Credit card limit

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5 posts
nyc1982
 
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Joined: Sun May 15, 2016 4:04 pm

Credit card limit

Postby nyc1982 » Sun May 15, 2016 4:16 pm

Hello,

This is my first post on the board; thanks everyone for any helpful input.

I'd like to open a card with at least $30,000 limit right off the bat with 0% APR for at least 12 months. Also willing to request limit increases over the first couple of months after opening if that's helpful to get me to $30,000. The problem I have is that I can't see beforehand what the credit limit will be before I apply (obviously I don't want the card if I can't get to $30,000 limit). Would that be possible?

Here's my credit information:
Experian FICO score: 798
Revolving debt: $3,532
Revolving credit limit: $110,524
Revolving credit usage: 3%
Real estate debt: $152,219
Total debt: $155,751
Accounts ever late: 0
Accounts in collections: 0
Time since negative: Never
Oldest account: 11.8 years
Average account age: 6.7 years

My income for 2015 was just over $300,000 consisting of both salary and bonus.


Tubpbs
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Re: Credit card limit

Postby Tubpbs » Sun May 15, 2016 9:49 pm

No way of really knowing what will or won't happen but you do seem to be in a position where that type of starting limit is a reasonable possibility.

The best you could get is someone with similar statistics and find out their experience but it still wouldn't be anywhere near any type of guarantee.

Let's see what some others have to say, but I imagine you'll get similar responses.
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TXviking
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Re: Credit card limit

Postby TXviking » Sun May 15, 2016 10:30 pm

In my experience, limited and anecdotal though it may be, most creditors have gotten much more conservative with credit limits following the "Great Recession." That said, my starting credit line on my CSP was $33K, so it's certainly not out of the realm of possibility. Your AAoA may be a bit lower than creditors like to see, but that's supposed to be a minor factor, and the rest of your stats look good.

Every card issuer will have a different policy, so there's no way to be sure. You mention your total available credit, but how many accounts is that spread across? Higher limits on existing account translate into an increased likelihood for a higher limit on a new account; lots of cards with relatively low limits correspondingly mean a newly approved account is less likely to have a higher limit.

Finally, there's absolutely no way to know for sure without applying. You will take a HP to find out, and if approved, an account will be opened, whether the credit limit is to your liking or not. (At that point, you can immediately close it again if you choose, of course.)

takeshi
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Re: Credit card limit

Postby takeshi » Mon May 16, 2016 8:59 am

nyc1982 wrote:The problem I have is that I can't see beforehand what the credit limit will be before I apply (obviously I don't want the card if I can't get to $30,000 limit). Would that be possible?


Nope. The limit you qualify for will be determined by the creditor upon reviewing your credit profile and income and evaluating them against the product's underwriting criteria. We cannot tell you what limit you'd get. My FICO 8's are usually in the low 800's but limits I've received on new cards has varied from $5K to $25K. All you can do is apply and see what you qualify for.

Kevin86475391
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Re: Credit card limit

Postby Kevin86475391 » Mon May 16, 2016 12:37 pm

Hi and welcome to the forum!

I agree with all the above: there's really no guarantee and all you can do is apply and see what you get. Many creditors do have prequal sites that are fairly accurate, but unfortunately that merely provides info about the likelihood of qualifying for the card, not any estimate of how much you might qualify for.

You may want to consider applying for a credit union card. Anecdotally I've often seen people get much higher limits on CU cards than traditional bank credit cards...but that is purely anecdotal and definitely doesn't guarantee you would have similar results.

One card that springs to mind is the Penfed Platinum Rewards Visa Signature card:

https://www.penfed.org/platinum-rewards-visa-signature/

However, I'm not actually recommending it. I don't have the card and have never had any contact with Penfed. I just happen to know that it has 0% APR for 12 months, is a rewards card, and once again anecdotally I've seen people get good starting limits on it.

TXviking wrote:Finally, there's absolutely no way to know for sure without applying. You will take a HP to find out, and if approved, an account will be opened, whether the credit limit is to your liking or not. (At that point, you can immediately close it again if you choose, of course.)


This is certainly true, but i just wanted to add that if you did immediately close it, it would nevertheless still go on your credit report and remain there for 10 years, would still lower your AAOA, and still count as an inquiry. You may have already known all that, but I just wanted to be sure since some people mistakenly think they can 'undo' an app by closing the card right away; you can't.

Best of luck with whatever you decide.



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