Good question... I dunno what is the answer. I'll do some poking around and get back to you if I bump into an useful answer. You should email the people at Discover Card as they probably could give you help..

I don't qualify for any credit unions, unfortunately. I'm also unemployed er "retired" but have high income from the money I've made and saved / invested over my lifetime none of which could be surmised from my credit report. No trust funds/inheritance, just decades of being a workaholic. Like an idiot I let all my CCs go in the 90's in favor of a debit card because it was easier to track and pay for...

You qualify for at least Aliant, Penfed, and NASA... or you could anyway by joining the relevant organizations..

This post has been edited by.

Jtoast.

: 14 January 2010 - 05:54 PM..

I wouldn't name an institution that you wouldn't be able to join. Patelco and pentagon fcu you can join by becoming a member of a relevant organization.

And there are many more, you just have to do your research and see which ones you like..

NASA, Alliant these are bigger CU's that anyone can join..

Where there is a will, there is a way...

Inquire in person at your local BoA branch. They gave me several unsecured cards with very high limits and I did not even state a high income on their applications...

Looks like the NASA CU is a posibility. Alliant and Penfed doesn't seem to have any groups I could join excep perhaps as a "Red Cross Volunteer" which I'm not sure I want to do. Any specific suggestions on a relevant org that is easy to join?..

You should utilize the search feature on the red menu bar, it's great for finding talked about subjects..

Patelco -California Association for Older Americans.

Penfed - National Military Family Association..

WHAT KIND OF CRAP IS THIS>.

Net worth demographic..

What about a Discover credit card tied to a HELOC? Perhaps the fees would make that unattractive? Or what about a secured Discover credit card tied to a large CD? Anyone doing that? This would be ideal for me since I wouldn't have to worry about bolt from the blue CLD if it was tied to a CD. Maybe a small local bank would have the flexibility...

Off topic: I wish I had your dilemma OP! Your post puts things like maximizing credit scores and cash back rewards and looking for rebate deals in perspective..

RE your question: You have stable passive income (interest or dividends from your various retirement accounts and investments). Unless it is a Roth IRA / 401k, it is probably taxable so it would appear on your 1040 and even if it is not taxable (munis, Roths) it would be reported to the IRS somehow..

I think even if you cannot receive a high initial approval CL due to a thin credit file, you can get a CLI with income documentation (such as 1040). Amex used to do financial reviews (fairly hated here on CB but sounds like what you are trying to get, a review based on your verifiable taxable income) but I would not put it past them to have stopped giving new high limits..

But the idea is the same IMO. Open a card with a CU and call them for a CLI on activation or something like this..

I have gotten a detailed set of questions about income and assets from only one major bank CC, Schwab Invest First issued by FIA/BOA. Although I offered to fax them proof to get a higher CL, the credit specialist told me not to do it but asked a bunch of questions about assets, bank accounts, monthly spending etc. The deal with their Discover credit card is that they are willing to reallocate from other BOA cards and the Schwab CL does not report. Still one of my best cash back card acquisitions to date so I am partial to this card..

CU cards: Alliant CU has given higher limits in a few reported instances (not on pre-approvals but on separate hard pull Discover credit card applications). But their rewards structure is only 1% back. However, if you are looking for a larger reported credit limit, I would give a couple of CUs a shot. PenFed is more conservative AFAIK..

A local CU, if there is one in your neighborhood or affiliated with your former employer etc would be another option. With a no-name local CU, you can physically show up at a branch and show your paperwork to a credit specialist if needed..

CU locator.

..

This post has been edited by.

Nothingtolose.

: 14 January 2010 - 07:14 PM..

Yeah, I think this is a product that you will have to create yourself with a small local bank or CU...

Why don't you just visit a few local banks / credit unions. Many will work with you and have no problem providing a $50K card with $250K on deposit. If your net worth is substantial then you should also have strong passive income. Have you considered having a CPA provide you with an audited financial statement? With the audited financial statement you will find many banks welcoming you. Lastly, you could open a brokerage cash management account. As an example, Merrill Lynch offers their CMA account with a Visa Signature card. A $250,000 deposit will yield at least a $125,000 spending limit...

Good thoughts! Yes, all my income is taxable and is a mix of interest, dividends, and cap gains and has varied from about 300k to 500k/y over the last 4 years. The interest portion has plummeted and most has shifted to cap gains. I have a fair amount of unrealized cap gains I liquidate portions of to balance against the interest income drop, alt min tax, and occasional cap losses. So I can prove my income (though lagging) with IRS docs. Starting this year I've put some cash in a first mortgage for an apartment complex and will have about 150k/y coming in steadily from that. I also expect about 75k/y in rental income from an LLC interest though that will vary a lot.



While I'm skilled with finance, balance sheets, income statements and the like, only 18 months ago I was a complete credit report ignoramus. I discovered the whole FICO/CR world from investigating the home financing bubble. That led to FICO and learning about credit reports. I had no idea they were used for insurance and such. Then I found out how bad my own report was so I've set about repairing it. It's now to the point where it probably doesn't impact insurance but I would like a good high limit card for travel and splurging...

Wow! I never thought of that! I've some contacts with auditing firms businesses I'm involved with use. I'll bounce the idea off one..

Also, I have a CMA type account with Wells Fargo Advisors (Wachovia) they have LOCs and such but they don't have an attached Discover card yet. I think it will be offered when they are absorbed into WF. I also have a WF secured that is about to reach the 1 yr point. I am curious to see if it become unsecured. I don't think they have any idea how much I have in various WF accounts..

This post has been edited by.

Cashnocredit.

: 14 January 2010 - 08:21 PM..

Does the ML card report a $125k limit though? I don't believe it does..

I have a WCMA for my business and my credit line on my visa signature card is equal to my liquid assets with them (not half), either in a money fund or cash. I don't have a personal account with them so maybe the personal side is different, but most important in this case is whether it reports? I'd definitely do the ML account if it reported..

Cashnocredit - I'm in a similar boat, although much younger. I wish I'll be able to make $500k a year when I am 'retired'!!!!!!.

Try Alliant CU. Open an account, they have great savings rates anyway for your non investment cash and then contact a loan officer and explain the situation. I've done exactly that and she replied with:.

Then I asked, it says $50k on the website is that incorrect? Then she replied with..

Merrill Lynch doesn't report. On the personal side your limit is based on 100% for money market / cash. Most stocks are margin-able at 50%...

Hey, that was a good year but I'm anticipating about 350k going forward but it will vary. Most of my investments now are long term wealth preservation in orientation rather than yearly income..

Same ol' same ol'..

Oh, an another impediment. My mailing address is a PO Box. This is not a choice. The USPO doesn't deliver mail to street addresses in this crazy town so you have to get a POB. If mail is sent to my street address it just gets returned to sender. Almost all the online apps won't even accept a POB. Grrr...

LOL we are more alike than I thought! I have the same problem, except my house is in a land trust (one of the only benefits to living in IL) and I don't use my address for anything. All my utilities are in my attorney's name. So I have a UPS store address that I use for all my mail. When applying for things I use my ups store address and I very often get asked what kind of address is this? I'm like.....

Re Alliant: I thought the same thing and then I asked BobWang here and he said the card wasn't any good. So I figured I would wait until my $30k amex starts reporting and then figure out my next move, hopefully it will be a card I actually want..

This post has been edited by.

Verdegallardo.

: 14 January 2010 - 08:54 PM..