How Do I Get To $1,000,000 in total Credit Lines?

[The_Crusader]

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@CreditCuriosity wrote:

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@The_Crusader wrote:

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@CreditCuriosity wrote:

As what others stated above I echo.

Your income can get you to 1 million but your utilization as others stated is your biggest obstacle and near as big one as your utilization is time to grow your limits and or new cards to that number.  If you paid down all your debt to decent levels it would likely take 2-4 years to achieve 1 million in the current market conditions.  I am near 1 million and would be over it if didn't cancel credit cards whenever i open open new ones.  utilization and time are the major things you need to work on as no quick way to get there as you are in on the long game if you want to achieve that.  

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@CreditCuriosity Thanks for your reply. Your comment about the timeline makes the whole thing feel that much more feasible. 

I have a follow up question on this - if my CLU was to go down to, say 10%, within 6-9 months, with what kind of combination of credit cards (BoA, Chase etc.), credit card count and/or average credit limits per card etc. could reasonably propel me to be able to reach the $ 1 million mark in say 3-5 years?

Obviously, if possible, I would prefer having fewer credit cards with larger credit limits ($25k+) vs. many credit cards with smaller limits (<$10k). 

Realisitically, what would a "typical" million dollar credit card profile look like, coming from someone who came close to the million dollar mark? Just how far off am I in terms of credit card combination, credit card count and/or average credit limits per card etc. in your opinion? 

Thanks again for your help!

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No real magic answer for that I have a few cards at 80k+ CL's and many at 50k's cl and tons at > 25k cl.  No easy answer on that one ideally the fewer the better if once can get cards with lines that are "big".  Although many people likely cross that barrier with 30-50 cards if not more.  I still have a few CC's at 5k limits as might just be a free hotel night and no other use but really most of mine are 25k+ and likely same with @coldfusion and others that are at 1 mill+.

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Understood. Thanks @CreditCuriosity for the additional information. Its appreciated. 

[SouthJamaica]

Personally I don't think $1M is a realistic goal for someone with $255k annual income. But good luck with it.

[NoHardLimits]

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@SouthJamaica wrote:

Personally I don't think $1M is a realistic goal for someone with $255k annual income. But good luck with it.

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I agree that the $1M goal will probably require a higher income, but $255k income could feasibly translate to half of that goal within a couple years.   The OP is already at $330k TCL with 18 cards.  Factoring in a 25% increase just via CLI requests would take that to over $410k.  Then, add 4-5 new cards to take it past $500k.  Of course, the current revolving balances would need to be paid off to put such a plan in motion.

[The_Crusader]

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@NoHardLimits wrote:

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@SouthJamaica wrote:

Personally I don't think $1M is a realistic goal for someone with $255k annual income. But good luck with it.

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I agree that the $1M goal will probably require a higher income, but $255k income could feasibly translate to half of that goal within a couple years.   The OP is already at $330k TCL with 18 cards.  Factoring in a 25% increase just via CLI requests would take that to over $410k.  Then, add 4-5 new cards to take it past $500k.  Of course, the current revolving balances would need to be paid off to put such a plan in motion.

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@NoHardLimits Thank you for your vote of confidence. While I am fully aware that reaching that $ 1 million milestone is no small feat, I do love a good challenge. 

[The_Crusader]

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@NoHardLimits wrote:

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@SouthJamaica wrote:

Personally I don't think $1M is a realistic goal for someone with $255k annual income. But good luck with it.

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I agree that the $1M goal will probably require a higher income, but $255k income could feasibly translate to half of that goal within a couple years.   The OP is already at $330k TCL with 18 cards.  Factoring in a 25% increase just via CLI requests would take that to over $410k.  Then, add 4-5 new cards to take it past $500k.  Of course, the current revolving balances would need to be paid off to put such a plan in motion.

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@NoHardLimits @Thank you for your vote of confidence. While I am fully aware that reaching the million TCL milestone is no small feat, I love a good challenge. 

[coldfusion]

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@NoHardLimits wrote:

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@SouthJamaica wrote:

Personally I don't think $1M is a realistic goal for someone with $255k annual income. But good luck with it.

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I agree that the $1M goal will probably require a higher income, but $255k income could feasibly translate to half of that goal within a couple years.   The OP is already at $330k TCL with 18 cards.  Factoring in a 25% increase just via CLI requests would take that to over $410k.  Then, add 4-5 new cards to take it past $500k.  Of course, the current revolving balances would need to be paid off to put such a plan in motion.

