Suggestions for increasing credit limits? Or, Cards highest initial CL?

[firefox100]

If you are trying to put 50K per month through credit cards justbe careful, you could be shut down, it could like money laundering. You may want to apply for business credit cards. Some business credit cards don't report to consumer credit bureaus. To get to 500K of can not be done in a day its going to take couple of years. You can get nice credit limits with Bank of America I also have 2 credit cards with BOA which total 41K and also a discover card which has a 29K limit. again good luck.

[FinStar]

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@firefox100 wrote:

If you are trying to put 50K per month through credit cards justbe careful, you could be shut down, it could like money laundering. You may want to apply for business credit cards. Some business credit cards don't report to consumer credit bureaus. To get to 500K of can not be done in a day its going to take couple of years. You can get nice credit limits with Bank of America I also have 2 credit cards with BOA which total 41K and also a discover card which has a 29K limit. again good luck.

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@firefox100- if an individual's income supports those limits, and if there is transaction and payment history established that is within the range of $50,000 per month, there should be no issues, especially if these are on the personal, non-business side.  What would be the reason for the shutdown?  Your implied logic makes no sense if any individual happens to be a high income earner and can support those charges.  By the way, money laundering doesn't just occur in a single, large transaction.  Transactions could be structured as well or done in many other forms.

Now, if this isn't the case, the lender could potentially CLD or flag/decline certain transactions (if such payment/transaction patterns are out of the norm).  I've had no issues placing large transactions (single or in the aggregate) within that range in a single month on the personal side.  Similar on the biz side.

[firefox100]

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@FinStar wrote:

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@firefox100 wrote:

If you are trying to put 50K per month through credit cards justbe careful, you could be shut down, it could like money laundering. You may want to apply for business credit cards. Some business credit cards don't report to consumer credit bureaus. To get to 500K of can not be done in a day its going to take couple of years. You can get nice credit limits with Bank of America I also have 2 credit cards with BOA which total 41K and also a discover card which has a 29K limit. again good luck.

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@firefox100- if an individual's income supports those limits, and if there is transaction and payment history established that is within the range of $50,000 per month, there should be no issues, especially if these are on the personal, non-business side.  What would be the reason for the shutdown?  Your implied logic makes no sense if any individual happens to be a high income earner and can support those charges.  By the way, money laundering doesn't just occur in a single, large transaction.  Transactions could be structured as well or done in many other forms.

Now, if this isn't the case, the lender could potentially CLD or flag/decline certain transactions (if such payment/transaction patterns are out of the norm).  I've had no issues placing large transactions (single or in the aggregate) within that range in a single month on the personal side.  Similar on the biz side.

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Ok I some one who I know about teen years ago had retired and sold ther business for over 700K and had the proceeds sitting in checking and CD's at Chase. One hand does not know what other is doing. This person and wife took a 3 month trip through europe and was spending 25K per month through a chase credit card which hhad credit limit of 30K and they making couple payments per month from ther Chase checking account. They wher at dinner when ther charge would not go through. Ther credit card was closed down. It was very messy legal situation the end result they don't bank with Chase any more. Chase shuts down don't ask questions ther banker who knew them could not undue closing of ther credit card. They had relationship with said bank for over 25 years. Ther mistake was not calling the credit card side of bank and saying we are taking world trip, they thought because ther banker knew it would be all right.

[GatorGuy]

I am looking to increase my overall credit limit and was recommended that applying for new cards will likely yield quicker results than CLIs. What cards that you have applied for have given you the highest initial limits?

I already have the following:

CSR  $43k

Amazon Prime $12k

Chase Freedom $35k

Chase Freedom Unlimited $25k

CapitalOne Venture $57k

Penfed CashRewards $20k

NFCU Flagship Rewards $49k

Target RedCard $7.5k

Amex Platinum

[firefox100]

Here are the credit cards that I hold, Discover card 29K started out with cl of 9K in June of 2016, Bank of America mastercard 25K started out with cl of 8K in july of 2017, Bank of america Visa cash rewards card limit 16K open last month of this year. Wallmart mastercard 19K capital one started out with credit limit of 6K as Synchrony card in august 2015. I have 18 cards with total cl of 245.450 K. I do have Blispay card which can not be used but showing open. Next year I plan to apply for couple of new cards Paypal mastercard and the US connect card. Make note that US bank does not like more then one new card in the past 12 months.

