How to obtain high limit CC's

[Anonymous]

I'm an authorized user on 3 of my parents CC's and have been for the last 5 years. Highest limit is 25k. I've never had credit or cc of my own for ANYTHING! I'm 25yo and now selling used vehicles and need at least 10,000 for my business. I'm looking to obtain high limit CC's but I've been told inquiries hurt and it's impossible to get high limit CC's with out primaries. So can anyone point me in the right direction? Am I even eligible for my own cc? If so which one? Credit in 720's across the board per credit karma.

[CreditInspired]

Welcome OP

We really need some more info to offer assistance.

You need your 3 FICO scores. Lenders don’t use CK (Vantage scores).

What’s your income range?

What CCs are you an AU on and the UT?

It’s going to be difficult to get high limit cards since you’ve never had any CCs in your name.

You mention inquiries. How many do you have? Why were they declined?

Have you tried the Discover prequal site to see if there’s anything out there for you.

Have you tried to get secured cards?

Do you have a checking account? If no, you should open one at a CU.

There are many factors involved to get a high credit limit card.

[Anonymous]

My Fico is 721 717 and 727. I bring in around $65,000 per year. I don't have any Inquiries because I was told they would hurt my chances of obtaining credit if I just started filling out apps frivolously. Which is why I'm asking this question and joined the forum. I do have a bank account with BBVA and I'm an Au on an Amex, discover it, and NFCU cash rewards. Will the prequel count against my credit?

[Anonymous]

Prequals do not count towards a inquiry. Based on your scores, and being an AU already. Try Discover, they're pretty good for relatively thin files. Also might try NFCU since you have a Family connection. Amex is also another good choice. At least you have AU history as opposed to nothing at age 25, it could be next to impossible to aquire credit with no history.

As long as you don't have anything negative, just limited exposure. You should be fine. 

Edit: I should also add, that you won't likely get high limit starting out. But it shouldn't take too long to grow them, Amex probably being the quickest.

[jamie123]

Well...First off...Building credit is a marathon and not a sprint. It takes time to build good credit scores, a thick credit file and high credit limits. You have come to the right place to start your journey and the knowledgeable people here can make your journey as short as possible but I'm still talking years and not months.

Your best bet would be to try for your own NFCU card. You must have a connection to join because you already are an AU. NFCU is known to give some of the highest starting credit limits of all lenders.

You will need to app for 3 cards shortly. You will build a thicker file and be able to get the highest scores by having a minimum of 3 credit cards.

App for the NFCU card and stop back and let us know how it goes.

Hard pulls are the price we all have to pay to establish credit. As long as you are smart about it and don't waste hard pulls, there is nothing to worry about, the minimal damage they do to your score will disappear in a year if not sooner.

[CreditInspired]

+1 @janus

[CreditInspired]

I agree 100% with @jamie. If I were you, I’d join NFCU first and apply for one of their cards.

[SouthJamaica]

---

@CreditInspired wrote:
I agree 100% with @jamie. If I were you, I’d join NFCU first and apply for one of their cards.

---

Since your parents are NFCU members, you could join NFCU. They are relatively generous with starting limits.

If I were you I wouldn't use a personal card for business purchases, though, as that will create bookkeeping and accounting problems.

[GomerPyle]

Dear OP,

Its not a matter of which cards to obtain.  It really is more about your attitude towards credit and debt.

Time, Patience, Perseverance and Tenacity are all components in acquiring high credit limits.  You MUST pay your cards so that there is never ever a late payment. Always pay in full. You should strive to keep your credit profile absolutely flawless.  If you fail to pay attention and ignore your credit responsibility you are doomed.  The game requires your utmost attention to detail hence your tenacious drive to be ahead of payments etc.  Slackers in the credit game usually foul out and then ride the bench.  If you want to play and continue to score you must follow the card issuers rules.  Time and patience will reward you with lots of the right cards with the right terms. Welcome to the game. It really is fun.

[Anonymous]

Navy will help you expedite and obtain your goal if you are eligible to join. Have a great night!