Urgently Need/Want to get new credit for $50,000 to $100,000 for my TCL

[coldfusion]

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@MrDisco99 wrote:

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@WP2020 wrote:

@Remedios Hey, so you DONT think Amex will give me a $10,000+ SL? Wow, I thought this was a given since they have been offering everything to me lately. I was thinking of trying Citi since I have a 25 yr relationship with them and never an issue or late payment. I know they will approve me but know they are tough with their SL right? I could try their Double cash which has 18 months BT. Also, have US bank in my radar but dont know how friendly they are to new accounts since I never tried, any DP?

What do you think of what I wrote just above...7 new accounts with only 1 HP on each bureau, would you consider that to be too much?

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This post is so full of hubris I'm starting to wonder if we're being trolled.

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If you legitimately suspect trolling don't be afraid to right-click on the 3 dots on the upper right of the post and report as inappropriate content so that one of the moderators can review the post. 

[coldfusion]

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@OmarGB9 wrote:

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Also, I know the common thinking regarding Amex is that new accounts for existing cardholders are always only SP, but that's not always the case. It's *usually* only a SP, but there have been reported instances of an HP being done. Just ask @Brian_Earl_Spilner and @coldfusion.

As for Citi, even if you've had a 25+ year banking relationship, it does nothing for their credit/lending department, nor does it guarantee approval like you seem to think. Again, with your profile the way it is with all those high balances/high utilization, getting ANY approval will be tough, let alone getting an approval with a high SL.

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AMEX cards #1, #4, and #8 each cost me a HP on Experian with a thick deep clean healthy profile.

The odds are always that there will only be a soft pull but we do get members who were already AMEX cardholders applying for another card that report taking another HP.  It isn't common but isn't exactly rare either.

[MrDisco99]

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@coldfusion wrote:

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@MrDisco99 wrote:

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@WP2020 wrote:

@Remedios Hey, so you DONT think Amex will give me a $10,000+ SL? Wow, I thought this was a given since they have been offering everything to me lately. I was thinking of trying Citi since I have a 25 yr relationship with them and never an issue or late payment. I know they will approve me but know they are tough with their SL right? I could try their Double cash which has 18 months BT. Also, have US bank in my radar but dont know how friendly they are to new accounts since I never tried, any DP?

What do you think of what I wrote just above...7 new accounts with only 1 HP on each bureau, would you consider that to be too much?

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This post is so full of hubris I'm starting to wonder if we're being trolled.

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If you legitimately suspect trolling don't be afraid to right-click on the 3 dots on the upper right of the post and report as inappropriate content so that one of the moderators can review the post. 

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Nah... Mods are already all up in this thread.  I'm morbidly curious to see how this plays out.

I'll just say... nothing is given or guaranteed when it comes to CC apps.  Especially when you're intentionally using and holding that much debt.  Banks can see what you're up to.  If I was a bank I wouldn't extend any more money.

But I'm not, so what do I know?  Maybe you'll get 7 new cards and prove us wrong.  Only one way to find out.

[WP2020]

I see most everyone believes its not realistic to get at least $50,000 of new credit. Thats why I came to board to ask from your experience, I thought one thing but do not have experience and it seems Im off in my thinking based on the experiences you all had. I have no problem if I have to change my plans, I have been gardening for 5 years so I think things through first, and try to inquire from knowledgable people. I just thought my momentary 24 point spike to 740/746 was something to take advantage of, but it seems it is not. Again, I do not have knowledge in this so thats why I seek it and Im very greatful for all of the input.

I do know Im not looking to pay down my debt at all since its most all at 0%, I intend to keep it that way as much as possible. Im investing in real estate out of the country so thats where I put all my money for the past years now. I would like to increase my TCL as much as possible, does anyone have any ideas on the best way to do that? Without paying down my debt? I know it might be a hard question but thats really what Im interested to do.

Maybe I can do the same idea but in a much longer period of time? Maybe get my second and third Amex for now and thats it? Maybe join a couple of CU´s I want like Andrews, DCU, PenFed, NIH etc as long as they are SP and just build my relation with them? Any other thoughts or ideas?

[AverageJoesCredit]

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@WP2020 wrote:

I see most everyone believes its not realistic to get at least $50,000 of new credit. Thats why I came to board to ask from your experience, I thought one thing but do not have experience and it seems Im off in my thinking based on the experiences you all had. I have no problem if I have to change my plans, I have been gardening for 5 years so I think things through first, and try to inquire from knowledgable people. I just thought my momentary 24 point spike to 740/746 was something to take advantage of, but it seems it is not. Again, I do not have knowledge in this so thats why I seek it and Im very greatful for all of the input.

