 02:27:11 GMT

It is not quite clear, but if you are looking for the credit for 'business purposes,' then I would stay away from using any personal cards for said purposes be it real estate etc. It would be best to procure cards under the business entity going forward.

PS, you have a good amount of older (as you noted) issuers with the CO who have been acquired.

MBNA was acquired by BofA
Bank One ----> Chase
Wachovia ----> Well Fargo

So it looks like there could be some resistance with the current issuers....

@KingFICO wrote:
Thanks Horseshoez,

The time issue does not bother me; if it takes a few years then so be it.

I don't need the money, this is about building credit to swing certain types of business/real estate deals.

That stated, I have no thought about a $200k personal loan. Are you speaking in terms of a type of personal loan/credit line that I can take withdrawals at my leisure? Or, just a typical personal loan?

Re: How Do I Get To $300K+ In Credit Lines?

Aim_High — Tue, 29 Aug 2023 04:06:17 GMT

Welcome to My FICO forums, @KingFICO.

Every once in a while, we see postings almost identical to yours. A newer member comes in, often with prior derogs and with either no or relatively limited available credit, and has a plan to quickly grow their credit limits so-as to leverage those limits for a savvy business plan such as real estate. Unfortunately, we never see them come back and tell us how great it all worked out. What you're suggesting is a highly risky proposition - once you eventually grow the limits to $300K. As suggested upthread, lenders don't like to see consumers take cash advances. Did you know that cash advance limits are often set well below the spending limits on cards? So to get $300K in cash advance limits, you might need $600K to $1M+ in credit limits. And then, if you run up those limits, just wait for the house of cards to come tumbling down as lenders see your utilization rise suddenly. I won't tell you not to do this, but please do come back and let us know about your successes or what you learned from failures.

I know a little about growing limits. I have $842K in TCL and high limit cards. I've posted many times for those seeking advice on growing higher limits. That's also a frequent question on the forums, beyond those who seek them for business spend or cash advance schemes. If you want to read more, go to >this linked thread< and then follow the links in each message back to some older archived threads. They might be helpful.

Best wishes in however you choose to proceed.

Re: How Do I Get To $300K+ In Credit Lines?

SouthJamaica — Tue, 29 Aug 2023 03:22:26 GMT

@NoMoreE46 wrote:
It is not quite clear, but if you are looking for the credit for 'business purposes,' then I would stay away from using any personal cards for said purposes be it real estate etc. It would be best to procure cards under the business entity going forward.

PS, you have a good amount of older (as you noted) issuers with the CO who have been acquired.
MBNA was acquired by BofA
Bank One ----> Chase
Wachovia ----> Well Fargo
So it looks like there could be some resistance with the current issuers....

@KingFICO wrote:
Thanks Horseshoez,

The time issue does not bother me; if it takes a few years then so be it.

I don't need the money, this is about building credit to swing certain types of business/real estate deals.

That stated, I have no thought about a $200k personal loan. Are you speaking in terms of a type of personal loan/credit line that I can take withdrawals at my leisure? Or, just a typical personal loan?

OP can deposit personal funds into the company account to make capital investments in the business, or to make loans to the business.

Re: How Do I Get To $300K+ In Credit Lines?

Aim_High — Tue, 29 Aug 2023 03:23:35 GMT

@NoMoreE46 wrote:

PS, you have a good amount of older (as you noted) issuers with the CO who have been acquired.
MBNA was acquired by BofA
Bank One ----> Chase
Wachovia ----> Well Fargo
So it looks like there could be some resistance with the current issuers....

Good advice. And yes, even if the charge-offs are off of your credit report does not guarantee that the lenders don't remember them or won't hold them against you. Combined with the acquistions or direct CO's, you may have ruled out some of the most lucrative targets if they don't forgive.

Re: How Do I Get To $300K+ In Credit Lines?

FireMedic1 — Tue, 29 Aug 2023 11:33:01 GMT

@KingFICO wrote:
Hello FireMedic1,

Those was over 14 years ago, they no longer appear on my credit profiles.

Thanks

We go by whats on a report. Not what was old and is deleted and long gone. Current reports.

Re: How Do I Get To $300K+ In Credit Lines?

fm92555 — Sat, 09 Sep 2023 06:26:59 GMT

@KingFICO wrote:
Thanks Horseshoez,

The time issue does not bother me; if it takes a few years then so be it.

I don't need the money, this is about building credit to swing certain types of business/real estate deals.

That stated, I have no thought about a $200k personal loan. Are you speaking in terms of a type of personal loan/credit line that I can take withdrawals at my leisure? Or, just a typical personal loan?

I came from a very similar position. Got ruined during the recession. After getting back on my feet and stable it has taken me about 5-6 years of focus to get back. I am now getting 800 scores and I have over 300k limits, and still working on it. I finally hit my first 50k card again.

Much of this current year has been not applying for new accounts as much as I am using my inquiries to increase the limits of current accounts. I am pushing those cards that offer soft inquires for CLI. This is where I have seen the greatest gain. Fewer new accounts.

I too like real estate. But looking to use credit cards is a bad idea. Initially I wanted high limits for the same reason. Then I recognized how bad of an idea it really was. If you really want funds to make real estate deals without having the cash, then the best way is to build a business credit profile or if it is a really good deal you are working then go with a hard money lender. It may hurt in the short run, but you will get the deal and hopefully the profit.

Business financing has become easier than it was in the past with greater competition and the SBA having less stringent requirements. This is a discussion for another time and different forum.

For smaller opportunities on a short term basis, a credit card with no cash advance fee gives you a lot of opportunity. I use mine often that way to buy and sell. But it is extremely important to keep your utilization under control. You can't have high balances showing all the time or your scores will tank. As others have mentioned, the allowable credit line amount that may be used for cash advances may be a fraction of your total card limit.

Learn from your past and don't place your personal credit at risk. It is too valuable and you see how difficult it is to recover from.

Re: How Do I Get To $300K+ In Credit Lines?

Jeffster1 — Sun, 10 Sep 2023 08:05:09 GMT

Re-reading about this "business model" is like watching the sailing of the Titanic and knowing the outcome.