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How to Get High Starting Limits on Credit Cards...

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Beefy1212
Established Contributor

Re: How to Get High Starting Limits on Credit Cards...


@Anonymalous wrote:

@Beefy1212 wrote:

@nopls wrote:

1k to 20k is pretty impressive, I've not seen much of that.

 

For me (2 year credit age)


My 2.5 year journey is 0 to 126k


Mine was 1.5 years to 55K, but I'd easily be well above that if I hadn't stopped asking for CLIs and applying for new cards.

I was about the same at 18 months, year one was slow I only made it to about 10k by 18 months was 50k+ and by 2 years 100k+ The bulk of my new credit was an 18k cli from amex

I took a somewhat slower pace than many other new files on the board, but that $55K is spread across only 5 cards (+1 $2K AU), so I think it worked fairly well. The reason I took that route is my first card had a limit so low it was a pain to deal with (CL of $300), so I decided high limits were a priority. So I optimized my score as much as possible, spread out my applications every 3 to 9 months, and targeted lenders who are known for high limits and being friendly to new files.


My orignal goal was not a big credit profile but padding a profile to actually qualify for an auto loan at a reasonable rate I took on a lot of sock drawer accounts just to build up my profile andit worked! I got a 3.84% loan in month 7 for 32k. While waiting 3 to 9 months between accounts may keep you from getting a big score hit at one time it keeps you in a constant new account penalty. I think the spree method has worked the best for me getting several accounts all at once or close together and letting the negatives age off at once. Big starting limits are not really a drive for me, if your spending patterns and payment history support it, those limits will follow. With digital apps and instant mid-cycle payments a 300 dollar limit isn't so bad either.
 

@Blessed2Be1, a similar approach might work for you. The first trick is to slow down your velocity, and space applications at least 6 months apart. Applying for a lot of cards in a short period of time is a guarantee of lower limits. A year might work better, but 6 months does seem sufficient.

 

The second trick is make sure your score is as high as possible when you apply. That means managing utilization so it's very low, ideally below 4%, or at least 8.9%, both on individual cards and in aggregrate. Installment loans have similar thresholds, though I'm not as familiar with them. Getting added an AU on an old card with low or no regular utilization is another option, though many lenders will discount those bonus points, so it's often more miss than hit (miss with Chase, hit with NFCU, etc.). An SSL loan is another trick, but only really helps if you have no open installment loans, and you seem to have too many already. Also consider the lender's internal scores -- many relationship banks (and especially CUs) look favorably on other types of accounts, setting up direct deposit, using their cards, and so on.

I have done AZEO since before I knew what it was, my 500 secured discover didn't allow me to do otherwise, now it is habit. the optimum threshold is <4.499% for young profiles older profiles on "mature" scorecards dont appear to have the same sensitivity to uti.  I don't even need to min/max my score, at my TCL it is hard for me to even post more than 2-3% and AWB seems to be about 5 points. I am not convinced it is even that important, what your score represents (your report) is far more important than the score itself 1 inquiry 1 card 1% uti and 6 months is a 750, that 750 is far less relevant than the fact it is 1 card with 6 months history. 10 years 12 accounts and a 705 has far more crediablity and what you qualify for and get approved for will reflect it. If you think of your credit profile like an online survey 200,000 responses has far more weight than 200. In the long run creating a full and diverse credit profile just has so many benfits that go beyond simply targeting a particular lender by opening a bunch of checking and saving accounts you dont need and likely won't use. Your goals should direct your actions.

 

And the third trick is to target lenders like Navy. FNBO was also good, though perhaps not any longer (the economy seems to have them spooked, and they've pulled in their geofence). Amex might be another (that x3 first CLI), and some of the big national credit unions as well. Though with all the negative economic indicators, lenders may not be as generous as they were a year or two ago.

This is true, but I would stress looking at what those accounts bring to the table sure BECU might have been handing out 10-20k plus limits but it is a 1.5% cb card is that limit doing anything for you? Not really. I would rather get a 5-10k card that I will use, my 10k redstone card gets far more spending than the rest of my cards combined and is my newest card. chasing limits is fun, it gives an emotional high but I have realized other than bragging on here it has no effect on my life.


