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Prep for new credit card?

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Valued Member

Prep for new credit card?

What should I do to maximize my available credit when applying for a new credit card?

 

  • I'm a one card guy, the Fidelity Visa with 2% cashback (though Fidelity Visa has been my main card since 2006 @ $25k limit)
  • I pay in full every month, on average 10-15k per month. i pay on time, but i don't really follow a routine schedule. I think this is where i'm most curious... e.g. should I leave it at zero balance when applying?  or should I start paying x days before my cycle? or whatever?
  • My credit is around 800

What I want in the new card:

  • ~$50-75k credit limit (only once a year or so do i need to make a single transaction of around $50k)
  • cashback is always preferred
  • international travel benefits (no exchange/transaction fees) would be nice
  • i don't really care about points
Message 1 of 8
7 REPLIES 7
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Frequent Contributor

Re: Prep for new credit card?

You might run into some trouble with getting a credit card limit that high right out of the gate.

Stop trying to save a nickel; start trying to earn a dollar.
Message 2 of 8
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Moderator

Re: Prep for new credit card?


@851 wrote:

What should I do to maximize my available credit when applying for a new credit card?

 

  • I'm a one card guy, the Fidelity Visa with 2% cashback (though Fidelity Visa has been my main card since 2006 @ $25k limit)
  • I pay in full every month, on average 10-15k per month. i pay on time, but i don't really follow a routine schedule. I think this is where i'm most curious... e.g. should I leave it at zero balance when applying?  or should I start paying x days before my cycle? or whatever?
  • My credit is around 800

What I want in the new card:

  • ~$50-75k credit limit (only once a year or so do i need to make a single transaction of around $50k)
  • cashback is always preferred
  • international travel benefits (no exchange/transaction fees) would be nice
  • i don't really care about points

 

With such a thin file, I really dont see $50k happening. 

 

Message 3 of 8
Highlighted
Moderator

Re: Prep for new credit card?

Are you looking for revolver options or PIF when it comes to such a high $ transaction OP? As echoed above, if Fidelity is your only (current) revolver, it is unlikely that you will be approved for anything above your current CL.

Perhaps PenFed or First Tech. Again, perhaps. If you are open to AF cards, there's potentially AmEx (e.g. Gold Card), but you'd have to build internal history for a bit before such a transaction could be approved.
Message 4 of 8
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Established Contributor

Re: Prep for new credit card?

You may wish to spread some of your spending around and apply for another CC. Check some of the solid pre-approvals.


Message 5 of 8
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Valued Contributor

Re: Prep for new credit card?

With that kind of limit, I highly doubt you'll get it. You can start with a Paypal 2% CB card as they are pretty quick to grow. Besides that, there's a few others but if CB is your goal, that may be the best card. If having an AF is not an issue, then CSP/CSR is a good option as well.


Scores - All bureaus 750 +/-
TCL - Est. $275K
Message 6 of 8
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Valued Member

Re: Prep for new credit card?

thanks guys - you've pretty much confirmed what i was guessing i'd run into.

 

Maybe I should try to get an increase on an existing account?  I just looked at my credit and I seem to have 4 accounts, one of which I didn't even know about.  Here's what I have:

Fidelity Visa (daily use) @25k (i asked for an increase after 10 years and was denied, but it was only 2 months after ELAN took over the biz and began offering the 2% cashback... I wonder if I should have asked BEFORE the elan change?  Should I try again at this point now that I've got 3 years of history with ELANs version of my account?)

BofA Visa @10k (out of the blue, this one was lowered from 25k about 5-6 years ago because i never used it)

Chase Visa @12k (vaguely remember getting this one around 2000-2003)

Dell Financial Services @5k (apparently these guys opened a credit account when i bought something in 2011, I don't ever remember wanting this and would close it if I knew it wouldn't hurt my credit to do so)

 

I look at these accounts/limits and think, "yeah that's about what i need/want.. if only i could have it on ONE account/card."

 

I think I can live with my current Fidelity card, but do want another backup card with at least a similar CL, pref higher.  It's that every-other-year purchase that I hate to lose out 2% on because I don't have the credit on my preferred card.  it's for things like paying contractors who work around the house... HVAC was $44k for example.  New roof, major landscaping etc...

Message 7 of 8
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Community Leader
Super Contributor

Re: Prep for new credit card?


@851 wrote:

What should I do to maximize my available credit when applying for a new credit card?

 

  • I'm a one card guy, the Fidelity Visa with 2% cashback (though Fidelity Visa has been my main card since 2006 @ $25k limit)
  • I pay in full every month, on average 10-15k per month. i pay on time, but i don't really follow a routine schedule. I think this is where i'm most curious... e.g. should I leave it at zero balance when applying?  or should I start paying x days before my cycle? or whatever?
  • My credit is around 800

What I want in the new card:

  • ~$50-75k credit limit (only once a year or so do i need to make a single transaction of around $50k)
  • cashback is always preferred
  • international travel benefits (no exchange/transaction fees) would be nice
  • i don't really care about points

Hmmmm. This sounds like a “genie in a bottle wish” here. Sorry, I had to go there—couldn’t stop myself 😂🤣.

 

If you have only one or use only one CC, getting a SL that high is going to be a problem—well unless you’re wealthy. Can you provide more DPs? AAOA, income, UT. 



DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799
DEC 2017: EX 775, TU 778, EQ 769

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