Getting a High Limit Credit Card
If you’re looking for a credit card that offers a high credit limit, your search may not be as easy as it seems. While many credit cards advertise credit limits of up to $25,000, the actual credit limit you receive will vary based on a number of factors, none of which will be made known to you.
Determining credit limits is an internal process that varies substantially from one credit card company to another. In fact, the only thing credit card companies have in common when it comes to determining credit limits is that none of them can provide you with as little as an estimate of your limit until you have submitted a completed application.
In a nutshell, this means that you will not find out your credit limit until your application is processed and approved. This can take anywhere from a few business days to a few weeks, based on the issuer, your credit, and a multitude of other factors.
Finding a credit card with a high limit is a lot like playing three card monty. You select a card and wait to see if its the right one. However, there are steps you can take to get the credit limit you desire.
First, apply for credit cards that advertise high credit limits. (We have made a list of these high limit credit offers at Smart Credit Choices for easy review.)
Second, consider applying for more than one credit card. This strategy provides a number of benefits. First, it can provide you a combined credit limit that meets your needs. Second, it increases the chances of a credit card showing up in your mailbox quickly. Most importantly, however, it gives you the option of reviewing the final offers of multiple credit cards and using the one that works best for you.
For more information, please visit the high limit credit card section of SmartCreditChoices.com$
August 27th, 2008 at 2:00 pm
Good writing. Keep up the good work. I just added your RSS feed my Google News Reader..
Matt Hanson
August 29th, 2008 at 9:13 pm
I remind my siblings about taking care of their credit cards and not to exceed their credit card limit unlike what I did in the past. I wouldnt want them to experience the things I had to deal with
August 30th, 2008 at 12:25 am
Saving up for a laptop. I am supposed to purchase the laptop via credit card, but my sister’s credit card limit is not enough for the laptop I am looking to buy. I guess, it will take me another 6 months.
August 30th, 2008 at 10:06 am
Stephenie,
You can always split the purchases on mulitple credit cards if you do not have enough of a limit on one card. Also, I would consider getting a card that offers a 0% APR for a year, as that will save you a good amount of money on interest.
September 1st, 2008 at 6:22 am
Dont just rush up and spend all the money if you get a new card with a good credit limit. Your credit limit can be reduced or your interest rate raised if the bank decides you present a risk.
September 1st, 2008 at 5:48 pm
How long should you wait before requesting a credit limit increase if you don’t get the limit you want?
September 2nd, 2008 at 9:10 am
Once you get your card, waiting three to six months is a good amount of time. However, in that time, you should keep your balances low. If you’re maxed out after 3 months and asking for more credit, there’s a good chance you may not get it. Best to show the company you don’t need credit. If they don’t think you need the money, they’ll be more inclined to give it to you.