 



Message 31 of 35
SouthJamaica
Mega Contributor

Re: How to Get High Starting Limits on Credit Cards...


@Blessed2Be1 wrote:

Hey @Aim_High 

 

I am the VP of Sales and Marketing for a Small Executive Search Firm here in MN. My income is 120K. I am a Single Mom to 3. I am also a Small Business Owner. I have a industrial temp agency on the side, but it's mainly friends and family and I dont make alot if anything from it.  I hope to eventually get a grant or loan one day so I can really invest in it and make it profitable. I have some banking relationships with many banks but I barely use most of them. I dont have real assests with them though so, Im glad you brought that up. I should start to do that. All of my real assets are invested throuh my job. 

 

Right now:

These are the Credit Cards I have:

First Premier $400 Used $337

Credit One AMEX: $450 Limit Used $443

I recently opened a Credit One Visa with a $1K starting limit Used $100, but it’s not reporting yet.

Chime: NO Credit Limit It Is A Secured Credit Card: Balance Usually Under $60

 

Right now, I have high credit card utilization due to my Ex, but I’ve already disputed the charges. I’m unsure of when or if they will credit the $ back though. I will pay it off the next billing cycle if they haven't. 

 

I also have:

Deferit Line of Credit: $1200 Limit Reporting No Utilization

Stellar Finance Line of Credit: $1K Limit Reporting No Utilization

Upstart Loan: $1K Opened 6/2023 Have $850 left to Pay. I plan to pay $250 - $350 this month. I am trying to get it down quickly, so around the holidays it will hopefully be paid off and I can reapply and hopefully get a higher limit.

Grow Line of Credit: Reports $1800 Limit Reporting No Utilization

Kickoff: Reports as a Credit Card on Equifax and TransUnion, but as a Line of Credit on Experian. 

 

Right now, my Fico Score 8 for Equifax is 711, Transunion is 701, and Experian is 616 as of 7/24/2023. 

 

I’m working to correct my Experian and hopefully it will be up to the low 700’s in the next month or so. I will wait to apply for anything until then. I have high credit card utilization due to my Ex, but I’ve already disputed the charges. I’m unsure of when they will credit the $ back though.

 

Thanks for your response @Aim_High your profile is my GOALS!!!


OK @Blessed2Be1 based on the above my recommendations would be:

-make sure 2 of your 3 credit cards reports zero balance each month, while the other one reports a low balance (less than 10% of the limit)

-don't use the Chime card

-continue not using the lines of credit

-don't take out new Upstart loan after paying off the present loan

-if you do join NFCU apply for the platinum or cash rewards card, otherwise wait and come back to us with update for recommendations


Total revolving limits 586020 (520820 reporting) FICO 8: EQ 706 TU 701 EX 692




Message 32 of 35
Anonymalous
Valued Contributor

Re: How to Get High Starting Limits on Credit Cards...


@Beefy1212 wrote:

chasing limits is fun, it gives an emotional high but I have realized other than bragging on here it has no effect on my life.

That's why I stopped chasing limits. A $300 card is very hard to manage, so high limits were an early priority. But once I got the point where utilization stayed in the low single digits with normal spend, there was no point in any more.

 

Completely agree that one's credit profile matters more than one's credit score. When I first became scorable, my EQ FICO 8 was 784. But that didn't count for much, because my entire personal credit history was a single 5 month old card. The only real solution to that was more cards and time. I recently passed the 2 year mark, which seems to make a big difference. I don't have any specific targets like your auto loan, but my primary long term goal is just building a robust credit profile. And I'm well on the way; at this point, I'm fairly confident I could apply for and get nearly anything, and get good to excellent terms. 

