Highest available limit credit card?

[sv2007]

So, what is the highest credit card limit that you have on a single card?

Mine is 10k$.

I have 3 cards between $24-$27k. These are the limits I got when open a few years ago; I don't think they've ever increased. Interestingly, wife's cards' limits are higher than mine even for cards from the same company : )

[sv2007]

Roll some debt on that bad boy and you will be a VIP to them. Invites in the mail, invites over the phone. You wouldn't have to worry about invites then. lol If you are not rolling debts, you are not a valued customer.

On the surface, credit card companies say to use your credit wisely, but behind closed doors, I believe they are very happy to see you do the opposite. Think about it, if even HALF their customers paid off the cards and never rolled a balance the banks would have to downsize quickly. No more rewards cards. No more low-interest transfers. They thrive off fees and interest, just like movies stores thrived off late fees (article I read once). Same reason we need people to spend spend spend, so we get a good return on our mutual and index funds. ;/

As a side note, My daily driver reward card got bumped from 5500 to 8500 this week apparently. Just noticed it today. I never build up more than about 1500$ at a time, so it didn't really do anything for me. But its fun to watch it climb. lol

This is interesting thinking. I tend to think CC companies make money off your purchases via the extra fees vendors must pay; so people with poor credit can't qualify with the best CCs companies offer. I.e. it almost looks like the best CC companies don't want mess with collections, etc.

[sv2007]

This may not apply to you but for others, if you are trying to get your credit score up, a higher credit limit can help because it improves your utilization ratio. If you keep your monthly charges to about 10% of your limit, that looks better as far as your score is concerned than charging 25% or 40% or more.

If you have a Discover card, you can find out your FICO score and reasons why you got such and such score. From a while back.

http://www.savingadvice.com/forums/437413-post12.html

I'm back at 830 now based on my Chase Freedom statement (I think it had a FICO score on it, or maybe it was another CC). I monitor it not for the score itself but for changes as we only get 3 free credit reports each year (which I have been getting since they first started that program). I did catch 1 mistake where another person of similar name was added to my credit report.

[GoodSteward]

All depends on your income and credit history. Tom posted that his limits total about 120K. It's certainly possible for someone to have more than that if their circumstances warrant it. I only posted 2 of our cards but we have some others also so our total available credit is right around 100K and we really don't earn all that much. There are plenty of people out there making 2 or 3 or 5 times more than we do.

Right, even my parents who makes sub 70s a year together at one point actually had 120k in credit card debt. I know you can combine totals to get that high pretty easy if you've had a lot of cards over the years. I am surprised to see such high limits on just a few cards.

[Attitudeofawinner]

Right, even my parents who makes sub 70s a year together at one point actually had 120k in credit card debt. I know you can combine totals to get that high pretty easy if you've had a lot of cards over the years. I am surprised to see such high limits on just a few cards.

No, they are not business cards and I'm not a troll. If you have Instagram look my profile up. It's atitudeofawinner. I'm 30 years old and have worked hard from the bottom. I spend a lot on things I enjoy and I'm frugal in just about every other area. The reason I have high limits is because I ask for them. Just about everything in life is a negotiation. Funny enough when I first asked for the 100k limit on the BofA card the card had a 50k limit already and when I was planning to ask for it to be doubled the rep on the lines first comment was "wow you have a high limit." When I asked for it to be doubled she was stuttering. I got a different person on the phone and she said I needed to fax all of this stuff for them to review to be able to determine if they could give it to me. I never got around to faxing the stuff but a week or so later I popped my account open online and boom my limit was 100k. Years later I called Chase who gave me 35k originally on my Sapphire and told them I was gonna consolidate from 5 cards to 2 and they were gonna be cancelled unless they could give me a much higher limit. She came back 5 minutes later and told me 60k. I told her I want a 100k limit like my BofA card. She then said 80k and stick with 100k. Finally she says "Ok ok, 90k!" I was satisfied and took the deal. Recently, I got an offer in the mail for 0% for 21 months from Citi. I almost never accept these but after reading the terms and only having 2 other open cards I called to open the account. The rep approved me and told me 15k. I laughed and told her I changed my mind and thanks but no thanks. I told her I wanted at least 50k and she said "Oh sir, we can't do that." I said ok and thanked her for her time. About 10 minutes later I got a call back and a new rep said they looked at it again and they can do 35k. I said "50k and you have a deal." She hesitated a minutes and goes, "I can do that." Moral of these stories is ask and you shall receive. I suggest reading the book "Never Split the Difference." Merry Christmas

[james.hendrickson]

