Thread: How to get a high limit credit card?

Originally Posted by sdfinch

No secrets, you just need to make $500,000/yr or more to get that kind of credit limit. Asuming your credit is excellent and you do not have a lot of debt.

Banks are being more cautious then ever now with credit. I apply many people for credit cards all the time. I see limits between $2k - $9700 on new cards with household income around $85-100k. Most new cards average about $2k-$4800 limits.

No. My wife and I make about $200,000 a year and have scores between 770 and 800. We have cards with limits of $35,000 and $20,000 from the same issuer plus a couple with no limit. Some of these we've had with the same limits since our combined income was less than half what it is now.

Originally Posted by LTomBerry

I'd talk to your mortgage lender before trying to put your down payment on credit cards. Going into debt for a down payment on more debt doesn't make a lot of sense. Before closing on your house the mortgage lender will pull your credit reports and possibly want bank statements, and will probably ask where you are getting your down payment from. Racking up massive CC debt right before closing will raise a HUGE red flag because it will skew your debt to income ratio.

Even if you could somehow convince the lender to go for it, the problems don't end there. Seems like you would basically be getting a cash advance, which has a way lower limit than your overall credit limit usually, and is subject to interest immediately with no grace period, and at the cash advance interest rate which can be pretty high. You might end up overextending yourself so crunch some numbers and make real sure you can afford to do this.

You might be better off looking into mortgage programs that require little to no down payment - are you eligible for a VA loan? If not, look into an FHA program. Here's a helpful link from Bankrate:

Good luck on the house, hopefully you can figure something out that makes sense and is affordable in the long run.

Agreed. Plus, you will have to disclose the source of any downpayment cash so this is not something you can do without significant risk.

But, I have reason to think the OP is buying houses to fix them up and flip them. If so then this might be a perfectly legitimate source of credit as long as it is properly disclosed and teh OP pays teh higher interest rate required for a loan on an investment property.