How To Get Credit Card With High Limit?

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sputNick
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How To Get Credit Card With High Limit?

Postby sputNick » Tue Oct 21, 2008 3:10 am

I would like to get one credit card with a high limit as opposed to several cards with only low limits. What is the best way for me to do this? I have a credit score a little under 700 last I checked. Thanks


magyar1045
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Postby magyar1045 » Tue Oct 21, 2008 8:11 am

What do you consider "high limit"?? Go to big name creditors, Chase, Nank of America, Citi, Wells Fargo. Depending on your total household income, credit rating, they might issue you one with a high limit.

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fffresh
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Postby fffresh » Tue Oct 21, 2008 5:32 pm

We From my experience Bank of America and Chase tend to be more conservative with their credit limits. American Express has been known to be very generous with their cards but that may have changed with this economy.

sputNick
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Postby sputNick » Tue Oct 21, 2008 7:05 pm

To me a high credit limit would be $10,000+

I want that because these crappy cards with limits of $2,000 to $3,000 are kind of pointless and I think it's a slap in the face they would give me a credit limit that low that I can't do anything with.

I have heard that about American Express too but I don't think I would qualify with my credit score though?

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Postby Floppster » Thu Oct 23, 2008 8:41 pm

Nick, I am quite certain that you expect a little to much. Just below 700 is not good enough in this economy to get a high limit card. Anyhow you have to understand credit cards and how they work. Credit builds over time so do Credit Cards. If you want to have a high limit card with at least $10k take a secured one. Just write a check over 10k to the CC company. They'll deposit it and issue a card to you. After 2-5 years they'll give you your money back and from there on it will be unsecured. Amex got a little conservative with issuing credit cards since the economy is in such hole. If you do not have 10k in the bank to secure the card I do not recommend you having a CC with such CL.
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diego08
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Postby diego08 » Fri Oct 24, 2008 12:37 am

are you kidding? you expect to get a card with that high of a limit with that low of a credit score. that won't even qualify for you for most major credit cards let alone a limit that high.

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Postby 1bootcamp » Sun Oct 26, 2008 4:24 am

You're telling me one can go write a check for a secured credit card for any amount? If I had $100k sitting around I could put that towards the credit card and get a $100k limit? I know this would be a foolish thing to do but I wonder how high they would let you go.

Another thing you may want to consider with secured credit cards is they would no be FDIC insured I'm assuming. If you wrote $10k out and that company goes under you could be out $10k. In a time like this I wouldn't risk having any company hold any amount of my money.

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Postby Floppster » Sun Oct 26, 2008 11:14 am

1bootcamp wrote:You're telling me one can go write a check for a secured credit card for any amount? If I had $100k sitting around I could put that towards the credit card and get a $100k limit? I know this would be a foolish thing to do but I wonder how high they would let you go.

Another thing you may want to consider with secured credit cards is they would no be FDIC insured I'm assuming. If you wrote $10k out and that company goes under you could be out $10k. In a time like this I wouldn't risk having any company hold any amount of my money.


BoA's Secured Visa and Security Deposit are FDIC insured. It is not some crazy investment account therefore you don't have to worry. Secured lines of credit are only available for up to 10k in some cases you may see up to 30k though.
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sputNick
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Postby sputNick » Thu Oct 30, 2008 5:13 pm

Well thanks everyone for your answers. I would do the secured credit card thing but I don't have enough free cash to do that right now so it looks like I'm going to have to wait for my score to go up a bit.

Unless anyone knows of any others out there that are definitely still giving high credit limits with my type of credit score....

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Postby Cucumber » Tue Nov 04, 2008 2:33 am

Amex gives high credit limits but I dunno if they are still doing that as much now. :confused:
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