how to get High limits on credit cards

[Anonymous]

how do people get high credit limits?

i see a 22yr old post a new card Navy federal with $33k, 

I thought you cant even get a credit from big banks before 21? 

heres my profile

my highest is 20k Wellsfargo,  18k PNC & Discover,

my fico, 805,809,811 with 12 inquires, 3 new accounts of 6months, utilization 1%,  oldest account 15yrs, avg 7yrs

every preaproval i do, i get $15k

7 cards $136k+

804, 809, 811

[CreditMagic7]

Persistent attentive management and of course timely payments and usage yields progress is my own experience. Not to mention being very selective and doing due diligence homework.

[Citylights18]

The key is to understanding which cards dole out high limits.

High limits are really only an advantage if you are carrying out a lot of debt or plan to do so.

[CH-7-Mission-Accomplished]

You have $130K in credit already so you're pretty good.   But if you want really big limits, go to the big national credit unions.   They may start you off at $2K, but within a couple of years that could easily be $20K, $30 or more.

[Anonymous]

You are doing great. However, you left out your income. Either yours alone or yours combined with a spouse. If you earn $20,000 a year you can not get a million dollars worth of credit. I am sure you understand my point. Please provide the information so we have a better understanding.

Thanks

Mark

[AverageJoesCredit]

---

@Anonymous wrote:

how do people get high credit limits?

i see a 22yr old post a new card Navy federal with $33k, 

I thought you cant even get a credit from big banks before 21? 

heres my profile

my highest is 20k Wellsfargo,  18k PNC & Discover,

my fico, 805,809,811 with 12 inquires, 3 new accounts of 6months, utilization 1%,  oldest account 15yrs, avg 7yrs

every preaproval i do, i get $15k

7 cards $136k+

804, 809, 811

---

Well ya gotta apply for them lol.  Navy is awesome but not the norm. Most banks will not just give out 33k  but again everything is profile specific. There are many 21 yo out there making crazy money but they may already have really good jobs.  Going off your stats alone, if you are strategic and pick the right card or lender, your big limits are there for the taking. If you have goid income and fall under 5/24, you could get a nice limit from Chase. 

[Anonymalous]

A lot of it's playing the system. I have relatives making well into six figures and with scores well over 800, who have less than $10K in total credit. If you don't apply, if you'd don't ask for CLIs, and if you don't know which financial institutions will give out high limits, you may just end up with a card from some local bank or credit union, a handful of minor store cards, and nothing else.

Which is fine. A $300K credit limit is a status symbol and a bragging point for most people. High limits can help with things like utilization, but so does paying off your bills before it's reported to the credit bureaus.

[sarge12]

---

@CreditMagic7 wrote:

Persistent attentive management and of course timely payments and usage yields progress is my own experience. Not to mention being very selective and doing due diligence homework.

---

      I can honestly say, that what I do, might yield high starting limits, but prevents ever getting credit limit increases. I PIF every card, multiple times a month. I always recieve 10K or higher starting limits, but I am always denied CLI's due to never showing over 10 percent utilization of my existing limits. If getting high limits is your goal, you really need to wait until a balance reports occasionally before PIF. If you have never had even a 10% balance ever report on any card, that will not hurt your score, but the issuer sees no need for a CLI. My highest limit on any card was the result of my Chase Freedom card being closed by the issuer due to non-use. Chase actually gave me the option to keep it open, but I chose to close it and move the existing credit limit to my Chase Amazon Prime card. Citi just closed my Citi Costco card for the same reason, but unlike Chase, Citi never notified me before closing it, nor allowed me to move the limits to the double cash card. In neither case was I upset about the closure, because both cards were inactive for over 12 months. Since the Costco card was also my Costco membership card, I still have need of the otherwise unusable card. Kudos go to Chase in the way they handled it, and the remarks on the freedom card were coded as closed by user vs closed by issuer on the Costco card. The freedom card being one of my oldest cards only had a 6K limit which being moved to the Prime card resulted in a 16K limit on the Chase Amazon Prime card.

     I hope this helps in knowing what not to do to get high limits. If you wonder why I payed cards this way, and still do, it has to do with the fact that I have an addictive nature. That addictive nature resulted in 2 bankrutcies in my youth...chapter 13, and 15 years later, chapter 7. I could not change that addictive nature, so I had to re-direct it to being addicted to paying in full early and often. I am almost OCD in doing so, and any balance ever going over 1000 dollars drives me nuts. Both the earlier late payments, and the later behavior of paying cards multiple times, are a direct result of an addictive nature. Even though, neither is the best practice, the PIF obsession is far less harmful. I sometimes wonder if we are not all to some degree, creatures of habit. Were I to ever stop the practice of such frequent payments, I fear that I would once again, be in a bad place for credit use. It took 2 bankruptcies to convince me of that. Now, any sizable balance even for a week, causes me the same stress that once was only caused by being 2 months behind on maxed out cards, just to pay the minimum. I often pay a card 4 times in a billing cycle, but know that is not really the best practice.

[Kforce]

My 2 cents :

The issuing Bank/CU and which card is the most important fact for guessing a starting CL.  Also know that starting limit and CL growth are not always correlated. Some like spend, others age, and others look at credit activity or income. No two are the same. Magic internal numbers.

Have had cards with issuers that went from 8k to 60k with no spend and others that never grow from starting limit.  Had a Citi DC, CL went from 8k to 19k and never any higher with heavy spend.  Cards with 25 years and 11k to newish 4 years old and 60k.  I put issuer/card as most important if going for CL.  

That said I go for rewards and benefits from a card.

Like @sarge12 ,  l always pay early and because of that don't care about CL's or Apr.

As long as the limit is larger than my monthly spend, it is enough. 

Have never has a card, not grow in a few years too at least 4x my spend except that Citi DC.

[longtimelurker]

---

@Anonymalous wrote:

Which is fine. A $300K credit limit is a status symbol and a bragging point for most people. 

---

Not sure about "most"!   Also, unlike a clearly expensive house/car/plane/jewels, or even for those who know, Amex Centurion, you would somehow have to bring the limit into conversation, which seems artificial at best (My old: "What's the charge, $213.22?  Not a problem, this card has a $300K limit!!!!")