@pipeguy wrote:
Income - history with a lender - thick file - long credit history - higher FICO scores - good use of a card are all factors.
Edit: and patience .... except with Chase where it really doesn't make any difference.
In my experience, and reading that of others, "history with a lender," or, "having a thick file," are not necessarily reasons to receive a higher limit. History with a lender is definitely something that has traditionally been known to help, primarily with loan approvals. But, in the digital age, with automated systems doing the vast majority of the decisioning, reputation doesn't seem to be as important as it used to.
Interestingly, several users have reported receiving high starting limits with relatively few accounts on their credit report. Since the high limits were issued from the outset, lender specific history didn't necessarily matter... other than not having any delinquencies overall, of course.
Also, having fewer accounts also tends to mean fewer inquiries, which - if you have more than a handful within 6 months - many banks will balk at, when opening accounts.
Income and credit score are probably the two most significant factors in these "instant approval" automated algorithms. However, if for any reason, your file is manually reviewed... then a lot of other things may come into play.
For instance; how high is your highest limit? A lot of lenders prefer to not be the one to set the high water mark for limits on a consumer's file, due to the inherent risk associated with that. But, again... there's a first time for everything. So, eventually you just need to find a lender that is willing and able - based on timing and market forces - to put their good foot forward on your behalf.
Another thing that matters nowadays is strategy, and the data points of others. Common sense also matters too. Like, knowing that Visa Signature, and World Mastercard typically offer limits of at least 5k. So, with that added knowledge, one can narrow down their application strategy.
Then you have the Credit Pulls database, where other users report their recent approval limits; and you begin to get a sense of which credit issuers are offering generous limits, at that time.
The thing to remember is that high limits are cyclical with every issuer, unless you have dynamite income and significant other high limits. So, this is where having a, "thick file," of other high limits would come into play. When a given bank or product is not in the all out hunt for borrowers. Then, if your history is so prolific, you may receive a higher limit, despite the the banks present mode of operation. So, it's possible that a bank will enter a period of phase out for a particular product, or line... and therefore, will not be nearly as prone to attribute higher limits to it.
Also, I agree that some banks are wonky, and will just refuse to issue increases, or perhaps even take away limits, unceremoniously... for really no good reason, at all. But, this is probably just moreso poor timing - rather than anything else deliberately sinister. Sometimes, with these large banks, the left hand just doesn't know what the right hand is doing. Which is why your lengthy reputation with them may not seem to matter as much as some random Joe off the street, that just so happens to get approved for a huge line from a new product that the bank seems to be handing out like candy. - It's like the "free toaster" effect. Oftentimes, new customers are rewarded more than established customers. It seems to stem from some kind of desperation-for-growth effect, and other corporate pressures.
Nevertheless, having fortunate timing, and picking the right products are oftentimes crucial.
Ultimately, with an above average income, shared knowledge, a clean credit file, opportunistic timing, and a willingness to ask... pretty much anyone can get their credit limits into the higher digits.
Just remember that there are a lot of variables... correct boxes to tick, if you will, along the way. However, you only have to tick one negative box for a particular issuer to pass on the whole idea. Like having even one single derogatory item; late payment; fraud alert, or security freeze. That's where knowing the score, so to speak, really comes into play. While it's possible to skate through some of these conditions... it's more than likely that they will give a card issuer great pause.
If you put it all together... it's really just simple process of elimination. If one can eliminate all of the possible negative reasons why they wouldn't deserve higher limits... that same consumer can then leverage that knowledge in their favor.
