Credit Line Increase on New Credit Card Account
Guest: aman74
Post subject: Credit Line Increase on New Credit Card Account
Posted: Tue Apr 18, 2006 1:28 am
[quote="QikPass"]Amex has a range when you apply. If you uncomfortable, fudging about your income, just remember that you need to use the "household" income. That includes the dogs income...(dosent your dog earn at least 60 000?).
I prefer the AMEX Blue (not blue cash), as it gives 0% on purchases and balance transfers for 15 months with a faily decent rate after the 0% is up. Of course at that time, if u still carrying a balance, call them and ask to have your rate lowered.
Process for CL increase at activation is as follows. Apply online for the card. When you get your card, dont activate the card via the automated number. Call the number on the back of the card and speak to a CSR.tell them you want to activate the card, but to do so you need to have the limit increased . They will ask how much you want, ask them whats the max u can get . AMEX usually matches or goes over your highest current card limit.
You can also include the balances you want to transfer with your online application, saves you some time and kinda almost guarantees that you'll get that large limit...especially since you already have a high score and a decent record of credit.
Note that AMEX gives up to 25 000 without needing to verify income, so use that as you maximum that your asking for.
Good Luck..[/quote]
I appreciate you and everyone else taking the time to reply and help me out, this is great.
I will definitely look into going this route.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: davej
Posted: Tue Apr 18, 2006 2:57 am
Quote:
-So with no job, was stopping the increases a good move?
-My balance is getting close to the 50 percent mark, I hear that is a negative so am wondering if it's best to let the card limit increase.
If you're close to 50% utilization, definitely a CLI will help. I see no point in stopping the increases regardless of your job situation. Unless, of course, you cannot resist the temptation to tap into the money sitting there, especially given your financial troubles, and drive yourself into more debt when you see no income coming in yet...
Quote:
-I don't pay late, but is it better to pay early? I thought it didn't matter, but I saw reference that it can help
If by 'paying late' you mean close to the due date, then IMHO paying early might help in that you have a time cushion in case your payment bounces or doesn't go through for some reason. In that case if you paid early, you'd have time to make another payment before it's due.
Quote:
-I'm disturbed to hear that Chase uses 2-cycle billing. Does this affect me since I carry a large balance? I do sometimes have new purchases as well.
Well, sure that affects you. In short, if you're building debt then it actually works to your advantage, but if you're reducing your debt (which you should be doing eventually), you pay more interest than you'd pay on the same APR card using one-cycle billling. There was a post or link somewhere in this forum to a good explanation of 2-cycle billing.
Quote:
-Any tips on gettting a better rate from Chase?
I got mine reduced to 9.99 fixed by speaking with an analyst there. I had my Chase for 2 years by then, so calling might do the trick. I had no balance when I called though...
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 Apr 18, 2006 9:52 am
How is two cycle billing ever better for a debtor than one cycle billing, all rates being equal? Please explain.
_________________
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!
Guest: davej
Posted: Wed Apr 19, 2006 2:26 am
Here's how I understand this. Like I said it works only when your debt is increasing month to month.
Billing cycle 1: Your balance goes from $0 to $200
Billing cycle 2: $300
Now with two-cycle billing in at the end of cycle 2 your rate is applied to the average of these two, that is $250 instead of $300 (as with one-cycle). Well, it's the average daily balance in fact, but it should work to roughly the same effect I guess...
However, I'm not saying it's good for a debtor, no way, since when you start paying down, you'll have a mirror image, retroactive charges and whatnot...
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: Wed Apr 19, 2006 11:07 am
I didn't think it worked that way. I'll have to check on this...
Thanks for posting!
_________________
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!
Guest: Polonius
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Wed Apr 19, 2006 11:20 am
No, it doesn't work that way. Check this article:
http://www.wistv.com/Global/story.asp?S=2990922
It quotes some people named Detweiler and Stoller. Now, WHERE have I heard those names before?
And check the definition here
The point is that the two-cycle computations don't apply every month you owe a balance--it's basically a way to kill the grace period for purchases when you don't pay in full each month. You get charged retroactively for those purchases for the second cycle what you weren't charged in the first. From then on, assuming you're still carrying a balance, you're charged on your average daily balance for that month as usual.
_________________
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!
Guest: Board Monitor
Board Monitor/ Administrator
Posted: Wed Apr 19, 2006 6:45 pm
Quote:
It quotes some people named Detweiler and Stoller
Hmmm...those names do sound familiar.
