Are Credit Cards Based On Income?
Author: Guest
Posted: Thu Jun 12, 2003 6:29 am
Post subject: Are Credit Cards Based On Income?
I have found this forum to be extremely informative and would also like to submit some questions. I have had a Shell MC and Chase freedom card for a while and increased their limits to $20,000+ on each. I was thinking of getting another card, and was wondering if my initial balance is going to be as high. I have excellent credit and high income of $125,000+ but dont' want to go through building a high limit from scratch again. Any suggestions?
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Author: Kitten
Posted: Thu Jun 12, 2003 7:46 pm
Post subject: Are Credit Cards Based On Income?
This all depends on the creditor. Most banks tend to give credit based on how you've used what you currently have. If your credit is as good as what you say it is, then you probably won't have much trouble getting something comparable to your current credit lines. If you get something lower, you can always request an increase.
Author: Eugene
Posted: Thu Jun 12, 2003 10:32 pm
Post subject: Are Credit Cards Based On Income?
On a couple of occasions I noticed that you have a good chance of increasing the limit immediately after you receive the card, possibly even before you activate it.
"Hi! I just received my new card from you, and I see that the limit is a little low compared to other cards I have. I heard many good things about your bank and I want to keep the card and use it as my main one, but that would be possible only if you increase my limit. Could you do that, please?"
If they ask how much credit line you need, I recommend doubling or trippling the amount you think you will get. If you say $50,000, they are not gonna decline completely, they'll just give you whatever they can.
Another strategy is to tell them that you wanted to transfer a significant balance and need higher limit for that purpose. When they ask you for details of the cards you are transfering the balance from, suddenly "realize" that you do not have the cards. They are at home, and you are at work, and you will call them back for the balance transfer asap, but you'd appreciate the credit line increase before that, so that you know for sure that balance transfer will be possible.
Teling them you wanted to make a big purchase can work as well.
Bottomline is, they often feel so happy getting your account that they do increase it, sometimes significantly.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Thu Jun 12, 2003 6:29 am
Post subject: Are Credit Cards Based On Income?
I have found this forum to be extremely informative and would also like to submit some questions. I have had a Shell MC and Chase freedom card for a while and increased their limits to $20,000+ on each. I was thinking of getting another card, and was wondering if my initial balance is going to be as high. I have excellent credit and high income of $125,000+ but dont' want to go through building a high limit from scratch again. Any suggestions?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Kitten
Posted: Thu Jun 12, 2003 7:46 pm
Post subject: Are Credit Cards Based On Income?
This all depends on the creditor. Most banks tend to give credit based on how you've used what you currently have. If your credit is as good as what you say it is, then you probably won't have much trouble getting something comparable to your current credit lines. If you get something lower, you can always request an increase.
Author: Eugene
Posted: Thu Jun 12, 2003 10:32 pm
Post subject: Are Credit Cards Based On Income?
On a couple of occasions I noticed that you have a good chance of increasing the limit immediately after you receive the card, possibly even before you activate it.
"Hi! I just received my new card from you, and I see that the limit is a little low compared to other cards I have. I heard many good things about your bank and I want to keep the card and use it as my main one, but that would be possible only if you increase my limit. Could you do that, please?"
If they ask how much credit line you need, I recommend doubling or trippling the amount you think you will get. If you say $50,000, they are not gonna decline completely, they'll just give you whatever they can.
Another strategy is to tell them that you wanted to transfer a significant balance and need higher limit for that purpose. When they ask you for details of the cards you are transfering the balance from, suddenly "realize" that you do not have the cards. They are at home, and you are at work, and you will call them back for the balance transfer asap, but you'd appreciate the credit line increase before that, so that you know for sure that balance transfer will be possible.
Teling them you wanted to make a big purchase can work as well.
Bottomline is, they often feel so happy getting your account that they do increase it, sometimes significantly.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 11:35 AM
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