Securing a $100,000 Credit Line: Strategies & Requirements

How to Create a 100K Credit Card Line

Obtaining credit cards with large credit lines can be challenging. With on-time payments, most customers are offered periodic credit line increases. However, for traditional borrowers, a $100,000 credit limit will not usually be offered. In some cases, banks will actually place a cap on a particular credit card. Increasing or obtaining a credit card with a $100,000 credit limit is difficult, but there are ways in which individuals can have success.

For Individuals

Step 1

Pull a copy of your credit report. See resources for a free copy. If you have a FICO score above 750, you may have a fighting chance to get a $100,000 credit line. With any score below 750, you'll need to rebuild and repair your score.

Step 2

Calculate your current amount of credit available to you on all cards. Then, calculate what percentage you have utilized on all accounts. For example, if you have $4,000 in credit card debt and $30,000 in available credit, you have 12 percent utilization.

Step 3

Get your utilization below 10 percent before trying to secure a $100,000 credit line.

Step 4

Determine which card you'd like to extend to $100,000. Choose one that is connected to a large bank--like Bank of America or CitiBank.

Step 5

Collect all income and asset documentation. In general, a bank will want to see at least $200,000 in assets and liquid cash prior to extending such a large credit line.

Step 6

Be prepared for your finances to be scrutinized very carefully. Most banks will want to collateralize a $100,000 credit card. This means taking out a mortgage against your property for the use of the credit line. Technically, a credit card will be available for use, but these loans must be carefully used as it will be placed against your home.

Step 7

Make sure you have an ironclad reason for requesting the $100,000. Legitimate reasons include: home improvements, financing for higher education and medical expenses.

Step 8

Apply to three or fewer lenders. All lenders will pull a credit report and too many inquiries will drop your FICO score.