I've been reading many posts about people being approved for 5 digit CLs. Now that I have a credit history of 10+ years and a pretty good AAoA, I've been wondering how to get there. I just started breaking into the 4-5k limit this week (thanks to other posts! 
) Not that I am looking to break into the 5 digit CL, I am just curious as to how others have got there.
What are the considerations for companies to approve you for such high limits? What are the pluses of having these high limits?
Any thoughts are welcome!
I just broke into the 5 digit limit this week as well with my 11k limit on Discover. It's been a tough road to get to this point. Companies are very stingy and cautions when giving out new credit. As funny as it may seem, I've had an easier time getting more credit carry tons of debt that I ever did when I was single and had hardly any debt.
Starting Score:TransUnion: 698 (12 FEB 2010), Equifax: 674 (12 FEB 2010)
@Anonymous wrote:I've been reading many posts about people being approved for 5 digit CLs. Now that I have a credit history of 10+ years and a pretty good AAoA, I've been wondering how to get there. I just started breaking into the 4-5k limit this week (thanks to other posts!
What are the considerations for companies to approve you for such high limits? What are the pluses of having these high limits?
Any thoughts are welcome!
You might consider adding an AmEx revolver (Blue Cash, etc.) to your collection.
The starting limit may be on the low side (perhaps $2000 - $3000), but after two months, you can triple that.
Then after another four months, you could triple that again.
AmEx is the only issuer that I know of, that will reward you with very high limits, within such a short time.
Looking at the cards in your signature - I think you should be able to get approved for AmEx (so long as you haven't stiffed them in the past).
@NonSufficientFunds wrote:
@Anonymous wrote:I've been reading many posts about people being approved for 5 digit CLs. Now that I have a credit history of 10+ years and a pretty good AAoA, I've been wondering how to get there. I just started breaking into the 4-5k limit this week (thanks to other posts!
What are the considerations for companies to approve you for such high limits? What are the pluses of having these high limits?
Any thoughts are welcome!
You might consider adding an AmEx revolver (Blue Cash, etc.) to your collection.
The starting limit may be on the low side (perhaps $2000 - $3000), but after two months, you can triple that.
Then after another four months, you could triple that again.
AmEx is the only issuer that I know of, that will reward you with very high limits, within such a short time.
Looking at the cards in your signature - I think you should be able to get approved for AmEx (so long as you haven't stiffed them in the past).
"stiffed" them?
Neither of those apply, as the only AmEx card that I had was a co-branded one with Macy's. Always paid on time!
What is the allure with AmEx besides the the x3 CLI? I see several people on the forums with a couple of AmEx cards - what makes them great to have in your wallet?
There are a number of factors. Off of the top of my head:
1. No recent baddies.
2. Good EX, EQ and TU scores. Ideally, mid-high 700s+.
3. Low UTIL of existing credit (1-9%).
4. Not too many recent INQs. (FICO factors in 1 year, but creditors will see 2 years.)
5. An "assortment" of debt: revolving, installment, etc.
6. A decent AAoA.
7. Don't be afraid to Recon on a denial, or CLI if you can show a decent reason BUT don't be TOO aggressive try to grow accounts.
I'm probably forgetting something here, but that should give you an idea.
As far as the pluses for having high limits, I would say (1) you can carry higher balances while maintaining a lower UTIL and (2) if you app for a new card, the new bank may try to give you a higher limit, to compete with the cards you already have.
I'm sure that there are others here, that are more knowledgable, that can add to the above...
@Anonymous wrote:Neither of those apply, as the only AmEx card that I had was a co-branded one with Macy's. Always paid on time!
What is the allure with AmEx besides the the x3 CLI? I see several people on the forums with a couple of AmEx cards - what makes them great to have in your wallet?
1) They are more readilly accepted than they used to be
2) The seem to have great purchase protection warrenties. (Say you buy an Ipad and break it- you can usually get credited to get a new one with less hassle than other cards)
3) They give high credit limit increases fairly quickly and with in a definite time frame. (61 and 180 days)
4) Backdating. They are the only card that is allowed to "backdate" your member since date. So if you get a card today and then in 10 years, you apply for another card- your second card will not hurt your AAoA, but it will actually help it as it will say that the card was opened in 2014 even though it was opended in 2024.
Those are what I can come up with off the top of my head.