@KingFICO wrote:I need to develop a clear cut strategy to get to $300K+ in credit lines; here is where I stand.
Fico Score 8
Equifax 781 | TransUnion 776 | Experian 746
Fico Scores 5, 4 & 2
Equifax 783 | TransUnion 725 | Experian 742
- Credit Utilization 11%
- Inquiries: 0
- Income: $110k Annually
Current Credit Lines
- Regions Bank $4000 (Secured Loan)
- Upgrade $8000 Credit Line $6500 balance
- Apple Card $4000 Credit Line $0 balance
- NFCU, $2000 Credit Line $0 Balance
- USAA, $10,500 Credit Line $0 Balance
I have banking relationships with:
- Fidelity
- Fifth Third Bank
- First Tech Credit Union
- Novo Online Bank
- PenFed Credit Union
- Regions Bank
- USAA Bank
- Wells Fargo
- Chase (Personal Account)
- Chase (Business Account)
I want to be able to pull at least $200k+ in cash advances.
My previous issues (charge-offs that happened in 2006 - 2009). Are these banks/institutions off-limits?
Foreclosures
SunTrust $68,000
Countrywide $18,000
Credit Cards Charged Off
BoA, $18,951.00
Cap1, $13,000
Bank One, $31,000
Discover, 11,000
MBNA, $42,000
Wachovia 3,000
Advanta, $23,000
AMEX, $2,300
I believe that covers all of the pertinent data points.
Thanks a million for your valuable input and advice!
Getting cash advances from banks is a losing proposition.
If your goal is to be able to get cash advances, you should add cards that are ideal for cash advances.... credit union, non-rewards, low interest, no-cash-advance fee, no-balance-transfer-fee type of cards. Some examples are NFCU platinum, Vantage West Connect, Chartway FCU Visa, BECU Platinum Visa, Unify FCU Platinum Visa, Members 1st Platinum, First Tech FCU Platinum, SDFCU Platinum, Virginia Credit Union Essential Card, Dept of Interior Platinum, etc. Strategy: find a credit union that has that kind of card, become a member, apply for card... wait 3 months and then repeat with another credit union.
I see that you're already a member of First Tech and NFCU, and each of them does have that kind of card, so you could just go ahead and apply for the cards. I have the impression, though, that First Tech is a bit on the conservative side.
@Jeffster1 wrote:$200K in cash advances can quickly turn into a VERY expensive $200K.
True. Especially if there are cash advance fees.
Welcome to My FICO forums, @KingFICO. 
Every once in a while, we see postings almost identical to yours. A newer member comes in, often with prior derogs and with either no or relatively limited available credit, and has a plan to quickly grow their credit limits so-as to leverage those limits for a savvy business plan such as real estate. Unfortunately, we never see them come back and tell us how great it all worked out. What you're suggesting is a highly risky proposition - once you eventually grow the limits to $300K. As suggested upthread, lenders don't like to see consumers take cash advances. Did you know that cash advance limits are often set well below the spending limits on cards? So to get $300K in cash advance limits, you might need $600K to $1M+ in credit limits. And then, if you run up those limits, just wait for the house of cards to come tumbling down as lenders see your utilization rise suddenly. I won't tell you not to do this, but please do come back and let us know about your successes or what you learned from failures.
I know a little about growing limits. I have $842K in TCL and high limit cards. I've posted many times for those seeking advice on growing higher limits. That's also a frequent question on the forums, beyond those who seek them for business spend or cash advance schemes. If you want to read more, go to >this linked thread< and then follow the links in each message back to some older archived threads. They might be helpful.
Best wishes in however you choose to proceed.
@NoMoreE46 wrote:It is not quite clear, but if you are looking for the credit for 'business purposes,' then I would stay away from using any personal cards for said purposes be it real estate etc. It would be best to procure cards under the business entity going forward.
PS, you have a good amount of older (as you noted) issuers with the CO who have been acquired.
- MBNA was acquired by BofA
- Bank One ----> Chase
- Wachovia ----> Well Fargo
So it looks like there could be some resistance with the current issuers....
@KingFICO wrote:Thanks Horseshoez,
The time issue does not bother me; if it takes a few years then so be it.
I don't need the money, this is about building credit to swing certain types of business/real estate deals.
That stated, I have no thought about a $200k personal loan. Are you speaking in terms of a type of personal loan/credit line that I can take withdrawals at my leisure? Or, just a typical personal loan?
OP can deposit personal funds into the company account to make capital investments in the business, or to make loans to the business.
@NoMoreE46 wrote:
PS, you have a good amount of older (as you noted) issuers with the CO who have been acquired.
- MBNA was acquired by BofA
- Bank One ----> Chase
- Wachovia ----> Well Fargo
So it looks like there could be some resistance with the current issuers....
Good advice. And yes, even if the charge-offs are off of your credit report does not guarantee that the lenders don't remember them or won't hold them against you. Combined with the acquistions or direct CO's, you may have ruled out some of the most lucrative targets if they don't forgive.
@KingFICO wrote:Hello FireMedic1,
Those was over 14 years ago, they no longer appear on my credit profiles.
Thanks
We go by whats on a report. Not what was old and is deleted and long gone. Current reports.
@KingFICO wrote:Thanks Horseshoez,
The time issue does not bother me; if it takes a few years then so be it.
I don't need the money, this is about building credit to swing certain types of business/real estate deals.
That stated, I have no thought about a $200k personal loan. Are you speaking in terms of a type of personal loan/credit line that I can take withdrawals at my leisure? Or, just a typical personal loan?
I came from a very similar position. Got ruined during the recession. After getting back on my feet and stable it has taken me about 5-6 years of focus to get back. I am now getting 800 scores and I have over 300k limits, and still working on it. I finally hit my first 50k card again.
Much of this current year has been not applying for new accounts as much as I am using my inquiries to increase the limits of current accounts. I am pushing those cards that offer soft inquires for CLI. This is where I have seen the greatest gain. Fewer new accounts.
I too like real estate. But looking to use credit cards is a bad idea. Initially I wanted high limits for the same reason. Then I recognized how bad of an idea it really was. If you really want funds to make real estate deals without having the cash, then the best way is to build a business credit profile or if it is a really good deal you are working then go with a hard money lender. It may hurt in the short run, but you will get the deal and hopefully the profit.
Business financing has become easier than it was in the past with greater competition and the SBA having less stringent requirements. This is a discussion for another time and different forum.
For smaller opportunities on a short term basis, a credit card with no cash advance fee gives you a lot of opportunity. I use mine often that way to buy and sell. But it is extremely important to keep your utilization under control. You can't have high balances showing all the time or your scores will tank. As others have mentioned, the allowable credit line amount that may be used for cash advances may be a fraction of your total card limit.
Learn from your past and don't place your personal credit at risk. It is too valuable and you see how difficult it is to recover from.
