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Best high limit cards for 2021.

lyTENciL
Regular Contributor

Re: Best high limit cards for 2021.

If high limit is all you are after, Navy Federal is known for throwing around monster SLs, up to 25K instant approval. You'll have to qualify for membership first.

 

You tagged your post with Balance Transfer, so good BT terms might narrow the field considerably. Others will have to speak to that. 



FICO (4/21): EX8 807. TU8 825. EQ9 841.
Mortgage (4/21): EX2 783. EQ5 786. TU4 unk.
Profile: Clean/thick?/aged/new. Revolvers: 4 open, 1 closed. 1 Install (7%).
AoOA/RA 17y. AAoA 3.5y. AoYA/RA 4m. TCL $36.5K.
Free Monthly FICOs:
Message 11 of 20
clipperskipper
Regular Contributor

Re: Best high limit cards for 2021.

I spoke out of place with regard to the age of cards, the oldest being 36, with an average of 17 years old. I guess it was the fact that a higher credit score, would assure a better mortgage rate. I should have a better mix, however I don't have a car payment, student or other loans, so that's out. I own four homes, have paper on two of them, and three are income generators. I made $130K last year from my salaried job, pay bills on time, and never carry a card balance. There was an on nerdwallet, where two guys had 850 scores, and did so by having $100K in available credit. In August, 2018 I got a Chase Freedom unlimited, $21.6K right out of the gate. My Fico score increased by 13 points the following month.

As others suggested, multiple cards could work, but don't forget, a hard inquiry will dock you six points. Last February I tried to buy another house, a foreclosure auction that was literally right around the corner. In order to do so, I needed a pre-approval letter from a lender, so I followed a lead from the Agent I was working with. Kid wanted everything, two years of 1040's with all of the forms, checking, savings, Roth IRA, 401K, you get the point. Then he gave me crap for having a middle score of "only 825, and you have a $900 credit card balance". Wow. He reluctantly gave me a pre-approval letter for $200K.  I just found this lowly unusual.

 

Message 12 of 20
longtimelurker
Mega Contributor

Re: Best high limit cards for 2021.


@AlchemysMom wrote:

@K-in-Boston wrote:

If you're not spending more than about $740 a month across all of your cards, is there any reason for higher limits?


I can think of a few

Right, but can the issuer!

Message 13 of 20
AverageJoesCredit
Community Leader
Mega Contributor

Re: Best high limit cards for 2021.


@clipperskipper wrote:

I spoke out of place with regard to the age of cards, the oldest being 36, with an average of 17 years old. I guess it was the fact that a higher credit score, would assure a better mortgage rate. I should have a better mix, however I don't have a car payment, student or other loans, so that's out. I own four homes, have paper on two of them, and three are income generators. I made $130K last year from my salaried job, pay bills on time, and never carry a card balance. There was an on nerdwallet, where two guys had 850 scores, and did so by having $100K in available credit. In August, 2018 I got a Chase Freedom unlimited, $21.6K right out of the gate. My Fico score increased by 13 points the following month.

As others suggested, multiple cards could work, but don't forget, a hard inquiry will dock you six points. Last February I tried to buy another house, a foreclosure auction that was literally right around the corner. In order to do so, I needed a pre-approval letter from a lender, so I followed a lead from the Agent I was working with. Kid wanted everything, two years of 1040's with all of the forms, checking, savings, Roth IRA, 401K, you get the point. Then he gave me crap for having a middle score of "only 825, and you have a $900 credit card balance". Wow. He reluctantly gave me a pre-approval letter for $200K.  I just found this lowly unusual.

 


Wow with your profile, income, etc i would think you'd have the pick of the litter on ccs.  With homes, plural, holy fico lol, and great score and income, dont let a hp scare you. Even if it drops a score 6 points  , which not every hp does, it shouldnt really matter ifyour score is in 800s. No difference in a 850 and 820 imo though im no score expert. If you want high limit credit cards all you need to do is find the right lender. Ie Chase. Id bet youd get a high limit again from Chase. Might even check out Boa. Best of luck and thanks for stopping bySmiley Happy

NN7! Fico math 1 HP = 20 CG LIEr Club Plankowner
Message 14 of 20
Slabenstein
Valued Contributor

Re: Best high limit cards for 2021.


@clipperskipper wrote:

I spoke out of place with regard to the age of cards, the oldest being 36, with an average of 17 years old. I guess it was the fact that a higher credit score, would assure a better mortgage rate. I should have a better mix, however I don't have a car payment, student or other loans, so that's out. I own four homes, have paper on two of them, and three are income generators. I made $130K last year from my salaried job, pay bills on time, and never carry a card balance. There was an on nerdwallet, where two guys had 850 scores, and did so by having $100K in available credit. In August, 2018 I got a Chase Freedom unlimited, $21.6K right out of the gate. My Fico score increased by 13 points the following month.

