Holy credit increase, batman...

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Proprioceptive

Proprioceptive

Golden Member
Feb 27, 2006
1,630
10
81
So I had a $3,500 limit on my credit card with USAA. I just requested a credit increase (could help credit score etc...) and they upped it to $10,000!!!!! Wow. I keep hearing about credit getting slashed and rates going up nowadays, but I just got an INCREASE WITH A RATE DROP (11.9 to 7.5 percent).
:D
 
rudder

rudder

Lifer
Nov 9, 2000
19,441
86
91
Who is USAA? Smaller bank with less liabilities? They may likely be in better shape than others and able to do that for customers.
 
Lotheron

Lotheron

Platinum Member
Oct 21, 2002
2,188
4
71
rudder said:
Who is USAA? Smaller bank with less liabilities? They may likely be in better shape than others and able to do that for customers.
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It's mainly for military and their families (direct families). They're supposed to have killer insurance rates to (auto/home/etc) but when we checked it was more expensive than State Farm.
 
Proprioceptive

Proprioceptive

Golden Member
Feb 27, 2006
1,630
10
81
Lotheron said:
It's mainly for military and their families (direct families). They're supposed to have killer insurance rates to (auto/home/etc) but when we checked it was more expensive than State Farm.
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This. I love USAA. We get amazing insurance rates with them. But then again, we also insure everything with them, so we get crazy loyalty discounts. I could not ask for a better financial institution. I plan on opening an IRA pretty soon.
 
rcpratt

rcpratt

Lifer
Jul 2, 2009
10,433
110
116
USAA is awesome. I only have a college-kid oriented card with them, $1000 limit, 9.9%. Not sure if I should try to increase that one or just get one of their, uh, not college-kid oriented cards.
 
JechtShot

JechtShot

Senior member
Feb 18, 2007
326
0
0
I have USAA as well and they cannot be beat. Killer discounts and insurance rates. They really take care of you from my experience. They always call me when something suspicious arises. Their quick and trained very well. English speaking customer service FTW.
 
RaistlinZ

RaistlinZ

Diamond Member
Oct 15, 2001
7,470
9
91
Time to go spend that $10,000 and get into credit card debt like the good little consumer that you are.
 
Kroze

Kroze

Diamond Member
Apr 9, 2001
4,052
1
0
Pfftt, they must not like you.

154g8bm.jpg
 
Proprioceptive

Proprioceptive

Golden Member
Feb 27, 2006
1,630
10
81
Schfifty Five said:
Why would you need $10,000?

Everyone's lifestyle is different and some may need that much at some point in their lives.

And besides, you said it yourself about helping w/ credit score.
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Hmm... I just can't imagine that much credit really helping the credit score very much. I can certainly understand taking an increase if it's offered, especially since it can only help your credit (assuming your responsible), but I wonder why someone would even put something that expensive on a credit card to begin with... I mean, you can't extend auto warranties. Just curious

EDIT: I guess that much credit could help a bit on the score if you have a big mortgage... didn't think of that before
 
C

chusteczka

Diamond Member
Apr 12, 2006
3,399
3
71
Do you need a credit limit of $10,000? Would you be able to pay the bill if you charged $9,000 on it? I would be highly upset with a bill that large. For this reason, I limit my personal cards to $5,000 each but rarely use more than $1,000 of the credit.
 
Lotheron

Lotheron

Platinum Member
Oct 21, 2002
2,188
4
71
chusteczka said:
Do you need a credit limit of $10,000? Would you be able to pay the bill if you charged $9,000 on it? I would be highly upset with a bill that large. For this reason, I limit my personal cards to $5,000 each but rarely use more than $1,000 of the credit.
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If you can control how much you put on the cards, limiting your limit can actually hurt your credit score. It's actually all about the percentage used of available. 1K out of 5K is 20% utilization whereas a 10K limit would be 10%. This looks MUCH Much better on a credit report.
 
Kroze

Kroze

Diamond Member
Apr 9, 2001
4,052
1
0
Lotheron said:
If you can control how much you put on the cards, limiting your limit can actually hurt your credit score. It's actually all about the percentage used of available. 1K out of 5K is 20% utilization whereas a 10K limit would be 10%. This looks MUCH Much better on a credit report.
Click to expand...
Yep. They only look at percentage of utilization.
 
C

chusteczka

Diamond Member
Apr 12, 2006
3,399
3
71
Lotheron said:
If you can control how much you put on the cards, limiting your limit can actually hurt your credit score. It's actually all about the percentage used of available. 1K out of 5K is 20% utilization whereas a 10K limit would be 10%. This looks MUCH Much better on a credit report.
Click to expand...

I have considered this possibility but have decided to forgo the credit accumulation since I do not need it. Nobody really knows how credit scores are determined, and my credit score is good enough to obtain a home loan at a better than advertised rate. With this in mind, I have decided to use credit the way I need it rather than through conventional wisdom based on unknown trade secrets.
 
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