High-limit credit cards are now more difficult to get as lenders have tightened their criteria for acceptance. They are reserved for those who have an excellent credit score and above-average income, defined as £32,500 a year or more, as of August 2010, in a survey by PayScale. If you want to be approved for such a credit card, it’s sensible to first check your credit score. Credit scores range from 350 to 800. Scores below 550 are considered poor, 550 to 650 are mediocre and 650 to 700 are average. Scores exceeding 700 are good, but it's best to have a score of 750 or more to be approved for a high-limit credit card.
Get your credit score from MyFICO.com. Follow the simple online instructions and you'll have instant access to view your score. Your FICO score is the one most lenders use to assess credit worthiness. You have to pay for it, but it’s best to apply for credit with confidence. Every application for credit is recorded and being declined negatively affects your score.
Check your FICO score. Ensure you have a score of about 750 or above, as you’re more likely to be approved for a high-limit credit card. If your credit score is less than 720 it’s best to improve it before applying for the credit card. Check out the MyFICO.com website for tips on how to improve your score.
Research high-limit credit cards online so you can make comparisons. Select a card issuer and brand of card. Visa, MasterCard, American Express and Discover all offer platinum cards that are associated with high limits. If you have credit cards issued by your own bank, you’re more likely to be approved for a high-limit credit card if you apply to your bank.
Check the minimum criteria for the high-limit credit cards that interest you. The online application page will usually indicate the minimum requirements. Again, your credit score will need to be high and your income above average. In some instances you will need to be a homeowner. You may already need to have a gold card. Don't apply if you can’t meet the requirements, as you will be declined and your credit score will be affected.
Complete and submit the online application form. You may be approved instantly or receive notification shortly after your application is processed.