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Credit Card limit raised

Originally posted by: deadlyapp
credit cards are teh debil.
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They can be. They can also be a blessing if you can manage your finances and pay them off receiving the nice 1 to 5% cash back for purchases. 🙂
 
Well I have put two trips to mexico on mine, and some other things. But I pay off around 4-5 times the minimum every month. I don't use it very often. I'd rather them drop the interest rate.
 
Be careful, minimum balance payments are going from 2% to 4% in the next couple of months (your payments are gonna double.)
 
Originally posted by: Grey
Be careful, minimum balance payments are going from 2% to 4% in the next couple of months (your payments are gonna double.)
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I don't recall them having anything about being about to change the minimum balance payment in the contract. That's a percentage agreed on in the contract.
 
Originally posted by: Zysoclaplem
Originally posted by: Grey
Be careful, minimum balance payments are going from 2% to 4% in the next couple of months (your payments are gonna double.)
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I don't recall them having anything about being about to change the minimum balance payment in the contract. That's a percentage agreed on in the contract.
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That contract can be changed by the bank in writing within 30 days.
 
Originally posted by: Grey
Be careful, minimum balance payments are going from 2% to 4% in the next couple of months (your payments are gonna double.)
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I pay the balance in full every month.
 
Having a high credit card limit merely reduces your available credit for other purposes. If your credit rating entitles you to $xxxx and you've got 90% of that as a limit on your CC good luck when you go for a car loan. It's a bad idea to have a higher limit than you need. If you've never spent more than $3000 or $5000 on your card you should refuse all attempts by your carrier to raise you over that amount.
 
Originally posted by: GagHalfrunt
Having a high credit card limit merely reduces your available credit for other purposes. If your credit rating entitles you to $xxxx and you've got 90% of that as a limit on your CC good luck when you go for a car loan. It's a bad idea to have a higher limit than you need. If you've never spent more than $3000 or $5000 on your card you should refuse all attempts by your carrier to raise you over that amount.
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True. You can always contact the CC company and tell them to lower your limit.
 
Originally posted by: ironwing
Originally posted by: GagHalfrunt
Having a high credit card limit merely reduces your available credit for other purposes. If your credit rating entitles you to $xxxx and you've got 90% of that as a limit on your CC good luck when you go for a car loan. It's a bad idea to have a higher limit than you need. If you've never spent more than $3000 or $5000 on your card you should refuse all attempts by your carrier to raise you over that amount.
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True. You can always contact the CC company and tell them to lower your limit.
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Hmm, sounds like good advice to me. :thumbsup:
 
Originally posted by: ironwing
Originally posted by: GagHalfrunt
Having a high credit card limit merely reduces your available credit for other purposes. If your credit rating entitles you to $xxxx and you've got 90% of that as a limit on your CC good luck when you go for a car loan. It's a bad idea to have a higher limit than you need. If you've never spent more than $3000 or $5000 on your card you should refuse all attempts by your carrier to raise you over that amount.
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True. You can always contact the CC company and tell them to lower your limit.
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But you don't want a lower limit.

You want a high one with no balance.

I don't believe the amount of revolving credit matters so much as the ratio of debt on said revolving credit accounts. I could be off base though.

I had to do a lot of work on my credit (due to a HELOC) and the best thing was having a higher credit limit on my cards. I think I have about 60K in revolving credit now and my score is excellent.
 
Originally posted by: Nohr
Free money! Spend spend spend!
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lol.

Pay mine off in full every month. As far as I'm concerned, it's just a tool to smooth out cashflow.

I do carry a (small) balance every now and again just to help my credit rating.
 
Originally posted by: Zysoclaplem
I know it may not be much to you guys, but that's a hell of alot of money to me.
Yay!
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It's not money. It's credit, and credit in the wrong hands becomes debt. Yay!
 
I never got minimum payments. Is that the amount that you have to pay in order for them not to charge you interest?
 