No, they are not business cards and I'm not a troll. If you have Instagram look my profile up. It's atitudeofawinner. I'm 30 years old and have worked hard from the bottom. I spend a lot on things I enjoy and I'm frugal in just about every other area. The reason I have high limits is because I ask for them. Just about everything in life is a negotiation. Funny enough when I first asked for the 100k limit on the BofA card the card had a 50k limit already and when I was planning to ask for it to be doubled the rep on the lines first comment was "wow you have a high limit." When I asked for it to be doubled she was stuttering. I got a different person on the phone and she said I needed to fax all of this stuff for them to review to be able to determine if they could give it to me. I never got around to faxing the stuff but a week or so later I popped my account open online and boom my limit was 100k. Years later I called Chase who gave me 35k originally on my Sapphire and told them I was gonna consolidate from 5 cards to 2 and they were gonna be cancelled unless they could give me a much higher limit. She came back 5 minutes later and told me 60k. I told her I want a 100k limit like my BofA card. She then said 80k and stick with 100k. Finally she says "Ok ok, 90k!" I was satisfied and took the deal. Recently, I got an offer in the mail for 0% for 21 months from Citi. I almost never accept these but after reading the terms and only having 2 other open cards I called to open the account. The rep approved me and told me 15k. I laughed and told her I changed my mind and thanks but no thanks. I told her I wanted at least 50k and she said "Oh sir, we can't do that." I said ok and thanked her for her time. About 10 minutes later I got a call back and a new rep said they looked at it again and they can do 35k. I said "50k and you have a deal." She hesitated a minutes and goes, "I can do that." Moral of these stories is ask and you shall receive. I suggest reading the book "Never Split the Difference." Merry Christmas

Just out of curiosity, what do you see as the benefit of this? Are you churning the cards and want to up your dollar return?

[Nutria]

My daily driver reward card

What's a "daily driver"?

[Attitudeofawinner]

Just out of curiosity, what do you see as the benefit of this? Are you churning the cards and want to up your dollar return?

It illustrates high integrity of credit worthiness. When a credit analyst at a bank sees the multiple lines of open credit without a balance they most get impressed and have the "this guy is gold" attitude and provide you with the best possible approval with the least amount of stipulations like POI (proof of income).

[sv2007]

It illustrates high integrity of credit worthiness. When a credit analyst at a bank sees the multiple lines of open credit without a balance they most get impressed and have the "this guy is gold" attitude and provide you with the best possible approval with the least amount of stipulations like POI (proof of income).

I thought simple things depended just on your credit score; while more involved things depended on your credit report and possibly your tax returns.

[GoodSteward]

What's a "daily driver"?

I have a few cards, but only carry two. Both are rewards cards. The daily driver is the one I decided to use in place of my debit card, while the other is just a secondary rewards card I keep on me.

[GoodSteward]

It illustrates high integrity of credit worthiness. When a credit analyst at a bank sees the multiple lines of open credit without a balance they most get impressed and have the "this guy is gold" attitude and provide you with the best possible approval with the least amount of stipulations like POI (proof of income).

I'm not sure this is normal treatment for by a credit card company. It surely gives a wow factor, but I don't think it is a strong indicator of credit worthiness. What's the difference in having a 10k$ card with no debt or a 100k$ with no debt? The point is that you control spending and don't carry debt. The ratio of credit card limit to usage is what matters for your score. I've never read anywhere where your score is impacted by the amount of credit card limits. Only the age, payment history, and level of debt to the limit. Everytime you ask for a higher limit they pull your credit also. That's why I never liked doing it.

Has anybody else heard of this, or tried this? What leverage did you have to persuade them? Very high income?

I'm curious how repeatable it is. Also, has anybody ever been told they are approved or denied based on the level of credit card limits they have?

[sv2007]

I've never read anywhere where your score is impacted by the amount of credit card limits. Only the age, payment history, and level of debt to the limit. Everytime you ask for a higher limit they pull your credit also. That's why I never liked doing it.

Has anybody else heard of this, or tried this? What leverage did you have to persuade them? Very high income?

I'm curious how repeatable it is. Also, has anybody ever been told they are approved or denied based on the level of credit card limits they have?

I've read somewhere that your credit score is partly based on % credit utilization. It is not exactly a direct/indirect proportional formula; I have even read that if you utilize too little credit it can affect your score negatively. However, all this has a minor effect on the score, the main correlation is the payment history and age of credits.

In some cases, having a high limit is necessary for emergency cash flow situations. We use margin accounts for that (which have very good interest rates), but I can imagine people w/o access to large margins, may resort to credit cards.

I have never heard of loan approval based on credit card limits. In fact, having a very high limit (even with low utilization) can be detrimental to obtaining a loan. Just ask any mortgage broker !

[GoodSteward]

I have never heard of loan approval based on credit card limits. In fact, having a very high limit (even with low utilization) can be detrimental to obtaining a loan. Just ask any mortgage broker !

I believe I have heard that before somewhere too. Too much risk if the person flips a switch and goes nuts maxing out cards(It happens). Outside of business accounts making major purchases, I see no sensible reason for a person to have extreme limits.

[sv2007]

I suggest we post our credit scroes instead. It isn't all that personal, and it definitely tells more about how responsible a person is than ,say, CC limits.

[GoodSteward]

I suggest we post our credit scroes instead. It isn't all that personal, and it definitely tells more about how responsible a person is than ,say, CC limits.

True, but we would need a consistent score calculator. An offical Fico from myficodotcom is the one actually used by most reputable companies, but it requires a subscription. The scores you get with credit cards vary as well from other sources. If we were to start a thread I would suggest everybody use a free, reputable site like credit karma. You get their score for Equifax and Trans Union. It's close to the real deal, plus you get all your stuff and updated scores every 7 days. Just have to overlook the credit card offers. It's free to use for a reason lol.