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Whats needed for a decent limit?

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Skye12329
Valued Contributor

Whats needed for a decent limit?

I was wondering what kind of factors are needed for a limit of at least 5k? Like Utilization under 20% for how long? AAOA? Income? Score? Inq?...etc. Im just curious, im not planning on applying till everything on my account looks good, of which i checked CK yesterday, super excited i went up by 12 points, i know its a little, but it makes me super happy, every bit helps. 

BK7 - 2/21
Cap1 QS - 2k (4/21)
Mission Lane - 4k (11/21)
Venmo - 900 (11/21)
SavorOne - 2500 (12/21)
VentureOne - 2000 (7/22)
Message 1 of 11
10 REPLIES 10
thecentury303
New Contributor

Re: Whats needed for a decent limit?

For me, the best way to archive the first 5k limit is to get one AMEX revolver card and get 3x CLI after 61 days.

Capital One Cash Rewards for New Comer: $1,500 (09/12), Local Credit Union: $1,500 (10/12), Chase Freedom: $1,500 (04/13), Discover IT: $2,100 (04/13), AMEX Gold Charge Card: NPSL (06/13), AMEX BCE: $6,000 (06/13), Chase United Explorer: $6,000 (10/13), Chase Ink Cash: $3,000 (10/13), Barclays Arrival Platinum: $3,000 (10/13), US Bank Flexperk Travel Rewards: $5,000 (01/14), Capital One Venture: $5,000 (01/14), Citi AA World MC: $6,500 (01/14),Citi AA Executive World Elite MC: $5,000 (01/14)
Message 2 of 11
jamesdwi
Valued Contributor

Re: Whats needed for a decent limit?

Good income (over 40k), no recent baddies, a national card (visa, mc, disc, amex) for a year or more should get you a decent prime card with a good CL, perhaps even a CSP with a $500 signing bonus.

 

 

Cards: Chase Southwest 20k & CSR 17k & CSP 10k & FNBO 30k Oregon Duck 5k, & AMEX BCP 32.5k & Amex Magnet 15k&amg; Hilton Surpass 7.5k & Delta Gold 12k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 20k, Paypal Extras MC 10k, Paypal Credit 7.25k CapOne Venture 15k, QS 2.5k, QS 750, Amazon 10k, Walmart 10k, Citi Simplicity 18k, Discover IT 23k and a nice stack of store cards.
Landmarkcu Personal Loan 10k
Message 3 of 11
FinStar
Moderator Emeritus

Re: Whats needed for a decent limit?

Is this due to not being elegible or qualifiying for $5K on the Quicksilver CC from your earlier post?

Message 4 of 11
CreditScholar
Valued Contributor

Re: Whats needed for a decent limit?

If you're looking for a 5k limit or above, the following are the minimum IMO:

 

1. Fairly Mediocre income (35-40k will do)

 

2. ~1 year AAoA or so

 

3. No recent baddies and low # of recent INQs

 

4. 1-2 currently reporting TLs

 

 

There have been many instances of 19-20 year olds getting 5k limits, so it's really not that difficult.

EX 798, EQ 789, TU 784
American Express Platinum (NPSL) || Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
Barclays American Airlines Aviator Red World Elite Mastercard - $20,000 CL || Chase IHG Rewards World Mastercard - $25,000 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL || Chase United MileagePlus Club World Elite MasterCard - $26,500 CL
Citibank Hilton Reserve Visa Signature - $20,000 CL || J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL
Message 5 of 11
Skye12329
Valued Contributor

Re: Whats needed for a decent limit?

I never applied for the quicksilver card. I have the Cash rewards card from CAP1 the green one where its the the 50% bonus. 

BK7 - 2/21
Cap1 QS - 2k (4/21)
Mission Lane - 4k (11/21)
Venmo - 900 (11/21)
SavorOne - 2500 (12/21)
VentureOne - 2000 (7/22)
Message 6 of 11
Skye12329
Valued Contributor

Alright thanks, so far i have all of the following, incom...

Alright thanks, so far i have all of the following, income, AAOA, Never had a baddie, and now i just have to get my utilization down....things happen in life

BK7 - 2/21
Cap1 QS - 2k (4/21)
Mission Lane - 4k (11/21)
Venmo - 900 (11/21)
SavorOne - 2500 (12/21)
VentureOne - 2000 (7/22)
Message 7 of 11
chnceit
Valued Contributor

Re: Whats needed for a decent limit?

If you have no baddies then work on your utilization down to under 10%. Ask for CLIs from your current CCs once you have a few CCs over 5K then most companies will follow. But most CCC are afraid to issue people a 5K CL I'd they don't have the experience.

Last Pulled EQ: 809
Last Credit Card App: 02/05/2016
Last CLI: 02/06/2016
Find Me: Gardening
Message 8 of 11
RushXTC
Established Contributor

Re: Whats needed for a decent limit?

I recently got my first account to a 5k limit, Which was a goal for me... I have always had higher overall UTI and on some accounts I had 90% UTI, But I still got it... I have about 140 on time payments (no missed payments or late) so I guess just reporting a balance + paying on time is good enough.

Message 9 of 11
takeshi74
Senior Contributor

Re: Whats needed for a decent limit?

It's really the same factors as always for credit in general.  Your credit is impacted by history of payments, utilization, AAoA, number of accounts, derogs, etc.  Your income does play a part in determining the credit limit that a lender is willing to offer.

 


@Skye12329 wrote:

Like Utilization under 20% for how long? 


How long doesn't matter.  They look at utilization when they pull your credit.  Get it as low as possible.

Message 10 of 11
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