As others suggested, multiple cards could work, but don't forget, a hard inquiry will dock you six points. Last February I tried to buy another house, a foreclosure auction that was literally right around the corner. In order to do so, I needed a pre-approval letter from a lender, so I followed a lead from the Agent I was working with. Kid wanted everything, two years of 1040's with all of the forms, checking, savings, Roth IRA, 401K, you get the point. Then he gave me crap for having a middle score of "only 825, and you have a $900 credit card balance". Wow. He reluctantly gave me a pre-approval letter for $200K.  I just found this lowly unusual.

 


TCL is not a scored metric on any FICO version, so raising it wouldn't have any direct effect on your scores, if that's what your concern is.  TCL is the denominator in your aggregate utilization, which is scored, so it can have an indirect effect, but if your monthly reported utilization is already extremely low then raising TCL likely wouldn't do anything for your FICOs.

 

ETA: A new card would also lower your mortgage scores by some amount, if you haven't opened a revolver in the last maybe 15 mo's.  (Don't know the exact segmentation point for new account/no new account on those versions.)


Message 15 of 20
K-in-Boston
Moderator

Re: Best high limit cards for 2021.


@Andypanda wrote:

@K-in-Boston wrote:

Most bankcards from essentially every lender (with some credit unions capping lower off the top of my head) can be $30,000 or more, often much more, depending on your profile, income, and assets; the "best" really just depends on what you want out of a card.

 

If you're not spending more than about $740 a month across all of your cards, is there any reason for higher limits?


I like to have a high credit limit in case of high valued expense. I had some major house repairs done a couple of months ago. Iwant to get rewards for tge expense no matter how high.


Perfectly good reason (as would be "I just want them"), and that makes sense.  That is much more than the 1-2% you mentioned.  Were these home improvement store purchases or money paid directly to contractors or skilled workers?  If home improvement, you may consider getting the Lowe's consumer credit card.  In addition to 5% back or some very generous 0% promo periods, those cards can grow rather quickly and $35,000 is not that uncommon around here after a year or so with a decent profile and income.  Otherwise, you have an enormous number of revolving card products to choose from.  If the IRA and 401k you mentioned later are with a brokerage like Merrill Lynch, you may consider looking at a partner bank to leverage that.  NFCU as mentioned is also known for rather high approvals for clean (and sometimes not so clean) credit profiles.

 

As for the credit scoring, usually the effect of a new account opening is far more severe than inquiries.   It depends on what your reports look like, but there are cases where neither of those would actually cost points and the overall affect may even be an increase in scores if positive factors (like reducing your revolving utilization percentage greatly) that are weighted more are being met.

 

As for the mortgage scores, in the real world there should be no difference in creditworthiness and rates for someone in the 760s vs someone with "perfect" 850s.  Find another lender.  800s are great for buffering against changes like new accounts, swings in currently reported utilization, etc. but they are not required nor a guarantee to get approvals at the best terms.

Message 16 of 20
clipperskipper
Regular Contributor

Re: Best high limit cards for 2021.

Yes, mostly home improvement. I started an LLC last year for all of the real estate, plus opened both Lowe's pro, and Home Depot commercial accounts, in the LLC. I also hold an HIC license in Mass.

 

The Roth IRA is at TD, been there since the mid-90's, and I put in the maximum annually. The 401K is at Principle, but moving to Fidelity, should be finalized by tomorrow. I put the maximum in this as well, plus 6% company match. I don't understand what a partner bank or leverage is, sorry. I need to look at all of my accounts, as there is at least one that I forgot about, and there's $100K sitting in both a checking, and savings account earning squat.  I'll also search for another lender.

 

Message 17 of 20
clipperskipper
Regular Contributor

Re: Best high limit cards for 2021.

Back on track with this, as I got tied up on the Street for some time, as I don't trade indivual stocks (Gamestop), lol!), Moving on, I did get a new Citi card from a placecalled Wayrair, $7500 cl, wow. As others have suggesyed, obtain several smaller cards.

 

Message 18 of 20
Kforce
Valued Contributor

Re: Best high limit cards for 2021.


@Slabenstein wrote:

TCL is not a scored metric on any FICO version, so raising it wouldn't have any direct effect on your scores, if that's what your concern is. 


I had 850 Fico's with 4 cards and < $100,000 total CL

Credit scores of 850 do not require large CL's.

FNBO Cashback Visa (20k) / Bank-West Cashback MC (20k) / USAlliance 3% Visa (20k)
Two Old CU cards (20k each) -- (Sock Drawer) / Secret 3% MC (20k)
Ficos : 830 / AAoA : 9 yrs / AoOA : 24 Yrs / AoYA : 0
Message 19 of 20
FinStar
Moderator

Re: Best high limit cards for 2021.

Thanks for the update @clipperskipper and congrats on the Wayfair approval 👍

 

Locking this thread as you have been approved.  Feel free to start a new thread in the Approvals section for this one (and any other future approvals) if you wish to do so.

Message 20 of 20
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