 

My highest CL card (over $24K) gives me 3% back in groceries, dining, and gas (Navy's More Rewards). So it's possible to combine high limits and good cards. There's always a balance between limits, rewards, APRs, network benefits, simplicity, and so on. The priorities aren't binary, and vary from person to person. I'm mostly concerned with developing a strong credit profile, and having a reasonably simple but strong set of rewards cards, as well as cards covering the benefits I value, like the various insurances. I will argue that 1.5% cards have their place, because my WEMC Quicksilver has the strongest set of secondary benefits of any of my cards (various purchase protections and travel insurances, virtual cards, etc.). Conversely, my best cash back cards (Elan MCP and Citi CC) have almost nothing (well, Citi does have virtual cards). CUs in particular tend to offer a lot of the network benefits, even if their rewards are little anemic.

 

I half agree on the spree method. If you're a bit strategic, it's possible to apply for 2 or even 3 cards at once without the other lenders knowing, by researching which bureau each lender pulls, and making sure they don't overlap. That's what I did last December, applying for 3 cards that pulled EQ, TU, and EX. But just applying for a lot of cards at once is a recipe for baby limits.

Message 33 of 35
Aim_High
Super Contributor

Re: How to Get High Starting Limits on Credit Cards...


@Blessed2Be1 wrote:

Hey @Aim_High I dont qualify for a signature yet, but when I do how can you make it like yours? I see some other posts that are saying a method: https://ficoforums.myfico.com/t5/SmorgasBoard/THIS-IS-HOW-YOU-ADD-CREDIT-CARD-PICS-TO-YOUR-PROFILE/t... but that seems difficult. Do you have a easier way? I thought if I purchased the My Fico plan it would just automatically show up 😂 wishful thinking I guess!


Sorry to just be getting back to your query, @Blessed2Be1.  I've been traveling for business a lot lately and not posting much on the forums.   Since you have "ranked up" to member status, you should be able to post a signature with photos.   

 

The "easy way" to do a signature is where you see members with text-only in the block.  That just requires you type the text into the proper place in your My Profile > My Settings.   If you want pictures of cards or other images, it requires a little higher level of legwork.  However, it's really not so much difficult as it it somewhat tedious. as the HTML code has to be entered just right and you have to have a source for the images outside of My FICO.   Once you import the card images to your preferred image-hosting website and once you build a single card HTML successfully, the others are easy since you're just replicating your first success.  Smiley Wink   Like you, I had no HTML experience so ... anyone can do it!!  Lol Smiley Tongue

 

I've made a few postings to help other members.  I found the relevant information in Smorgasbord a little cluttered and difficult to follow when I first got started, so I made the detailed posting below to help others along the way.  I host my images for free on www.imgur.com.  See these links below for more details.

 

My most detailed posting

 

Another posting

 

My most recent posting


Business Cards


Length of Credit > 40 years; Total Credit Limits >$926K
Top Lender TCL - Chase 156.4 - BofA 99.9 - CITI 96.5 - AMEX 95.0 - NFCU 80.0 - SYCH - 65.0
AoOA > 31 years (Jun 1993); AoYA (Oct 2024)
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 34 of 35
Aim_High
Super Contributor

Re: How to Get High Starting Limits on Credit Cards...


@Anonymalous wrote:

The first trick is to slow down your velocity, and space applications at least 6 months apart. Applying for a lot of cards in a short period of time is a guarantee of lower limits.


This can't be overstated, and I saw this personally myself.  Even with a high FICO, thick file, high income, and reasonable DTI, my starting limits slowly fell when I applied more aggressively.  

 

I also suggest the six-month rule, although that is not set-in-stone.  Six or more months is most important for approvals/SL when the above factors are not strong or derogatories are present.  Seasoned files with high FICO can get away with a little more than that before SL begins to fall.  Exactly how much more depends on all the credit profile variables.   If you're watchful, you'll know when you've overdone it and when it's time to stop.  Or better yet, just try not to reach that point at all by proper self-analysis of your profile and disciplined pacing.  


Business Cards


Length of Credit > 40 years; Total Credit Limits >$926K
Top Lender TCL - Chase 156.4 - BofA 99.9 - CITI 96.5 - AMEX 95.0 - NFCU 80.0 - SYCH - 65.0
AoOA > 31 years (Jun 1993); AoYA (Oct 2024)
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 35 of 35
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