Are all credit cards companies this insane?

[XMan]

I have fully recovered from the madness of my college years in the last couple years, paid off all of my CCs, and canceled all but one.

The limit is a little low, so I called and asked them for an increase. I didn't figure it was any big deal.

So I get a letter in the mail today, and they decline me. Their reasons, though, were bogus.

1. Your history of paying more than the amount due over the past six months is low.

Huh?!? I checked my bank to make sure, but the only time in the last six months I haven't paid off the balance in full was this month because I only got 3 paychecks instead of 4 (we're going to bimonthly pay.) And even this month I paid half of what was on there.

2. Cash advance balances as a percent of the total balance over the past six months has been high.

I have never gotten a cash advance with a credit card. If I need cash I use my ATM card. I don't even know the PIN for my Visa.

3. The number of months since your account was opened.

This was the second credit card I ever got - and I got it almost 3 years ago!!! I've never asked for a limit increase in 3 years!

So I call them up, and I explain all of this stuff to the rep, and she is totally unable to help me at all. So she says, "Well, they do have a review process if you're declined. Would you like me to put yours through a review?" Sure, says I. She's silent for a sec, and says, "That's funny. It just said accepted. It went ahead and granted you the limit increase."

Unfortunately the limit is still pathetic, but they did kick it up . . . are there any good rules of thumb to get the limit jacked up quickly? I always pay the bill on time, and almost always in full. If I can't pay it in full I try to do 2 to 3 times the minimum payment.

Ideally I'd have a limit of about $3K, but I've got a long ways to go. :disgust:

 

[Viper GTS]

Just to rub it in:

I'm 19. I got my first card exactly a year ago, $1,200 initial limit.

$1,200
Increased to $2,000
Increased to $2,800
Increased to $3,800

I'd say you need to find a new company.

Viper GTS

 

[StageLeft]

Call your bank and find out what the heck is going on. Bunch of tards! I had NO credit history until July of 01. I didn't have an SSN. I finally got a card with a limit of 2500 and within 3 weeks I had it maxed out, $2200 (bought a car) of which was a cash advance :Q I would then pay $1000+ into it each month and use $1000+ of it again at least and I did this for several months until finally a month or two ago I was only holding a balance of around $500 and they upped my limit automatically to $2800.

Anyhow the moral of this story is that I used most of the card for a cash advance and they still didn't seem to care; there is something wrong with your bank.

BtW I was using MBNA. They RULE.

 

[manly]

Either it's inaccurate or someone stole your identity.

Because you were denied credit (in this case, a limit increase) based upon your credit history, the federal Fair Credit Act allows you to get your consumer credit reports free of charge.

All you need to do is write a letter to the 3 major credit bureaus (I forget the names) stating that you're entitled to a free copy of your consumer credit report.

 

[Murphyrulez]

One of my cards has been raised to an $18,500 limit. Two others are at a $15,000 limit. Then a couple more are at $8,000.

Credit card companies like me and my wife. We make big purchases, then pay them off within a couple months. We also transfer balances alot whenever a new low APR deal comes in the mail. We bought a car for her sister on our Discover card, then transfered that 19% amount to a Citibank 5.9%. Keep buying and paying off, your limit will rise in no time!

 

[RossMAN]

Just curious which cc company?

 

[Anubis]

i have 2 credit cards one has a limit of 150,000.00$ Visa platnam and my AMEX gold dosent have any limit hahahahahahahah

 

[Evadman]

Ummm... I am 22 and have 3 credit cards. One is a visa though SNB with a 8500 limit, the other 2 are Home Depot cards ( where I work ) and my personal limit is 20,000 and my buisness limit is 80,000.

That is serously low man. But I have a huge credit history of borrowing large amounts of money and paying it back fast. It depends on how much you borrow at any given time.

 

[Evadman]

<< i have 2 credit cards one has a limit of 150,000.00$ Visa platnam and my AMEX gold dosent have any limit hahahahahahahah >>



There is a limit to everything. with 150k, what are you going to do? buy your house? And mose AMEX cards do not have a limit. That is why you pay a yearly fee for the "privlage" of having that card.

<---- says yearly fees are stupid.

 

[StageLeft]

<< Just curious which cc company? >>

You're getting slow - that took 51 minutes.

 

[StageLeft]

<< i have 2 credit cards one has a limit of 150,000.00$ Visa platnam and my AMEX gold dosent have any limit hahahahahahahah >>

I'm serious here- have you ever felt mildly compelled to blow it all on a damn nice car?

 

[RossMAN]

<<

<< Just curious which cc company? >>

You're getting slow - that took 51 minutes. >>



I am getting old ya know? My senses and reflexes aren't what they used to be.

