Best way to a $25k limit?

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CarefulBuilder14
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Best way to a $25k limit?

Postby CarefulBuilder14 » Thu Aug 21, 2014 7:23 pm

I don't anticipate any big purchases for a while, but I'd like to be prepared.

When I bought my last car, it was $23k on a debit card. I don't know if a lot of dealers accept credit cards, but I was still in my debit-only mentality back then and didn't ask. I expect they might charge something extra for a credit card purchase.

My car is pretty reliable, but if I got into an accident and it happened to be totaled, I would like to earn something on my next car purchase.

I hear credit unions tend to give very high limits. Maybe I could also suggest an FR to Amex to have them raise my BCE limit significantly? Other ideas? I know I could shift nearly all my spending to my PRG, keep it open, and have a very high limit there, but the annual fee and less-than-ideal (for me) rewards would sort of defeat the purpose. Debit would be better than that, once weighed for the low probability of an accident.

Again, the idea would be to have some sort of card with a very high limit (around $25k), at least a basic rewards program, no annual fee or only a small one, and possibly a lender that would be okay with only occasional swipes. I know that may be too much to ask with a short credit history.

I guess I could also spread a big transaction out over multiple cards, possibly? Other ideas?
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onion
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Postby onion » Thu Aug 21, 2014 8:55 pm

Your income would be very helpful in determining this. AmEx charge cards combined with high income can have extremely high purchasing power. Some lenders give generous limits compared to income and others don't (Crapital One for example).

Not to be rude or anything, but your reason for wanting a 25k limit card is somewhat comical.

Edit: Yes, you can spread a purchase over multiple cards, but the shock factor of having that big a purchase go through on a single card is pretty awesome. My dad did it with his previous car a couple years ago and the salesman's face was hilarious.
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CarefulBuilder14
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Postby CarefulBuilder14 » Thu Aug 21, 2014 9:11 pm

onion wrote:Your income would be very helpful in determining this. AmEx charge cards combined with high income can have extremely high purchasing power. Some lenders give generous limits compared to income and others don't (Crapital One for example).

Not to be rude or anything, but your reason for wanting a 25k limit card is somewhat comical.

Edit: Yes, you can spread a purchase over multiple cards, but the shock factor of having that big a purchase go through on a single card is pretty awesome. My dad did it with his previous car a couple years ago and the salesman's face was hilarious.


What's comical about it? Just that it would be for an improbable/hypothetical purchase?

A single swipe to buy a car could be a nice thrill. I'm not sure if your dad's purchase also involved a bit of acting by the salesman. I wouldn't put much past the salesman I dealt with, at least.

The possibility of 25000 MR points is good, but not good enough with my travel habits to justify a few years of $175 annual fees.
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Postby MemberSince99 » Thu Aug 21, 2014 9:40 pm

What you may find is dealer resistance to the idea due to the fees. When I bought my Challenger the dealer had a policy of only allowing 2k on a credit card.


Amex and their 3X CLIs seem like your best bet as well as your PRG - if your internal limit supports the purchase you could do it that way. Otherwise they can be generous with limits on their revolvers. That's probably your best bet in the near term. Once you start to get higher limits, others follow so now that you've crossed 5k with your 6k limit I'm guessing the others will eventually follow suit as will any new cards you get. I know once I crossed 5k that others then followed along.


Generally CUs are known to be a bit more generous as well.

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Postby Battery111 » Thu Aug 21, 2014 11:21 pm

The NFCU card you list as a potential future acquisition would probably be your best bet. They are known to be very generous with credit limits.
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Postby CarefulBuilder14 » Thu Aug 21, 2014 11:41 pm

Battery111 wrote:The NFCU card you list as a potential future acquisition would probably be your best bet. They are known to be very generous with credit limits.


Thanks. Which reports did they pull when you applied? Do they just look at income? Or assets, too?

@MS99 - I definitely wouldn't mind some auto CLIs from Chase and Discover but will keep my expectations in check.
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Battery111
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Postby Battery111 » Thu Aug 21, 2014 11:52 pm

Honestly, I don't remember. I've had the card for a number of years. They only asked me about income. They're fairly generous with CLI's too, but are known to be inquiry happy. They also seem to not care whatsoever about other inquiries on your report. Still, I was able to get a $9k increase with a soft last time I asked.
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Postby nismoZtuner » Fri Aug 22, 2014 1:25 am

Member not sure if you remember my dealer story..

Edit: nvm member you didn't comment. I was confusing you with Fastsrt8..
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Postby rockyrock » Fri Aug 22, 2014 8:32 am

I was able to put $5k toward my car on a card. It really helped out as I was working on a $10k spend requirement for the Citi AA WEMC. Most dealers seem to limit it to $5k; even the Amex car buying service only guarantees you will be able to put $5k on your Amex.

Both my Amex BCP and NFCU cards are $25k or higher so this backs up what others have posted here.

As always, YMMV.
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Postby semistatic » Fri Aug 22, 2014 9:50 am

CarefulBuilder14 wrote:Thanks. Which reports did they pull when you applied? Do they just look at income? Or assets, too?


Their CC dept seems to pull EQ for almost everyone that I've seen talk about it. If you're eligible for them, they're very generous, and there are quite a few discussion threads on other forums on tricks for the SP CLI. Basically, after you've had the card for a bit, you can request a CLI for $25K, and they'll (probably) SP you and counter offer if they can't get you there yet. You can repeat that every so few months. $25K is their max w/o going through underwriting review, submitting POI, etc.

I think they just ask about income, not assets. Membership eligibility is the tricky part though - have to be active/retired military/DoD, or a family member of a member. (Retired is the keyword there - not just honorably discharged)
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