HSBC Credit Card Credit Line Increase (cont'd.)
Guest: BigDog
Post subject: HSBC Credit Card Credit Line Increase
Posted: Sun Mar 26, 2006 12:54 pm
Hey Cled,
If you don't mind me asking?
How much of and increase did they give you after 2 years and do you know if they pulled your credit report hard or soft.
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Guest: JoyJoy
Posted: Sun Mar 26, 2006 1:14 pm
When I opened my HSBC savings and called them regarding a question I had about bank to bank transfer, the CR said I had been approved for a 12 month 0% balance transfer offer. He said he would transfer me to the credit card dept for further details. I got cut off and I went online and applied for the HSBC Mastercard. I was instantly approved with a CL of $15K. I thought it was $1,500.00 LOL and later when I went through the whole process and printed out my results, I noted I was approved for $15K and not $1,500. My balance transfer went very smooth too.
I am very pleased with my relationship with HSBC. They post my savings deposits within 2 days and I am fortunate to live within a few blocks of their branch office. Another added benefit is they are open 7 days a week.....Sun 11A-3:00P....both lobby and drive-in!
_________________
J~J
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Ira
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Sun Mar 26, 2006 4:07 pm
Quote:
I discovered an automatic limit increase of $1500 a week ago.
Oh ya, they'll definitely hit ya with hard inquiry, they're not softies like BofA.
Are you sure? I don't think they can do that if they initiate the transaction.
_________________
Do not let what you cannot do interfere with what you can do.
Ira
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: maddybeagle
Credit Expert (100+ Posts)
Posted: Sun Mar 26, 2006 4:43 pm
I added a gm card a few months back. They explained that they will do a cli after 6 months. If you look at fat wallet, there are threads on how to "encourage" cli's. One way is to max out a card. Many of the sites, if you periodically check for the online increase, you can be approved without a hard inquiry unless you get the "long form".
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: cled
Posted: Mon Mar 27, 2006 11:43 am
BigDog wrote:
Hey Cled,
If you don't mind me asking?
How much of and increase did they give you after 2 years and do you know if they pulled your credit report hard or soft.
i started with $5,000, then $8,300, then $10,000...
last increase was just 1,700...
pulled hard...
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Verne
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Mon Mar 27, 2006 3:25 pm
I've never asked for a credit limit increase from Household Bank (for my GM card) but it usually goes up on its own every 18 months to 2 years. I can't remember what limit I started with ($7,000 or so) and, now, after nine years, it's well over $20,000.
In my experience, credit limit increases come more readily when I run up a huge balance and pay it off. I also like to mix up my usage, carrying a balance some months or none at all other months. I try to demonstrate that I can handle credit, that I'm able to make large payments, and yet dumb, neglectful, or apathetic enough to pay interest on occasion. (virtues of a good customer)
In the short run, I realize carrying a balance isn't a good thing but it makes you a "better customer" in the credit card company's eyes. This, in turn, may translate into better offers and credit limit increases. And sometimes, for those of us who must carry a balance, a credit limit increase equals better deals and lower rates.
The best way not to get a credit limit increase is to run up a high balance and make a series of minimum payments. Having high overall utilization is another CLI killer too. And, of course, never be late or over the limit.
The more you look like you don't need a credit limit increase, the more likely you are to get one.
Verne
_________________
Any agreement that can be changed at any time, for any reason, is no agreement at all.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: BigDog
Posted: Tue Mar 28, 2006 12:21 am
Well,
What I do is get a 0% card for 12 months. Over the course of 12 months I make small payments. Say the min payment is $20.00 - I will pay $50.00. Then at month 11 or 12 when the 0% is soon to end. I pay the whole balance off. Heck, it free money for me.
