Basic information related to 100K Credit Card Line:
100K Credit Card Line is with high limits breed high limits. They have almost 100k limit. They are kind of unique circumstance as it is palladium card. There is more variety in the cards as well. You can ask for the high limit in the card. You can pick a random number. This card will be helpful on occasions when someone has a large expense but it should be near to 100k. It is different from normal cards out there. There is very limited back who are offering 100K Credit Card Line.
Step by step guidelines to get a 100K Credit Card Line:
Here are some steps that will help you in getting and understanding 100K Credit Card Line:
You have to get a copy of your credit history report. You are among who have FICO score that is above 750 then, you will get a chance to get a 100K Credit Card Line. But, the people who have a FICO score below 750, should build a new and better credit score.
Now, you have to make the calculation of your current amount of the credit you have in all the cards you have. Then, further, calculate the percentage of it you have utilized. For example, if you have $4,000 in credit card debt and $30,000 in available credit, you have 12 percent utilization.
In the next step, utilize below 10 percent before trying to secure a 100K Credit Card Line.
Then, you have to decide one card in which you want an extension to 100K. You have the option to connect to big names banks like Bank of America or CitiBank.
Now, you have to collect all income and asset documentation. Bank will need to see your personal assets of the worth $200,000. They will also ask for liquid cash prior to extending such a large credit line.
You have to get yourself prepared for the checking of your finances carefully. Most banks will want to collateralize a $100,000 credit card.
You need to think of a valid reason to request for the $100,000. Legitimate reasons may include: home improvements, financing for higher education and medical expenses.
Apply to three or fewer lenders. All lenders will pull a credit report and too many inquiries will drop your FICO score.