How to Get High Limit Credit Card Offers

A listener wants a credit card with a very large credit line - and he wants 0% financing for as long as possible. Can he have the best of both worlds, and how does he find the right card? Here are strategies for finding and getting high limit credit card offers. 

Finding - and Getting - High Limit Credit Card Offers

A listener asks: 

"I’m building a home that will be completed sometime in the summer. I'm looking to make a large purchase at that time for various home furnishings. I’m looking to apply for a new credit card with a very high available credit line, somewhere around $20,000 to $30,000, and one that offers a lengthy initial grace period, maybe twelve to eighteen months interest-free to allow me the time needed to pay it off in full.

I have outstanding credit, 800 plus. I have a good paying job, $150K plus. I currently own six credit cards with credit lines ranging from $5,000 to $15,000 each. Five of the cards I no longer use and have zero balances. The one card I do use is a rewards card. I use it for almost any purchase I can then I pay off the balance each month to fully capitalize on the credit rewards program - cash rewards program.

Do you know of any credit card company that will offer such a higher initial credit line, $20,000 to $30,000 and do I stand a chance? I was also considering terminating several of my existing credit cards thinking the company that I'm applying for a new credit card with will take that into account when offering me a higher initial credit line since I’ve reduced my own credit line.

Do you think terminating some of my other credit cards will help or only hurt my chances of getting a new credit card with a higher credit line?"

My Answer:

The last part of the question is the easiest to answer. Do not cancel current accounts. Other issuers are likely more concerned with your credit scores than they are with how much credit you have available. Cancelling a credit card account may hurt your credit scores (and is unlikely to boost them).

The first part is a little trickier because you never know for sure what you will get until you apply. But I think you have a good shot at it for two reasons:

1. Excellent credit scores. Issuers often have minimum credit score requirements for credit card prorams. With your scores over 800, your credit is considered excellent. (Not sure about your scores? Read my article, 150+ places to check your credit scores for free.) 

2. Strong income. Issuers often also have minimum income requirements. High income helps you qualify for a card and, potentially, to get a higher credit limit. 

Here are some additional tips from other experts I've interviewed. 

Strategy #1: Start Where You Are

The first strategy comes from credit card expert Jason Steele, whom I’ve interviewed on my podcasts:

“Apply for a card that offers promotional financing from the same card issuer as some of (your) current cards. Apply over the phone or and request that some of (your) existing lines of credit be transferred to the new card. Banks are often willing to do this as it limits their exposure to new debt.”

Strategy #2: Choose The Right Cards

Premium reward cards and business credit cards often offer higher limits. If you have a business (even a side gig) consider try applying for a business credit card. This offers a couple of advantages. First, not all business cards are reported to personal credit on a regular basis. So when you do make that large purchase you won't inadvertantly hurt your credit scores because of high usage. 

Here's an article that lists how major business cards affect personal credit

Strategy 3: Pick the Right Issuer

Another one of my favorite credit card experts, Beverly Harzog, offered the following suggestions:

"The way you handle your credit life is very admirable. Not everyone could handle high credit limits, but you've shown that you can. Chase tends to target those with higher incomes and excellent credit. The Chase Sapphire Preferred is known to give high credit limits to those who qualify. And even though Capital One tends to target those with fair-to-good credit, the Capital One Venture Rewards card has been known to give high credit limits. If a credit card appeals to you, test the waters by calling customer service and inquire about the credit limit you might expect. Also, given how stellar your score is, if you aren't happy with the credit limit you receive on a new card, you might be able to negotiate a higher limit."

You can listen to my previous interviews with Jason Steele and Beverly on my credit card podcast strategies page.

Good luck, Larry, and let me know what you end up with!