100k in credit cards ebook

[Pages:4]$100,000 or More in Credit Cards

When it comes to getting approved for credit cards having a perfect credit file is a must. Online instant credit approvals have made it simple and easy to apply for credit cards. So what does it take to get approved and to be approved for high credit limits? First you need to build the perfect credit file.

Building the perfect credit file takes time and effort. Paying debts on time, limiting available credit, limiting credit inquiries, and using credit wisely are the most important things when building a credit profile.

The following 7 steps will help guide you through building a great credit file and how and when to apply for credit cards.

1. 700 FICO Credit Score.

If your FICO score is below 700 it will be difficult to get approved for most credit cards. You might get an approval but most likely the credit limit will be $300 or $500 at best. If your credit score is below 700 there are steps you can take to improve your score. First determine the reason for a low credit limit, then take the necessary steps to remedy the problem. Late payments, too many inquiries, maxed out credit limits, or too much credit can be negative items that will lower credit ratings. Credit repair, adding an authorized user trade line to your credit profile, or inquiry removal will help to increase credit scores.

Authorized user accounts can add as much as 50 points per line to your credit score. This is a great way to reach a 700+ credit score for a short time. However, authorized user accounts are best used with credit repair, determine if all the information in your credit profile is accurate and dispute the information that is not.

2. Limit available credit and credit limits.

Too much revolving credit will get a denial just as fast as poor credit. If you have $30,000 in available credit why do you need more? Your file should be limited to $5,000 or less in available credit.

Best results require 2 open revolving credit lines reporting to all three bureaus. More than 3 will tag red flags to your applications and may even be reason for denial. I recommend one card with a low credit limit of $300 to $500, and one card with a credit limit of $3,000 to $5,000.

3. Debt to available credit.

Debt to credit ratio is an important item to consider before applying for credit. The amount owed in relation to available credit or credit ratio should be around 10% for the best credit scores. However, if your credit scores can handle it, keep this ratio at around 20% to 25% when applying for additional credit. Maxed out credit limits will be a negative with underwriting, pay down your existing cards before applying.

4. Inquiries

If you have more than 4 inquiries in the past 4 years on your credit file stop now. You will need to have these removed before you apply. If you have more than 4 inquiries on your credit report it appears to underwriting as if you are credit shopping and you will be denied.

Now that you have taken the time and effort to build a credit file that screams GIVE ME CREDIT, it is time to start the application process.

5. Lockdown credit bureaus.

You now need to lock down the three credit bureaus, Equifax, Experian, and Transunion. Go online and set up an account with each credit bureau and lockdown your credit. Once your credit is locked no one will be able to pull your credit report from that bureau.

6. Build a list of credit card providers.

What most credit card companies or banks do not tell you is that 90% of the time they will only pull one bureau for underwriting to make a decision. Build a list of banks, credit card companies, and credit unions (that you qualify to join) and what credit bureau they use when someone applies for a credit card.

Do this by calling each institution and telling them that you are considering applying for credit with their establishment; however, your credit is locked down and you need to unlock the bureau that they will use for their decision making.

Use local bank and credit unions if they have an online instant approval services. You can find lists of credit unions that you can qualify for on the internet. Credit card companies like Capital One, Cabella's, Bank of America, Citibank, American Express, Barclays, and Discover Card, should all provide you with this information by calling their customer service lines.

7. Apply for online instant approval.

Now that you have a list of credit card providers and what bureau they use, unlock one of the bureaus and start applying online.

Apply as fast as possible using their instant approval online form. Each one should only take about 10 minutes at most.

Do not worry if you receive a message asking you to call them they just want to verify that you are a live person and not someone trying to commit identity theft. They will ask a few simple questions and then let you know. Applying over the phone with instant approvals is an easy way to avoid this but it can take more time for application process.

Once you have completed the list lockdown that bureau wait a day and unlock the next, follow the same process.

The last thing to consider when applying for credit is occupation and wages. You probably will not qualify for higher credit limits if you have a low income. What you list as your occupation or position you hold at your place of employment is going to be an indicator as to what your wages are. Do not list your yearly income as $100,000 if you list your occupation as a low level position. Be honest and upfront it will make applying for credit much easier. The amount of credit you can qualify for may be limited; however, $20,000 to $50,000 in available credit is a good start to getting $100,000 or more.

Bonus

Some credit card companies are known for higher credit limits, the following 3 banks are the most recent recommended card companies for high credit limits.

1. Discover it Card

The Discover it Card is one of the top high limit credit cards available to consumers, and it goes far beyond the high credit lines generally attached to this card.

Cardholders earn 5% cash back on up to $1,500 in purchases in categories that rotate each quarter. The card also features a 0% APR introductory period for 14 months on both purchases and balance transfers. In addition, there is no annual fee to use the card, and Discover will not charge cardholders any overlimit fees or foreign transaction fees. Cardholders are also not subject to a late fee on their first late payment, and paying late will not raise the cardholder's interest rate.

2. Barclaycards Rewards MasterCard.

This excellent credit credit card from BarclayCard? is less known for its high credit limits than it is its excellent rewards; this card rewards members with a $50 statement credit after a cardholder's first purchase or balance transfer.

This card also includes an introductory period of 0% on purchases and balance transfers for 12 months, and points can be redeemed on flights, shopping, dining and more.

3. Blue Cash Preferred Card From American Express.

Another excellent credit card for people hoping to take advantage of a high credit limit, the Blue Cash Preferred Card from American Express is one of the most well-reviewed credit cards on the market today.

Along with an above-average credit limit, consumers that are approved for this card will earn 150 Reward Dollars after using the card to make $1,000 in purchases in the first 3 months that they have the card. In addition, the card offers 6% cash back at US supermarkets on up to $6,000 per year in purchases, 3% cash back at US gas stations & department stores, and 1% cash back on all other purchases.

The card also offers a 0% introductory APR on purchases and balance transfers for 15 months.

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