Hi, I saw a post where Dorris K. built credit from a $200 Cap1 credit card to $300k in credit! I've seen other post where people stated that they built over $100k in credit! How are people doing this? Are they stating high income? Why do some people have credit cards from $4k-$12k and others have $200-$1500 credit cards? Do you have to apply (be approved) and keep 0 balances after a purchase or do you have to apply (be approved) and never use the card and keep a 0 balance that way? Somewhere I went wrong, I really need to know!!!!!! Kev
RE: How does some1 build $300k I doubt you'll get $300k lines of credit by making only $30K/year. It's all about debt-to-income ratio.. I'm sure some of these folks here who have that probably make $70K+ /year or a lot more. I know amex platinum has a very steep minimum income to even consider you. A friend who sells lexus' cars said, well we don't even consider leasing our flagship new cars, unless you make at least $100K/year with flawless credit. Yowser!
RE: How does some1 build $300k I agree with Sam INCOME plays a major role in what credit lines are given, I also believe time is a factor as well. I am sure the posters with high overall limits have been working to keep their credit history perfect or near perfect. Although income is not used in scoring itself, it is used in giving out credit limits. Mom
RE: How does some1 build $300k Until I started paring down the number of accounts I had, I had well over $200K on about 16 different credit cards. Some of the cards I'd had for year and they would keep bumping the limit up $1000 or $2000 a year without provocation. Most of them came from when banks were going wild in the 1995-1997 time frame pushing credit cards on people. I got deluged with 'pre-approved' offers and took everyone of them. After that, they kept raising my credit limits without me even asking. At the time I was making a 'good' income, had pristine credit, and had two paid-off mortgages in my credit file from some refinancing my ex-wife and I did on her house. In addition, I could include my wife's salary and trust fund income as 'household' income on the application, which made me look even more attractive. The point is that most people who wound up with huge amounts of open revolving credit got it at a time when the big banks were stumbling all over each other to get 'market share' and were taking more risks with who they would give a card to.
RE: How does some1 build $300k Still going on today, like you said it all depends on one's indiviual credit file, regardless of the year.
RE: How does some1 build $300k My case is a bit unusual compared to what most people here have to go through, and it all boils down to money. My divorce settlement was VERY sweet. During the divorce process, we found that my ex-husband was a hoarder and had aquired, during our marriage, a considerable amount of money and property that I didn't know anything about. Not only that, our home and the other real property that I did know about was paid for. It certainly didn't hurt that I had a VERY good attorney, and my ex-husband made an ass of himself in the judge's presence quite a few times. Although I had enough money to pay for the modest home I bought for myself several times over, I got a 30-year mortgage through my bank, at a high interest rate, and I paid it off in five years. I paid off a high-interest auto loan in 1 year. If you've got the money, and you don't really need it, it's quite easy to borrow money. I was able to build a high credit score in a little bit of time, but it cost me dearly in high interest rates. One of my best credit cards is from MBNA. My credit limit is $100,000. However, I invested at least that much in CDs through MBNA. By showing them enough green, they forgot all about my short credit history, my age, and my pathetic teacher salary. If I hand't been lucky in court, I probably wouldn't have much credit. I never built up any while I was younger because everything was in my husband's name, and he took care of all the finances. By most creditors' standards, I'm too old to establish credit.
RE: How does some1 build $300k Sam, I have never shown income higher than $52,000, yet my credit lines add up to more than $140,000. I think, it helps to manage credit the right way. I exercise my credit all the time, I take all offers of lower rates. I make large payment and make them always on time. It worked for me, it can work for others. http://www.creditsense.com
RE: How does some1 build $300k Who really needs 300K in credit?Just having 100K is great.Also if you stop,and think what the min-due payment can be,it's too much.I think 2K is a large enough payment on a 100K loan.As far with income being figured into a debt to income ratio,it makes me wonder if they really figure it all the way as for example a person making 50K then this person shouldn't have over 20K in revolving credit accounts.Therefore i think creditor's are looking for responsible people when it comes to having high credit limits.Credit is power!Use it wisely,and watch it grow!
RE: How does some1 build $300k In addition to what everyone has already said, I also notice that some banks are a lot freer with their credit lines than others. And like J.Edgar said, some of them just keep bumping up your credit line automatically, till you put the brakes on it. Kat http://creditexpert.tripod.com/home.htm
RE: How does some1 build $300k In your experience, who would you say are some of the more generous? I would say NextCard and Juniper would rank in there.
RE: How does some1 build $300k I Never got limit increase automatically from Fleet ,FUSA and Amex.If you request limit increase they will pull a credit report .
RE: How does some1 build $300k I also have those three, American Express has the online credit line increase. I used it and was preapproved for a 500 increase if I wanted it to accept it. Never showed up on any reports. The card was a Platinum Optima. When I called First Usa to request an increase, the rep said a report would be ran. Asked for only 500 gave me 2OOO. Fleet has the online program, must have the card 9 months, only 7 for me. Did not know Fleet would pull a report. Thanks.
RE: How does some1 build $300k I got $2,000 increase w/o asking from FLEET. I was going to do a balance transfer on FIRST USA and she said "DO YOU WANT YOUR $5,000 INCREASE"??? (no application, no credit report)...YES AMEX BLUE...NOTHING W/O CREDIT REPORT (over one year cardholder)
RE: How does some1 build $300k I used Fleet for a balance transfer. Paid them off, will see when I reach 9 months. Thanks George for the info.
RE: How does some1 build $300k If you carry balance Nextcard will increase your limit every 4-6 month.I had Nextcard in Feb.2000 and got limit increase in July 2000 and Nov 2000.They didn't pull my credit report.
RE: How does some1 build $300k Started with NextCard in 12/99 with a 9500 balance transfer. 2k increase after 7 months. They are now Paid in Full, do not expect any more from them right now with zero balance.
RE: How does some1 build $300k Fleet is "generous" with initial line, stingy and strict for increases (always pull a report). Amex will tell you if they will pull a report... the woman I dealt with actually gave me a choice "I can increase it by x now, or if I pull a report, we can look at more." Chase seems pretty liberal with initial lines and increases, but will pull a report. First Bankcard (First National of Omaha-- www.fbcc.com) is VERY generout with initial lines. Bank of America seems stingy with lines and increases unless you talk to retention dept. NextCard is generous with initial lines if you do a big xfer. Discover is also generous with initial lines (if you transfer) but stingy with increases. That's my experience, anyway.
