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Odds of obtaining HIGH limit Credit Card?

Odds of obtaining HIGH limit Credit Card?

What are the odds of me obtaining High Limit Credit Card💳 with a thin file? Preferably Credit Unions. I want to do a cc spree. 

EXPERIAN FICO 8 758

Bankcard FICO 2 : 824

Only 1 revolving/ cc w Capital One for 7 yrs low $600 starter limit  (probably bucketed 😏) 100% pymt history

 

2 Student Loans 26K & $3,500 💯pymt history

New Auto loan 5 months Excellent 100% pymt history

 

 

I am eyeing First Tech Federal Credit Union

33 REPLIES 33
Horseshoez
Established Contributor

Re: Odds of obtaining HIGH limit Credit Card?


@GraceAndGratitude wrote:

What are the odds of me obtaining High Limit Credit Card💳 with a thin file? Preferably Credit Unions. I want to do a cc spree. 

EXPERIAN FICO 8 758

Bankcard FICO 2 : 824

Only 1 revolving/ cc w Capital One for 7 yrs low $600 starter limit  (probably bucketed 😏) 100% pymt history

 

2 Student Loans 26K & $3,500 💯pymt history

New Auto loan 5 months Excellent 100% pymt history

 

 

I am eyeing First Tech Federal Credit Union


What do you consider a "high limit"?

I categorically refuse to do AZEO!

Message 2 of 34
Aim_High
Senior Contributor

Re: Odds of obtaining HIGH limit Credit Card?


@Horseshoez wrote:

@GraceAndGratitude wrote:   What are the odds of me obtaining High Limit Credit Card💳 with a thin file?

What do you consider a "high limit"?


+1 ^ ^ Exactly. 


From your credit file perspective, some might consider $5K a high limit.  On averages across the credit industry limits, $10K+ is considered a high limit.  Others might want $25k, $50K, or $100K or more before they consider it "high."



Length of Credit > 35 years; Total Credit Limits > $500K
AoOA > 28 years (Jun 1993); AoYA (Aug 2020); Gardening since 08/15/20.
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 3 of 34
Aim_High
Senior Contributor

Re: Odds of obtaining HIGH limit Credit Card?


@GraceAndGratitude wrote:

What are the odds of me obtaining High Limit Credit Card💳 with a thin file? Preferably Credit Unions. I want to do a cc spree. 

EXPERIAN FICO 8 758

Bankcard FICO 2 : 824

Only 1 revolving/ cc w Capital One for 7 yrs low $600 starter limit  (probably bucketed 😏) 100% pymt history

 

2 Student Loans 26K & $3,500 💯pymt history

New Auto loan 5 months Excellent 100% pymt history

 

I am eyeing First Tech Federal Credit Union


Welcome to My Fico Forums, @GraceAndGratitudeSmiley Happy

 

Depending on your definition of high limits, the odds may be greatly against you based on the profile you provided.  All high scores are not equal so that only takes you so far. With a thin file and one low revolving limit, to get high limits you need either: 

 

  • A LOT of assets invested somewhere so that exceptions might be made
  • A LOT of VERY high income with heavy spend-and -pay on credit cards or
  • A LOT of time building a thicker more developed credit file. 

Sorry I don't have better news but for most of us, there is no substitute for doing it the old-fashioned way with time and hard work building up limits gradually. 



Length of Credit > 35 years; Total Credit Limits > $500K
AoOA > 28 years (Jun 1993); AoYA (Aug 2020); Gardening since 08/15/20.
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 4 of 34
Aim_High
Senior Contributor

Re: Odds of obtaining HIGH limit Credit Card?


@GraceAndGratitude wrote:

2 Student Loans 26K & $3,500

New Auto loan - 5 months 


Keep in mind that while it's not part of your FICO score, Debt and especially DTI (Debt-to-Income ratio) are major factors in how much credit a lender will approve. Depending on the auto loan, it looks like you might have  somewhere between $50K and $100K in debt. Unless your income is well above average, that may be a significant DTI loading. 

Lenders are funny in that they are more generous in approving credit for people who don't really need it! Lol ... go figure Smiley Tongue



Length of Credit > 35 years; Total Credit Limits > $500K
AoOA > 28 years (Jun 1993); AoYA (Aug 2020); Gardening since 08/15/20.
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 5 of 34
AZnotorious
New Contributor

Re: Odds of obtaining HIGH limit Credit Card?

Have you tried to see if you're preapproved for another Capital One card? Tried Discover's preapproval? These would be SP's until you complete the app. I'd try Discover first as Capital One will do a triple HP if you complete the application.

 

As for a high limit, @Aim_High is correct it will take time for your file to thicken and also your DTI is important. 30K in student loans and however much your into the auto loan with your car for. Hopefully it's closer to the $50K DTI then the 100K. Ideally you'd like to have 3 CC revolvers and you already have a loan so then you would just need to let time take over and age/thicken your file. So if it was me I'd take any two CC's that have no fees so you can build up your file.

 

You could always go the route of a secured CC as well. Or if you have a way in to Navy Fed you could quickly become a high roller so to speak haha.

Message 6 of 34
ComeBackLady
Established Contributor

Re: Odds of obtaining HIGH limit Credit Card?

Not really sure. Welcome to the forum. 🥳🥳The mods may move this over to CC Applications or Credit Cards. Good luck with your process. 🙏🏻

Starting Score: June 2020: 502
Current Score: EX: May 15 - 687, EQ: APR 2021 – 668, MAY 2021 – 726, APR 26 - TU: 673
May 15 - TU: 697

Goal Score: Good: 670 by May ✅. By JUN 675✅,
Come on 680 across all 3 ✅, 690’s by JUN. Over 700 in 2021, ideally 725plus, 805 LT
Inquiries: 30/0, 60/1, 90/6, 12/13
TCL: JUN 2020 $700, MAY 2021 $13,051
AAoA 1 YR 6 Months AoYA 7 weeks
2021 Goal Cards: NAFs and $5K CL’s


Bank and Credit Union Memberships:

Take the myFICO Fitness Challenge

Message 7 of 34
NoMoreE46
Established Contributor

Re: Odds of obtaining HIGH limit Credit Card?

IIRC,   this bank (First Tech) prefers "high income" in order to get a high SL.   

This other thread may have some more info for you:

 

https://ficoforums.myfico.com/t5/Credit-Cards/First-Tech-Credit-Union-100-000-limit/td-p/6113556

Message 8 of 34
Horseshoez
Established Contributor

Re: Odds of obtaining HIGH limit Credit Card?


@Aim_High wrote:

Lenders are funny in that they are more generous in approving credit for people who don't really need it! Lol ... go figure Smiley Tongue


The whole credit conundrum is bizarre; on one hand one often hears, "Never apply for credit unless you need it", while on the other hand one often hears, "The best time to apply for credit is when you don't need it."  Personally, I am inclined to subscribe to the latter; the former makes no sense at all to me.

I categorically refuse to do AZEO!

Message 9 of 34

Re: Odds of obtaining HIGH limit Credit Card?

Good news! Debt is approx $48k

Low DTI, and I am a member of Navy Federal. 

 

 

Message 10 of 34
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