Looking for a credit card with high initial limit!!!

[turnerte]

I'm looking for a new card to replace the account I will lose when I pay off my car. I have cash to pay the car, that's not the issue. The only thing that isn't graded highly on myfico page is my number of accounts and the age of the ones I have. I'm just looking for a new card, not a card to use to pay for my car.

[enharu]

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@turnerte wrote:
I'm looking for a new card to replace the account I will lose when I pay off my car. I have cash to pay the car, that's not the issue. The only thing that isn't graded highly on myfico page is my number of accounts and the age of the ones I have. I'm just looking for a new card, not a card to use to pay for my car.

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when you pay off the car, the car loan will remain on file for up to 10 years. Sometimes it falls off sooner, sometimes it stays on perpetually. Hard to tell, but you're usually covered for at least a few years.

As for what card to get, it really depends on what your priorities and preferences are. Do you want a low APR card, a cashback card, a travel card, etc..........

If you can tell us more, such as what you mostly spend on, then maybe people can make their recommendations.

[09Lexie]

Ok, let me say this again, a car loan is an installment loan and not factored into your util. In order to fix your age of accounts is to let your existing accounts age, be added to older accounts as an AU. Opening new accounts will shorten the age and impact your score.

[turnerte]

I understand that the installment loan isn't factored into the utilization, that's common knowledge. I'm looking for a high limit to keep my utilization as low as possible. I'm looking for a rewards card of some kind. Mostly I use the card in place of cash or debit card and pay the card off at the end of the month.

[myjourney]

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@09Lexie wrote:
Ok, let me say this again, a car loan is an installment loan and not factored into your util. In order to fix your age of accounts is to let your existing accounts age, be added to older accounts as an AU. Opening new accounts will shorten the age and impact your score.

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+1 and none of these is a reason to add a CC

Adding CC's for rewards, emergency or financing a long term purchase is a different story

[enharu]

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@turnerte wrote:
I understand that the installment loan isn't factored into the utilization, that's common knowledge. I'm looking for a high limit to keep my utilization as low as possible. I'm looking for a rewards card of some kind. Mostly I use the card in place of cash or debit card and pay the card off at the end of the month.

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There are many rewards cards of many kinds. Which kind do you prefer?

[jamie123]

You still haven't told us what cards you currently have and that would really help us to make an informed decision.

In my opinion these are the prime banks and the only places that you should be applying:

AMEX

Bank of America

Chase

CitiBank

Discover

Wells Fargo

I would suggest you apply for two credit cards today and these are my suggestions:

AMEX Blue Cash Everyday. It is a good rewards card and whatever limit they give you can be increased after 61 days by 3 times. So if they start you out at $3K you can call for an increase on the 61st day and ask for a $9K limit and probably get it.

Discover IT. They will start you out with a high credit line and it is relatively good rewards card.

[turnerte]

I have a Discover card with a $5000 limit and a Walmart credit card with a $5500 limit. Ive had the Discover for about a year, and the Walmart card for about 2 and a half years. Im really interested in Amex because of the 3x cli and the backdating with future cards. 

[Creditaddict]

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@turnerte wrote:

I have a Discover card with a $5000 limit and a Walmart credit card with a $5500 limit. Ive had the Discover for about a year, and the Walmart card for about 2 and a half years. Im really interested in Amex because of the 3x cli and the backdating with future cards. 

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Amex Blue Cash Preferred #1

Amex Costco #2

Would be my choices and probably will give you a very nice starting limit and then of course the possible 3x CLI at just 61 days... go for it!

[enharu]

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@turnerte wrote:

I have a Discover card with a $5000 limit and a Walmart credit card with a $5500 limit. Ive had the Discover for about a year, and the Walmart card for about 2 and a half years. Im really interested in Amex because of the 3x cli and the backdating with future cards. 

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any lender will be willing to give a customer 3x (or even more) CLI as long as the customer qualifies for it.

For Amex, the 3x CLI isn't guaranteed, and for well qualified customers who could / should get more than 3x CLI, it can be restrictive. So really, don't pay attention to the CLI policy. Only nice aspect of it is that it's a SP.

Backdating is very nice though.

If you want an Amex, look at the Amex website and see which card suits you most. We don't know you as well as you know you.