_________________
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314
Sign up for our free monthly e-mail newsletter!
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: Credit Line Increase on New Credit Card Account
Posted: Tue Apr 18, 2006 1:28 am
[quote="QikPass"]Amex has a range when you apply. If you uncomfortable, fudging about your income, just remember that you need to use the "household" income. That includes the dogs income...(dosent your dog earn at least 60 000?).
I prefer the AMEX Blue (not blue cash), as it gives 0% on purchases and balance transfers for 15 months with a faily decent rate after the 0% is up. Of course at that time, if u still carrying a balance, call them and ask to have your rate lowered.
Process for CL increase at activation is as follows. Apply online for the card. When you get your card, dont activate the card via the automated number. Call the number on the back of the card and speak to a CSR.tell them you want to activate the card, but to do so you need to have the limit increased . They will ask how much you want, ask them whats the max u can get . AMEX usually matches or goes over your highest current card limit.
You can also include the balances you want to transfer with your online application, saves you some time and kinda almost guarantees that you'll get that large limit...especially since you already have a high score and a decent record of credit.
Note that AMEX gives up to 25 000 without needing to verify income, so use that as you maximum that your asking for.
Good Luck..[/quote]
I appreciate you and everyone else taking the time to reply and help me out, this is great.
I will definitely look into going this route.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: davej
Posted: Tue Apr 18, 2006 2:57 am
Quote:
-So with no job, was stopping the increases a good move?
-My balance is getting close to the 50 percent mark, I hear that is a negative so am wondering if it's best to let the card limit increase.
If you're close to 50% utilization, definitely a CLI will help. I see no point in stopping the increases regardless of your job situation. Unless, of course, you cannot resist the temptation to tap into the money sitting there, especially given your financial troubles, and drive yourself into more debt when you see no income coming in yet...
Quote:
-I don't pay late, but is it better to pay early? I thought it didn't matter, but I saw reference that it can help
If by 'paying late' you mean close to the due date, then IMHO paying early might help in that you have a time cushion in case your payment bounces or doesn't go through for some reason. In that case if you paid early, you'd have time to make another payment before it's due.
Quote:
-I'm disturbed to hear that Chase uses 2-cycle billing. Does this affect me since I carry a large balance? I do sometimes have new purchases as well.
Well, sure that affects you. In short, if you're building debt then it actually works to your advantage, but if you're reducing your debt (which you should be doing eventually), you pay more interest than you'd pay on the same APR card using one-cycle billling. There was a post or link somewhere in this forum to a good explanation of 2-cycle billing.
Quote:
-Any tips on gettting a better rate from Chase?
I got mine reduced to 9.99 fixed by speaking with an analyst there. I had my Chase for 2 years by then, so calling might do the trick. I had no balance when I called though...
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 Apr 18, 2006 9:52 am
How is two cycle billing ever better for a debtor than one cycle billing, all rates being equal? Please explain.
_________________
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!
Guest: davej
Posted: Wed Apr 19, 2006 2:26 am
Here's how I understand this. Like I said it works only when your debt is increasing month to month.
Billing cycle 1: Your balance goes from $0 to $200
Billing cycle 2: $300
Now with two-cycle billing in at the end of cycle 2 your rate is applied to the average of these two, that is $250 instead of $300 (as with one-cycle). Well, it's the average daily balance in fact, but it should work to roughly the same effect I guess...
However, I'm not saying it's good for a debtor, no way, since when you start paying down, you'll have a mirror image, retroactive charges and whatnot...
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: Wed Apr 19, 2006 11:07 am
I didn't think it worked that way. I'll have to check on this...
Thanks for posting!
_________________
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!
Guest: Polonius
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Wed Apr 19, 2006 11:20 am
No, it doesn't work that way. Check this article:
http://www.wistv.com/Global/story.asp?S=2990922
It quotes some people named Detweiler and Stoller. Now, WHERE have I heard those names before?
And check the definition here
The point is that the two-cycle computations don't apply every month you owe a balance--it's basically a way to kill the grace period for purchases when you don't pay in full each month. You get charged retroactively for those purchases for the second cycle what you weren't charged in the first. From then on, assuming you're still carrying a balance, you're charged on your average daily balance for that month as usual.
_________________
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!
Guest: Board Monitor
Board Monitor/ Administrator
Posted: Wed Apr 19, 2006 6:45 pm
Quote:
It quotes some people named Detweiler and Stoller
Hmmm...those names do sound familiar.
_________________
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314
Sign up for our free monthly e-mail newsletter!
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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