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How to obtain high limit CC's

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Re: How to obtain high limit CC's

Thanks a lot! All of these replies are really helpful!!!
Message 11 of 17
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Valued Contributor

Re: How to obtain high limit CC's

This is an oversimplified answer, but generally one needs great credit and a high income to be given high limits. There are more factors at play obviously, but those are some prerequisites. 

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Message 12 of 17
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Super Contributor

Re: How to obtain high limit CC's


@pinkandgrey wrote:

This is an oversimplified answer, but generally one needs great credit and a high income to be given high limits. There are more factors at play obviously, but those are some prerequisites. 


More like low DTI than high income. I have very high limits for my income but I also have very low DTI. You can make a million a year and not have a snowball’s chance in heck of getting a high limit if your DTI is too high. 



01/2019:
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Message 13 of 17
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Valued Contributor

Re: How to obtain high limit CC's

Agreed. For a time I had very low DTI, which allowed me to save pretty generously. As well as spend a little too frivolously. 

But almost overnight my rent just about tripled, as well as a new car payment double from the previous one. 

Since his happend I have noticed less larger CLIs.






Message 14 of 17
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Frequent Contributor

Re: How to obtain high limit CC's

OP, I'm a little unclear on one point. Your numbers (if they are indeed FICO) aren't bad. Your income is pretty good. And, as long as you don't have derogs and a crazy DTI ratio, you seem pretty good to get a card(s) - and I echo the advice to go with NFCU.

You mentioned, however, that you want 10K with which to start a business. By that, did you mean that you want to develop a credit history and a thicker file and better numbers so that you could eventually get a business loan? Or, were you planning on getting that startup money from credit cards? The latter choice is not a good one. Granted, you could get cards with 0% APRs that last anywhere from 12 to 21 months. But, eventually that APR is going to change to very high interest.

Again, if you want to judiciously app for cards in order to gradually build up an unblemished credit file and history, salud. Getting startup money from credit cards? Think that over again.
Message 15 of 17
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Super Contributor

Re: How to obtain high limit CC's

My guess is that both income and DTI are considered.  If a person makes $100/month and has no debt, his DTI will be zero, which is great.  A credit card issuer would not thereby conclude, however, that he is a good candidate for a card with a credit limit of 20k (say).  Indeed his income may be so low that he would not be approved for even a $200 limit card.

 

 

Message 16 of 17
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Valued Contributor

Re: How to obtain high limit CC's


@CreditGuyInDixie wrote:

My guess is that both income and DTI are considered.  If a person makes $100/month and has no debt, his DTI will be zero, which is great.  A credit card issuer would not thereby conclude, however, that he is a good candidate for a card with a credit limit of 20k (say).  Indeed his income may be so low that he would not be approved for even a $200 limit card.


And likewise, someone with 80% DTI... on a $5M/year income... can still get $100k limits.

 

At both extremes of the scale, absolute numbers end up counting for more than the percentages.

 

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Message 17 of 17
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