How to get a larger credit limit?

[Varsity_Lu]

@tehdrizzle 

So, I went back and read several of your posts from 2020, right after your bankruptcy was discharged. Sounds like you just passed the 7 year mark a few months ago with the negatives dropping off your report. It also sounds like you had zero credit cards back then, so the ones you have now must be relatively new. I think it's interesting that you mentioned in your original post that you have been with AmEx since 2013.  The things you said back then and the things you say now don't track with each other.  At this point, some of your facts are in doubt, include your supposed 840 and 850 scores.

If you want to come clean and tell us what's really going on, we'd love to help. But being cryptic and deceptive isn't going to get you the advice you want.

[Realist]

Nice find @Varsity_Lu .

Coming out of any seven year pinch, bankruptcy, etc, no one is going to have a thick profile regardless of the case.  As I've mentioned in the past, FICO scores can be manipulated easily both ways, but the credit profile is still going to reflect what is.  It's very possible to emerge from settlement year with an 800+ score, but it may not be a solid credit portfolio.  We've had run ins with this in the past with "students", 780 score, but the underlying problems prevented many loans for some time.  Lenders didn't trust their score or history.

When your credit profile solidifies, and the FICO score backs up what the credit profile is showing, this is how it's likely going to occur.

If you have few cards with few lines, they'll trust your score, but no one wants to be the first to extend monsterous credit lines.  So they'll give you a fair line.  So long as your hard inquiries remain in check, and you apply for another card, they too may extend the same, or a slightly higher credit line.  So long as your hard inquiries remains in check, you can do once or twice more, and then every inquiry shortly after will start offering you smaller credit lines.  Seeking too much credit.

You need time at this point. 

When you have multiple credit lines, and when you aren't applying to every credit offer under the sun, and when your hard inquiries are in check, and your credit profile solid, FICO score in check, they will start offering you significant credit lines.   One will start outdoing the others.  Why?  Because you aren't wh**ing yourself out to every credit line.  You're proving yourself as a responsible borrower, and they want to extend credit to you so that you will use their card.

Example timeline:

1.  Apply and receive a 2k credit line

2.  Apply and receive a 5k credit line.

3.  Apply and receive a 10k credit line.

4.  Apply and receive a 10-12k credit line.

5.  Apply and receive a 15k credit line.

6.  Apply and receive a 20k credit line.

7.  Apply and receive a 30k-40k credit line.

This may be over a span of 5-10 years, doing everything right.  At that point in time, you will have too much credit made available to you, and the only thing left to do is enjoy the free welcome bonus offers.  So you cull unneeded credit lines as necessary, and apply to, or reapply as necessary.

The credit game is really the game that keeps on giving, for those that put in the time and do it right.  But, it takes time.  There is no short cut.  For those that have amassed 500k to greater than a million in credit on cards, this wasn't done over night, nor was it done in a few years, nor was it likely done in only a decade - unless you entered in with a massive amount of annual income.

[CreditCrusader]

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@Varsity_Lu wrote:

@tehdrizzle 

So, I went back and read several of your posts from 2020, right after your bankruptcy was discharged. Sounds like you just passed the 7 year mark a few months ago with the negatives dropping off your report. It also sounds like you had zero credit cards back then, so the ones you have now must be relatively new. I think it's interesting that you mentioned in your original post that you have been with AmEx since 2013.  The things you said back then and the things you say now don't track with each other.  At this point, some of your facts are in doubt, include your supposed 840 and 850 scores.

If you want to come clean and tell us what's really going on, we'd love to help. But being cryptic and deceptive isn't going to get you the advice you want.

---

Yeah, I'm a bit skeptical as well.

Typically, someone with THIS profile...

"I'm 39, make 185k per year, have a mortgage and auto loan totalling $1500 per month between the two. I have 8 credit cards which I use every month and pay in full. My scores are 840 with EQ, 840 with TU, and 850 with EX. I have zero inquiries as well."

...can more or less command big-limit AMEX cards and limits, assuming there are no other undisclosed factors (lack of assets, brand-new auto/home loans/credit cards, FICO score aided by AU presence, etc.).

Specific to AMEX, one thing I can personally attest to is their delight when you have verifiable PIF assets/cash. It's possible that the OP has secured debt and income, but that his/her net worth is relatively low. We also do not know what the auto/home loan balances are. If one or the other looks particularly daunting, then they may be keeping him/her on a short credit leash.

[NoHardLimits]

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@Varsity_Lu wrote:

@tehdrizzle 

So, I went back and read several of your posts from 2020, right after your bankruptcy was discharged. Sounds like you just passed the 7 year mark a few months ago with the negatives dropping off your report. It also sounds like you had zero credit cards back then, so the ones you have now must be relatively new. I think it's interesting that you mentioned in your original post that you have been with AmEx since 2013.  The things you said back then and the things you say now don't track with each other.  At this point, some of your facts are in doubt, include your supposed 840 and 850 scores.