 

[Russ]

<< are there any good rules of thumb to get the limit jacked up quickly? >>



I can only tell you what I did with mine. My credit got pretty screwed up in the early 90's (multiple tax liens), and I finally got everything paid off in '98. In December of 99, I got a Providian with a $500 limit. I immediately ran it up to the limit, made payments for a couple months, then paid it off. First review, they raised it to $1000. I immediately ran it up to the limit, made payments for a couple months, then paid it off - repeated this each time they raised it.

Today, it's a 10K Platinum card.

BTW, I went from zero total credit lines a little over two years ago, to $43,900 total today.

EDIT: Just added it up, actually $48,900. Forgot about the 5K Platinum that Capital One just sent.

Russ, NCNE

 

[IJump]

<< [And mose AMEX cards do not have a limit. That is why you pay a yearly fee for the "privlage" of having that card. >>




And most Amex cards have to be paid off every month........the ones that don't are the ones with limits.......Amazing how that works....

 

[XMan]

It's issued from First Premier Bank.

I recently got my credit report, and there was a deal of erroneous information on it, IE, accounts listed as being outstanding that were paid in full. I have a legal decision on my credit report too, which was listed as pending, even though I paid it in full.

Hopefully the investigations will fix the problems.

 

[Russ]

<< It's issued from First Premier Bank. >>



Had one, cancelled it. They wouldn't raise my limit.

Russ, NCNE

 

[RossMAN]

<< EDIT: Just added it up, actually $48,900. Forgot about the 5K Platinum that Capital One just sent. >>



Yeah yeah rub it in

 

[Russ]

RossMAN,

You probably wouldn't have wanted it anyway. It's an ugly card; not even platinum colored, but blue. Just says Visa Platinum on it. The Providian Platinum is much prettier, a metallic flake look. These are important considerations, you know.

Russ, NCNE

 

[StageLeft]

That's not right. If I'm using a Platinum, by God, it better be platinum colored. That's like a visa gold but it's white.

 

[RossMAN]

<< RossMAN,

You probably wouldn't have wanted it anyway. It's an ugly card; not even platinum colored, but blue. Just says Visa Platinum on it. The Providian Platinum is much prettier, a metallic flake look. These are important considerations, you know.

Russ, NCNE >>



You nailed it. I only get cc's purely for their appearance and the snob appeal, damn you're good

I received my "welcome packet" from Capital One advising me of my "Ross you must ride the short bus" $500 cc limit, once the cc arrives I've got to think of a creative way to destroy the plastic and send it back to the V.P. who sent me the welcome letter.

Besides with a $10k Fleet Platinum VISA who needs a Capital One

 

[kgraeme]

<<

<< EDIT: Just added it up, actually $48,900. Forgot about the 5K Platinum that Capital One just sent. >>



Yeah yeah rub it in >>



Check that thread for some advice.

 

[Carrot44]

I don't have any CC's Screwed up credit from a past roomate. I repeat never never ever buy for a roomate. Or let them have a card.

Think I am all paid off almost.............. lost 2k once when she got a laptop on the card and her daughter stold it and sold it for 500 in hash!

Any way got a Capitol one preapproved ap the other day sent it in and they said............. The company I work for is not good enough........ sigh........... Cash and carry for me.

Oh I do have a Debit card.

 

[pillage2001]

Originally posted by: Carrot39
I don't have any CC's Screwed up credit from a past roomate. I repeat never never ever buy for a roomate. Or let them have a card.

Think I am all paid off almost.............. lost 2k once when she got a laptop on the card and her daughter stold it and sold it for 500 in hash!

Any way got a Capitol one preapproved ap the other day sent it in and they said............. The company I work for is not good enough........ sigh........... Cash and carry for me.

Oh I do have a Debit card.

Debit card is bad for health.

 

[Kadarin]

Xerox Man: Part of the problem might be that you do pay off the balance almost every month. They're not making any money off of you.. If you charge about 3/4 of the limit, and then make monthly payments of oh, say about twice the minimum, but keep charging new items on it, then they will increase the limit without blinking.

I am so done with credit cards.. I'll keep one just to have it, but I'm still digging out from under mistakes I made almost 10 years ago (!) It's much better spending money that you have, as opposed to money you don't have.

 

[MWink]

I've had my Bank of America Visa for a little under a year and I just got the limit raised from $1500 to $5000 (though it did take a little convincing (I had to point out my perfect payment history)). They also changed it from a student Visa to a standard Visa. I needed the limit raised so I could buy a laptop.

I don't understand why people spend up to their limit when they don't know how they are going to pay it off?!?! With only one exception (the laptop) I would plan HOW I am going to pay something off before buying it. The laptop will get paid off but it could take a little longer than most other (less expensive) things.