I would like to hear from people who currently have, and/or work with individual credit card limits over $100k.
It seems difficult (if not impossible) to get individual lines of this size via your typical internet/phone/mailin CC solicitation. I have heard of issuers who grant credit limits in the $250-500,000 range. Naturally, I want these too I would assume this requires a substantial "banking relationship", large deposits at the bank, perhaps private banking membership, etc. But I really would like to get some insight if anyone here has experience with these lines.
NARROW SCOPE OF THIS THREAD: Please, no discussion of charge cards or "NO PRESET LIMIT" cards. This thread is Only for UNSECURED credit cards with actual individual credit limits of over $100k. I realize very few FW readers may have individual CC limits of this size. Hopefully the replies from those with direct knowledge of these products can help us all. Perhaps there are bank or cc employees who have seen lines of this size.
Please add your input such as: what particular issuers/cards offer lines of this size, if you know what it takes to get them (provide financials? stated income? bank deposits?), do they get the same promotional /0% offers as "typical" cards, etc. Any details you can share would be greatly appreciated.
Edit by Moderator: Thank you for participating in the forums. However, this topic has been covered in a recent post Here.
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What's the best way to go about getting one? If you kept over $100k in Capitol One Bank do you think you could ask them for a card with a $100k limit? Not sure if they would then tell you that you might have to keep the money there and then I guess it would be considered a secured card. I am willing to give it a shot, Just don't know how to go about it. Can you apply for a card and tell them don't bother opening unless it has a $100k limit? Figure best for me to do now while I am still working so can show a high income
How do you see this differing from this existing thread? Just the dollar amount? I'm not clear on the rationale for a another thread on the subject of large unsecured credit lines. As currently framed, this thread will generate duplication with that one.
If you are going to pay it off each month then American Express will work for you. My AMEX has no limit but I must pay off the part above my credit limit.
DaveHanson said:How do you see this differing from this existing thread? Just the dollar amount? I'm not clear on the rationale for a another thread on the subject of large unsecured credit lines. As currently framed, this thread will generate duplication with that one.I dont think there will be any duplication (besides yourself DH?) since no one besides you has reported an individual CL of 100k in that thread. As you can imagine, people who have 100k+ credit lines might be reluctant to announce it.
Thats why I want to also hear from bank/CC employees if they have seen lines over 100k, what was "special" about those accounts to get such large lines, what specific cards go that high (a lot of issuers simply dont grant lines over 30-50k) etc.
Getting a 100k+ CL card is substantially harder than a 25k card , far fewer issuers will even offer them, and a different strategy may need to be employed to get them (such as depositing a substantial balance as mentioned above)...but without comment from those who actually have them or see them issued, we'll never know.
If we can move far beyond "typical" 25-50k limits and into the 250k-500k limit territory, the profit potential of carrying promo rate balances increases handsomely
SUCKISSTAPLES said:I dont think there will be any duplication (besides yourself DH?) since no one besides you has reported an individual CL of 100k in that thread. No duplication? Strategies for increasing lines don't dramatically change at $100K. Getting a 100k+ CL card is substantially harder than a 25k cardWell sure...and $50K is harder than $25K, and $200K harder than $100K.
I take it that the issue in question is the difficulty in getting LARGE lines. There is nothing "magic" about $50K, $75K, $100K, or $250K, beyond the fact that certain cards have these or other maximums. Of course, the same is true with profit potential.
As you can imagine, people who have 100k+ credit lines might be reluctant to announce it.Indeed, I've considered removing my OP in the original thread more than once, as it arguably compromises my privacy to underwriters and the like. But I've had too many PMs on it--so far at least, I'm guessing the benefits to the FW of sharing knowledge outweigh the (very slight) risks to myself. It does seems other $100K or greater holders (understandably) don't agree with me--at least the ones who frequent FW.
Why not post a follow-up to the current thread asking for banker participation? We WILL avoid duplication and scattered info that way.
DaveHanson said: Why not post a follow-up to the current thread asking for banker participation? We WILL avoid duplication and scattered info that way.
It's true that by posting a follow-up on your current thread would avoid duplicated info however this thread is in a larger scale. People don't want to read so many pages to get the strategies, informations, and/or experiences. Therefore, there should be another thread like this to get the point across.
since yall didn't offer any advice i thought i would post about how my friends dad did it. He runs a successful car audio/tint shop and this is how he did it.
He has 2 cards business and personal
He uses the business card for business and personal for personal. But sometimes he can't keep them straight, they're the same color.
So he bought up to the credit limit on what he thought was his business card for over a year and paid it off everytime in full. He thought his business card was a personal card so he used that on all businesses so in other words he used them vice versa.
Anyways after a while his business started to grow and he bought a promotional car ( beutiful new charger best money can buy) and went over the limit. He gets a call from the bank saying why did you have a 50,000 dollar charge to your card or whatever he paid, he said it was a business expense.
They tell him he got the cards switched around and he would have to pay a fee. He tells them to look back thru his payment history ( 9-10 months of paying off balance of 18-20g's.) And he says that he wants the charges removed and his credit limit extended.
csr asked him by how much
He said better make it 100g. And he wants a detailed statement of the uses of the 2 cards so he can sort out the charges for business and personal.
The csr said he would have to transfer him to the "higher ups"
after about 2 "higher ups" they looked at his credit history, asked him a lot of questions eventually he got tired of asking all the questions so he just asked will they give him the credit or not or will he have to switch to another bank. ( he's got like 5 accounts their )
They took the threat seriously and gave him a 100g credit limit and removed the charges, plus they sent him a really cool guide on all the pictures and designs of the cards that were available, he chose one that looked different from his other card
anyways thats the story he told me while he was doing a tint job for my car.
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I would assume this requires a substantial "banking relationship", large deposits at the bank, perhaps private banking membership, etc. But I really would like to get some insight if anyone here has experience with these lines.