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A former CL here had pre-COVID come very close to doing that while making less than $200K/yr. 

With the vast majority of that unsecured debt resolved I think a fair but aggressive stretch goal here could be $300K/yr if a well-structured plan were developed and followed, but I also see that 25% increase as being a stretch goal. 

[hdporter]

With the intention to significantly repay balances in the near term, my advice is to postpone new credit seeking until you succeed in that.

Your current high debt balances place you at risk of adverse action by your current lenders.  They might have an inclination to cap your lines at their current balances as a precautionary step.  Your credit profile may closely mirror a typical "bust out" candidate.

A handful of new inquiries might increase their anxieties that you're looking to tap new lines in order to expand your debt, placing then at greater loss risk in the event of a bankruptcy filing.  I advise avoiding that scenario.

I presume your credit repayment scheme is sound.  I'll note that the transition from a lifestyle in which you regularly tap credit to access additional cash flow, to one in which you consistently restrain spending to repay that debt, is an abrupt one.

Have a back up plan in the event that what you initially strive for diesn't prove feasible.

[Yasselife]

You’ve already built a very solid foundation; $330K across 18 cards with an average of $18K+ per card is impressive. That 18-year oldest account and 720 score put you in a strong position for growth; but there are a few things to tighten up before pushing toward $1M.

First; your current utilization (42%) is the biggest limiter. Bringing that down below 30%; ideally under 10%; will not only improve your score but also boost your odds for large credit limit increases (CLIs) and new high-limit approvals.

Second; focus on lenders known for high CL potential; Navy Federal; PenFed; and BECU are all good candidates. You may also want to consider cards like FNBO Evergreen; Fidelity Visa; or X1; which are known to scale well with responsible use.

Third; stagger your CLI requests every 4–6 months with your existing issuers; especially with Citi; Amex; and Wells Fargo where you already have high lines. Use each card moderately and PIF when possible to show strong behavior.

Final thought; once you get utilization down; leverage soft-pull CLI options first; then gradually apply for strategic new cards that align with your long-term goals. You’re already ahead of 95% of people; with the right moves; $1M is definitely within reach.

[The_Crusader]

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@coldfusion wrote:

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@NoHardLimits wrote:

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@SouthJamaica wrote:

Personally I don't think $1M is a realistic goal for someone with $255k annual income. But good luck with it.

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I agree that the $1M goal will probably require a higher income, but $255k income could feasibly translate to half of that goal within a couple years.   The OP is already at $330k TCL with 18 cards.  Factoring in a 25% increase just via CLI requests would take that to over $410k.  Then, add 4-5 new cards to take it past $500k.  Of course, the current revolving balances would need to be paid off to put such a plan in motion.

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A former CL here had pre-COVID come very close to doing that while making less than $200K/yr. 

With the vast majority of that unsecured debt resolved I think a fair but aggressive stretch goal here could be $300K/yr if a well-structured plan were developed and followed, but I also see that 25% increase as being a stretch goal. 

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I will do my best on all fronts and see what comes out on the other side. Thank you for the added context. 

[The_Crusader]

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@hdporter wrote:

With the intention to significantly repay balances in the near term, my advice is to postpone new credit seeking until you succeed in that.

Your current high debt balances place you at risk of adverse action by your current lenders.  They might have an inclination to cap your lines at their current balances as a precautionary step.  Your credit profile may closely mirror a typical "bust out" candidate.

A handful of new inquiries might increase their anxieties that you're looking to tap new lines in order to expand your debt, placing then at greater loss risk in the event of a bankruptcy filing.  I advise avoiding that scenario.

I presume your credit repayment scheme is sound.  I'll note that the transition from a lifestyle in which you regularly tap credit to access additional cash flow, to one in which you consistently restrain spending to repay that debt, is an abrupt one.

Have a back up plan in the event that what you initially strive for diesn't prove feasible.

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Thank you for your input! I am very serious about getting my debt reducted (<10% is the goal) in the near term and will, as advised, not seek any new CC's until I have well recoverd my CLU and my overall score. I will see how things go. While $1 mil+ is the goal, I could see myself being okay with $600k-$700k TCL range, at least temporarily. That's still approx. double where I stand now.