Changing My Credit Card Limit
Author: charlie
Posted: Mon Jun 28, 2004 8:45 pm
Post subject: Changing My Credit Card Limit
9/9/2002 8:28 pm CDT
I have one credit card with a $750 limit. Now out of the clear blue this other company wants to give me $2,000 in credit. what's going on?
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Author: Verne
Posted: Mon Jun 28, 2004 8:45 pm
Post subject: Changing My Credit Card Limit
9/9/2002 9:59 pm CDT
Charlie,
Check out the interest rate on the card with the $750 limit and compare it to the rate on the $2,000 limit offer.
Examine carefully every scrap of paper inserted with your statement.
Usually, a credit card offer states the maximum credit limit you might expect if your income and credit report meet their requirements.
What credit card companies are you talking about?
Author: jason
Posted: Mon Jun 28, 2004 8:46 pm
Post subject: Changing My Credit Card Limit
9/10/2002 1:20 am CDT
I am in the same boat myself I hope this might help. #1 What they will take off your report is the balance that you owed them.It will report for seven years as paid as agreed. And when you pay them what other choice would they have except paid as agreed because otherwise they would just give more charges to you until paid off.Once you owe them a zero balance it will be paid as agreed.Actually don't worry much about how they word it,if you are trying to get your way back up all it matters to another creditor in the future is that they are paid and done for the most part. #2 That also does not matter that much it is actualy the balance owed that is #1.This is how they can report it either pays as agreed,paid as agreed,profit and loss,charge-off,so many days due,included in bankruptcy,usually it is prior paying history on the comment line that tells most of all that will say ? 30 days past due ? 60 days past due ?90+days past due.I myself had a car loan and was on time for all 60 payments except 3 or 4 they worded it as I could have an extension once a year with no late penalty.And those were the 3 or 4 times and I called it in ahead of time. What I found out years later was that they forgave the late fee but reported the extensions as late to credit reporting agency.It now says paid as agreed.And it is a little bit of a negative but not a big deal.What a lot of people do not know is what is actually worded on a credit report is not a great deal,it is kind of the following.The amount of debt to a percentage to your credit limits,your overall debt,and your payment history within the last few years.Inquires take away a little but not much,the age of last account is actually bigger than that "how long you have had a credit history".Number of months since last opened account is also there.If you are trying to apply for credit a main thing is ability to pay back which is alot of open accounts with credit limits and the balances owed.FICO score is tied to alot of that which is what they go by for quick approval process.Also public info like Judgements,Bankruptcy etc.You could obtain an FICO score in the 700's but alot of prime lenders will deny just because of Judgements or Bankruptcy big red flag. #3 secured credit card companies such as Associates National Bank,Bank of America,Bank One,Chase,Elan,Providian will report a secured card as a secured card to credit bureaus. There are secured credit cards that report a secured credit card as unsecured. I have three of them myself so I know. American Pacific Bank,Umbrella Bank,Capital One,report as unsecured.Also after phone calls and research I am very sure Amalgamated Bank Of Chicago,and Orchard Bank do not report as secured.If this helps great I do know more if you have anymore questions.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Missy
Posted: Mon Jun 28, 2004 8:47 pm
Post subject: Changing My Credit Card Limit
9/10/2002 8:19 am CDT
JASON!!!! My little book of knowledge Thanks alot! Just for kicks since they have been getting on my last nerves....I called the creditors back (on a different shift of course) and asked if I can have a written agreement or proposal of what the will do for me once I have paid this bill. They stated that: 1) They do not do written aggreements (which I have found to be not totally true. I have a letter from them stating that I owe $200.00 but they have been authorizd to accept $102.00 within 30 days of the letter. To me...that is a written agreement from them with their letterhead and all). I know the $200.00 debt sounds so minute but, it's really not when you are dealing with Sprint PCS and they ask for a deposit up front because of my credit AGAIN. I still believe that my deposit of $125.00 goes towards my ending bill if I did not pay. I have done this twice with Sprint PCS. Just seems like their rules are changing. But, anyway. The creditor also said that they will not delete this from my report but they will put the account as a "paid as agreed". Because it's the law.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Mon Jun 28, 2004 8:45 pm
Post subject: Changing My Credit Card Limit
9/9/2002 8:28 pm CDT
I have one credit card with a $750 limit. Now out of the clear blue this other company wants to give me $2,000 in credit. what's going on?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Verne
Posted: Mon Jun 28, 2004 8:45 pm
Post subject: Changing My Credit Card Limit
9/9/2002 9:59 pm CDT
Charlie,
Check out the interest rate on the card with the $750 limit and compare it to the rate on the $2,000 limit offer.
