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This question is about High Limit Credit Cards
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Chip Lupo, Credit Card Writer
@CLoop
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To get approved for a high limit credit card, you will need good to excellent credit and proof that you can afford a high spending limit. More specifically, your credit limit will be determined by several factors, including your income, assets, and existing debt obligations. Picking the right credit card goes a long way, too.
How to Get Approved for a High Limit Credit Card
- Improve your credit score: High limit credit cardstypically require good or excellent credit. Before you apply for such a card, you shouldcheck your credit scoreto gauge your approval odds. If you’re unlikely to qualify based on your score, you will need toadd positive information to your credit report. Once you’ve established a strong credit profile, you can then target credit cards known for their high initial credit limits.
- Increase your income and reduce your debt: The higher your income is, the better chance you have of getting a new card with a high initial credit limit. Similarly, reducing your debt boosts your odds. Also, if your income goes up in the future, be sure to update your credit card’s information, as this could help get you a higher credit limit.
- Apply for a credit card with a high starting limit: Top-notch credit cards such as the Chase Sapphire Preferred® Card typically offer credit limits starting at $5,000. You may find minimum starting credit limits listed in some cards’ terms and conditions. In other cases, you might be able to get some information from cardholders’ reviews.
- Get a credit limit increase: Some credit card issuers mayautomatically review your accountfor a credit limit increase every 6 to 12 months, but it’s not guaranteed. You can also request acredit limit increase, either online or by calling the issuer’s customer service department. Keep in mind that requesting a credit limit increase on your own may result in ahard inquiry, which could hurt your credit score.
Ultimately, to have a better chance at getting approved for a high limit credit card, you should also make sure to always pay bills on time, use 30% or less of your available credit, and otherwise make good financial decisions.
This answer was first published on 07/28/21 and it was last updated on 05/09/24. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
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April Lucas, Member
@april_lucas
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You need to have excellent credit in order to get approved for a high limit credit card. However, that might not be enough, because issuers also look at your income, monthly expenses, payment history and credit utilization before approving you.
This answer was first published on 08/10/18. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
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You need a long credit history to get a favorable credit limit.
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Bill Voughn, Member
@billy_voughn
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Your score is the first part. Anything above 700 should be okay, depending on the credit card you choose.
The most important element is your income. Your credit limit is calculated based on your current debt and income. If you've got the salary to pay it, you'll get a high limit.
This answer was first published on 07/12/18. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
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