Almost anyone can apply and receive a credit cards but not everyone can apply and receive high limit credit cards. Average credit card limits are $5,000 or less, and for many that is just enough buying power to keep them happy. But for some, $5,000 just isn't enough and for whatever reason they need more. When credit card companies (usually banks) review credit card application they have a special formula to determine just how much credit they will give each individual.
This formal takes into account how much money you earn in a year, how much money you owe in debt at the moment, assets, liabilities, and more. If you are looking for a high limit card for any reason you must look good on paper, as these financial institutions are not going to just hand over a $25,000 limit card to anyone. To get started go online and do a bit of research to see what companies even offer high limit credit cards and start there.
High Limit Credit Card Applications
If you’re hoping to find a credit card with a limit of over the typical $5,000 there are certain things you look for and things you should know when applying. One of the best ways to increase your chances for getting a high limit is to have excellent credit. You never know when you are applying for a credit card just how much they will give you—this is a bit of a gamble you must take.
The first step in applying for a high limit card should actually be you finding out just what your credit score is. Believe it or not applying for too many cards and getting denied can end up a having a negative effect, so knowing your score can help guide you. If you have excellent credit then look into these offers that are available:
• Bank of America is known for offering a $10K secured card.
• Citibank offers a $25K secured card.
• HSBS is said to offer secured cards up to $25K
• If you are an account holder with Merrill, they offer their clients high limit credit cards.
• The Bank of Chicago (Amalgamated) offers high limit secured credit cards.
• Chase Professional often offers high limit cards and an ACLI in nine months.
• Citi Professional is a hybrid card where they check both personal details and business details, if you are looking to use the card for business reasons.
Something else to consider is that if you want the high limit card for a business, they do offer businesses cards that won’t affect your personal line of credit. Capitol One is known for having great high limit business credit card offers.
Also, it may be very important for you to check the rates of these cards. If you really need the money you might have better luck going with a company that has a higher rate if you get turned down by the company with the lowest rate. The company with the lowest rate will probably be the pickiest company, consider this when applying. Also, if you happen to get turned down several times, wait a month before applying again with another company.
Get a High Limit Card with Bad Credit
Other variables that determine credit limits are
• Income: income is a very important part of determining credit limits.
• Credit history: even if you are in debt, what does you credit history look like? Have you ever been late? Have you ever gone above your credit limit? If you are always on time, pay more then the minimum amount due and never go over your set limit, this looks great to credit card companies. They feel as if they can trust you with their money.
• How many cards do you have? Less can often be more in the credit card game. If you think you have too many cards, take a little while to pay off and close out a few so that you don’t have too many when applying for the high limit card.
There are more variables then these, but these are often the most highly looked at variables. To increase your chances it is usually best to first ask the credit card companies that you currently deal with to increase your limit. If you can get them to increase your limit, it will look like you have more available credit.
Credit card companies want to know that every card you have is not maxed out, but that you have a bit of wiggle room. Also, don’t be afraid to tell your credit card company about other offers that you have found and that if they can’t help you, you may take your business elsewhere. If you are indeed a good customer, they will want to keep you and they will help you.
So no matter if you want to start a business or to travel and around the world, there are high limit credit cards out there that can help you achieve your dream. Do your research and understand just what these companies are looking for and then put your best foot forward.
Chances are if you follow the rules and have what it takes, you will be successful. For more information regarding high limit credit cards and understanding the credit card application process visit credit-land.com