How To Get A $100,000 Credit Card Limit in 8 Easy Steps
It might be difficult to obtain credit cards with substantial credit limits. Most clients are given credit line increases on a regular basis if they make on-time payments. Traditional borrowers, on the other hand, are unlikely to be awarded a credit limit of $100,000. In some situations, banks will impose a limit on a credit card’s usage. It might be tough to increase or get a credit card with a $100,000 credit limit, but there are methods that can be used.
Take a look at your credit report and make a copy of it. A free copy may be found in the resources section. If you have a FICO score of at least 750, you may be eligible for a $100,000 credit line. If your score falls below 750, you’ll need to rebuild and repair it.
Calculate the total amount of credit you have available on all of your cards. Then figure out what proportion you’ve used on each account. You have a 12 percent usage rate if you have $4,000 in credit card debt and $30,000 in available credit.
Before applying for a $100,000 credit line, have your credit usage below 10%.
Choose the credit card you’d want to increase to $100,000. Choose a credit union that is affiliated with a significant bank, such as Bank of America or Citibank.
Gather all proof of income and assets. Before issuing such a big credit line, a bank will typically want at least $200,000 in assets and liquid cash.
Be prepared for a thorough examination of your money. A $100,000 credit card will almost certainly require collateral from most institutions. This entails taking out a mortgage on your home in order to access the credit line. Although a credit card will be accessible, these loans must be handled wisely because they will be secured against your property.
Make certain you have a solid justification for seeking the $100,000. Home upgrades, finance for further education, and medical bills are all legitimate causes.
Apply to no more than three lenders. All lenders will pull your credit record, and if you have too many inquiries, your FICO score will suffer.