Big Credit Limit Increase on a Credit Card
Author: shorty23js
Posted: Wed Apr 26, 2006 7:55 am
Post subject: Big credit increase, What does that mean??
My husband had a $500 credit line for his home depot card and he opened that in Nov 2005. 2 days ago we recieved his statement and they had 4,000 as his new credit line. What does that mean?? Several months ago I disputed some of his accounts on his credit reports and some where deleted others where updated and his points went down dramatically I believe because of me disputing his accounts.
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Author: shorty23js
Posted: Wed Apr 26, 2006 8:07 am
Post subject:
My husband has repaired his credit for the last 3yrs paying all his bills on time but what was hurting him was a high balance on a credit card with his bank. What happened was he joined the military in Jan 2003 and he took a 2500.00 pay cut, efore you join the service they tell you things that are not true until you are waived in and you find out on your own how things work, So we a big truck payment of 609.00 and a car payment of 330.00 and his basic pay a month was 1608.00 but we lived on base free, We where late on his truck payment 2 times before we had to trade it in for something more affordable, That was when his last late payment was like may 2003. I became pregnant in Jan 2004 and he applied for a credit increase with his credit union, Which he had since he was an infant, His current credit limit was 600 which he had opened since 1997 and they never automatically increased it, He asked for atleast 2,000 increase, Well they screwed up and gave him a credit line of 100,000.00. I nearly crapped my pants, He only made 1608.00 month but they gave him a credit increase of 99,400. We called VISA and they said that it was correct and so after 6 calls to verify that the increase was right we spent 2,000. for our new baby. 3 wks later the credit card company said it was wrong and the credit increase should have been 1,000.00. This hurt my husbands credit, He should over the limit and everything dropped and they told him it was his fault for charging 2,000. not theres. Last month I had talked to his credit union and told them it is only fair that you show his credit line to be over his balance because this is hurting him still til this day, They agreed, But can't he do something about this??
Author: shorty23js
Posted: Wed Apr 26, 2006 8:12 am
Post subject: Big Credit Limit Increase on a Credit Card
Since all this happened he has been on time and is now a disabled vet out of the service and making bigger money. But he is still paying off that cc with the credit union, He will not pay it off sooner because of how the screwed him, Sure he could of paid this off but he said screw them, They screwed me let them wait I will make my minimum payment paying 20.00 over what is due until it is paid, Should he do this still?? In Nov he had a offer for a home depot card so he accepted and recieved a credi tline of 500.00, So the reason for the post was is his credit looking better as to why they issued him a 3500 increase?? Thanks for reading this long drama any positive feedback would help, I love this forum and evryone has such great advice, Thanks.
Author: fitz75
Posted: Wed Apr 26, 2006 8:19 am
Post subject: Big Credit Limit Increase on a Credit Card
[quote="shorty23But he is still paying off that cc with the credit union, He will not pay it off sooner because of how the screwed him, Sure he could of paid this off but he said screw them, They screwed me let them wait I will make my minimum payment paying 20.00 over what is due until it is paid, Should he do this still??quote]
Why would the credit union want him to pay it off, especially if the interest rate is high. The longer it takes him to pay that off the more money they are making off of him.
Author: shooter
Posted: Wed Apr 26, 2006 2:58 pm
Post subject: Big Credit Limit Increase on a Credit Card
[quote="shorty23js"]Since all this happened he has been on time and is now a disabled vet out of the service and making bigger money. But he is still paying off that cc with the credit union, He will not pay it off sooner because of how the screwed him, Sure he could of paid this off but he said screw them, They screwed me let them wait I will make my minimum payment paying 20.00 over what is due until it is paid, Should he do this still?? In Nov he had a offer for a home depot card so he accepted and recieved a credi tline of 500.00, So the reason for the post was is his credit looking better as to why they issued him a 3500 increase?? Thanks for reading this long drama any positive feedback would help, I love this forum and evryone has such great advice, Thanks.[/quote]
Fitz is right. The only person your husband is screwing is himself. Credit card companies love people who make minimum payments because they make the most money off of them. They did rake you guys over the coals but I'm sorry to say the only thing you can do to stick it to them is pay the thing off and never let them get another penny of your money.
Author: shorty23js
Posted: Wed Apr 26, 2006 6:48 pm
Post subject:
His apr is 6% on his card. He is just upset because he has been a member since he was a baby and he took out many loans and paid them on time, Never any problems until he requested a credit increase and they screwed up his credit big time. But you guys are right, He is only screwing himself.
Author: Polonius
Posted: Wed Apr 26, 2006 7:20 pm
Post subject: Big Credit Limit Increase on a Credit Card
Quote:
he credit card company said it was wrong and the credit increase should have been 1,000.00.
That's the point where you pay back the extra money borrowed and ask the company to forgive the overlimit because it was not YOUR fault. Then no harm would have been done.
The problem came about because you didn't do that. Your husband continued to be over the limit AFTER he was told the limit was corrected back to what it should have been. The first mistake was the bank's and it would have been corrected without you being harmed. But THAT mistake was your husband's.
C'mon. You knew that no matter what someone told you over the phone, sooner or later that $100,000 limit would have gone away. If you're going to take advantage of such a blunder, be prepared to pay the money back whenever the blunder is discovered. Usually you can keep whatever interest/profits you earned on the money during the time...
