Credit Line Increase on my Bank of America and AmEx Credit Cards
Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Post subject: Credit Line Increase on my Bank of America and AmEx Credit Cards
Posted: Tue Aug 22, 2006 11:58 pm
FOR CHASE IT IS GOOD
I do have much more than all 3 on one card with BofA and AMEX
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Guest: cled
Posted: Wed Aug 23, 2006 2:48 am
mouse wrote:
FOR CHASE IT IS GOOD
I do have much more than all 3 on one card with BofA and AMEX
with chase, got $700(old) and $5.000 (new)
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Guest: ajulius
Posted: Wed Aug 23, 2006 11:27 am
cled wrote:
mouse wrote:
FOR CHASE IT IS GOOD
I do have much more than all 3 on one card with BofA and AMEX
with chase, got $700(old) and $5.000 (new)
Believe it or not Bank Of America wouldn't raise me from $6500. I took out the full balance of the 5000 credit limit I think it was at the time, they raised my limit to 6500 after 9mths. I paid off the balance in full, and they wouldn't raise me after a soft CLI request nor on their own.
So I don't have a clue as to how credit card issuers assign credit limits. My highest payoff amount was 24900 and Chase came close with a limit of 24600 while on that card with MBNA, I have a limit of 31400.
Now if I didn't use 0%s and charged a full 31400 each and every month and paid in full I have no doubt I would have super high credit limits.
The question now is with Chase they can raise my rate according to the disclosures, so should I keep those CCs with 0%s to like 60% usage ratios rather than taking out the full 100% at 0%?
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Guest: Polonius
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Wed Aug 23, 2006 11:34 am
1) They can't rate-jack you after the fact on THOSE BTs if you meet the terms and make your payments on time.
2) They CAN rate-jack you on your regular purchase rate or your cash advance rate--but that won't affect you since you pay in full each month.
3) They CAN lower your limit at any time, but still have to honor the BTs.
That said, I would urge you not to max out those lines. Keep usage on each one below 90%, preferably below 50%. That, in my opinion, is the best strategy to keep your credit scores high and encourage more such offers and higher limits in the years ahead. I don't always adhere to those policies myself, but I'm greedy and hate leaving money on the table.
As far as "not worth bothering with" is concerned, do the math. You can earn 5% or more risk-free on those funds. How much profit is needed for you to write a BT check and put some cash into savings on which you pay 0% with maybe a small fee?
_________________
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!
SENIOR MEMBER (Member for 2 yrs.+)
Post subject: Credit Line Increase on my Bank of America and AmEx Credit Cards
Posted: Tue Aug 22, 2006 11:58 pm
FOR CHASE IT IS GOOD
I do have much more than all 3 on one card with BofA and AMEX
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: Wed Aug 23, 2006 2:48 am
mouse wrote:
FOR CHASE IT IS GOOD
I do have much more than all 3 on one card with BofA and AMEX
with chase, got $700(old) and $5.000 (new)
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: ajulius
Posted: Wed Aug 23, 2006 11:27 am
cled wrote:
mouse wrote:
FOR CHASE IT IS GOOD
I do have much more than all 3 on one card with BofA and AMEX
with chase, got $700(old) and $5.000 (new)
Believe it or not Bank Of America wouldn't raise me from $6500. I took out the full balance of the 5000 credit limit I think it was at the time, they raised my limit to 6500 after 9mths. I paid off the balance in full, and they wouldn't raise me after a soft CLI request nor on their own.
So I don't have a clue as to how credit card issuers assign credit limits. My highest payoff amount was 24900 and Chase came close with a limit of 24600 while on that card with MBNA, I have a limit of 31400.
Now if I didn't use 0%s and charged a full 31400 each and every month and paid in full I have no doubt I would have super high credit limits.
The question now is with Chase they can raise my rate according to the disclosures, so should I keep those CCs with 0%s to like 60% usage ratios rather than taking out the full 100% at 0%?
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 Aug 23, 2006 11:34 am
1) They can't rate-jack you after the fact on THOSE BTs if you meet the terms and make your payments on time.
2) They CAN rate-jack you on your regular purchase rate or your cash advance rate--but that won't affect you since you pay in full each month.
3) They CAN lower your limit at any time, but still have to honor the BTs.
That said, I would urge you not to max out those lines. Keep usage on each one below 90%, preferably below 50%. That, in my opinion, is the best strategy to keep your credit scores high and encourage more such offers and higher limits in the years ahead. I don't always adhere to those policies myself, but I'm greedy and hate leaving money on the table.
As far as "not worth bothering with" is concerned, do the math. You can earn 5% or more risk-free on those funds. How much profit is needed for you to write a BT check and put some cash into savings on which you pay 0% with maybe a small fee?
_________________
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 4:14 PM
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