How much credit limit can I get ?

Question

I have a 3 year credit history (opened up a secured account with Orchard Bank to get my first credit card). Currently I have 3 credit cards -

first one is 500$ with 0 balance - opened 3 years ago,
second one is 500$ with 0 balance - opened 2 years ago
third one is 3600 with 3400 as balance - opened 9 months back.

I dont have any other debts. I am currently making 100500 per year + options + bonus. I checked my credit score - its 698.

Today I asked the bank for the third credit card to raise my credit limit since I am getting married this year.so I might need more money to cover up the expenses. I was wondering how much they can raise my credit limit, if any ?

Thanks for all your help.

Answer 1

Sorry but I must agree with the first poster.

By the way, you need to get you balance on that third card below 30% of your limit it's hurting your score.

Answer 2

Sounds like you won't have any problem getting the card company to raise your limit. If you do there are several others out there who would be happy to extend you the credit you need. I have to ask. If your income is so high, why are you looking for additional credit at all? Can't you save up the cash?

Here is a couple of tips you should follow:

1. That one credit card with a $3,400 balance, pay it down. Never let your credit cards get higher than 40% of available credit.

2. Cancel those two secured cards before you apply for new credit. You never want to have more that 3 major credit cards.

3. With your income if you MUST borrow for a wedding, consider a personal loan. The rate may be better than a credit card and your monthly payments will be fixed and predictable.

4. I'm married 25-years. Nothing I can do to talk you out of it? (only kidding of course)

Answer 3

Better off paying down the card with the balance of 3400, asking for another card will detract points, where as paying the balance down to below 30% will raise it

Answer 4

you're making 100K+ per year and you need to borrow for your wedding? There's something wrong with that scenario. Why would you want to go into debt for a one day event? Just call the credit card companies and ask - why ask us?