We’re going to talk about a topic I’ve never talked about, but very, very interesting, and a lot of people are asking. I got this video from a gentleman who asked me to do a video on it, which is how I create most of the videos so you guys know exactly what’s going on. You’re like, “Hey Mike, do a video on this.” So I do a video on it. I give my own video experience, meaning everything that I tell you today is and can be different for each person because when I talk about the four credit cards that give the highest credit limit, it’s all on personal experience only.
And the reason is everybody has a little bit different of a credit algorithm, right?
There are 524 things that make up a credit score, so you’re never going to find out the algorithm and beat the algorithm.
You’re never going to know exactly what credit cards do this and what do this and what max this, and you’ll never figure it out, right?
There are 524 different ones, so what I’m doing is based on experience, okay?
I did a video recently on filling out an application, right, and understanding what to put on the application that may benefit you a little bit more than saying, “I make $6,000 a year, I live under a bridge, and I’m unemployed.”
If you put that, chances are you probably are not going to get great credit limits.
But I’m going to talk about the top four, in my opinion, of the highest credit cards, the best limits that cards will give you.
Coming in at number one is Chase. Now I’m going to give you two for Chase because specifically, Chase has been very friendly. They tend to give out very high limits initially.
They’re not somebody who’s going to give you a lot of credit line increases, but they want to see activity. But they are typically a card that will give you the best credit limit right up front, okay?
And coming in number one is Chase, but I’m going to give you two parts to that.
Chase Freedom, in my opinion, gives the highest credit limits right off the rip. And then number two also coming in with Chase is the Sapphire, okay, the Chase Sapphire card.
In fact, the Chase Sapphire card, you have to have a pretty high score to get it, but I believe that the credit limits are somewhere around 8,000, maybe 10,000 or higher, okay?
But the Freedom card actually gave me a better credit limit than that as well.
So that is coming in at my number one choice for the highest credit limit cards out there that are most friendly with the initial credit line.
Not saying that you can’t go back every couple of months and get credit line increases from different companies, but Chase’s, if you’re looking for something that’s a little bit higher upfront, that would be my first pick.
Coming in at number two, and that is the Capital One card, okay?
Now, Capital One has a couple of different cards. I’m going to give you a number one also and then I’m going to give you a number two pick for Capital One.
In my opinion, the Capital One Savor card would be my first pick for Capital One. That is the S-O-V-O-R, Saver card.
Now, that is a food card made by Capital One. We are seeing a lot of positive response from it. A lot of our clients are saying that that card has done very well as far as the initial credit limit.
They’re also pretty good about line increases as well, Capital One.
But then coming in number two right behind the Savor card is going to be the Capital One Platinum card, okay?
Capital One is pretty on the … Relatively easy card to get, but also at the same time they tend to give a little bit higher credit limits, in my opinion.
Now, there’s going to be some controversy here because people are going to say, “You’re missing American Express.” In my opinion, okay, and I’ve got 45 cards,
American Express did not treat me like those cards. Not saying that people can’t get higher cards with American Express.
Obviously American Express is one of those cards where you’re dealing with a higher clientele, okay?
But in my experience, that has not been the most friendly to me, okay? Maybe somebody else gets a higher American Express than Capital One because it is more of a prestige card.
But again, this is a personal experience, but as far as the Capital One goes, tends to give out pretty high credit limits right off the rip, okay?
And then coming in at number three, in my opinion, is Barclays.
Barclays and I’m going to give you one and two of that as well, which I think are really good, and that is the Barclay’s Carnival Cruise Line card, okay?
Carnival Cruise Line, the bank behind it is Barclays.
Tends to give out pretty decent credit limits right off the rip as well. And then also my second would be the JetBlue card.
That’s a flight card, you know, flying for airways. JetBlue, Barclays Bank is the bank behind the JetBlue, right?
So you would contact Barclays and let them know you want to apply for their JetBlue or their Carnival Cruise Line.
That would be my third pick as far as best credit limits right up front, the highest credit limits, okay?
And then number four would be Bank of America rewards cards. They have a red card.
If you guys see, it’s a red Bank of America card. That card, we’ve gotten a lot of great response from that as well. Don’t be wowed and, “Oh,” like you’re going to get a $20,000 credit limit, but that’s why I did a top four for you guys, and Bank of America rewards cards tends to be lending right now.
I try to keep you guys up to date with all the things that are happening, the news, the buzz, the clients are saying this, the clients are saying that, but Bank of America is my top … It made it to the top four.
Okay, now, cold trick, I’m going to share with you guys, I’m actually going to give you two bonuses because I never leave without a bonus.
The number one bonus is this. I applied for a Synchrony Bank MasterCard, okay, Dick’s Sporting Goods.
Now, the cool thing about Synchrony, the reason I went with Synchrony recently, as I know they don’t give great credit limits upfront, but the trick and the tip to Synchrony Bank is that they give credit lines instantly, okay?
If you do this right, my highest credit limit cards are over 40,000, but Synchrony gave me 4,500, okay? But I wasn’t upset.
Normally if I applied for something and I’ve got $40,000, $50,000 credit limits and then I get a Synchrony at 4,500 I’m going to be … or any card, I’m going to … but I know it’s Synchrony.