If you want to come clean and tell us what's really going on, we'd love to help. But being cryptic and deceptive isn't going to get you the advice you want.

---

I just spent many, many minutes reading through the OP's post history.  It dates all the way back to 2012.  The posts occur in spurts, and the story contradicts itself over and over.  My head is spinning from all the twists and turns.  Just a few examples:

I never use credit.

I just paid off $18,000 in credit card debt.

Why is my credit limit so low / why can't I get a CLI?

CLIs are bait tactics by banks to get you to spend more.

Chapter 13 bankruptcy.

I have no credit cards, just a mortgage.

I have 14 negatives / collections.

Why are banks closing my accounts / lowering my credit limits?

If you can't afford to pay cash, you don't need it.

We financed a new vehicle.

Credit union increased my limit from 20k to 50k.

Credit union only gave me a 5k limit.

OP:  If you seriously want us to try to help answer your questions, you have to give us the full story... warts and all.

[Jeffster1]

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@NoHardLimits wrote:

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@Varsity_Lu wrote:

@tehdrizzle 

So, I went back and read several of your posts from 2020, right after your bankruptcy was discharged. Sounds like you just passed the 7 year mark a few months ago with the negatives dropping off your report. It also sounds like you had zero credit cards back then, so the ones you have now must be relatively new. I think it's interesting that you mentioned in your original post that you have been with AmEx since 2013.  The things you said back then and the things you say now don't track with each other.  At this point, some of your facts are in doubt, include your supposed 840 and 850 scores.

If you want to come clean and tell us what's really going on, we'd love to help. But being cryptic and deceptive isn't going to get you the advice you want.

---

I just spent many, many minutes reading through the OP's post history.  It dates all the way back to 2012.  The posts occur in spurts, and the story contradicts itself over and over.  My head is spinning from all the twists and turns.  Just a few examples:

I never use credit.

I just paid off $18,000 in credit card debt.

Why is my credit limit so low / why can't I get a CLI?

CLIs are bait tactics by banks to get you to spend more.

Chapter 13 bankruptcy.

I have no credit cards, just a mortgage.

I have 14 negatives / collections.

Why are banks closing my accounts / lowering my credit limits?

If you can't afford to pay cash, you don't need it.

We financed a new vehicle.

Credit union increased my limit from 20k to 50k.

Credit union only gave me a 5k limit.

OP:  If you seriously want us to try to help answer your questions, you have to give us the full story... warts and all.

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The OP makes my head hurt. 

As Judge Judy says, "If it doesn't make sense, it's not true."

[SRT4kid93]

@tehdrizzle 

Op looks like you could use a reality check/someone to be straight with you and not sugarcoat it. you have your answer, you filed bankruptcy, had all sorts of issues on your report? And by the sounds of it they are either still there or just fell off.

You also posted about not even being able to get a secured card. Therefore any issuer you applied to when you had a weaker profile is going to remember you and the fact that you had a bankruptcy and couldn't even pay them to give you a card.

The entire point of a secured card is that you pay them 100% collateral to get the card, If you couldn't pay someone to give you a card 4 years ago, why would they give you a 30,000 limit now?

also, at this point it doesn't matter how much you make, you said you have made the same amount of money for a long time, yet you filed bankruptcy and had a ton of late payments and collections, so any bank will look at this and wonde how you ever let that happen with such a high salary. 

[Hipployta]

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@tehdrizzle wrote:

AmEx had me at 1k since 2013 and finally approved me to 3k last year. I figured they were super strict.

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For AMEX I recommend you do your credit limit request with $9K and do the bank account income verification.

[creditrizz]

Interesting and entertaining thread.  There are some true detectives on this forum

[Yasselife]

You’re doing everything right; excellent income, perfect scores across all bureaus, zero inquiries, and responsible credit use. It’s definitely surprising that your limits haven’t scaled more with that kind of profile.

A few thoughts that might help: Some issuers are just stingy; Capital One and Discover are known to be conservative with CLIs, even with great profiles. Citi can be hit or miss depending on the product. Try requesting CLIs via phone instead of online; sometimes reps can manually override or push higher limits if you have a strong case. Consider shifting focus to issuers known for generous CLIs; like Navy Federal (if eligible), Bank of America, or Wells Fargo. Even FNBO has been generous in some cases. Use heavier spend on one or two target cards for a few months before requesting a CLI; some issuers like to see higher usage as justification. Amex typically responds well to the 3x CLI request after 61 days (then every 6 months); but only if your reported income supports it and there’s some spend.

At this point, you don’t have a credit issue; it’s more about finding the right issuers and timing. You’re already playing the long game the right way. Keep pushing forward!