CreditCard limit increases

Post #211,776 by boxley 6/20/05 2:59:34 PM Reply	CreditCard limit increases havnt asked for one but received one last week. Is this usual? I thought you had to request them. thanx, bill All tribal myths are true, for a given value of "true" Terry Pratchett [link\|http://boxleys.blogspot.com/\|http://boxleys.blogspot.com/] Any opinions expressed by me are mine alone, posted from my home computer, on my own time as a free american and do not reflect the opinions of any person or company that I have had professional relations with in the past 49 years. meep questions, help? [link\|mailto:pappas@catholic.org\|email pappas at catholic.org]
Post #211,777 by Yendor 6/20/05 3:03:26 PM Reply	That's normal At least, IME it is. Especially if you're in the process of either building or repairing your credit history. If you pay your bills on-time and/or pay off your total balance every month, you will see an increase. That might happen, say, 2 or 3 times as your credit gets better. After that, you have to request them. Also note that it's not always a good thing to have your credit limit increased. If you are thinking about, say, purchasing a car, and you have too much possible credit (IE, your credit limits on your credit cards are too much for the lenders to think you can pay back), then they might deny you a loan. So even if you've received a credit limit increase, you might consider asking them to revert it back to your old limit...Especially if you have a foreseeable major purchase that you think a limit extension might negatively impact. -YendorMike "They that can give up essential liberty to obtain a little temporary safety deserve neither liberty nor safety." - Benjamin Franklin, 1759 Historical Review of Pennsylvania
Post #211,778 by boxley 6/20/05 3:07:58 PM Reply	just got the new car and purchased a house I have been banging the upper limit and paying 4 to 5 100 a month to knock it down since I moved here. Dont need it immediately. Google tells me its the predatory lenders that do this the most to get me to carry a large balance. Well The only one that will lend to me is a predatory lender so I guess thats what happened. thanx, bill All tribal myths are true, for a given value of "true" Terry Pratchett [link\|http://boxleys.blogspot.com/\|http://boxleys.blogspot.com/] Any opinions expressed by me are mine alone, posted from my home computer, on my own time as a free american and do not reflect the opinions of any person or company that I have had professional relations with in the past 49 years. meep questions, help? [link\|mailto:pappas@catholic.org\|email pappas at catholic.org]
Post #211,780 by Yendor 6/20/05 3:45:08 PM Reply	Aye... ...And remember, just because you have the credit doesn't mean that you have to use the credit. If you're not going to request that your credit limit be decreased to its previous amount, you can pretend that your limit is where it was, and only use the excess for emergencies. -YendorMike "They that can give up essential liberty to obtain a little temporary safety deserve neither liberty nor safety." - Benjamin Franklin, 1759 Historical Review of Pennsylvania
Post #211,784 by boxley 6/20/05 4:22:16 PM Reply	Oh I have an emergency down the road alright will try to bang the balance down to zero over the next 2 months so I will be able to meet the emergency. thanx, bill All tribal myths are true, for a given value of "true" Terry Pratchett [link\|http://boxleys.blogspot.com/\|http://boxleys.blogspot.com/] Any opinions expressed by me are mine alone, posted from my home computer, on my own time as a free american and do not reflect the opinions of any person or company that I have had professional relations with in the past 49 years. meep questions, help? [link\|mailto:pappas@catholic.org\|email pappas at catholic.org]
Post #211,787 by bionerd 6/20/05 4:26:56 PM Reply	I used to think that, but it's not true- When determining your FICO score, they look at total balances in relation to your total available credit on revolving accounts. It's favorable if you have a good deal of available credit in relation to what you owe. Maxing out on various credit cards can indicate that a person is overextended, and is more likely to make some payments late or not at all. This will lower your credit score. If you have credit cards that are paid off and you never use them, it's a bad move to close the accounts. You want that available credit to offset what you owe on your other cards.
