What is a realistic credit limit for me?
Author: jtrupin
Joined: 06 Jan 2005
Posts: 2
Posted: Thu Jan 06, 2005 4:58 pm
Post subject: 200,000 Availble credit goal - realistic???
I read about those who have availible credit of several hundred thosand dollars, and wonder what the limit is for someone like myself: single no real estate Student loan outstanding 20,000 (cheap money) Income 150 K Current total CL : 60,000 Usage - 30% 0 negatives on report - experian reports 738 How can I dramatically increase my total limit, how much can I expect, and how long should it take? Any advice would be appricited.
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Author: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 29 Jul 2004
Posts: 142
Posted: Thu Jan 06, 2005 5:44 pm
Post subject: Re: 200,000 Availble credit goal - realistic???
jtrupin wrote:
I read about those who have availible credit of several hundred thosand dollars, and wonder what the limit is for someone like myself: single no real estate Student loan outstanding 20,000 (cheap money) Income 150 K Current total CL : 60,000 Usage - 30% 0 negatives on report - experian reports 738 How can I dramatically increase my total limit, how much can I expect, and how long should it take? Any advice would be appricited.
ONLY $200,000??? It has been years since I had total available credit limits on credit cards THAT LOW
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Author: jtrupin
Joined: 06 Jan 2005
Posts: 2
Posted: Fri Jan 07, 2005 3:37 am
Post subject: not informative
Mouse; Your reply is marginally amusing, but not very helpful. Perhaps you wouldn't mind sharing your age, income, fico, and other data so that I can put your reply into context. Otherwise, if you actually know about such things, perhaps you can tell me what is the high end for a profile like myself, and how long it would take to get there. Thanks
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Author: Polonius
Credit Expert (100+ Posts)
Joined: 19 Jan 2004
Posts: 444
Posted: Fri Jan 07, 2005 10:54 am
Look, there is no overall credit limit governed by any particular criteria. With your income and current credit history, you should have no trouble obtaining more credit. Your score will get hit for each new card you apply for since inquiries will lower your score--but for each card you get approved for, odds are that your score will go up enough to counteract the hit from the inquiries. So to accomplish what you want, just keep applying for new credit--say, once every six months submit a bunch of applications. You might want to call the banks involved first with a "what-if" scenario, saying that you're thinking of applying for their card but you don't want to unless there's a good chance you'll be approved for at least $10,000. With your current situation, that should be no problem--and you don't want cards with lower limits if your goal is to get over $200,000. You also don't want a hard credit inquiry affecting your score if the issuer is only going to give you a $1000 card. I once applied for two CapitalOne cards the same week. On the first, I was given a $20,000 line; on the second a $5,000 line. A year later I applied for a CapitalOne Business card. I was offered $500! I turned it down. Go figure! The initial credit limits assigned by banks remain inexplicable to me. My 3 AmEx cards which have limits give me $26,000, $23,000--and $5000. The other part of the plan should be to ask for regular increases of the credit lines you do have. A few years ago I had about $350,000 in credit card availability. For various reasons, I wound up with $160,000 in credit card debt. At that point, Bankone noticed and cancelled 4 of my 5 BankOne/FirstUSA cards and reduced the credit limit on the remaining one. (All paid on time, by the way--no lates or any negative info.) That lowered my available credit and increased my utilization percentage, so The GM Card reduced my credit limit and MBNA entirely cancelled one card I wasn't even using. So now my credit card availability is down to $300,000. I report less of an income than you do, I'm self-employed so my income is harder to verify, and my credit score was lower than yours the last time I got a credit card. So I think we're fairly comparable. The key is time. It takes a while to build up that sort of limit. And it's probably harder to do so today than when I did it many years ago. Good luck!
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Author: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 29 Jul 2004
Posts: 142
Posted: Fri Jan 07, 2005 8:16 pm
Post subject: Re: not informative
jtrupin wrote:
Mouse; Your reply is marginally amusing, but not very helpful. Perhaps you wouldn't mind sharing your age, income, fico, and other data so that I can put your reply into context. Otherwise, if you actually know about such things, perhaps you can tell me what is the high end for a profile like myself, and how long it would take to get there. Thanks
MARGINALLY AMUSING???
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Author: guessindigo
Joined: 19 Sep 2004
Posts: 53
Posted: Sat Jan 08, 2005 8:52 pm
200K is not too much, in fact, I have about 150 on V/MC alone. Not counting AMEX. You need to start applying for lots of cards and be aggressive in getting CLI's anyway you can. DO this, and other creditors will follow like sheep and give even larger credit limits.
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Author: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 29 Jul 2004
Posts: 142
Posted: Sun Jan 09, 2005 1:25 pm
$80,000+ AMEX $60,000+ BofA $200,000 is easy $300,000 is easy I'm not really shooting for $400,000 BUT I WON'T EVER TURN DOWN ANY CLI I have closed a few cards like STATE FARM and BANK ONE and CHASE when they DID ME WRONG!!!
