How do I get a large credit line without high income?

[Shooting-For-800]

Start a real estate investing business and start a long term relationship with a bank.

You need real estate loans not credit cards.

You can get 12-24 month real estate investment loans starting around 8%

GL!

[dragontears]

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@Anonymous wrote:

here are my stats (760 across the board)

1,000 card 1

10,000 card 2

10,000 card 3

10,000 personal line or credit 1

10,000 personal line of credit 2

15,000 personal line of credit 3

2,000 overdraft line of credit 

Zero utilization (hasn't reported my recent loan payoff)

Im looking to secure 50-100k more dollars in personal line of credit accounts but i want to have really high limit cards around 30-50k. How would I get around 3 cards ranging from 30-50 without high income?

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I am going to be very blunt but I mean it in the most FSR way.

If you have 40k income you will NOT be getting cards with 50k limits. It will not happen. 

Using credit card cash advances is a BAD idea, especially when starting out. Use loans, even hard money lenders charge less interest than a cash advance. 

[CH-7-Mission-Accomplished]

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@Anonymous wrote:

here are my stats (760 across the board)

1,000 card 1

10,000 card 2

10,000 card 3

10,000 personal line or credit 1

10,000 personal line of credit 2

15,000 personal line of credit 3

2,000 overdraft line of credit 

Zero utilization (hasn't reported my recent loan payoff)

Im looking to secure 50-100k more dollars in personal line of credit accounts but i want to have really high limit cards around 30-50k. How would I get around 3 cards ranging from 30-50 without high income?

---

I agree with all of the other people who have posted.   Honestly if your income is 40K, you are not likely to get 100K in unsecured credit.   You mention wanting new PLOC's and then you talk about high limit credit cards.   Bear in mind that a 50K credit card likely has a maximum cash advance limit of 15K.    You can't take anywhere near as much cash as you can charge buying stuff on your Visa card.

I have now closed over 150K of my credit cards, but the way I got my limits up to 50K was by opening credit card accounts and then combing them.   I did this with Navy Fed.   I have a 30K card and a 25K card.   I wanted to combine them but their maximum individual card was 50K, so I had them combine the cards and I gave up the 5K that was over 50K.    Also remember that as you start running up individual cards, your FICO scores will start plummeting so it's a misnomer that you have, say 250K in available credit.  As soon as the others see you running up one card to 50K, they are going to close or slash the limits on the other cards.   Also, LOC's are much more conservative in limits if you truly want to be able to write checks and not involve a credit card.   I have a Navy Visa at 50K, but their LOC limit is 15K.   I believe you can get another CC with them for 30K, but max exposure per client is around 80K in CC's and LOC's (I believe).

One more thing to consider.   The economy is flashing warning signs in red right now.   We are getting ready for massive foreclosure and evictions since there isn't likely any more $$$ coming from the government to prop people up.   This will result in all kinds of properties on the market, a glut, and you will see prices tanking like in 2008.

If you said you earn 40K and want 100K in unsecured credit to invest in stocks right now, people would just shake their heads.

If you are young you could recover from a BK7 in 3 to 5 years,  but those days of get-rich-quick based on YouTube or late night infomercials are likely gone for some time.

I have one friend in Seattle who made millions by using his chuzpah and convincing a very wealthy family to put buy apartment buildings all o over town and give him a 20% stake for finding and managing the properties.   He's made over $50 million since the 1990s.   They key to making money is to use other people's money and this is one way if you are a really good sales person.

Good luck to you.   But buying on leverage in a very scary economy is more risk than most mortals could stomach.

I'm not a big Dave Ramsey fan but when he talks about going bankrupt when he was young, he did what you did and when the banks called his loans, he was toast.   He did later recover and made millions in radio/financial advice, but he is a lesson to look at.

Best of luck.   But be very careful.

[sarge12]

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@CH-7-Mission-Accomplished wrote:

---

@Anonymous wrote:

here are my stats (760 across the board)

1,000 card 1

10,000 card 2

10,000 card 3

10,000 personal line or credit 1

10,000 personal line of credit 2

15,000 personal line of credit 3

2,000 overdraft line of credit 

Zero utilization (hasn't reported my recent loan payoff)

Im looking to secure 50-100k more dollars in personal line of credit accounts but i want to have really high limit cards around 30-50k. How would I get around 3 cards ranging from 30-50 without high income?

---

I agree with all of the other people who have posted.   Honestly if your income is 40K, you are not likely to get 100K in unsecured credit.   You mention wanting new PLOC's and then you talk about high limit credit cards.   Bear in mind that a 50K credit card likely has a maximum cash advance limit of 15K.    You can't take anywhere near as much cash as you can charge buying stuff on your Visa card.

I have now closed over 150K of my credit cards, but the way I got my limits up to 50K was by opening credit card accounts and then combing them.   I did this with Navy Fed.   I have a 30K card and a 25K card.   I wanted to combine them but their maximum individual card was 50K, so I had them combine the cards and I gave up the 5K that was over 50K.    Also remember that as you start running up individual cards, your FICO scores will start plummeting so it's a misnomer that you have, say 250K in available credit.  As soon as the others see you running up one card to 50K, they are going to close or slash the limits on the other cards.   Also, LOC's are much more conservative in limits if you truly want to be able to write checks and not involve a credit card.   I have a Navy Visa at 50K, but their LOC limit is 15K.   I believe you can get another CC with them for 30K, but max exposure per client is around 80K in CC's and LOC's (I believe).

