Platinum Credit Cards ($100k+) - how to get one?

[keks]

I remember coming to this forum a few years back when my credit scores (fako) were in the 600s and my net worth was $0.

Fast forward to today, I bought a house, a car, and I had no problem qualifying for either. My credit scores according to TrueCredit are:

TU 795

EX 827

EQ 811

I have a pretty clean report, no late payments ever, no problems.

I have a couple of credit cards with limits around $4k and $9k. I know there are cards out there that have high limits ($100k+) and I want to get one of those.

Does anyone have one? How can I get one? What are the best ones to apply for? Should I do an app-o-rama for a few of them?

Thanks!

[jq26]

My corporate Amex has no limit whatsoever, but only because my employer would be on the hook for whatever I charged it up for should I walk away without payment.

So I would think you need massive income, massive assets, or a combination of both for any creditor to give you a $100k in unsecured credit.

[Bigwoodystyl]

My corporate Amex has no limit whatsoever, but only because my employer would be on the hook for whatever I charged it up for should I walk away without payment.

So I would think you need massive income, massive assets, or a combination of both for any creditor to give you a $100k in unsecured credit.

Exactly.

I would imagine that if you want a six figure limit today, you should have solid credit and annual income at least $250K. If you happen to have a low income but a high net worth, then any number of wealth management firms and brokerage houses would likely offer a generous limit.

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Traditionally, a card issuer would give maximum 30% of your documented income [recent paystubs] and that's if you had a long, clean credit history and reasonable debt levels. [That is, the limits on your other unsecured credit lines combined didn't account for more than 60% of your total income and the balances were less than 20% on each one and your mortgage balance wasn't more than 250% of your total income, et al.]

Example: if you made $70,000/year and had perfect credit and reasonable debt, you could get a $20,000 limit. Some credit problems, even if they were years old, or high debt elsewhere, even if it were well structured, might knock that limit to $10,000 or less.

Sometime in the 90's those guidelines were revised to allow a limit as much as 40% of one's income and sometime in the 2000's a lot of issuers stopped caring at all and gave out all kinds of crazy limits, sometimes as much as 80% of one's STATED income to anyone with FICO 700+ [which is, of course, less than the median credit score].

[keks]

Ok then it seems I might as well do an app-o-rama. Is there any downside, besides a lower credit score?