Odds of receiving approval for $5-7k or higher limit?

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Odds of receiving approval for $5-7k or higher limit?

Postby 2468dlw » Mon Jun 10, 2013 10:16 am

Hi Everyone,

I am just wondering if anyone here please has any advice regarding the best cards to apply for with the greatest odds of just receiving approval through the online application process?

I am honestly looking for an initial credit limit of around at least $5,000, although I would truly prefer more like $7,000 on up anyways.

I am not that concerned with the Interest and such, for my own reasons, so, that need not factor into your reply to me.

I just want to secure a card with as much speed as possible, with as little hassle as possible right now.

I can come back later with my Credit Scores, and some more information if any advisors require these factors from me too.

This Forum seems amazing so far!

I really hope that I can apply the advice I receive here to see my way through this current situation for myself.

Thanks So Very Much for any / all advice you can please offer me!

Have A Really Good Day.

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Postby Marcov719 » Tue Jun 11, 2013 2:24 am

What kind of cards and limits do you have now? Why do you want such a high limit? When I app'd for Chase SP last week I was approved for 5K. It seems to be the starting limit for most people. Then again there are so many factors that go into getting approved for a specific card and getting your desired limit. If you're not planning on carrying a balance an AmEx charge card might be just the thing for you that molds to your spending habits.

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Postby rockyrock » Tue Jun 11, 2013 4:47 am

If you have any history with a CU I would go that route. My FICOs are in the low-mid 700's. My CU just issued me a Visa Platinum with a $25k limit. As a contrast Amex just issued me a SPG with a $4k limit. I had 2 additional HPs when I applied for the Amex which could account for some of the disparity.
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Postby MemberSince99 » Tue Jun 11, 2013 6:56 am

It really depends. If you have no credit history and this is your first card, good luck getting a starting limit like that I wanted one too but I wasn't able to do it even with long and good installment history.

I'm guessing this is the case. Without knowing your history (scores, current cards) there is just no way to even intelligently say you should app for this or that.

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More Information....

Postby 2468dlw » Tue Jun 11, 2013 11:33 am

Hi Everybody,

Thanks So Much for your replies to me.

Actually, I DO have a fairly long credit history, with several credit cards that are almost maxed out to their lower limits, ( I secured all of them before I had a rather sizeable increase in my yearly financial receipts here. )

The thing is that in these last months, I had a significant increase in my finances instead. My yearly receipts have gone up enough to where I feel I can afford a ‘higher initial limit’ right now.

The thing that could hold me back is how even though I had more funds to pay down / pay off my other definitely higher card balances lately,

I actually chose not to do so due to other financial commitments that actually are not even my own commitments on paper, meaning they are not my own loans or credit or mortgage or car, etc…

I was assisting some other people in my life with their own finances since my increase in monthly funds, with some needed expense accounts for them each month.

So, my yearly income has gone up for this new application, but, my credit report shows revolving balances that are met every month, but, that are nearly maxed out to the end of their lower limits, however, having not been paid down / off even with more money available each month since my increase.

I could afford a new monthly minimum payment balance along with the monthly minimum payment balances for my other credit cards too right now, as I have zero mortgage / rent / car / food expenses along with this raise in my yearly salary here.

No other Personal Loans, or Student Loans or any other monthly debts either for me.

I just have no interest in searching out a Personal Loan or any card application, etc… that might be drawn out with hassles, as I really prefer to begin my new purchases for my new at home business right away instead. Time is worth much more to me than money, so I want a fast credit source vs. a longer wait loan / saving the money on my own.

The start up investment for this at home business is ( to get the very best start in it ), at least $5,000 or so, but I would also feel great with the spending leeway of a couple thousand more there at first too, ( although that higher credit limit amount really isn't necessary just to invest at first here ).

I really feel that this new at home business will be the avenue for me to assist some people in my life while making investments in my own life as well, which will include paying down / off my earlier credit debts along with affording this new credit card balance that I need to get started in this business now, whether that is paying this new one down / off fast or over a more limited length of time, no matter what.

I don't know that much about Business Credit Cards yet.

This isn't about investing in some brand new idea that I came up with and titled all on my own with a business phone, etc...however.

It is an at home online marketing endeavor created by other people, and I am actually applying a Cell Phone for my business purposes in it, as a lot of it is actually completed online anyways.

I know this is a somewhat complex story.

I am getting my current credit score really soon, today or tomorrow.

I realize that no one can predict what credit companies assign cards with what limits off the top of their heads at all.

I just thought I would throw this whole idea out there to see if there were at least a few consistent responses to this question anyways, just to see what might happen with your answers…

Thanks So Very, Very Much.

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Postby takeshi » Tue Jun 11, 2013 3:02 pm

2468dlw wrote:The thing that could hold me back is how even though I had more funds to pay down / pay off my other definitely higher card balances lately,

I actually chose not to do so due to other financial commitments that actually are not even my own commitments on paper, meaning they are not my own loans or credit or mortgage or car, etc…

Odds aren't going to be anywhere near as good until you get your utilization down and reported. I had several lower limit cards with very high utilization and wasn't getting much in the way of credit limits. The last line I received with high utilization had a $2K limit. Dropped utilization to under 10% and I've picked up 3 premium cards. Each of those cards has a limit higher than the limits of my combined smaller cards.

If you haven't pulled your report and scores then do so. They'll be much more useful to you than any responses here.

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Postby 2468dlw » Wed Jun 12, 2013 3:48 pm

Thanks for replying, takeshi.

Well, I AM learning VERY, VERY well all about "Utilization Rates" Etc...

I secured my Scores from Credit Sesame ( based upon Experian )

and from Credit Karma ( based upon TransUnion ).

Actually, despite anything else involved here, I am STILL receiving a 680 Credit Score ( described as ‘Good’ ), from Credit Sesame.

But YES, I am considered to have a High Indebtedness with my Cards.

Credit Karma gives me a ‘Fair’ Score of 691.

With a Lower Overall Grade due to Credit Utilization and my Number of Total Accounts too.

Even though I have 'A' Ratings for

On Time Payments

and My Age of Credit History

And NO Derogatory Marks.

Sigh, here I was, a complete babe in the woods about Credit, NOT understanding a BIT that it LOWERS your Credit Ratings to have Longer Term Revolving Payments, especially when the Cards are charged up THAT much towards their Limits too.

I actually misguidedly believed that Credit Cards wanted to see people charge up their cards for a longer time so that they could receive Interest Payments.

Well, I am still being advised by these 2 Sites about at least some Cards for My Ratings, and at least some of them have Reviews where people received $2,000 and up for their Opening Limits too.

I mean, I can still at least Invest somewhat into this new business with around $1,600 at first, but I won’t receive the highest returns that I could without the highest Investment into it yet.

But, it’s a beginning.

But my Utilization could still hold me back from even those Limits,

Even though my Debt to Income Ratio is REALLY POSITIVE according to One Report today anyways.

AND, My Income has had a GREAT increase from what it was awhile back too. I don't think that has caught up with everyone in the Credit Rating business yet.

Thanks Again, Everybody.

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