I do know Im not looking to pay down my debt at all since its most all at 0%, I intend to keep it that way as much as possible. Im investing in real estate out of the country so thats where I put all my money for the past years now. I would like to increase my TCL as much as possible, does anyone have any ideas on the best way to do that? Without paying down my debt? I know it might be a hard question but thats really what Im interested to do.

Maybe I can do the same idea but in a much longer period of time? Maybe get my second and third Amex for now and thats it? Maybe join a couple of CU´s I want like Andrews, DCU, PenFed, NIH etc as long as they are SP and just build my relation with them? Any other thoughts or ideas?

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I know its nor what you want to hear but paying down that debt is best recourse  because by not having that debt you will actually be more attractive to lenders and you can achieve your extra 50k credit much easier. Than continue using as you would like. The only thing that id comment on besides that is when people say its on 0% interest so im fine there and thats great not paying interesr, but a lender still sees that debt and wont care its at 0% interest. They will care how long its there and if its going down when they check your reports. Just an observation.  

[WP2020]

@CreditInspired Thanks for your DP on your BoA CLI, you are right, one would never think they would decline you for that. Since Amex, Chase, Citi twice and BoA gave me automatic CLIs these past few months and all of them 0%BT offers, I did feel they would be extending me more credit if I apped with them.

@OmarGB9 All inputs are welcome. Yes, I know Amex SP are not guaranteed or even Citi approvals, but thanks for the heads up.

@MrDisco99 I do not appreciate your comment, I have been nothing but thankful to everyone. Im of course not trolling anyone and from the very beginning I said Im ignorant of what my steps should be. Thats why Im here asking from knowledgeable people willing to help out instead of doing it blindly and just see what happens. The goal is to learn and then hopefully be able to help the next person, right?

[WP2020]

@coldfusion Thanks for your DP on Amex, this would be my second and perhaps a third card. Would you say its best to call them and ask them if it will be an SP or just take the preapprove online and hope for the best?

@AverageJoesCredit Sure, agree 100% that lenders see debt and they dont care its 0%. Would you think I should perhaps look for a Personal Loan solution to pay off my cards for a few months, then get that extra $50,000 in credit? Do lenders see it THAT differently when the same debt is in a PL instead of credit card debt? Again, I have no idea of this I have never had any type of loan.

[Anonymous]

I personally feel multiple people have tried telling you that trying to get that much credit instead of paying it off isn't the best strategy but you seem dead set on opening a bunch of accounts. Having that debt will lower a credit score and you can either pay it off or accept your score. Most lenders will be spooked by that much debt. And if you move it to a personal loan you'll be paying interest so what's the point of 0 Apr?

[lgtwriter]

Here are my thoughts:

1. Loans are not income. The more you borrow relative to your $80k income, the less attractive you will look to lenders.

2. 0% financing is great...until it runs out. Are you prepared to handle retroactive interest if you can't pay off or transfer your balances when the 0% runs out? If you do not pay down your debt, you will run out of 0% offers pretty quickly and will end up with retroactive interest on all of your 0% balances if you cannot pay them in full. I see this as a cliff you are potentially heading for.

3. Debt to income, and overall utilization matter when granting large credit limits. Your data points would probably lead a lender to be conservative in lending to you.

4. It is not just your inquiries that will be looked at when you apply for more credit. Your highest balance, how many cards you have with balances, your average age of credit, your number of new accounts, your utilization will all be looked at. Your current data points are not strong enough to get a large amount of credit at this time most likely.

5. With your relatively high utilization, and relatively modest income relative to the credit that you are seeking, some of your lenders may balance chase you if they see any credit seeking behavior. Applying for 7 cards will be considered credit seeking behavior. Adverse action could be triggered long before 7 inquiries show on your reports. It may only take a couple of inquiries to alert the risk algorithms. YMMV of course.

6. Any unsecured loans will look at debt-to-income ratios, utilization, credit scores, etc. Personal loans will look at the same data points unless you are securing those loans assets (secured loan.)

[BearsCubsOtters]

I cannot really add anything that has not already been said. 

I just want to reiterate that with your current debt levels, seeking new credit could cause adverse action by your current lenders. We are still within the COVID pandemic and with the Fed looking to ease quantitative support, banks may be a little more watchful of our actions. 

If you do not have any upcoming mortgages or car loans to worry about, I agree with everybody here that suggested to pay down the debt as is and in time, the scores will rebound.