How do I convince a credit card company to give me a high limit?

Question

I have about 7500 in credit card debt with 5 cards, which I am paying off right now, but I would like to transfer all or most of the balances to one higher limit credit card. How do I convince them to approve me? Most of my applications have been rejected based on too much revolving debt, but if I get approved for this card then my revolving debt will go down. Any advice would be greatly appreciated. Thanks

I should have known this was going to happen. I know that I'm the one who maxed out my cards. I'm going to incur more debt, I just want to transfer my debt to a better card with better interest rates. I don't use credit cards anymore. I am making the payments on them. I don't need a lecture on my spending habits. Please, answer the question asked and don't give a come to Jesus talk on my personal spending habits/history.

I meant I'm not going to incur more debt.

Answer 1

You can try paying off the best one you have and just pay the minimum on the others until you do.
One I did, was just overcharge the limit, and then keep it paid. They just up my limit to my new self-induced limit, nothing said. ;-)

Answer 2

You have to make 6 months or more of huge payments to show that you have the income to payoff your debt. Pay one card off first and don't use it. You will receive Zero % balance transfer offers after a few months of inactivity. But they hope you take the zero % offer because most people dont pay off in the allowed time and they generate income through interest charged.

An increase in income also helps.

It is hard to convince them as the decisions are based on your information in the computer system and historical data. You may get lucky with a customer service rep, but they will not put their job on the line for you. You may be too high of risk if you have negatives in your payment history.

If you have $7500 on 5 cards and let them know you want to transfer all of your cards to them, they MAY allow it, but you will have to do it then. Have your cards readily available. And close the accounts as they are paid off.

But paying off debt with more debt is not a good way to eliminate the issue - overspending. Talk with your bank/credit union about a personal loan to pay the cards off. 10 to 12% is cheaper than credit card interest rates. They would be willing to loan you money if you are using the money to pay off the CC's and may help you do it right then and there. My Credit Union does this for people.

Good luck.

Answer 3

You may have to start with a "secured" credit card (that is a card with a certain limit that you secure by sending the company that much money), but it will get you started. A friend declared bankruptcy around 10 years ago and was able to get one of these cards a year or two later. Now he owns a house with a good interest rate on the mortgage, cars, regular credit cards, etc, so it's not the end of the world.

Answer 4

1. Start paying off your most expensive credit card debt first.

2. Pay off all credit cards timely....all credit card companies!

3. Your debt will only go down if you stop using your credit cards.

4. Try to limit the use of credit cards to only what you need....and convince yourself that a year from now you will have many of the credit cards paid off!

5. Look at your buying habits, and why are you buying when perhaps you need to look inside and check out your spending habits that are not working for you!

It's not the credit card companies that maxed your spending....and when you face that it is YOU, then your debt will go down....another credit card won't fix your spending....only you can control YOU!.
Good luck!

Answer 5

Credit card companies look at future risk associated with the credit profile and high current balances will affect what you will be offered on new cards. There are ways to improve this rapidly. I wrote a paper on this subject. Go to the link provided for more information on Rapid Rescore of your credit profile.

Answer 6

Instead of hasseling with finding a credit card with a higher limit, have you thought about applying for a bill consolidation loan? I think that would be your best bet. Good luck.

Answer 7

LIE!