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Wed Apr 26, 2006 7:55 am
Post subject: Big credit increase, What does that mean??
My husband had a $500 credit line for his home depot card and he opened that in Nov 2005. 2 days ago we recieved his statement and they had 4,000 as his new credit line. What does that mean?? Several months ago I disputed some of his accounts on his credit reports and some where deleted others where updated and his points went down dramatically I believe because of me disputing his accounts.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: shorty23js
Posted: Wed Apr 26, 2006 8:07 am
Post subject:
My husband has repaired his credit for the last 3yrs paying all his bills on time but what was hurting him was a high balance on a credit card with his bank. What happened was he joined the military in Jan 2003 and he took a 2500.00 pay cut, efore you join the service they tell you things that are not true until you are waived in and you find out on your own how things work, So we a big truck payment of 609.00 and a car payment of 330.00 and his basic pay a month was 1608.00 but we lived on base free, We where late on his truck payment 2 times before we had to trade it in for something more affordable, That was when his last late payment was like may 2003. I became pregnant in Jan 2004 and he applied for a credit increase with his credit union, Which he had since he was an infant, His current credit limit was 600 which he had opened since 1997 and they never automatically increased it, He asked for atleast 2,000 increase, Well they screwed up and gave him a credit line of 100,000.00. I nearly crapped my pants, He only made 1608.00 month but they gave him a credit increase of 99,400. We called VISA and they said that it was correct and so after 6 calls to verify that the increase was right we spent 2,000. for our new baby. 3 wks later the credit card company said it was wrong and the credit increase should have been 1,000.00. This hurt my husbands credit, He should over the limit and everything dropped and they told him it was his fault for charging 2,000. not theres. Last month I had talked to his credit union and told them it is only fair that you show his credit line to be over his balance because this is hurting him still til this day, They agreed, But can't he do something about this??
Author: shorty23js
Posted: Wed Apr 26, 2006 8:12 am
Post subject: Big Credit Limit Increase on a Credit Card
Since all this happened he has been on time and is now a disabled vet out of the service and making bigger money. But he is still paying off that cc with the credit union, He will not pay it off sooner because of how the screwed him, Sure he could of paid this off but he said screw them, They screwed me let them wait I will make my minimum payment paying 20.00 over what is due until it is paid, Should he do this still?? In Nov he had a offer for a home depot card so he accepted and recieved a credi tline of 500.00, So the reason for the post was is his credit looking better as to why they issued him a 3500 increase?? Thanks for reading this long drama any positive feedback would help, I love this forum and evryone has such great advice, Thanks.
Author: fitz75
Posted: Wed Apr 26, 2006 8:19 am
Post subject: Big Credit Limit Increase on a Credit Card
[quote="shorty23But he is still paying off that cc with the credit union, He will not pay it off sooner because of how the screwed him, Sure he could of paid this off but he said screw them, They screwed me let them wait I will make my minimum payment paying 20.00 over what is due until it is paid, Should he do this still??quote]
Why would the credit union want him to pay it off, especially if the interest rate is high. The longer it takes him to pay that off the more money they are making off of him.
Author: shooter
Posted: Wed Apr 26, 2006 2:58 pm
Post subject: Big Credit Limit Increase on a Credit Card
[quote="shorty23js"]Since all this happened he has been on time and is now a disabled vet out of the service and making bigger money. But he is still paying off that cc with the credit union, He will not pay it off sooner because of how the screwed him, Sure he could of paid this off but he said screw them, They screwed me let them wait I will make my minimum payment paying 20.00 over what is due until it is paid, Should he do this still?? In Nov he had a offer for a home depot card so he accepted and recieved a credi tline of 500.00, So the reason for the post was is his credit looking better as to why they issued him a 3500 increase?? Thanks for reading this long drama any positive feedback would help, I love this forum and evryone has such great advice, Thanks.[/quote]
Fitz is right. The only person your husband is screwing is himself. Credit card companies love people who make minimum payments because they make the most money off of them. They did rake you guys over the coals but I'm sorry to say the only thing you can do to stick it to them is pay the thing off and never let them get another penny of your money.
Author: shorty23js
Posted: Wed Apr 26, 2006 6:48 pm
Post subject:
His apr is 6% on his card. He is just upset because he has been a member since he was a baby and he took out many loans and paid them on time, Never any problems until he requested a credit increase and they screwed up his credit big time. But you guys are right, He is only screwing himself.
Author: Polonius
Posted: Wed Apr 26, 2006 7:20 pm
Post subject: Big Credit Limit Increase on a Credit Card
Quote:
he credit card company said it was wrong and the credit increase should have been 1,000.00.
That's the point where you pay back the extra money borrowed and ask the company to forgive the overlimit because it was not YOUR fault. Then no harm would have been done.
The problem came about because you didn't do that. Your husband continued to be over the limit AFTER he was told the limit was corrected back to what it should have been. The first mistake was the bank's and it would have been corrected without you being harmed. But THAT mistake was your husband's.
C'mon. You knew that no matter what someone told you over the phone, sooner or later that $100,000 limit would have gone away. If you're going to take advantage of such a blunder, be prepared to pay the money back whenever the blunder is discovered. Usually you can keep whatever interest/profits you earned on the money during the time...
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 10:42 PM
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