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Credit limit above 100k is it possible?

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Community Leader
Super Contributor

Re: Credit limit above 100k is it possible?


@Trikoret wrote:
I guess that makes sense then. At first I thought they would cut me off for using my card for business expenses. But now Bofa Travel business card earns the same reward structure. So hopefully I should be ok using both cards

Yeah, it's universal across all cards pretty much so you should have no issues at all.

2020 is like a steak cooked well-done that needs to get out of my face. - @imapharmacygirl
Message 61 of 69
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Established Contributor

Re: Credit limit above 100k is it possible?


@AverageJoesC

 

well im sure they are impressed with your assetsSmiley Wink

 

CongratsSmiley Happy


I've always been more impressed by assets than credit! Smiley Wink

Message 62 of 69
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Regular Contributor

Re: Credit limit above 100k is it possible?

is this the real life?

 

Smiley Happy

Message 63 of 69
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Valued Contributor

Re: Credit limit above 100k is it possible?

The $4.11 in cash rewards is impressive...most impressive. Smiley Wink

 

giphy (2).gif

AAoA = 4.1 years|Oldest Account = 14 years|Inquiries = 1-EX, 2-EQ, 1-TU. I have the credit patience of a Buddha and Yoda love child, but the credit anger of The Hulk if I get a starting credit limit under $10,000!

$80,000 Merrill Lynch Visa+|$41,000 AMEX Blue Cash|$35,900 Cap1 QS|$35,000 Lowes|$25,000 NFCU CashRewards|$25,000 NFCU Flagship|$25,000 RBFCU Premium MC|$25,000 Walmart MC|$20,500 PenFed Platinum|$10,000 PenFed Promise|$9,000 Blispay Visa|$15,000 NFCU PLOC|$10,000 RBFCU PLOC|$10,000 PenFed PLOC|PayPal Credit $8,800
Message 64 of 69
Valued Contributor

Re: Credit limit above 100k is it possible?

crazy,  before I read this thread, I thought I was doing well,  multiple cards over 30k CL, have made 1-2k payments,  never considered having a card over 50k CL,  never dreamed of making a $70,000 payment, I will play with the little kids. 

 

 

Cards: Chase Southwest 20k & CSR 17k & CSP 10k & FNBO 30k Oregon Duck 5k, & AMEX BCP 32.5k & Amex Magnet 15k&amg; Hilton Surpass 7.5k & Delta Gold 12k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 20k, Paypal Extras MC 10k, Paypal Credit 7.25k CapOne Venture 15k, QS 2.5k, QS 750, Amazon 10k, Walmart 10k, Citi Simplicity 18k, Discover IT 23k and a nice stack of store cards.
Landmarkcu Personal Loan 10k
Message 65 of 69
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Valued Member

Re: Credit limit above 100k is it possible?

I worked for a regional bank bank back around 2005 (Riggs in the Virginia/DC area, since bought out by a larger bank). Our "normal" credit lines topped out at 50k. However there were a handful of customers that had limits of up to $500k (maybe higher but that was the highest I came across). These were special cases and worked totally different from the normal card process.  It was never even publicized that these existed, however if a "Whale" came in, (which was our internal nickname for any customer with accounts 7 figures or higher) and wanted a higher credit limit, we had a separate process where we could do that. The application was more akin to a mortgage with a comprehensive financial review, background check, full underwriters review etc.  There were also more stipulations than a normal credit account, it was actually more like a secured card in that you had to agree to keep a balance with the bank equal or greater than your credit line at all times.

 

My big question though (not trying to be catty, I really am curious) is why do you need over a $100k credit line? Is is just a status symbol to show your credit is good enough to get a credit line that big? (which I suppose if fine if that's the reason)  Or are you actually in some sort of profession where you would need and take advantage of a credit line of that magnitude (independent contractor etc)?

