Highest Starting Credit Limit

[Anonymous]

Hey everyone,

Brand new here. I have been reading alot of forums and decided to make a post. I am looking to finance a large purchase in the next 6 months or so and want to do so by opening a new credit card. Looking specifically at 0% interest cards. My scores will be in the 730 - 750 range w 2/24. I make around 65k a year and my utiilization is always under 30% and going forward 20%. 100 % payment history.

Who would start me out at the highest starting credit limit? Would it be better to apply now and ask for increases or to aim for the best starting limit ?

[FinStar]

Scores alone or income aren't going to be the only determining factor on the assigned SL. At best, pure guesstimates.

What does your overall profile look like? Is your current overall utilization 30%? What constitutes a large purchase... $5K, $10K, $20K? What's your AAoA and what kind of CCs and CLs do you currently have?

[Anonymous]

Thanks for replying FinStar,

Current card is discover it at $2,700. Purchase is for $10k, AAoA is 4.5 years. MY utilization for the past month was 10% and going forward i plan to keep it there.

[FinStar]

Ok. Is Discover your only revolving tradeline? Any auto/student loan history, mortgage? Current FICO scores? Assuming no negatives either?

The only hurdle that you may come across is that if Discover is your only CC, most traditional lenders are not going to approve a CC for such a high SL if there isn't any established history with handling such limits in your profile.

About the only one I can think of that could possibly open the door might be NFCU. Perhaps others might be able to chime in with a similar situation.

[Anonymous]

I have student loans, Car payment which is almost paid off and a mortgage that started in Oct, which is one of the pulls.

[Snipper117]

I would check AMEX to see if your prequalified for anthing.  They have some cards offering 0% apr for 15 months.  Also if you do have pre qualifications and you are approved you can request a CLI at 61 days for up to 3xs your starting limit.  They've been excellent to bank with for me.  Again totally depends on how they view your profile, but I would recommend checking them out.

[Anonymous]

I was thinking about going for amex. From what ive read people w a similar profiles get larger starting limits. Thank you!

[Snipper117]

Also side note if possible I believe one of the thresholds for fico scoring is 8.9% for utilization so if possible to get it under 7/8% instead of 10% reporting when you apply for the card perhaps that will help.  Good luck.

[Anonymous]

In my exp, most banks will give you a computer calculated starting CL, and this SCL tends to be lower if you are new to the bank. I remember calling into underwriting (BofA, Citi, Barclays) and getting a higher CL than I was initally approved for. This might be another angle to consider if the bank you decide on doesn't give you the SCL you anticipated.  If you wish to take the temporary hard inquiry dings to scores, you may consider opening up two separate cards and then merging the credit limits later. Banks tend to have hard limit per product/acct so whereas you may get 10k on a single you may get 15k across two cards.  Both accts will need to be personal or business so you can merge later and not co-branded. this is obviously more involved but it could be worth it under certain circumstances.

[Anonymous]

I saw an AMEX Card (BCE) give a 10k limit to someone that had 1 cc with a 1500 limit but they have also perfectly paid student loans and car payments for 6-7 years. They made 50k a year, 740 credit score. In your case maybe look at AMEX Every Day card as it could be generous enough.