I don’t open new cards very often but when I do I usually have a reason for a particular card. At first it was building credit, then it was for higher limits ( Over $1,000) then it was balance transfer, whatever I needed.
Some credit cards generally come with a large initial credit limit, some generally are small others are in-between. Some cards you will not get over $500, some are between $1,500 to $5,000, some are $7,500 to $25,000 others are higher or unlimited.
I want to get another card towards the end of 2020 because my interest free period expires on my two newest cards. But I want a card that generally speaking offers a HIGH INITIAL CREDIT LIMIT, AROUND $10,000 OR MORE.
What specific card or bank can you suggest that you have personal knowledge they generally give high initial credit limits. I know it depends on score, age, blah, blah, blah… but it also depends on the card issuer practices and it will not help me to apply for a card that the top 25% only have a $2,500 limit.
So can you all help me find some high credit limit cards I can look into and if they have a pre-qualification process to see if your pre-approved like Discover and American Express has that would be great.
You will need to contact some of the big banks directly either via their corporate email or phone number. It really does all depend on those factors that you mentioned. I know for sure I had a new expensive mortgage when I opened the following accounts with no problems.
I know that Citibank will issue 10K initials limits but I don’t know what their qualifications were. Nordstroms Visa starts out much higher than usual cards, around $5K, and also Discover will start you off over $5K even when you have a minimal credit history. Those are the only ones that I have had experience with in the past.
First off, love ? your name, my ex-wifes name is Leslie…lol
I my last three were Discover, Chase and American Express. Discover and Chase gave me decent limits, surprisingly American Express did not.
I have heard Citi does and some medium sized banks do but I definitely want to find out before I apply. I don’t want a points hit for less than $5000 because its not worth it. Heck, my Walmart card (not visa just the store card) has a $5000 limit.
My thing is I want at least one with a big limit for a few reasons. One it will increase my available credit so if I make a decent purchase it will not ding my credit score as bad. Another is so I can transfer balances or make a large purchase if I want or need to because I want something but did not bring enough cash with me.
I don’t plan on going crazy with it, it would just be a good peace of mind.
Does anyone have an American Express card, if so, if you use it and say use 50% of your limit then pay it off each month, after a few months will they give you substantial credit limit increases? Or what is the secret or trick to get a higher limit with them.
@rick.campbell AMEX started me off with $15K about 5 years ago, to my detriment. I did have an account with them back in the 80s so maybe they remembered me. This time I got it to work on my house, but wound up using it mostly for medical bills these last couple of years.
Thats what I dont understand, I had one about 12 years ago that actually had no limit, unlimited, I never used it and closed it because I was worried what I could do, especially being younger and recently married.
So this time I expected a high limit again but only got $1000. I don’t understand, maybe it was the type I got last time compared to this time since they have different types they have different opening limits. I have no idea, it is a credit mystery.
Transferring a balance of $10,000 to a credit card is going to probably depend on the issuer evaluating your credit worthiness. A lender doesn’t want to issue credit and then have problems recovering what they lended. You might find a card with a high balance but the interest rate might be higher than what you currently have on the card(s) you currently have balances on.
If you want a credit card to work on your house, you might be better off looking into a home equity loan or home equity line of credit, instead of a credit card. The advantage would be you’d have a much lower interest rate than you’ll ever find on a credit card.
My Chase Sapphire Reserve, after a few credit limit increases is at around 35k credit limit. Though I think you start out at 10K-ish.
My Amex Gold Business starts out with a hidden credit (that they call spending power) – which started out at 3.5K. But if you run a buncha transactions through there and pay twice a month, I was able to get it to 95K credit limit within 3 months. Not sure why paying down 3K of debt justifies them giving me a 95K credit limit, but here you go lol.
But it is an Amex Gold Business card, which means it’s more optimized for business use, where you would have a lot of expenses, for example, for use in working capital so you can get a NET30 without having to go through outside loans or begging vendors (just make sure you pay 2x a month).
My Chase Sapphire Reserve, after a few credit limit increases is at around 35k credit limit. Though I think you start out at 10K-ish.
My Amex Gold Business starts out with a hidden credit (that they call spending power) – which started out at 3.5K. But if you run a buncha transactions through there and pay twice a month, I was able to get it to 95K credit limit within 3 months. Not sure why paying down 3K of debt justifies them giving me a 95K credit limit, but here you go lol.
But it is an Amex Gold Business card, which means it’s more optimized for business use, where you would have a lot of expenses, for example, for use in working capital so you can get a NET30 without having to go through outside loans or begging vendors (just make sure you pay 2x a month).
I just opened a Chase Sapphire Reserve card after being told I was already approved, I just needed to accept it.
I accepted it and my starting credit limit is $20,000 so I will see if I get any increases or not. Did you ask for them or did Chase do it automatically on yours? Thanks
. I did have an account with them back in the 80s so maybe they remembered me. This time I got it to work on my house, but wound up using it mostly for medical bills these last couple of years.
