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@Anonymous wrote:Ok folks. I am new to this forum so please forgive me if this question has been asked in another thread.
I have a few credit cards now with cl's around 600-700 and I want to get a few cards with high cl's. My transunion is above 700, eq and ex are above 720 and my income is about 40k. My primary focus is the cl of the card. What cards have a history of higher initial credit limits with moderate income? Any suggestions would be helpful.
More information is needed on your total profile than just a score. Credit limits are not simply score driven. There is a reason you have CLs around 600-700. What one considers as "average" and "high" will vary from person to person. If your 40K income is supporting only yourself, that could be considred avarage, but it would depend on where you live. 40K in the Deep South will get you a lot more than 40K in NY or CA. If that's household income, that would probably be considered lower that average, but again dependent on where you are.
Credit limits in the $10K range are going to be file dependent. How thick is your file, what sort of history do you have? As stated previously, those CLs are not just given out. There has to be justification for such a higher limit. Going from $600-$700 range to $10K range, without some steps in between could be a bit unrealistic, again depending on your file.
Yes I was rebuilding my credit. I started about 2 years ago with a prepaid credit union card....then 6-8 months later I started getting offers in the mail. I took two of them and paid on time....somtimes paying off the balance on all the cards....then about a year ago my scores were somewhere around 660.... I just kept paying. I recieved a credit limit increase from two of the cards and just kept paying. I paid all the cards off last month...and checked my fico last night and low and behold if my scores didn't pop into 720+ range (two of the scores anyway)
You can never go wrong trying the credit card trick for the sportmans guide visa or fuel network master card. They tend to give high limits.
They are also Soft pulls on credit report. The only Con is that the APR is high but if you PIF you should be fine.
@Puertorican_COP wrote:You can never go wrong trying the credit card trick for the sportmans guide visa or fuel network master card. They tend to give high limits.
They are also Soft pulls on credit report. The only Con is that the APR is high but if you PIF you should be fine.
I heard the Fuel Network MasterCard is actually a HP. Possibly all Visa/MasterCard SCT cards are a HP, although some people have said Sportsman Guide was a SP for them. Just a heads up.
@Anonymous wrote:Yes I was rebuilding my credit. I started about 2 years ago with a prepaid credit union card....then 6-8 months later I started getting offers in the mail. I took two of them and paid on time....somtimes paying off the balance on all the cards....then about a year ago my scores were somewhere around 660.... I just kept paying. I recieved a credit limit increase from two of the cards and just kept paying. I paid all the cards off last month...and checked my fico last night and low and behold if my scores didn't pop into 720+ range (two of the scores anyway)
I also was in the rebuilding stages roughly a couple years ago (finally hit the 100k+ club credit limit wise a bit ago). I can tell you from direct experience 10k+ tradelines/credit limits are definitely earned. You'll want to firstly work on getting increases from existing creditors. Ideally the ones who SP (soft pull and won't ding your credit score) are best to start with. From my own CLI's comenity, Cap One, and Synch (formerlly GECRB) typically do SP's. Several others do as well. Keep in mind if one of what you have is a care credit (with synch) that would be the exception as that's a HP usually.
Best of luck going forward. Keep in mind it's a journey not a sprint when it comes to building credit.
my income is 41k and my scores are TU719 EX687 EQ685
starting CL's
Cap1 Venture 10k
USAA Rate Advantage MC 7k
and don't forget if you app for any visa signature it will start at 5k
I'd rather have HIGH income and AVERAGE credit limits, but that's just me!!!
As others have said, you need to work up to the higher limits...but it doesn't take that long. February 2014, my highest limit was a secured Cap One with $2000; my highest unsecured was $500!
As of today, I have five cards (NASA, FIA AMEX, BOA TRAVEL, AMEX BCE and Venture) all with five digit limits. My secret? Reading this board and keeping a painstakingly close eye on my overall credit picture. Keeping a low UTL. Oh yeah, it's probably best to have a 680+ scores (mine have all hovered in the low 700's for the past year).
Income 85K
@Anonymous wrote:Ok folks. I am new to this forum so please forgive me if this question has been asked in another thread.
I have a few credit cards now with cl's around 600-700 and I want to get a few cards with high cl's. My transunion is above 700, eq and ex are above 720 and my income is about 40k. My primary focus is the cl of the card. What cards have a history of higher initial credit limits with moderate income? Any suggestions would be helpful.
Hmm.
Well. My W2 income is just above yours at $41,000 this last year, and my yearly bonus was 10% which put me at $45,000 approx (I don't include bonus w/AMEX for income). I went from just over $10,000 in personal CL's to just over $100,000 in the last year. HHI is just over $110K.
CU's like NFCU are going to give some very nice starting limits, Chase will upgrade your limits as you acquire credit with then (Last Chase approval was for $9,000)
Capital One seems to be pretty generous right now for prime cards like Venture.
It is all going to depend on your credit history/length. I have a file that goes back over 10 years with my oldest positive open account being 7 years old and my oldest positive closed account going back to the beginning. AMEX backdating is quite an asset when it comes to AAoA.
Lowes is aso known for high limits. After approved, you can call immediately and ask for 25k. They will counter with however much credit they are willing to extend to you. I wouldn't app for it unless you can actually use the card.... It is a store card.
Full disclosure, I have never applied for a Lowes card.