Post #211,874 by cforde 6/21/05 1:58:24 AM Reply	SOP you're paying down your balances; well how's 'bout a little tempation to jack them back up again? Oh, and here's a cheque for $3134.18 payable to you just because we're nice guys. Don't look to closely at the terms though (cash advance at max rate most likely). In short, take it as a hint that you're doing something right. Ignore it and keep on doin' what you're doin'. Have fun, Carl Forde
Post #212,178 by Ashton 6/22/05 9:03:59 PM Reply	Recently gave a first-listen to the PBS show on credit.. Same woman as often appears on pledge marathons, telling the marks in current bubbly-speak, that they are Young, Fabulous and.. Broke cha cha cha 'Scheer'? maybe. Google it. I paid little attention because I try not to owe the suckers; also haven't used my 2, 3? free credit reports/year from each of the US big-3 collectors of all those dossiers on Everyone. Yet.. (Gotta keep enough little grey cells open for OS-X.. as and when.) Didn't note at all carefully, but - you need to check out the new Rulez, the formulas via which THEY assign you a (forget xact terms) a couple of Numbers; these determine not only your overall Credit Rating, but also -the Important Part- how much Interest they will charge you on ANY existing balance. She also gave an example of Why you don't want to close CC accounts (unless you have a jillion) ie putting all eggs in 1, 2 baskets == how exactly this affects your new Credit Number via the formula. Check PBS pledge nights to see this live, if you don't want to sleuth out the same formula. A key ratio is: Divide your Total = summed Limits of all CCs / by your current outstanding balance(s). That ratio determines not merely your available new-buy amount "faux-equity?"; it also determines one of those numbers. Clearly, owing 10% of what you might owe == much better in their ever expectant greedy pig-eyes than .. owing 90%, whatever the \|Value\| of your limit. Etc. Box, you Need to grok this shit to fullness, otherwise you're the victim they Count trillions on: who doesn't bother to find out such things as: IF.. you default on ANYTHING (or are late, have a beef .. anything that impedes ANYONE's smooth flow of cash and involves a contract) THEN: ALL your purchases AND PRESENT BALANCES will be subject to a Higher APR than before; INSTANTLY! You are now "RISKIER" == must pay More. That means exactly: even the rate you can nail for a mortgage, car, whatever. This cartel has the same ethical cancer as the statutory Repo. Unless you bug them re extenuating circumstances of such a beef, with paperwork = make sure your response is on file, you will be downgraded as if the negative report were 100% legit. And it only takes ONE such neg report to do all these automatic things. Frontline [PBS] recently also covered much of the monopolistic skullduggery / unwillingness of legislators to act [Big News] etc., though this wasn't about "improving, maintaining the magic ratings". The woman gave some more detailed suggestions, for those slow on deduction.. for building-up both Magic Numbers. PBS is your friend, if you don't unplug it (or ...'her', if that gets more attention ;-) I imagine there are a jillion books, pamphlets etc. which I'm unaware of. Luck with the boring Econ moi
Post #212,179 by boxley 6/22/05 9:09:18 PM Reply	well less see, no pays slow pays, several settlements my credit score makes enron bonds look creditworthy and these folks are charging 28% on the balance (shit if I used to charge that I would go to jail for racketeering), only have 2 of the suckers for emergency, moving houses and the move being tax deductable makes keeping receipts easier with the card. I have been running it up and knocking it down. In 3 years car, cards, everything but house paid for and house should have 30% equity both sweat and increase. As long as I dont get AAAAAHHHGG!!!!!!...... thanx, bill All tribal myths are true, for a given value of "true" Terry Pratchett [link\|http://boxleys.blogspot.com/\|http://boxleys.blogspot.com/] Any opinions expressed by me are mine alone, posted from my home computer, on my own time as a free american and do not reflect the opinions of any person or company that I have had professional relations with in the past 49 years. meep questions, help? [link\|mailto:pappas@catholic.org\|email pappas at catholic.org]

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