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Increased my available credit!

G

GoingUp

Lifer
Well despite one minor snafu with being over the credit limit, I increased my available credit from $500 to $900 in 10 months. I guess charging as much to the card as I could and then paying it off in full or overpaying every month paid off 🙂

It's nice to have that extra cushion in case I need it... not that I'm gonna go nuts or anything...
 
Originally posted by: notfred
Uh, $900 is pretty much nothing.
Click to expand...

Somehow, I knew that was coming eventually.

Good for you. Charging is fine, so long as you have the money to pay it off. It's charging when you don't have money that's a problem.
 
I recently upped my limit also for balance transfer 4% to payoff some other cc's.

BOFA bumped me from $8k to $12k 😱 I'm not sure if that's a good or bad thing.
 
Originally posted by: RossMAN
I recently upped my limit also for balance transfer 4% to payoff some other cc's.

BOFA bumped me from $8k to $12k 😱 I'm not sure if that's a good or bad thing.
Click to expand...

just use it wisely it cant hurt you if you dont let it.
 
Originally posted by: Ameesh
Originally posted by: RossMAN
I recently upped my limit also for balance transfer 4% to payoff some other cc's.

BOFA bumped me from $8k to $12k 😱 I'm not sure if that's a good or bad thing.
Click to expand...

just use it wisely it cant hurt you if you dont let it.
Click to expand...

I haven't done anything wise with money since I was 20.

One exception is enrolling in my employer's 401k where they match 100% up to 6%.
 
Originally posted by: mugsywwiii
Originally posted by: notfred
Uh, $900 is pretty much nothing.
Click to expand...

Maybe he's young?
Click to expand...

That amount seems reasonable for most people ~20 years of age.

Because of logistics reasons I'm listed on a couple of my parents' credit cards which really boosted my credit (one card gave me 23 years of perfect credit history and I'm 24....heh) so my personal cards get issued at $10,000 or more. I never charge more than what I can pay off immediately if need be, however (total balances are always < $1500)
 
I purposely keep mine at $400 for 2 years now. I pay the sum in cash at the teller at the branch and they're always asking why I don't raise it? I say I dunno... (yeah my typical response to hot teller clerks 🙁 )

Anyway, I like using cheque's alot more, have a debit card just in case. I use cash usually.. I mean why do I have to build credit for? Really.
 
I'm 23.... I always paid for everything with a debit card... until I got the CC in Feb. Its not much, but its a start 🙂

Even more important is that I'm staying out of debt 🙂
 
Originally posted by: RossMAN
I recently upped my limit also for balance transfer 4% to payoff some other cc's.

BOFA bumped me from $8k to $12k 😱 I'm not sure if that's a good or bad thing.
Click to expand...

Have you tried Discover for 0% for 12 months ?
I applied and they gave me a $5000 limit.
 
Originally posted by: golfreak
Originally posted by: RossMAN
I recently upped my limit also for balance transfer 4% to payoff some other cc's.

BOFA bumped me from $8k to $12k 😱 I'm not sure if that's a good or bad thing.
Click to expand...

Have you tried Discover for 0% for 12 months ?
I applied and they gave me a $5000 limit.
Click to expand...

I would rather be seen buying 99 cent shampoo for FULL RETAIL at a 99 cents store than apply for a Discover card.

😛
 
Originally posted by: RossMAN
Originally posted by: golfreak
Originally posted by: RossMAN
I recently upped my limit also for balance transfer 4% to payoff some other cc's.

BOFA bumped me from $8k to $12k 😱 I'm not sure if that's a good or bad thing.
Click to expand...

Have you tried Discover for 0% for 12 months ?
I applied and they gave me a $5000 limit.
Click to expand...

I would rather be seen buying 99 cent shampoo for FULL RETAIL at a 99 cents store than apply for a Discover card.

😛
Click to expand...


why? ive had great customer service from them
 
Originally posted by: Ameesh
Originally posted by: RossMAN
Originally posted by: golfreak
Originally posted by: RossMAN
I recently upped my limit also for balance transfer 4% to payoff some other cc's.

