Excellent credit is a very important factor in having your finances in order. When your credit score is excellent, you have access to the best interests rates. You will pay less money when you get a loan or some other type of credit line.
When you have a solid credit score, your card option possibilities increase significantly. You have the upper hand in choosing the card that will best benefit your situation and lifestyle.
Credit Score Basics
It is important to know the basics of credit. There are 3 National Credit Bureaus, Experian, Transunion, and Equifax. These bureaus created the Vantage 3.0. The credit score range is between 300-850 for this credit score evaluation model. A FICO credit score range from 750-850 is considered excellent. A score of 700-749 is considered good. A FICO score from 650-699 is considered a fair credit score.
Habits of People with Excellent Credit
People that have excellent credit have certain habits that help them keep their credit in tip-top shape. Making on-time payments is the most important factor in maintaining an excellent credit score. Payments that are 30 days or more late drag your credit score way down. If you look at FICO.com, 96% of individuals with excellent credit pay their credit accounts on time.
Another important factor in maintaining an excellent credit score is the utilization of available credit. People with credit card scores of 800 typically only use 7% of their available credit. Maintaining low or no balances help boost your credit score.
Having a lengthy credit history contributes to an excellent score. An average of 11 years of good credit is a firm foundation to build on. In addition, only apply for credit when it is absolutely necessary. Excessive credit inquiries can drag your score down as well. Having a few good credit cards is the best strategy.
To qualify for high credit limit credit cards, it is essential to have an excellent score. Below are some of the best cards to sign with to get the cards with higher limits. When you have an excellent credit score there are many benefits you can receive as a credit card holder. One of the most important decisions to make is the card option you will choose.
High Credit Limit Cards with Excellent Perks
Chase Sapphire Preferred is a great card to have. Business travelers, in particular, love this card because of the perks extended to cardholders. You can get a credit line of up to $100,000. The Chase Sapphire preferred has perks that include a signup bonus, travel rewards, and versatility. A credit score range of 670-850 will help you qualify for this credit card. You can receive 50,0000 points as a sign on bonus. Also, there is a flexible points transfer system on this credit card.
Discover it Cashback has a credit line that can go up to $15,000. Cardholders can earn up to 10% cash back on purchases. There is no annual fee, and the intro APR is 0%. Another benefit is getting a peek at your FICO score for free.
Another high limit credit card is the Discover it Balance Transfer. Individuals that are highly qualified can receive up to a $25,000 credit limit. This card has an exceptional balance transfer offer. In fact, it is one of the cards that have the highest limits that offers balance transfer and cash back rewards. There is not an annual fee for cardholders of this card, and you can receive your FICO credit score for free. All of these perks is one of the benefits of being a cardholder of the Discover It Balance Transfer card.
Credit Cards That Offer More
Capital One Venture Rewards Credit Card offers a credit limit of up to $50,000. There is also a signup incentive of up to 50,000 miles. Travelers particularly like the perk of 2x miles per $1. Those that travel internationally don’t have to worry about foreign transaction fees.
Chase Freedom Unlimited is another high limit credit card for highly qualified individuals. This card offers a credit limit of up to $24,000, and this card has a lot of versatility which makes it one of the leading cash back cards. Cardholders don’t have to pay an annual fee, and there is an introductory offer of 0%APR. Capital One Spark for Business is an excellent credit card for those who have a business and fair credit. Your credit must be rated between good and excellent. Typically the minimum credit score to qualify is a 670.
Students that are well qualified may qualify for the Discover it Student Cash Back card. Students that have a credit score between a 550-669. The minimum credit limit is $500 and limits can go up to $3,500. Some of the perks of this card are up to 5% cash back, no annual fee, double cash back in the first year, and a free FICO score.