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Joined: 06 Jan 2005
Posts: 2
Posted: Thu Jan 06, 2005 4:58 pm
Post subject: 200,000 Availble credit goal - realistic???
I read about those who have availible credit of several hundred thosand dollars, and wonder what the limit is for someone like myself: single no real estate Student loan outstanding 20,000 (cheap money) Income 150 K Current total CL : 60,000 Usage - 30% 0 negatives on report - experian reports 738 How can I dramatically increase my total limit, how much can I expect, and how long should it take? Any advice would be appricited.
View our latest credit card ratings!
Author: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 29 Jul 2004
Posts: 142
Posted: Thu Jan 06, 2005 5:44 pm
Post subject: Re: 200,000 Availble credit goal - realistic???
jtrupin wrote:
I read about those who have availible credit of several hundred thosand dollars, and wonder what the limit is for someone like myself: single no real estate Student loan outstanding 20,000 (cheap money) Income 150 K Current total CL : 60,000 Usage - 30% 0 negatives on report - experian reports 738 How can I dramatically increase my total limit, how much can I expect, and how long should it take? Any advice would be appricited.
ONLY $200,000??? It has been years since I had total available credit limits on credit cards THAT LOW
View our latest credit card ratings!
Author: jtrupin
Joined: 06 Jan 2005
Posts: 2
Posted: Fri Jan 07, 2005 3:37 am
Post subject: not informative
Mouse; Your reply is marginally amusing, but not very helpful. Perhaps you wouldn't mind sharing your age, income, fico, and other data so that I can put your reply into context. Otherwise, if you actually know about such things, perhaps you can tell me what is the high end for a profile like myself, and how long it would take to get there. Thanks
View our latest credit card ratings!
Author: Polonius
Credit Expert (100+ Posts)
Joined: 19 Jan 2004
Posts: 444
Posted: Fri Jan 07, 2005 10:54 am
Look, there is no overall credit limit governed by any particular criteria. With your income and current credit history, you should have no trouble obtaining more credit. Your score will get hit for each new card you apply for since inquiries will lower your score--but for each card you get approved for, odds are that your score will go up enough to counteract the hit from the inquiries. So to accomplish what you want, just keep applying for new credit--say, once every six months submit a bunch of applications. You might want to call the banks involved first with a "what-if" scenario, saying that you're thinking of applying for their card but you don't want to unless there's a good chance you'll be approved for at least $10,000. With your current situation, that should be no problem--and you don't want cards with lower limits if your goal is to get over $200,000. You also don't want a hard credit inquiry affecting your score if the issuer is only going to give you a $1000 card. I once applied for two CapitalOne cards the same week. On the first, I was given a $20,000 line; on the second a $5,000 line. A year later I applied for a CapitalOne Business card. I was offered $500! I turned it down. Go figure! The initial credit limits assigned by banks remain inexplicable to me. My 3 AmEx cards which have limits give me $26,000, $23,000--and $5000. The other part of the plan should be to ask for regular increases of the credit lines you do have. A few years ago I had about $350,000 in credit card availability. For various reasons, I wound up with $160,000 in credit card debt. At that point, Bankone noticed and cancelled 4 of my 5 BankOne/FirstUSA cards and reduced the credit limit on the remaining one. (All paid on time, by the way--no lates or any negative info.) That lowered my available credit and increased my utilization percentage, so The GM Card reduced my credit limit and MBNA entirely cancelled one card I wasn't even using. So now my credit card availability is down to $300,000. I report less of an income than you do, I'm self-employed so my income is harder to verify, and my credit score was lower than yours the last time I got a credit card. So I think we're fairly comparable. The key is time. It takes a while to build up that sort of limit. And it's probably harder to do so today than when I did it many years ago. Good luck!
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
View our latest credit card ratings!
Author: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 29 Jul 2004
Posts: 142
Posted: Fri Jan 07, 2005 8:16 pm
Post subject: Re: not informative
jtrupin wrote:
Mouse; Your reply is marginally amusing, but not very helpful. Perhaps you wouldn't mind sharing your age, income, fico, and other data so that I can put your reply into context. Otherwise, if you actually know about such things, perhaps you can tell me what is the high end for a profile like myself, and how long it would take to get there. Thanks
MARGINALLY AMUSING???
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Author: guessindigo
Joined: 19 Sep 2004
Posts: 53
Posted: Sat Jan 08, 2005 8:52 pm
200K is not too much, in fact, I have about 150 on V/MC alone. Not counting AMEX. You need to start applying for lots of cards and be aggressive in getting CLI's anyway you can. DO this, and other creditors will follow like sheep and give even larger credit limits.
View our latest credit card ratings!
Author: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 29 Jul 2004
Posts: 142
Posted: Sun Jan 09, 2005 1:25 pm
$80,000+ AMEX $60,000+ BofA $200,000 is easy $300,000 is easy I'm not really shooting for $400,000 BUT I WON'T EVER TURN DOWN ANY CLI I have closed a few cards like STATE FARM and BANK ONE and CHASE when they DID ME WRONG!!!
View our latest credit card ratings!
posted by CardRatings.com at 3:31 PM
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