BOFA bumped me from $8k to $12k 😱 I'm not sure if that's a good or bad thing.
Click to expand...

Have you tried Discover for 0% for 12 months ?
I applied and they gave me a $5000 limit.
Click to expand...

I would rather be seen buying 99 cent shampoo for FULL RETAIL at a 99 cents store than apply for a Discover card.

😛
Click to expand...


why? ive had great customer service from them
Click to expand...

Because Discover is the black sheep of credit cards.

Why?

Because I freakin' said so, that's why.
 
Originally posted by: RossMAN
Originally posted by: Ameesh
Originally posted by: RossMAN
Originally posted by: golfreak
Originally posted by: RossMAN
I recently upped my limit also for balance transfer 4% to payoff some other cc's.

BOFA bumped me from $8k to $12k 😱 I'm not sure if that's a good or bad thing.
Click to expand...

Have you tried Discover for 0% for 12 months ?
I applied and they gave me a $5000 limit.
Click to expand...

I would rather be seen buying 99 cent shampoo for FULL RETAIL at a 99 cents store than apply for a Discover card.

😛
Click to expand...


why? ive had great customer service from them
Click to expand...

Because Discover is the black sheep of credit cards.

Why?

Because I freakin' said so, that's why.
Click to expand...

Well, it's hard to argue with that now isn't it. 😉
 
That's good, keep paying. They will review probably every 4 - 6 months to consider lowering your APR or giving you more credit. I raised mine from a meager college-student card of $300 to $5500 now (2 or so years later).

The one thing is that if you consider ever doing a major purchase like a house, make sure your credit limits aren't insanely high. If they are too high that will raise your debt to income percentages, making getting the house loan to go through higher. I doubt I will let my 2 cards go much higher than $7500.


Good luck.
 
Originally posted by: Ameesh
Originally posted by: RossMAN
Originally posted by: golfreak
Originally posted by: RossMAN
I recently upped my limit also for balance transfer 4% to payoff some other cc's.

BOFA bumped me from $8k to $12k 😱 I'm not sure if that's a good or bad thing.
Click to expand...

Have you tried Discover for 0% for 12 months ?
I applied and they gave me a $5000 limit.
Click to expand...

I would rather be seen buying 99 cent shampoo for FULL RETAIL at a 99 cents store than apply for a Discover card.

😛
Click to expand...


why? ive had great customer service from them
Click to expand...
Same reason Kodak cameras suck of course.

😉
 
Originally posted by: lancestorm
That's good, keep paying. They will review probably every 4 - 6 months to consider lowering your APR or giving you more credit. I raised mine from a meager college-student card of $300 to $5500 now (2 or so years later).

The one thing is that if you consider ever doing a major purchase like a house, make sure your credit limits aren't insanely high. If they are too high that will raise your debt to income percentages, making getting the house loan to go through higher. I doubt I will let my 2 cards go much higher than $7500.


Good luck.
Click to expand...


lance, am i following you here...

on one hand, i read you raised your 'credit limit' from 300 to 5.5k.

on the other, you suggest don't let this same credit limit go too high for the sake of house purchasing?


The way I see it, FICO agencies look at your history of 'maxing' out your credit card.

So if your credit limit per month is 1k and u average $500 in cc purchases, you max out consistently 50pct of your cc power...

If you raised your credit limit from 1k to 2k, and still average $500 in cc purchases, then you only max out your cc power by only 25pct....

This is a positive in the eye of the FICO...


Yet you speak of a Debt to Income ratio... can you elaborate on that point please.
 
debt to income isn't really what applies there, it's more like available credit to income. theoretically you could max out several high value credit cards and then be unable to make your house payments.
 
Because Discover is the black sheep of credit cards.
Why?
Because I freakin' said so, that's why.
Click to expand...

Weird, they have one of the better cash back programs, thought you'd like that 😉


 
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