To get approved for high limit credit cards, you’ll need good to excellent credit and proof that you can handle a high spending limit. More specifically, your credit limit will be determined by several factors, including your income, assets, and current loan obligations. Choosing the right credit card also helps a lot.
How to Get Approved for High Limit Credit Cards
Apply for Credit Cards with High Initial Limits: Top-tier credit cards like the Chase Sapphire Preferred® Card typically offer a credit limit starting at $5,000. You may find minimum initial credit limits listed in some cards’ terms and conditions. In other cases, you might be able to gather some information from cardholder reviews.
Improve Your Credit Score: High limit credit cards usually require good or excellent credit. Before applying for such a card, you should check your credit score to assess your chances of approval. If you’re unlikely to qualify based on your score, you’ll need to add positive information to your credit report. Once you’ve established a strong credit profile, you can target those credit cards known for their high initial credit limits.
Increase Your Income and Reduce Your Debt: The higher your income, the more likely you are to get a new card with a high initial credit limit. Similarly, reducing your debt increases your chances. Also, if your income increases in the future, make sure to update your credit card information as it could help you get a higher credit limit.
Request a Credit Limit Increase: Some credit card issuers automatically review your account for a credit limit increase every 6 to 12 months, but this is not guaranteed. You can also request a credit limit increase online or by calling the issuer’s customer service department. Be aware that requesting a credit limit increase yourself may involve strict scrutiny, which could harm your credit score.
Ultimately, to have a better chance of getting approved for high limit credit cards, you should also ensure that you always pay your bills on time, use 30% or less of your available credit, and otherwise make good financial decisions.