Examine carefully every scrap of paper inserted with your statement.
Usually, a credit card offer states the maximum credit limit you might expect if your income and credit report meet their requirements.
What credit card companies are you talking about?
Author: jason
Posted: Mon Jun 28, 2004 8:46 pm
Post subject: Changing My Credit Card Limit
9/10/2002 1:20 am CDT
I am in the same boat myself I hope this might help. #1 What they will take off your report is the balance that you owed them.It will report for seven years as paid as agreed. And when you pay them what other choice would they have except paid as agreed because otherwise they would just give more charges to you until paid off.Once you owe them a zero balance it will be paid as agreed.Actually don't worry much about how they word it,if you are trying to get your way back up all it matters to another creditor in the future is that they are paid and done for the most part. #2 That also does not matter that much it is actualy the balance owed that is #1.This is how they can report it either pays as agreed,paid as agreed,profit and loss,charge-off,so many days due,included in bankruptcy,usually it is prior paying history on the comment line that tells most of all that will say ? 30 days past due ? 60 days past due ?90+days past due.I myself had a car loan and was on time for all 60 payments except 3 or 4 they worded it as I could have an extension once a year with no late penalty.And those were the 3 or 4 times and I called it in ahead of time. What I found out years later was that they forgave the late fee but reported the extensions as late to credit reporting agency.It now says paid as agreed.And it is a little bit of a negative but not a big deal.What a lot of people do not know is what is actually worded on a credit report is not a great deal,it is kind of the following.The amount of debt to a percentage to your credit limits,your overall debt,and your payment history within the last few years.Inquires take away a little but not much,the age of last account is actually bigger than that "how long you have had a credit history".Number of months since last opened account is also there.If you are trying to apply for credit a main thing is ability to pay back which is alot of open accounts with credit limits and the balances owed.FICO score is tied to alot of that which is what they go by for quick approval process.Also public info like Judgements,Bankruptcy etc.You could obtain an FICO score in the 700's but alot of prime lenders will deny just because of Judgements or Bankruptcy big red flag. #3 secured credit card companies such as Associates National Bank,Bank of America,Bank One,Chase,Elan,Providian will report a secured card as a secured card to credit bureaus. There are secured credit cards that report a secured credit card as unsecured. I have three of them myself so I know. American Pacific Bank,Umbrella Bank,Capital One,report as unsecured.Also after phone calls and research I am very sure Amalgamated Bank Of Chicago,and Orchard Bank do not report as secured.If this helps great I do know more if you have anymore questions.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Missy
Posted: Mon Jun 28, 2004 8:47 pm
Post subject: Changing My Credit Card Limit
9/10/2002 8:19 am CDT
JASON!!!! My little book of knowledge Thanks alot! Just for kicks since they have been getting on my last nerves....I called the creditors back (on a different shift of course) and asked if I can have a written agreement or proposal of what the will do for me once I have paid this bill. They stated that: 1) They do not do written aggreements (which I have found to be not totally true. I have a letter from them stating that I owe $200.00 but they have been authorizd to accept $102.00 within 30 days of the letter. To me...that is a written agreement from them with their letterhead and all). I know the $200.00 debt sounds so minute but, it's really not when you are dealing with Sprint PCS and they ask for a deposit up front because of my credit AGAIN. I still believe that my deposit of $125.00 goes towards my ending bill if I did not pay. I have done this twice with Sprint PCS. Just seems like their rules are changing. But, anyway. The creditor also said that they will not delete this from my report but they will put the account as a "paid as agreed". Because it's the law.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
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