[M_Smart007]

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@firefox100 wrote:

. Make note that US bank does not like more then one new card in the past 12 months.

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I totally blew that outta the water.

#OutlierClub

[Anonymous]

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@GatorGuy wrote:

I am looking to increase my overall credit limit and was recommended that applying for new cards will likely yield quicker results than CLIs. What cards that you have applied for have given you the highest initial limits?

I already have the following:

CSR  $43k

Amazon Prime $12k

Chase Freedom $35k

Chase Freedom Unlimited $25k

CapitalOne Venture $57k

Penfed CashRewards $20k

NFCU Flagship Rewards $49k

Target RedCard $7.5k

Amex Platinum

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Anyone answering this will only be providing information for entertainment purposes, as everybody's profile is unique, and one person's results will in no way imply similar results for anyone else. This is why others have asked for more details on your finances that so far have not been provided. Without knowing the basics of what you're working with, anything we say is pure speculation, and if you add $3 to the value of that speculation you can get a $3 cup of coffee.

[babygirl1256]

@GatorGuy Wow, your limits are significantly high already and you stated, ". . . my limits are maxed out for the cards I have . . ." so if it was me; I'd start to pay down the current card balances before requesting any CLIs and certainly before applying for any new credit; that's just my little opinion. I would love to have your current credit limits!

[GatorGuy]

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@Remedios wrote:

So, if your current spend is $50,000.00 per month (based on not wanting to go over 10%), is it all personal, any business spend included and how much of that is current vs carrying balance?

Might seem intrusive, but all of it is important. 

If you have business, you might want to look into business cards so that utilization isn't an issue.

If you are currently carrying balance, it might affect both new account app and CLI, so that's why I asked. 

You could try for a new card with Chase, and if you aren't approaching ceiling with income, they might approve it, or approve but only via reallocation from existing accounts, making it a zero sum game.

Cap One, currently $10,000.00 approval would be a success story, but maybe it will be different for you. 

Seems like Penfed and NFCU might be your best shot, depending on what your CR looks like.

Another option, go with lenders with whom you have no exposure. Might have better chance that way. 

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I don't carry a balance on any credit card. I do have a credit line with Sleep Number which shows a balance. I don't spend $50k every month but that is the most that I spend. It is all technically consumer spending. The Amex platnium was opened 4 months ago. Other than that, approximately 8 months ago I had a HP from the SBA. My income is top one percent. 

Right now, I think my first step will be to get AOD since I like the 3% although their CLs aren't that large. Followed by NFCU since they gave my largest initial CL. After that I might go for something with Citi since I have no cards with them like you mentioned. 

[designated_knitter]

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@GatorGuy wrote:

I am looking to increase my overall credit limit and was recommended that applying for new cards will likely yield quicker results than CLIs. What cards that you have applied for have given you the highest initial limits?

I already have the following:

CSR  $43k

Amazon Prime $12k

Chase Freedom $35k

Chase Freedom Unlimited $25k

CapitalOne Venture $57k

Penfed CashRewards $20k

NFCU Flagship Rewards $49k

Target RedCard $7.5k

Amex Platinum

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Bear in mind NFCU only likes to see 80K total exposure.  So you have 31K left... Assuming you got approved for a second card at the max, that would be 25K so would be bumping up against that.

I might try for another Penfed card as well.

Someone can correct me if I'm wrong but I believe a Personal Line of Credit would count as a "revolving account" so that might work for utilzation.

That said, I can't believe I'm even answering this since something just seems "off" with this thread.  If, as you say, you put through 50K / month in consumer spending and then PIF each month, then why do you care about utilization and the magic number of 500K?