This board and your advive have helped me get this far in 1 year!My credit is 4 years 8 months old.NO LATES/NO NEGATIVES.I am trying to get over 100k in lines.How do i work my current lenders for higher limits?Here is current status! 1-Providian-4060 limit-0balnace-16.9 4 years 8 months old 2-Target- 500 limit -pay in full- open 12/99 3-mbna gold option-15000.00 limit 3000.00 bal 17.9 open12/99 4-citi plat-7000.00 limit 1400.00 bal-9.9 open 7/00 5-citi click 5000.00 limit 1000.00 bal-9.9 open 10/00 6-juniper 10000.00 limit 4300.00 bal 2.9 intro open 12/00 7-blue 10000.00 limit 2000.00 bal 9.9 open 1/01 8-amex delta 10000.00 limit 700.00 5.9/18.99 open 2/01 9-amex gold no limit no balance open 2/01 10-chase 2000.00 0 balance open 1/01 2.9/18.49 11-nextcard 2000.00 0 balance open 12/01 3.9/12.9 12 bofa 2500.00 0 balance open 2/01/ 3.9/19.8 What should I do know ,other than stop applying? 11-nextcard 2000.00 limit
Re: limits getting low!experts Well it is very hard to get unless you know how to manage very large debt.The main trick to building up high credit limits is to nearly max a couple of accounts,and paydown very good.You need to pay much more then the minimum due,and keep your interest rate low as possible.Over time your creditor's will keep raising your limits as you prove to them that you can handle the debt,and in a very responsible manner.If you have good to execellent credit then if possible you need to excercise every teaser rate availiable to you,this makes a huge difference when it comes to getting high limits because you pay more to the principal,and much less in interest making credit lines increases very easy to get.Your credit score will reflect your debt reduction with the cards,and this does increase your credit score in no time,and this makes it much more easier to qualify for new accounts with high limits.From my experince with credit i did as i described,and i went from 2,500.00 back in 1992 now my lines has grown to 92,500.00 in 2001 ,and growing.It takes alot of time,and patients to achive these kinds of very high limits.Also i get all kinds of low rate interest rate offers just by me being very responsible with my credit,and this is exactly what every lender is looking for.
Re: limits getting low!experts I'm confused about why anyone would want $100K in available credit? Especially when you already have about $15K in outstanding credit card debt? Who would ever actually need that much credit?
Re: limits getting low!experts I the 15k in a money market account that i use topay all cc,s with!I just want to see how high i can go!
Re: limits getting low!experts ...wow. I have over $100k but that's just because I like to xfer for lower APRs. It's nice to know I have it ... and it's also good that I know not to use it. Be careful - as soon as you get over $100k, it will be very difficult to get any additional cards (too much available credit), which may lock you out of some good teaser-deals. I usually get my existing cards to play against each other to do bal xfrs at 2.9, 6.9, etc.). As to "why" you would ever want so much available credit, I won't second-guess you. Just be careful! If your credit score goes down, those lines can also go down, and very quickly!
Re: limits getting low!experts With credit lines over $100,000 you HIT A BRICK WALL...(DENIED EXCESSIVE CREDIT LINES)...EVEN SO-CALLED "PRE-APPROVED". It took 4 inquires and 4 denials to learn this. I'm on the "NO INQUIRY BANDWAGON"
Re: Bobbi: limits getting lo 100k is not enough, but I have hit a wall at around $150,000. Why more? Because, I have been able to build a nice little business with this credit. You can keep it around for an emergency. You should build your credit when you do not need it. You can make money with your credit, if used wisely. Deal from strength, exercise your credit. http://www.creditsense.com
Re: Bobbi: limits getting lo Excellent post. Exercise your credit to make it grow. http://www.creditsense.com