The cool thing about Synchrony and this is a tip you guys can take away, is immediate, number one, they’re going to report to your credit bureaus in two days, okay?
So as soon as you apply it, literally by the time you walk out of the Dick’s Sporting Goods, it’s on your credit. I mean, it’s that fast, right? Once it’s on your credit, as soon as it posts, you’re going to contact Synchrony Bank and say, “Look, I’m trying to redo my kitchen.
I’m looking to do X, X, X, X, X, whatever, and I need more,” right? So they’re not initially going to give you a pretty high amount, but what I’m going to ask for is 15,000 right off.
So if I’ve got 4,500 I’m going to say, “Look, I got a $4,500 credit limit.
I was expecting to be able to redo my kitchen. I need to get stainless steel and granite countertops, X, X, X, X, X, I need $15,000 to do this,” okay?
Now, Synchrony is very, very lenient with credit line increases, so what I did, called them up, said, “I need 15,” boom, instant right over the phone. So they gave me 4,500 and then credit line increased to 15,000 within two days, okay, so that’s a cool trick with Synchrony.
Another tip and I’m going to leave you guys with this.
Number one, what I said was Chase, and number four, Bank of America, okay?
Here are two tips that you can do to get better increases in getting the actual cards, to do this as a prerequisite.
Number one is open up a checking account, okay? Go into Chase, open up a checking account or go into Bank of America, open up a checking account first, okay?
Get in their system three to five business days. Open up a checking account, go back three to five days later, you’re already in their system.
They are relationship banks. What that means is they want to see that you’re …
Open up a checking account, 50 bucks, whatever it is. Then go back three to five days later, you’re ready in their system.
They got your name in there. You’re already in the system, okay? Now when you go back in, okay, you’re going to say, “Look, I’m looking to expand my relationship with you guys and I would like to get a credit card from you guys.”
And that significantly increases … and we’ve, we’ve heard client for years saying this, significantly increases the chance of actually getting approved and for a higher limit.
So a little prerequisite first, go open the checking account.
They go back three to five days later, say, “I want to apply for your Bank of America rewards,” or, “I want to apply for your Chase Freedom or your Sapphire card,” and that will not only increase the chance that you’ll get it, but because they’re a relationship bank, you’ll get higher credit limits as well.
And while we’re on it, let me talk about the two worst cards.
In my opinion, the worst card is going to be … Well, let me tell you second-worst first. The second worst probably is going to be Discover, okay?
It card tends to give lower credit limits. Most people will see somewhere between that 1,500, 15,000 right? Smaller credit limits.
They tend to lend a little bit less upfront. You can call back every couple of months and actually get a credit line increase with Discover, but the initial credit limit, in my opinion, it’s relatively low.
They want to make sure that you can use the card and you can pay it back.
And my opinion, the number one worst card to get, in terms of initial credit limits, is going to be the Wells Fargo card.
They are very reserved when it comes to the credit limits, and so typically, like I said, 1,500, 2,500 at the most to start for most people.
Not saying that somebody else can’t get a higher credit limit, but in my opinion, even with over an 800 credit score, a $2,500 card is very, very low.
Guys, I wanted to share with you my top four best picks as for the highest credit limit cards to get, and then the two lowest would be the Discover and Wells Fargo.
Going up with number Chase, Capital One for number two. Number three would be the Barclays, and number four is Bank of America.
So I hope this helps.
Good luck with your applications. And remember this, when doing an application, okay, it is all stated, so you want to be careful what you put.
You don’t want to over embellish and put that you make $300,000 a year if you make $100. You certainly don’t want to put $100 if you’re making 30, but because it’s started filling out the application, making sure that your employment history is on there, making sure that your rental or your mortgage, how long you’ve been living in a certain place is definitely something that you can kind of puff up a little bit.
Income, obviously you can go slightly higher. They’re not going to ask for tax returns, typically, unless you put million-dollar earner, they’re going to want to see some documentation.
But for the most part, you can puff it up a little bit and stay within the realm, and this will certainly increase your chances of getting better credit limits.
They want to see security, want to make sure that you can payback.
Remember that if somebody’s going to loan you something, if you were a bank, would you loan to you, right?
Ask that question, would you loan to you? If you put you’ve been staying somewhere for a month and you make $7,000 a year and you’re unemployed, would you give a credit card to this person?
Probably not, right? So think about that when you’re applying, okay?
Any time that you can do an application over the phone versus doing it through the computer, your chances increase significantly, and then one up from there would actually be going into the location itself, okay?
The worst chances of getting approved are actually doing it online, not talking to anybody. The next best chance is actually doing your credit card application over the phone with a live rep, and your best chance of getting approved is going to be actually in the bank if possible, like a Chase, Bank of America, so on, so forth. Okay?
And the reason for that is because with how many crimes are out there with all these people that are committing fraud, you take that one element away by being in person because you can show your ID, right?
You can’t show your ID through the computer or talking to a person on the phone.
In most cases when you walk into a place, they’re going to ask for ID, they’re going to see that it’s you and you’re going to take that one element of fraud off the table because it’s you and you’re showing your application.
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My name is Mike with Wholesale Tradelines, and until tomorrow,