Originally posted by: mchammer
Originally posted by: ironwing
Originally posted by: GagHalfrunt
Having a high credit card limit merely reduces your available credit for other purposes. If your credit rating entitles you to $xxxx and you've got 90% of that as a limit on your CC good luck when you go for a car loan. It's a bad idea to have a higher limit than you need. If you've never spent more than $3000 or $5000 on your card you should refuse all attempts by your carrier to raise you over that amount.
Click to expand...

True. You can always contact the CC company and tell them to lower your limit.
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Hmm, sounds like good advice to me. :thumbsup:
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No, it's completely untrue, and he's a moron for posting it. Do some research and you'll realize that high credit limits are a GOOD thing. It lowers your utilization and raises your FICO. The only time that having a lot of high limit cards is bad is if you apply for a mortgage and you have A LOT of very high limit cards. Then the mortgage company might think you are over exposed and ask you to close some lines of credit.

In any other situation you want as many large credit limits with the longest amount of history possible. Check Fatwallet Finance for a lot of discussion on this sort of thing, and don't make idiotic uninformed posts.
 
Originally posted by: OulOat
I never got minimum payments. Is that the amount that you have to pay in order for them not to charge you interest?
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It's usually the minimum amount required to cover the interest they charged you for the last month, with a little bit of damage to the principle debt.
 
Originally posted by: Insomniak
Originally posted by: Nohr
Free money! Spend spend spend!
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lol.

Pay mine off in full every month. As far as I'm concerned, it's just a tool to smooth out cashflow.

I do carry a (small) balance every now and again just to help my credit rating.
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Carrying a balance does NOT help your credit rating AT ALL. You should pay off your credit card balances every month in full!
 
Originally posted by: Ketteringo
Originally posted by: Insomniak
Originally posted by: Nohr
Free money! Spend spend spend!
Click to expand...



lol.

Pay mine off in full every month. As far as I'm concerned, it's just a tool to smooth out cashflow.

I do carry a (small) balance every now and again just to help my credit rating.
Click to expand...

Carrying a balance does NOT help your credit rating AT ALL. You should pay off your credit card balances every month in full!
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YES. Never carry a balance! If you do your FICO score will suffer.
 
Originally posted by: Ketteringo
Originally posted by: mchammer
Originally posted by: ironwing
Originally posted by: GagHalfrunt
Having a high credit card limit merely reduces your available credit for other purposes. If your credit rating entitles you to $xxxx and you've got 90% of that as a limit on your CC good luck when you go for a car loan. It's a bad idea to have a higher limit than you need. If you've never spent more than $3000 or $5000 on your card you should refuse all attempts by your carrier to raise you over that amount.
Click to expand...

True. You can always contact the CC company and tell them to lower your limit.
Click to expand...

Hmm, sounds like good advice to me. :thumbsup:
Click to expand...

No, it's completely untrue, and he's a moron for posting it. Do some research and you'll realize that high credit limits are a GOOD thing. It lowers your utilization and raises your FICO. The only time that having a lot of high limit cards is bad is if you apply for a mortgage and you have A LOT of very high limit cards. Then the mortgage company might think you are over exposed and ask you to close some lines of credit.

In any other situation you want as many large credit limits with the longest amount of history possible. Check Fatwallet Finance for a lot of discussion on this sort of thing, and don't make idiotic uninformed posts.
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It depends on what you're after. If you are seeking new credit then lowering existing limits is a good thing. Case: I was changing cards to get a better kickback program. I applied for the gold card (for the rental car insurance). The card sent was the regular w/o rental insurance. I called the issuer to inquire as to why I hadn't qualified for the gold card (my old card had been gold and I had excellent credit) and was told that my existing line was too high. So I called the old issuer and had them lower the limit, called the new issuer back and they promptly sent the gold card with higher limit.

The point of my post is that you do have some control over the credit limit on your cards and can act to have them changed. CC companies will jack up the credit limits of good customers in order to make them look less desirable to the competition. In the case above, it worked.
 
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