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  1. #1
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    Default How to get a high limit credit card?

    Are there any quick and dirty secrets for how to get a high limit credit card? Please do not reply with no preset limit cards that won't do it for me. What I am trying to do is finance a downpayment on a house and need a very large credit limit to do it.
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    There is no secret way, the only way is to have a high FICO score and a looong history of credit (3+ years of good credit, if not more), but even then getting a high limit on a new card is just a chance.

    How high are you aiming for anyways?
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    If your idea of a high limit credit card is the $35,000 mentioned in your other post I think that is unlikely given your credit score.

    What are your existing cards and their limits? Usually when you apply for a new credit card the limit will be comparable to the others.
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    choose a credit card company with whom you have a good relationship, and make sure your income is correctly communicated. i find i get the highest credit limits with the cards banks i have been with the longest.
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    I had tried applying for several credit cards and noticed that if I entered a high amount for the box 'amount you wish to transfer' the limit approved for me would be higher. To the guy that asked what I needed to come up with was 35k to 40k in credit. I got about 3/4 there and it worked out because I was able to get the price dropped another 15k.

    My advice to any who read this is to enter a big amount in the balance transfer box on your application if its a high credit limit you are after.
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    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.
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    Quote Originally Posted by sdfinch View Post
    I see limits between $2k - $9700 on new cards with household income around $85-100k. Most new cards average about $2k-$4800 limits.
    Those numbers do sound spot on. But you don't need a $500k income for a $35k limit credit card. Off the top of my head I can think of several members on here who have mentioned they have average income and have limits in the 40's still, that weren't cut during the recesison. Though generally, like you said, if anyone applies for a new card its hihgly unlikely they would be given that kind of limit to start out with. Maybe 20k but a 35k starting limit is very rare right now. Although if you have good income/credit you may be able to call up customer support after approval and get them to go higher, if you have a good story for why you need it.
    Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

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    Be careful as too high of a credit limit can infer you are a greater risk to the lender. It is better to stay under the radar with an average limit then garner attention and auditing that goes with higher lines of credit.
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    A combination of a high credit score (760+) coupled with high gross annual income will lead to the highest credit limit. But you can't just say you make $300,000 a year if your credit report says you work at a fast food restaurant. It's got to make sense.

    Also, every credit profile is unique, along with the credit card issuers' underwriting guidelines, so it'll vary from card holder to card holder, and issuer to issuer.
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  10. #10
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    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:
    4 mortgages that require little money down

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