How to get a high-limit, 0% credit card?

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yurta
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How to get a high-limit, 0% credit card?

Postby yurta » Fri Feb 14, 2014 11:02 pm

So I'm planning a large purchase (about $15K) this year, one that I can't get a bank loan for. I'd like to put it on a 0% intro rate credit card - I have the income to pay it off in that time, just not the savings to pay upfront in cash. I have good credit (about 780), so I imagine that getting approved for a card wouldn't be too hard. But how can I find the one that's likely to give the highest limit?

I've done a little research on the credit karma website, and it seems that average limits for people with my score are about $7K. Does that sound right? Can I then apply for two cards at the same time, hope I get accepted, and that my credit score doesn't get bashed too much? What would you do about this?

Thanks!


yurta
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Postby yurta » Mon Feb 24, 2014 10:46 am

Any thoughts, anyone?

432521
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Postby 432521 » Mon Feb 24, 2014 1:19 pm

Credit limits depend both on your credit score and your income. The lenders each have there own model as to how they assess your credit worthiness/risk so it is hard for anyone to really give you a pin point card. One of the biggest things that I have heard is that credit unions usually give obscene amounts, but that was last year I am not really sure for this year. I do have a question for you though, do you have any prior credit history? Other credit cards, on time student loans, car payments? If you don't I think it will be nearly impossible for you to get a starter card with a limit that high.

As for applying for two cards at once, I have heard of people doing that and the second lender didn't see the first application so thats a possibility.
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yurta
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Postby yurta » Mon Feb 24, 2014 1:28 pm

Thanks for that - I have a credit card with my credit union that has had a $1000 limit for about 7 years. I've never really needed to use it, so I've never tried to increase the limit. Maybe I could ask if they would increase it, although I doubt they'd agree to a factor of 10 increase, and I'd prefer a 0% card anyway.

I also have a land loan with the credit union, and previously had a joint mortgage with Wells Fargo for about 3 years. All paid on time, all the time. It seems that you can't shop around for a card without actually applying for one (you don't know what limit you'll get until you have the card), and I don't want to hurt my credit score by applying for loads of cards and only using the one(s) that turn out to be useful.

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Postby thom02099 » Mon Feb 24, 2014 9:29 pm

yurta wrote:Thanks for that -[color="red"] I have a credit card with my credit union that has had a $1000 limit for about 7 years[/color]. I've never really needed to use it, so I've never tried to increase the limit. Maybe I could ask if they would increase it, although I doubt they'd agree to a factor of 10 increase, and I'd prefer a 0% card anyway.

I also have a land loan with the credit union, and previously had a joint mortgage with Wells Fargo for about 3 years. All paid on time, all the time. It seems that you can't shop around for a card without actually applying for one (you don't know what limit you'll get until you have the card), and I don't want to hurt my credit score by applying for loads of cards and only using the one(s) that turn out to be useful.


With one card only, you'll likely be hard pressed to get the type of card(s) with the immediate limits that you're seeking. You've got a mix of history in mortgage, land loan, and credit card, but that's just not going to be enough most likely. Depending on the income to back it up, there's a probability that you could get a Discover card, maybe a CITI Diamond Preferred (CITI can be generous and the DP is a good 0% BT/balance carry card), maybe one of the Chase cards, but Chase usually likes to see another $5K account before they consider that type of limit. Same with AMEX Revolvers. You might be able to get multiple cards, but would they all be $5K limit cards? Hard to say. Getting the cards is not just score driven. There's gotta be a bit of credit history, and it looks like yours is a bit thin for now.
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yurta
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Postby yurta » Mon Feb 24, 2014 11:03 pm

Ugh looks like this is going to be tricky. But the CITI Diamond Preferred looks like a good place to start - thanks.

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Postby Rory » Tue Feb 25, 2014 12:05 am

get a BCE then 3x CLI on 61st day, then double it on 6th month mark then you have 0% APR for 6 months and most likely a limit in the low $20k's
Amex Zync - NPSL (Cleared up to 25k)
Amex BCE - 12000 limit
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Postby takeshi » Tue Feb 25, 2014 8:13 am

yurta wrote:But how can I find the one that's likely to give the highest limit?

As indicated above, it's not just the card it's your credit and income as well.

yurta wrote:I've done a little research on the credit karma website, and it seems that average limits for people with my score are about $7K. Does that sound right?

No idea as I haven't done a survey of a statistically meaningful sample myself but take anything from CK with a grain of salt. Also, it's not just your score that determines your limits. With high utilization I was only able to get $2K on a Slate. Dropped it down to under 10% and picked up a couple of $25K cards. I didn't pull my FICO's at the time but utilization and 5 months time were the only differences between the applications. Not saying your credit supports this -- just pointing out that factors such as utilization can really hold you back.

yurta wrote:Can I then apply for two cards at the same time, hope I get accepted, and that my credit score doesn't get bashed too much?

Could go either way. It's impossible for us to say especially without knowing the details of your credit. With a 780 odds are probably pretty good that a couple of apps won't hurt much but, again, it's not just about the score. Consider your existing inquiries, their age, AAoA, utilization -- in other words, all the usual suspects that factor into credit.

yurta wrote:Maybe I could ask if they would increase it, although I doubt they'd agree to a factor of 10 increase, and I'd prefer a 0% card anyway.

Any CL will probably help. Remember that utilization = balances / available credit. More available credit will reduce your utilization.

Having only one card doesn't help, as stated above. Not using your only card also doesn't help. You want more than 0 utilization reporting. It will probably be difficult to jump from $1K in available revolving credit to $15K in less than a year. I'd suggest looking into AmEx and the 3x CLI as it may help you to build larger credit limits. This is a process that just takes time.

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Postby rockyrock » Tue Feb 25, 2014 8:21 am

What is your timeline and income? If you have six months and a high enough income you can probably do it. First thing you need to do is get a CLI on that CU card, ask for $8k and see what they say--take whatever they give you. The same day you ask for a CLI with them apply for another card or two like the Amex BCE and some other no AF card. If you get the Amex ask for a CLI at the two month mark and then just sit back for the next four months not asking for an increase that will result in a HP.

Discover it and Citi Simplicity both offer 0% 18 month BT options.

Given what I've seen here and through my personal experience I find it extremely unlikely Discover will extend you that level of credit, even if you open now and manage to get a CLI in six months.

Citi seems to be a bit more generous though so you may be able to achieve it with them.

Chase Slate and BofA Visa both offer 15 month BT options so you may look into those as well.

If you are able to get one of your current cards a limit close to $15k in the next six months you may be able to score a high enough limit with one of the four cards I just mentioned.

One more thing to keep in mind: lenders don't like to extend something that isn't being used. You say you haven't used that card from you CU so they may wonder why you want an increase. If you have a $5k limit but consistently never exceed $500 in a month but ask for a CLI to $10k they are going to wonder why?

My views, YMMV.

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yurta
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Postby yurta » Tue Feb 25, 2014 9:21 pm

So basically I need a time machine to start all this stuff 6 months ago :)

Thanks for the education - I'll let you know what happens...



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