No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
DLC wrote:Does any one know what criteria is use to get a high limit credit card, say one that starts at 20K or higher. I have Amex no preset spending limit and have charged up to 40K and paid on time or completely off within 30 days. yet no one will issue a credit card greater than 10K?? I thought once we got the American express getting other creditors to extend higher credit limits would be easier.With limits like those have you tried the LUV button on your bank's websites? It could be that they ffel you have enough avail creditand the abililty to charge more than you could reasonably pay back with your current income.
@Anonymous wrote:Does any one know what criteria is use to get a high limit credit card, say one that starts at 20K or higher. I have Amex no preset spending limit and have charged up to 40K and paid on time or completely off within 30 days. yet no one will issue a credit card greater than 10K?? I thought once we got the American express getting other creditors to extend higher credit limits would be easier.
"Do you really need a credit limit higher than $10K?
From what I have read, taking credit limits higher than that really doesn't significantly impact your FICO. You get a major boost going from $0 to $5000. Some boost from $5000 to $10000. Beyond that, I'm pretty sure you approach a horizontal asymptote.
You might want to look at securing other kinds of credit. Maybe finance your next car, and pay it off in the first six months so you don't get bit by interest. In the long run that would help your FICO. "
Having high limits both looks more impressive on a manual review of your report, plus makes your utilization negligible.
With regards to getting one - OP mentioned having an amex. Especially with a good history with them, it should be at most trivial to get a high limit card from them. Apply for a blue or a clear, and request those CLI's. Assuming you have a good relationship with them, you won't have any trouble getting something around 25k.
"Having high limits both looks more impressive on a manual review of your report, plus makes your utilization negligible."
Actually, I don't think the first part of this is always true. A potential lender can be scared off if you have too much available credit. They see it as an opportunity for you to run up big debt in the future.
@Anonymous wrote:
Having high limits both looks more impressive on a manual review of your report, plus makes your utilization negligible.
@Anonymous wrote:
@Anonymous wrote:
Having high limits both looks more impressive on a manual review of your report, plus makes your utilization negligible.
One any CL over $1000, your utilization should already be negligible. There's no need to ever carry a balance higher than $50 or so to have a bill to pay most months and keep an account active. $50 on a credit limit of $1000 is 5%. To FICO, that's negligible. Increasing to $5000 CL brings your utilization down to 1%. Beyond that, what's the point? No need to gild the lily on utilization there.LOL!!! NWM what do you use your cards for? A CL of 1k would kill me My last purchase was over 3k setting up a new comp and a wireless network. I'd much rather put that on a 0% card and have that money sitting in a 5% interest account for 6 additional months than raid my savings.
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Having high limits both looks more impressive on a manual review of your report, plus makes your utilization negligible.
One any CL over $1000, your utilization should already be negligible. There's no need to ever carry a balance higher than $50 or so to have a bill to pay most months and keep an account active. $50 on a credit limit of $1000 is 5%. To FICO, that's negligible. Increasing to $5000 CL brings your utilization down to 1%. Beyond that, what's the point? No need to gild the lily on utilization there.LOL!!! NWM what do you use your cards for? A CL of 1k would kill me My last purchase was over 3k setting up a new comp and a wireless network. I'd much rather put that on a 0% card and have that money sitting in a 5% interest account for 6 additional months than raid my savings.