How to get a $20,000 credit limit credit card?

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bubblebusteconomy
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Postby bubblebusteconomy » Sun Feb 13, 2011 4:50 am

Asking how to borrow $20,000 more when you are broke is what instigated it. You are a fool and you will thank me later on for trying to stop your outlandish borrowing.
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Elliot Castro
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Postby Elliot Castro » Sun Feb 13, 2011 1:56 pm

Are there any known credit cards that will automatically give a $20,000 credit limit to begin with if you have a great credit score?


This question is somewhat useless when you don't state your income.

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Postby Repo00 » Mon Feb 14, 2011 4:01 am

I am trying to come up with about $35k for a down payment on a property. I have exhausted all my resources and am going to turn to credit cards but after spending an hour reading this forum it's as if high credit limits are a thing of the past?

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Postby cashnocredit » Mon Feb 14, 2011 6:27 pm

Repo00 wrote:I am trying to come up with about $35k for a down payment on a property. I have exhausted all my resources and am going to turn to credit cards but after spending an hour reading this forum it's as if high credit limits are a thing of the past?


If you finance this traditionally, they will check your credit usage before closing. It's risky these days unlike a few years ago.

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Postby 4srs » Tue Feb 22, 2011 11:00 pm

Despite never reporting an annual income of over 15K, I have (soon to be 'had') a credit card with a 48K limit.

It basically just involved taking a lot of those '0% APR for a year' balance transfer options & moving it around. You take a hit on the transaction fee, but you make it back on investing or drawing interest on their money. In turn, when you pay off that big chunk some time later, they increase your credit line.

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Postby DoingHomework » Wed Feb 23, 2011 1:34 pm

Repo00 wrote:I am trying to come up with about $35k for a down payment on a property. I have exhausted all my resources and am going to turn to credit cards but after spending an hour reading this forum it's as if high credit limits are a thing of the past?


Yes, that will not work anymore. You will need to show 60-90 day of liquid cash to pay the down payment and closing costs now before you will be approved for a loan. While I don't believe that what you propose is illegal, it is certainly frowned upon by lenders.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Thu Feb 24, 2011 7:22 pm

4srs wrote:Despite never reporting an annual income of over 15K, I have (soon to be 'had') a credit card with a 48K limit.


Really? And the limit was never cut during the recession? Please share with us what credit card this is because I may signup for it. I like the sense of security high credit limits offer, even though its a false sense.
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Advice to apply for a high limit card

Postby sbs » Fri Mar 09, 2012 7:02 pm

Background:
I am a 27 year old working as engineer. I have total 5 credit cards with me. Of which 4 are with Chase, Amex, BoA & Citi while 5th is Best Buy Card. I have total credit line of around 70k. I am looking to use balance transfer offers from BoA and Chase but before that I want to apply a new card for some personal reasons.

Facts:

  • Credit Score: Experian 730, Equifax 802, TU 797.
  • Low score on Experian is due to a Collection Account, which will be deleted in next few months, but cant wait for that as I need the money now.
  • Annual income would be <70k
  • I have bank account with BoA, Citi & Chase. (BoA & Chase have some balance but Citi has extremely low balance)
  • I am looking for HIGH Credit Line Card ( like up to $20k)
Cards I have:
BoA World Rewards (20k)
Amex: Blue Cash (25k)
Chase Slate (9k)
Citi Platinum Select (16k)

Questions:

  1. Which card should I apply, which can offer me HIGHEST credit line (like 20k)? I would prefer low interest cards which can also offer balance transfer offers for future use.
  2. Which type of card have high limit? Platinum/Signature etc?
  3. Would applying your second card at Chase, BoA, Citi, Amex would give you lower credit line?
  4. Which of these 3 banks give high limits - BoA, Citi, Chase?
  5. Does it matters how much money you have in bank in order to get high credit line card?
  6. I also have account at a credit union. Does CU offer cards with high credit line? It is like 9 year old account but I have never maintained a good balance in there except initial years.
  7. Some of the cards which can be option but not sure...
BoA Cash Rewards
Citi Diamond Preferred
Citi Simplicity
Chase Freedom

I am planning to increase credit line for BoA/Amex at the same time I apply for new card. Its been long time since I have asked them to increase credit line. Citi declined to increase like 6 months ago. Chase also says no to increase it further.

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Postby Celestine » Tue Mar 13, 2012 6:14 pm

sbs wrote:Questions:

  1. Which card should I apply, which can offer me HIGHEST credit line (like 20k)? I would prefer low interest cards which can also offer balance transfer offers for future use.
  2. Which type of card have high limit? Platinum/Signature etc?
  3. Would applying your second card at Chase, BoA, Citi, Amex would give you lower credit line?
  4. Which of these 3 banks give high limits - BoA, Citi, Chase?
  5. Does it matters how much money you have in bank in order to get high credit line card?
  6. I also have account at a credit union. Does CU offer cards with high credit line? It is like 9 year old account but I have never maintained a good balance in there except initial years.
  7. Some of the cards which can be option but not sure...
BoA Cash Rewards
Citi Diamond Preferred
Citi Simplicity
Chase Freedom
I am planning to increase credit line for BoA/Amex at the same time I apply for new card. Its been long time since I have asked them to increase credit line. Citi declined to increase like 6 months ago. Chase also says no to increase it further.


Visa? Mastercard? Discover? AMEX?

Depending on your geographic location, Visa and Mastercard are widely accepted but Discover and American Express is not always accepted by merchants.
"Nearly all men can handle adversity, but if you really want to test a man's character - give him power." - Abraham Lincoln

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Postby sbs » Wed Mar 14, 2012 11:23 pm

Can someone please answer my questions - which banks offer high limit credit line? amex, boa, citi, chase, capone? I need to apply one card tomorrow so would appreciate a quick reply. ( My income ~ $80k)



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