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U R @: Education Center : Understanding the Fine Print : Getting a High Limit Credit Card
GETTING A HIGH LIMIT CREDIT CARD
Finding a credit card that advertises high credit limits has become a difficult process. Unfortunately, getting a credit card with a high limit is a even more difficult these days than it was in the past.
Before the credit crunch began, credit card companies gladly handed out very high limits to consumers. Over the past year, though, the number of credit cards advertising high credit limits has decreased significantly. Despite the reduction in advertised credit limits, it is still possible to get initial credit lines of $10,000 to $25,000 if you have good credit. Unfortunately, there’s a little glitch in the process.
We contacted every major card issuer to inquire about credit limits. We found some issuers that offer very high limits and others with average to low limits. Despite these differences, every single credit card company we questioned provided the same answer to the $25,000 question. That is, when asked what the credit limit we’d receive was, we were told that the only way to find out your credit limit is to complete the application.
No matter how high your credit score or how clean your credit report, the credit limit you receive from a bank will vary based on a wide range of internal factors. These “secret recipes” for determining credit limits also vary widely from bank to bank. For example, one bank may only deem you worthy for a $5,000 credit limit, while another may offer you $15,000. The basic deal is this: apply first, get your credit limit later.
On our website, we list credit card offers from major credit card companies. In the past, they used to advertise credit limits. Today, no companies tout high credit limits.
Fortunately, there are a few maneuvers you can make to get the available credit you want quickly. The first option is to apply for two cards. When the cards arrive in the mail, activate the card or cards that offer you the best deal on interest and the right credit limit. If you desired a $10,000 credit limit and you got approved for two cards with $5,000 limits, than you could use those cards together to meet your needs.
Ultimately, getting a high limit credit card takes a little patience and the implementation of a strategic approach. Completing multiple credit card applications is, in our estimation, the best way to get the credit limit you need on a credit card (or credit cards) with the best rates and terms.
To compare credit cards that offer high limits and apply online, visit the high limit credit card section of SmartCreditChoices.com.
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