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Trying to get total credit limit of 250k

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Trying to get total credit limit of 250k

I was wondering if anyone has any experience with getting larger credit limits. I know credit certain cards cap their credit limit.


Is anyone aware of the credit issuers will look at the total limits a borrower has across all their cards?

 

Currently, I have Citi Double Cash at 55.5k, Amex Blue Cash at 48k, Alliant at 30k, Farmers Rewards at 25k, Penfed at 24k, Discover at 15.5k and a Chase at 10k so 184k total.

 

For the Citi/Amex/Discover/Farmers cards I try like clockwork every 6 months to request a CLI since it is a soft inquiry. But recently I haven't been having much success. 

 

And when discover does give me increases it is always a small amount like 1-2k. 

I'm thinking of with the Chase card requesting an increase, but it would be a hard pull. 

Message 1 of 9
8 REPLIES 8
Frequent Contributor

Re: Trying to get total credit limit of 250k

Wow, those are some monster limits nice work, but i guess keep asking all they can do is say yes or no.





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Message 2 of 9
Super Contributor

Re: Trying to get total credit limit of 250k

I am curious... why do you want a higher total credit limit than what you have now?

 

BTW, the various FICO models start dropping the credit limit of a card from one's total credit limit once the card's CL becomes big enough.  So ironically when someone keeps angling for higher limits it can eventually cause one's total CL to decline.

 

In the case of the EX mortgage score, the breakpoint is 34.9k.  In that model your Citi DC and your Amex stopped counting toward your total credit limit a while ago.  Your total CL in that model is more like 80k.

 

For the FICO 8 model, the breakpoint is somewhere between 51 and 70k -- some exhaustive testing was done a year or two ago and I think the folks here proved that 51k was safe but that 70k was dropped.  (Hard for me to remember if it was exactly 70k -- something like that.)

 

And yes, when you request a CLI, the CC issuer pulls your report and it can see what your credit limits are on all your cards.  This is true whether the pull is soft or hard.

Message 3 of 9
Super Contributor

Re: Trying to get total credit limit of 250k

A couple od things that I don't believe we're brought up yet that can have an impact on credit limit growth are your income and your monthly spend on the cards you are trying to increase. Once you get to very high individual credit limits like you have already, the chances of your monthly spend being a significant portion of those limits becomes very small and less you have an astronomical income. That being said lenders have little incentive to continue forking over additional credit on those lines that aren't being utilized much relatively anyway as is. There are some lenders though such as Amex and Discover that are known to continue to allow growth even when you are barely using their product, so if your goal is continued limit growth I would say those two are probably your best bets.
Message 4 of 9
Frequent Contributor

Re: Trying to get total credit limit of 250k

OP,  are you trying to get $250k over all? I have a family member who had a BofA card with a $200k limit until he build his new house (definately was not upside down on it) and BofA uncapped the card after that. Recently I've been told of Capital One cards being over half mill plus, plus. If you have the income and expences I'm sure you'll get what you need.






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Message 5 of 9
Community Leader
Senior Contributor

Re: Trying to get total credit limit of 250k


@gescob3 wrote:

Is anyone aware of the credit issuers will look at the total limits a borrower has across all their cards?

I think it's possible. Not quite a year and a half ago, I requested an AMEX CLI from 15k to 22k. AMEX countered with 21.2k, which put my total credit limits at an even 60k.

 

At the time, I had bumped my total limits from 10.5k in six months.  I think it's reasonable to theorize (not decisively conclude) that given the circumstances, the round number of my total limits, and the oddball counteroffer, AMEX felt that 60k was enough for me at that time.

Message 6 of 9
Super Contributor

Re: Trying to get total credit limit of 250k


@gescob3 wrote:

I was wondering if anyone has any experience with getting larger credit limits. I know credit certain cards cap their credit limit.


Is anyone aware of the credit issuers will look at the total limits a borrower has across all their cards?

 

Currently, I have Citi Double Cash at 55.5k, Amex Blue Cash at 48k, Alliant at 30k, Farmers Rewards at 25k, Penfed at 24k, Discover at 15.5k and a Chase at 10k so 184k total.

 

For the Citi/Amex/Discover/Farmers cards I try like clockwork every 6 months to request a CLI since it is a soft inquiry. But recently I haven't been having much success. 

 

And when discover does give me increases it is always a small amount like 1-2k. 

I'm thinking of with the Chase card requesting an increase, but it would be a hard pull. 


PenFed has a maximum of 50k in credit card limits, so if you were to take out a 2nd card with them you might get as much as 26k in credit limit if they like you a lot.

 

 


Total revolving limits 720500 (594000 reporting) 10/2/19 FICO 8 scores: EQ 744 TU 782 EX 746
Message 7 of 9
Super Contributor

Re: Trying to get total credit limit of 250k


@gescob3

Currently, I have Citi Double Cash at 55.5k, Amex Blue Cash at 48k, Alliant at 30k, Farmers Rewards at 25k, Penfed at 24k, Discover at 15.5k and a Chase at 10k so 184k total.

 


In terms of ACL, you're in a very solid place and in the top couple percentile for sure.  I'm a huge fan of quality over quantity.  It would be very easy for you to hit your total credit limits goal if you were to simply open a few more accounts, but in doing so you take down your ACL and move a bit away from quality over quantity.  I feel like almost anyone can have $200k-$250k in credit limits if they have a few dozen cards, but for someone with 7-8 cards to possess the same limits to me shows a more calculated approach and growth.

Message 8 of 9
Valued Member

Re: Trying to get total credit limit of 250k

I agree with the quality over quantity comment. I have ACL of $29,750 on seven cc's w/highest single card at $35k (excludes amex gold NPSL charge card with a $50k authorized spend, and a $12k home depot store card).

The past few years I've focused on CLI on existing cards over adding new cards. I have 3 cards still under $30k (27k disco, 25k Barclays, 22k BofA) , once I get all of them over 30k will think about adding more cards.

GOALS: 10 cards @ 50k each ($500k total credit).
BAL/ CL CARD
0/NPSL AMEX GOLD (Dining and Groceries)
0/50k CHASE SAPPHIRE RESERVE (Dining, Travel, everything else)
0/47k CHASE SOUTHWEST
0/35k AMEX ASCEND HHONORS (hilton/gas)
0/15k US BANK Platinum (cellphone)
0/15k US Bank Cash+
0/25k Wells Fargo Personal Line
0/11k HOME DEPOT (home repairs/landscaping)
0% rate cards - just used for 0% rates/BT
0/ 36K CITI DIVIDENDS
23/27k DISCOVER MORE (aug 2019)
22/25k BARCLAYS (sept 2019)
20/25k BOFA SPIRIT (jan 2020)
65/310K (20% UTIL; 26 yrs oldest acct/11 yrs AAoA ) 790 Ex Credit Score
Message 9 of 9
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