Am I looked upon in a bad way to the Credit Card Companys when I do this. Should I pay a month or 2 of ( I can't even bare to say the word) Interest and then pay the balance of.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Ira
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Tue Mar 28, 2006 2:05 am
What the heck do you care what they "think" of you? "They" is a massive computer system which hopefully doesn't think at all. If you play by their rules you're doing fine. On a 0% offer there's absolutely nothing to be gained by paying more than the minimum each month. I assume you're doing like a lot of us, myself included, and putting the BT cash in an interest bearing account. Pay the minimum every month, withdraw the principal a few days before the last monthly statement is due, and pay off the balance a few days - not a few months - before the expiration of the intro rate. That's the way you impress the bank - play by THEIR rules. Give them exactly what they ask for and not a penny more.
_________________
Do not let what you cannot do interfere with what you can do.
Ira
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: JoyJoy
Posted: Tue Mar 28, 2006 10:42 am
[quote="Ira"]What the heck do you care what they "think" of you? "They" is a massive computer system which hopefully doesn't think at all. If you play by their rules you're doing fine. On a 0% offer there's absolutely nothing to be gained by paying more than the minimum each month. I assume you're doing like a lot of us, myself included, and putting the BT cash in an interest bearing account. Pay the minimum every month, withdraw the principal a few days before the last monthly statement is due, and pay off the balance a few days - not a few months - before the expiration of the intro rate. That's the way you impress the bank - play by THEIR rules. Give them exactly what they ask for and not a penny more.[/quote]
As always I enjoy reading your posts, Ira. ! I would love to do this! This doesn't apply to balance transfers that were used to pay off credit card balances though does it? For instance, I used a BT to pay off credit card debt in the amount of $4,850.00. I send in monthly payments of $404.22 instead of the $49.00 the cc company asks for. My debt will be paid off before the expiration date of 3/20/07. Now if I had used that $4,850.00 as a balance transfer to myself with no debt and placed it in an interest bearing account then I would just pay the minimum each month to the credit card company because I have that $4,850.00 already accounted for and making interest, correct?
_________________
J~J
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Polonius
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Tue Mar 28, 2006 12:33 pm
Do you have any reason to not pay the $49 per month and put the rest of your payment into a savings account earning 4.8%, instead of sending it all to the bank each month? That's what Ira is suggesting for the scenario you present.
0% money is free money; invest it safely, and pay it back only when you have to do so. Makes sense to me!
_________________
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Post subject: HSBC Credit Card Credit Line Increase
Posted: Sun Mar 26, 2006 12:54 pm
Hey Cled,
If you don't mind me asking?
How much of and increase did they give you after 2 years and do you know if they pulled your credit report hard or soft.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: JoyJoy
Posted: Sun Mar 26, 2006 1:14 pm
When I opened my HSBC savings and called them regarding a question I had about bank to bank transfer, the CR said I had been approved for a 12 month 0% balance transfer offer. He said he would transfer me to the credit card dept for further details. I got cut off and I went online and applied for the HSBC Mastercard. I was instantly approved with a CL of $15K. I thought it was $1,500.00 LOL and later when I went through the whole process and printed out my results, I noted I was approved for $15K and not $1,500. My balance transfer went very smooth too.
I am very pleased with my relationship with HSBC. They post my savings deposits within 2 days and I am fortunate to live within a few blocks of their branch office. Another added benefit is they are open 7 days a week.....Sun 11A-3:00P....both lobby and drive-in!
_________________
J~J
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Ira
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Sun Mar 26, 2006 4:07 pm
Quote:
I discovered an automatic limit increase of $1500 a week ago.
Oh ya, they'll definitely hit ya with hard inquiry, they're not softies like BofA.
Are you sure? I don't think they can do that if they initiate the transaction.
_________________
Do not let what you cannot do interfere with what you can do.
Ira
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: maddybeagle
Credit Expert (100+ Posts)
Posted: Sun Mar 26, 2006 4:43 pm
I added a gm card a few months back. They explained that they will do a cli after 6 months. If you look at fat wallet, there are threads on how to "encourage" cli's. One way is to max out a card. Many of the sites, if you periodically check for the online increase, you can be approved without a hard inquiry unless you get the "long form".
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: cled
Posted: Mon Mar 27, 2006 11:43 am
BigDog wrote:
Hey Cled,
If you don't mind me asking?