One more thing to consider.   The economy is flashing warning signs in red right now.   We are getting ready for massive foreclosure and evictions since there isn't likely any more $$$ coming from the government to prop people up.   This will result in all kinds of properties on the market, a glut, and you will see prices tanking like in 2008.

If you said you earn 40K and want 100K in unsecured credit to invest in stocks right now, people would just shake their heads.

If you are young you could recover from a BK7 in 3 to 5 years,  but those days of get-rich-quick based on YouTube or late night infomercials are likely gone for some time.

I have one friend in Seattle who made millions by using his chuzpah and convincing a very wealthy family to put buy apartment buildings all o over town and give him a 20% stake for finding and managing the properties.   He's made over $50 million since the 1990s.   They key to making money is to use other people's money and this is one way if you are a really good sales person.

Good luck to you.   But buying on leverage in a very scary economy is more risk than most mortals could stomach.

I'm not a big Dave Ramsey fan but when he talks about going bankrupt when he was young, he did what you did and when the banks called his loans, he was toast.   He did later recover and made millions in radio/financial advice, but he is a lesson to look at.

Best of luck.   But be very careful.

---

I suppose you mean on a single card, because my highest single line is 16,000, but having about 20 cards, my aggregate is about 250,000 on about 48,000 of income. My point is, getting 100,000 on many cards is not hard on 40,000 in income. It might come from 20 cards at 5,000 each though.

[Credit12Fico]

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@sarge12 wrote:

---

@CH-7-Mission-Accomplished wrote:

---

@Anonymous wrote:

here are my stats (760 across the board)

1,000 card 1

10,000 card 2

10,000 card 3

10,000 personal line or credit 1

10,000 personal line of credit 2

15,000 personal line of credit 3

2,000 overdraft line of credit 

Zero utilization (hasn't reported my recent loan payoff)

Im looking to secure 50-100k more dollars in personal line of credit accounts but i want to have really high limit cards around 30-50k. How would I get around 3 cards ranging from 30-50 without high income?

---

I agree with all of the other people who have posted.   Honestly if your income is 40K, you are not likely to get 100K in unsecured credit.   You mention wanting new PLOC's and then you talk about high limit credit cards.   Bear in mind that a 50K credit card likely has a maximum cash advance limit of 15K.    You can't take anywhere near as much cash as you can charge buying stuff on your Visa card.

I have now closed over 150K of my credit cards, but the way I got my limits up to 50K was by opening credit card accounts and then combing them.   I did this with Navy Fed.   I have a 30K card and a 25K card.   I wanted to combine them but their maximum individual card was 50K, so I had them combine the cards and I gave up the 5K that was over 50K.    Also remember that as you start running up individual cards, your FICO scores will start plummeting so it's a misnomer that you have, say 250K in available credit.  As soon as the others see you running up one card to 50K, they are going to close or slash the limits on the other cards.   Also, LOC's are much more conservative in limits if you truly want to be able to write checks and not involve a credit card.   I have a Navy Visa at 50K, but their LOC limit is 15K.   I believe you can get another CC with them for 30K, but max exposure per client is around 80K in CC's and LOC's (I believe).

One more thing to consider.   The economy is flashing warning signs in red right now.   We are getting ready for massive foreclosure and evictions since there isn't likely any more $$$ coming from the government to prop people up.   This will result in all kinds of properties on the market, a glut, and you will see prices tanking like in 2008.

If you said you earn 40K and want 100K in unsecured credit to invest in stocks right now, people would just shake their heads.

If you are young you could recover from a BK7 in 3 to 5 years,  but those days of get-rich-quick based on YouTube or late night infomercials are likely gone for some time.

I have one friend in Seattle who made millions by using his chuzpah and convincing a very wealthy family to put buy apartment buildings all o over town and give him a 20% stake for finding and managing the properties.   He's made over $50 million since the 1990s.   They key to making money is to use other people's money and this is one way if you are a really good sales person.

Good luck to you.   But buying on leverage in a very scary economy is more risk than most mortals could stomach.

I'm not a big Dave Ramsey fan but when he talks about going bankrupt when he was young, he did what you did and when the banks called his loans, he was toast.   He did later recover and made millions in radio/financial advice, but he is a lesson to look at.

Best of luck.   But be very careful.

---

I suppose you mean on a single card, because my highest single line is 16,000, but having about 20 cards, my aggregate is about 250,000 on about 48,000 of income. My point is, getting 100,000 on many cards is not hard on 40,000 in income. It might come from 20 cards at 5,000 each though.

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But that would take atleast 3-5 years given the velocity limits that many lenders have. And also, Cash advance limits for many lenders is much lower than the actual credit line. If you are trying to get cash, you might need 3-4 times the actual total credit line.

[Anonymous]

@Credit12Fico You can definitely get that much TCL in a short time with the right lenders: https://ficoforums.myfico.com/t5/Personal-Finance/PLOC-App-Spree/td-p/6105649/page/5 

Personally, I pulled 25K from SECU on 30K income, and my profile is very new and credit seeking (think dozens of inqs + under a yr history).. If I had access to Navy and POI available I would've gone crazier with apps 

I think the main thing is being able to cohesively explain a spree if you speak to lending..

[Anonymous]

How would i do this?