way to know spending limit before applying for a card ?

[Anonymous]

i'm thinking of obtaining one additional credit card to supplement my CapitalOne QuickSilver.   My credit scores with all 3 bureaus are between 795-799.  I'd like my next card to have a generous spending limit (i'm thinking $10,000).  

My question - how can i as a consumer *before applying and taking the hard hit* know that i will get my desired spending limit on the card assuming its approved ?  can i call the card company and say "i'm interested in your card but only if you process it with a $10k spending limit...if you can't/won't do that then i'm not interested"?  

it feels like the consumer is captive in the sense that you're applying for a card with no certainty around whether they will accept you much less what kind of credit line you'd receive.. which seems unfair to me as someone with a good credit score.  any strategies ?

[simplynoir]

Not really. There's no guarantee even with an optimal profile to get a generous starting line on a credit card though it doesn't hurt your chances. There are certain cards where because of the product itself having high minimal starting limits that can help when deciding on which card to get. Cards like the CSP and CapOne Venture cards have minimum $5k SL while the CSR and Ritz Carlton cards having $10k SL at the least. Some CU cards have even higher minimal SLs with a little looking around.

Having said all that if the QS is your only card if it's a decent sized limit and your income is good you should be able to get a good SL on your next app. One I would recommend is an AMEX revolver card because with a little spend even if you start off at let's say $6k in 61 days you triple that limit to $18k very easily. Probably best way to guarantee you get a large limit card if the initial limit isn't t your liking.

[fltireguy]

As simply had said, there really is no way to know. However, PenFed does hand out pretty good starting limits, you might be somewhere in the $20,000 range with your scores as long as your utilization is the time. Bank of America can also come up with some pretty good limits occasionally as well. We also tend to see fairly high limits with chase on their premium cards also.

[Anonymous]

Many prime lenders will look at your highest limit card on your profile and try to match it or beat it if your profile is good enough for them to risk it.  Chase is well known for this.  Having one high limit card begets other high limit cards in what is called "the prybar effect".

Some lenders will look at a high limit card if it's older than a certain age, others will just look at your current limits no matter the age and rate you based on that.

If you want a $10,000 starting limit, either aim for a card with a $10,000 minimum, or have a high limit card showing already and recon lower starting limits by telling them you can't use a card if it isn't competitive.

[dsotm76]

While I only had a couple of cards with some lower limits, I took a shot on the BCE by AMEX and they approved me with a $10,000 SL.  My Eq was 744, which I think is what they pull.  The others were 762.  I'd say with yours, they may give you some pretty good love with a card.  Need a referral?  LOL 

[CreditInspired]

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@Anonymous wrote:

i'm thinking of obtaining one additional credit card to supplement my CapitalOne QuickSilver.   My credit scores with all 3 bureaus are between 795-799.  I'd like my next card to have a generous spending limit (i'm thinking $10,000).  

My question - how can i as a consumer *before applying and taking the hard hit* know that i will get my desired spending limit on the card assuming its approved ?  can i call the card company and say "i'm interested in your card but only if you process it with a $10k spending limit...if you can't/won't do that then i'm not interested"?  

it feels like the consumer is captive in the sense that you're applying for a card with no certainty around whether they will accept you much less what kind of credit line you'd receive.. which seems unfair to me as someone with a good credit score.  any strategies ?

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I'm so sorry, I just had to do it. This really tickled my funny bone.

CCCs love having us right where we are -- begging them for credit.

So on a much more serious note, I would say to see if you prequalify for cards that minimum SL is $10K, like the CSR.

GL2U

[Anonymous]

thanks for all the replies.  i decided to give PenFed a try with an online application.

i received an instant approval with a 10K spending limit.  

Expecting to see something higher, i opted out of the offer.

i spoke today with someone from member services who said that 10k is their 'starting point' with most new applicants and that a CLI would be considered after 6 months.

Does this sound accurate from others' experiences?

[simplynoir]

It does with the way Penfed is tightening up on credit lately. Seems to be they're being more conservative with giving out generous starting limits like they did before.

[Anonymous]

You have a great score, but for most that might be the highest as you build history with them.  

If understand this right, you only have a cap one QS?  Even if its only 10k or something close to that, the is a good reason to diversify some so all your eggs aren't in one basket.  To each there own, but the way the banks have been since '08, having 2 or 3 isn't a bad option either. 

[Anonymous]

Correct my only card is a capital one quicksilver at a 10k limit. I agree I need at least another card to add an additional credit line to hopefully kick my score to the 800's. So am I hearing folks suggest to take their 10k SL offer and then try for a CLI later ?