How much of and increase did they give you after 2 years and do you know if they pulled your credit report hard or soft.
i started with $5,000, then $8,300, then $10,000...
last increase was just 1,700...
pulled hard...
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Verne
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Mon Mar 27, 2006 3:25 pm
I've never asked for a credit limit increase from Household Bank (for my GM card) but it usually goes up on its own every 18 months to 2 years. I can't remember what limit I started with ($7,000 or so) and, now, after nine years, it's well over $20,000.
In my experience, credit limit increases come more readily when I run up a huge balance and pay it off. I also like to mix up my usage, carrying a balance some months or none at all other months. I try to demonstrate that I can handle credit, that I'm able to make large payments, and yet dumb, neglectful, or apathetic enough to pay interest on occasion. (virtues of a good customer)
In the short run, I realize carrying a balance isn't a good thing but it makes you a "better customer" in the credit card company's eyes. This, in turn, may translate into better offers and credit limit increases. And sometimes, for those of us who must carry a balance, a credit limit increase equals better deals and lower rates.
The best way not to get a credit limit increase is to run up a high balance and make a series of minimum payments. Having high overall utilization is another CLI killer too. And, of course, never be late or over the limit.
The more you look like you don't need a credit limit increase, the more likely you are to get one.
Verne
_________________
Any agreement that can be changed at any time, for any reason, is no agreement at all.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: BigDog
Posted: Tue Mar 28, 2006 12:21 am
Well,
What I do is get a 0% card for 12 months. Over the course of 12 months I make small payments. Say the min payment is $20.00 - I will pay $50.00. Then at month 11 or 12 when the 0% is soon to end. I pay the whole balance off. Heck, it free money for me.
Am I looked upon in a bad way to the Credit Card Companys when I do this. Should I pay a month or 2 of ( I can't even bare to say the word) Interest and then pay the balance of.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Ira
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Tue Mar 28, 2006 2:05 am
What the heck do you care what they "think" of you? "They" is a massive computer system which hopefully doesn't think at all. If you play by their rules you're doing fine. On a 0% offer there's absolutely nothing to be gained by paying more than the minimum each month. I assume you're doing like a lot of us, myself included, and putting the BT cash in an interest bearing account. Pay the minimum every month, withdraw the principal a few days before the last monthly statement is due, and pay off the balance a few days - not a few months - before the expiration of the intro rate. That's the way you impress the bank - play by THEIR rules. Give them exactly what they ask for and not a penny more.
_________________
Do not let what you cannot do interfere with what you can do.
Ira
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: JoyJoy
Posted: Tue Mar 28, 2006 10:42 am
[quote="Ira"]What the heck do you care what they "think" of you? "They" is a massive computer system which hopefully doesn't think at all. If you play by their rules you're doing fine. On a 0% offer there's absolutely nothing to be gained by paying more than the minimum each month. I assume you're doing like a lot of us, myself included, and putting the BT cash in an interest bearing account. Pay the minimum every month, withdraw the principal a few days before the last monthly statement is due, and pay off the balance a few days - not a few months - before the expiration of the intro rate. That's the way you impress the bank - play by THEIR rules. Give them exactly what they ask for and not a penny more.[/quote]
As always I enjoy reading your posts, Ira. ! I would love to do this! This doesn't apply to balance transfers that were used to pay off credit card balances though does it? For instance, I used a BT to pay off credit card debt in the amount of $4,850.00. I send in monthly payments of $404.22 instead of the $49.00 the cc company asks for. My debt will be paid off before the expiration date of 3/20/07. Now if I had used that $4,850.00 as a balance transfer to myself with no debt and placed it in an interest bearing account then I would just pay the minimum each month to the credit card company because I have that $4,850.00 already accounted for and making interest, correct?
_________________
J~J
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Polonius
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Tue Mar 28, 2006 12:33 pm
Do you have any reason to not pay the $49 per month and put the rest of your payment into a savings account earning 4.8%, instead of sending it all to the bank each month? That's what Ira is suggesting for the scenario you present.
0% money is free money; invest it safely, and pay it back only when you have to do so. Makes sense to me!
_________________
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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 2:55 PM
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