Obtaining high Cap One limit

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planman
 
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Obtaining high Cap One limit

Postby planman » Thu Apr 23, 2015 12:19 am

if i have nothing on my credit file. What trade lines are the best ones to get and how old should they be to get a high limit Cap One?


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CarefulBuilder14
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Re: Obtaining high Cap One limit

Postby CarefulBuilder14 » Thu Apr 23, 2015 1:14 pm

What's your idea of a high limit? $5k? $20k? $50k? I think limits of $10k to $20k are pretty common on Cap One's Venture cards - assuming a person has a history and income that are adequate to support high limit. What sort of income/assets do you have?

Many people are able to grow their credit lines quickly with American Express, so Amex might be a good "stepping stone" in getting higher limits on other cards. American Express usually likes to see at least 6 months of clean history before you can get a card with them.

Also, you may find that other lenders are better for you than Capital One.

Chase Freedom is arguably the best card you can sometimes get with no history - although the starting limit would probably be pretty low and approval is not guaranteed.
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planman
 
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Re: Obtaining high Cap One limit

Postby planman » Thu Apr 23, 2015 1:41 pm

I make $125000 a year. How many trade lines would I need to get the 10-20 k cards?

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kcm7
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Re: Obtaining high Cap One limit

Postby kcm7 » Thu Apr 23, 2015 3:02 pm

planman wrote:I make $125000 a year. How many trade lines would I need to get the 10-20 k cards?


Not sure if I'm understanding you correctly.

But I recently got a $10k limit on a Capital One card. I had 2 open trade lines, one for $2k and one for $5k. That $2k card was more than 10 years old, though, so I had a long credit history.
Cards:

-Capital One Quicksilver
-Barclaycard Arrival (no AF)
- US Bank (no rewards)
-IHG

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lobbythis
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Re: Obtaining high Cap One limit

Postby lobbythis » Thu Apr 23, 2015 7:29 pm

Why is CapOne so important? With your income, you have much better choices.

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CarefulBuilder14
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Re: Obtaining high Cap One limit

Postby CarefulBuilder14 » Thu Apr 23, 2015 8:53 pm

planman wrote:I make $125000 a year. How many trade lines would I need to get the 10-20 k cards?


With an income like that, your best option might be to develop 6 months of history with maybe 2 "starter" cards. Then add an Amex charge card, and use that for maybe 3 months. Then get an Amex revolver and use it heavily, requesting CLIs every few months.

That would be a pretty reasonable way to get a 10k-20k Amex CL within maybe 15 months. Then you can probably get a similar CL on a Cap One Venture card.

That is the best way I know to accomplish what you say you want. Like others here, though, I'm not sure your goal is a very good one.

Cap One's rewards are of limited value because they don't have high-earning bonus categories, and they don't let you earn rewards that can become hotel/airline loyalty points. Loyalty points can be worth much more than cash. The Capital One customer service also gets a lot of complaints.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

oldsoldier
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Re: Obtaining high Cap One limit

Postby oldsoldier » Fri Apr 24, 2015 10:15 am

OP I understand wanting to jump right into a high limit card but for most to get there we established somewhat of a credit history. Most did not jump into a 10k card. I am also not sure why Cap one is your be all for cards. Like an earlier poster said you could look at better cards. Look more to jump into something in the 3-5k range and a few months you could easily be in the 10-20k range.
BoA Cash Rewards $13,000
Chase Sapphire Preferred $14,000
BoA Better Balance $12,000
Amex Every Day $24,000
Discover It $17,000
NFCU Platinum Visa $25,200
Barclay Arrival WMC $10,000
Cap One QuickSilver WMC $6,200
WF Cash back Visa Sig $11,000
Citi Thank You Premier $11,600

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CarefulBuilder14
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Re: Obtaining high Cap One limit

Postby CarefulBuilder14 » Fri Apr 24, 2015 11:04 am

oldsoldier wrote:OP I understand wanting to jump right into a high limit card but for most to get there we established somewhat of a credit history. Most did not jump into a 10k card. I am also not sure why Cap one is your be all for cards. Like an earlier poster said you could look at better cards. Look more to jump into something in the 3-5k range and a few months you could easily be in the 10-20k range.


What card (other than a secured one) would give a 3k-5k limit to someone with no credit history?
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

oldsoldier
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Re: Obtaining high Cap One limit

Postby oldsoldier » Fri Apr 24, 2015 1:01 pm

CarefulBuilder14 wrote:
oldsoldier wrote:OP I understand wanting to jump right into a high limit card but for most to get there we established somewhat of a credit history. Most did not jump into a 10k card. I am also not sure why Cap one is your be all for cards. Like an earlier poster said you could look at better cards. Look more to jump into something in the 3-5k range and a few months you could easily be in the 10-20k range.


What card (other than a secured one) would give a 3k-5k limit to someone with no credit history?


You're probably right Careful, I guess I was thinking more about his income. Thinking that could get a door open for him. I def know history means everything.
BoA Cash Rewards $13,000
Chase Sapphire Preferred $14,000
BoA Better Balance $12,000
Amex Every Day $24,000
Discover It $17,000
NFCU Platinum Visa $25,200
Barclay Arrival WMC $10,000
Cap One QuickSilver WMC $6,200
WF Cash back Visa Sig $11,000
Citi Thank You Premier $11,600

flan
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Re: Obtaining high Cap One limit

Postby flan » Sat Apr 25, 2015 2:09 pm

oldsoldier wrote:
CarefulBuilder14 wrote:
oldsoldier wrote:OP I understand wanting to jump right into a high limit card but for most to get there we established somewhat of a credit history. Most did not jump into a 10k card. I am also not sure why Cap one is your be all for cards. Like an earlier poster said you could look at better cards. Look more to jump into something in the 3-5k range and a few months you could easily be in the 10-20k range.


What card (other than a secured one) would give a 3k-5k limit to someone with no credit history?


You're probably right Careful, I guess I was thinking more about his income. Thinking that could get a door open for him. I def know history means everything.


Income means a lot, too, as does DTI ratio.

OP: go to the bank where you deposit you paychecks. Talk to them. If you don't have a bank where you deposit your paychecks, get one.



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