Why cant I get my one credit card's limit as high as some of my other ones?

[GoingUp]

I have 3 credit cards with $6000 limits on all of them. I had a Circuit City card with a $1300 limit. I wanted to get the credit limit increased on the card to $6000 so I could make a big screen TV purchase with some free financing. I hadn't used the circuit city card in about 2 years so when I called about the increase, they would only increase it to $2100

I had a credit score of 757 in Jan when I bought my place. The only debt I have right now is my mortgage and student loans. I have $1000 in credit card debt, but thats from bills and other things last month. I pay my bills in full every month, have never had a late payment and have never paid interest on any account I've ever had for a credit card.

Why wouldn't my CC card get its limit raised to $6000? Looks like CC lost about $6000 worht of business today

 

[JulesMaximus]

You have a finite amount of debt you can carry. Cancel the other cards and I'm sure CC will increase your limit. I have a credit score of 740 but I could easily carry $30k or more of credit card debt (I have more than that available in credit if I need). I opened a CC account a few years ago and they gave me a $6k limit. I have a $19k limit on one of my other cards (I've charged some pretty big items on that card over the years and paid it off so they keep increasing it) and a few other cards with $4-6k limits.

Edit-You're basically blaming them for being responsible lenders...:roll:

 

[GoingUp]

Originally posted by: JulesMaximus
You have a finite amount of debt you can carry. Cancel the other cards and I'm sure CC will increase your limit. I have a credit score of 740 but I could easily carry $30k or more of credit card debt (I have more than that available in credit if I need). I opened a CC account a few years ago and they gave me a $6k limit. I have a $19k limit on one of my other cards (I've charged some pretty big items on that card over the years and paid it off so they keep increasing it) and a few other cards with $4-6k limits.

Edit-You're basically blaming them for being responsible lenders...:roll:

I might understand your arguement if I had a ton of debt, but I don't. I never carry a balance, so I dont understand why they wouldnt increase their card to the limit I requested.

 

[MikeyIs4Dcats]

store cards generally have much lower limits that V/MC/AMEX/DISC

 

[GoingUp]

Originally posted by: MikeyIs4Dcats
store cards generally have much lower limits that V/MC/AMEX/DISC

well if thats true then why the heck do they advertise 0% interest on $4000 TVs if no one will get a limit that high?

The CC card also happens to be my oldest one. I got the damn thing back in 2002.

 

[spidey07]

that is a little unusual. you could try to go to the store and work on the TV and right when everything looks final just say "I'm not buying it without 0% interest for x months"

they should work with you.

Otherwise you could get the money from another service interest free. I've done that with wells fargo - get 12-18 months interest free with a limit of 10K.

 

[everman]

You could try to see if you can put it on one card, and get 0% on balance transfer to another card of yours. But personally I'd say not to buy it if you need to rely on the 0% financing to afford it.

 

[GoingUp]

Originally posted by: spidey07
that is a little unusual. you could try to go to the store and work on the TV and right when everything looks final just say "I'm not buying it without 0% interest for x months"

they should work with you.

Otherwise you could get the money from another service interest free. I've done that with wells fargo - get 12-18 months interest free with a limit of 10K.

OK, but I'm looking at dropping about $6000 on the TV and complete home theatre setup. I wanted it all financed interest free untiul 2009 (basically 33 months free financing). Theres nothing the store can do to raise my limit from $2100 to $6000.

 

[spidey07]

Originally posted by: everman
You could try to see if you can put it on one card, and get 0% on balance transfer to another card of yours. But personally I'd say not to buy it if you need to rely on the 0% financing to afford it.

you use 0% for free money. not because one can't afford it.

 

[GoingUp]

Originally posted by: everman
You could try to see if you can put it on one card, and get 0% on balance transfer to another card of yours. But personally I'd say not to buy it if you need to rely on the 0% financing to afford it.

Only difference is if I buy it now or wait a couple of months to get it. Personally I'd rather have it now before the world cup starts. Plus then I could just throw all of that money in an ING account and let it sit while making the minimum payments. I'd make damn near $500 in interest that way.

 

[MikeyIs4Dcats]

Originally posted by: Gobadgrs

Originally posted by: MikeyIs4Dcats
store cards generally have much lower limits that V/MC/AMEX/DISC

well if thats true then why the heck do they advertise 0% interest on $4000 TVs if no one will get a limit that high?

The CC card also happens to be my oldest one. I got the damn thing back in 2002.

to compare, I have 2 cards with limits over 20k, but my store cards have always been under $7500. Thus they have a much lower limit that the major cards.

 

[GoingUp]

Well I just closed one of my cards with a $6000 limit. I had gotten it when I opened a checking account and never used it once. Hopefully in 30 to 60 days it will show up and I can get my credit limit increased on the CC card.

 

[MikeyIs4Dcats]

Originally posted by: Gobadgrs
Well I just closed one of my cards with a $6000 limit. I had gotten it when I opened a checking account and never used it once. Hopefully in 30 to 60 days it will show up and I can get my credit limit increased on the CC card.

closing an account in good standing can actually HURT your score.

 

[spidey07]

whoa there gobadgrs.

closing accounts willy nilly is probably not a wise idea and can lower your credit score leaving you with LESS options.

I still think if you go in to the store and get them salivating at the sale they'll do something to your card.

 

[MikeyIs4Dcats]

Originally posted by: spidey07
whoa there gobadgrs.

closing accounts willy nilly is probably not a wise idea and can lower your credit score leaving you with LESS options.

I still think if you go in to the store and get them salivating at the sale they'll do something to your card.

or he could use a 0% convenience check offered by one of his cards to buy the TV.

 

[spidey07]

Mikey,

that's true. I wonder if you could get it for the same length...24-36 months. to me it be better to stretch it out and use that free money.

10% return on 10K over 3 years is a decent chunk of change.

 

[compuwiz1]

I'd just pick up the phone, and call the cc credit department, then ask to speak to someone in charge. I have done that with different companies over the years, and had some things done for me. Closing your $6000 credit card is not the answer, IMO.

 

[MikeyIs4Dcats]

Originally posted by: spidey07
Mikey,

that's true. I wonder if you could get it for the same length...24-36 months. to me it be better to stretch it out and use that free money.

10% return on 10K over 3 years is a decent chunk of change.

I don't know who all offers them. I routinely get 3.9& for life and 0% for a year from Chase

 

[GoingUp]

Originally posted by: compuwiz1
I'd just pick up the phone, and call the cc credit department, then ask to speak to someone in charge. I have done that with different companies over the years, and had some things done for me. Closing your $6000 credit card is not the answer, IMO.

I called the credit card company twice and they wont do anything for me about raising the limit.

 

[amdforever2]

It's an underwriting issue.

Chase simply doesn't want to do it.

Circuit City has nothing to do with it.

Closing any account is always a stupid idea.

KTHX