 

I personally make a pretty decent living (six figure salary), I'm no spendthrift and yet I don't think between vacations, household expenses etc. I have $20k in activity across all my cards throughout the year. I could not comprehend a single situation where I would need a $100k credit line (or even $50k for that matter). Heck even if I decided to throw responsibility out the window go completely bonkers and run up all my cards to the max, I still would be hard pressed to even think of $100k worth of goods and services I would care to purchase.   



Message 66 of 69
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Valued Contributor

Re: Credit limit above 100k is it possible?

its the utilization factor... if you can spend 20K   you should have a 80-100k line




AU on: 2008 Sears MC $2,001 | 2016 SEARS Store Card $2,001 | 2011 Synchrony Home $5,500 | 2003 FNBO Visa $9,900 | 2008 Macys Amex $1,900 | 2008 Kohls $2,000 | 2008 JC Penny $4,500 | 2016 TJX Mastercard $1,500 | 2019 SDFCU PowerCash Visa $10,000 | 2018 AAdvantage Aviator MC $5,600 | 2018 HSN $4,500 | 2016 Local Credit Union Visa $5,000.
Member of: Andrews FCU (Share) | PENFED CU (Checking/Share/Credit) | SDFCU (Share) | Alliant CU (Checking/Share) | NASA FCU (Share) | NWFCU (Checking/Share) | Ally Bank (Checking/Savings) | BofA (Checking/Share) | Navigant CU (Share) | Greenwood CU (Checking/Share) | Elements Financial CU (Share) | Ocean State CU (Share) | SDFCU (Share) | Wells Fargo (Checking) | RI Credit Union (Share) | US Financial FCU (Checking 2 Day Early Direct Deposit/Share) | CashApp | PayPal Premier (for free direct deposit access with cash card) | Paypal Business (Grandfathered 1.5% Cash Back on Biz Debit) | Apple Pay Cash | and Venmo.
WISH LIST: Hanscom FCU (For the 2 day early direct deposit).
IIB: DCU | NFCU | Comenity | Synchrony | Barclays | Discover | Amex | Webbank (Avant) | Santander | Citi (Shell) | DSNB (Macys) | TDRCS (Target+Nordstrom) | Capital One (Personal+Business, Kohls, and GM Personal) | CreditFirst(Firestone).
Message 67 of 69
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Valued Contributor

Re: Credit limit above 100k is it possible?


@NRB525 wrote:

@simplynoir wrote:

@the_old_curmudgeon wrote:

@Remedios wrote:

@serbia wrote:

Ok. I will try to transfer E-trade stocks to ML.


 

Without getting into validity of suggestion, I would not make any important financial decision based on a single suggestion on a message board. 


This.  I wouldn't recommend a change in brokerage firms either solely based upon a few postings I read on a message board.

 

If you're interested in going down this path you might want to see if there is a local BoA branch that either has a full time on-prem Merrill Financial Advisor or can schedule an in-branch appointment with a roaming FA.


Honestly, take this a step further/back depending on how you look at it and talk to your own accountant/FA on this with the kind of wealth being talked about here. I cannot even imagine them supporting a decision like this without talking to them first about it.


It is possible for an investor to have a good enough understanding of the markets to be self-directed in investments. I count myself as one of those. The location where the stocks / investments are held, in a self-directed situation, does not depend on an accountant or finanicial advisor. Most people do need that, but if OP feels that a change of some stocks / funds from one broker to another is appropriate, we aren't here to judge that.

 

Given the implied value of those investments, I'd not worry too much about the OP's ability to make financial choices.


I have 200k in self directed investments and have beaten the market the past 4 years in a row.  But I would never move my account for a higher limit on a credit card.   

More cards than I can mention in a signature.
Message 68 of 69
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Valued Contributor

Re: Credit limit above 100k is it possible?

I have a coworker who keeps 100k cash in BOA savings account for the extra cash back rate.  I have told him over and over to move it but he wont listen.  So they pay him no interest on his 100k and they can loan out 1 million dollars  to people and charge them high interest rates on things like car loans, Helocs and credit cards.  Seems pretty easy way to make a ton of money.

More cards than I can mention in a signature.
Message 69 of 69
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