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APPROVED - GOOD NEWS DAY

Established Contributor

APPROVED - GOOD NEWS DAY

Hey Guys:


I'm certainly in a better mood today. I'd like to share the good news.


Here are my 2 updates:


1) Bank of America restored my credit line to $6,800 after a CLD to $1,700.

2) CITI just approved my application for the Diamond Card. They only gave me a $2,600 CL to start but I'll take it. I heard this card will grow with you. Any truth to that?


So all in all, today is a good news day!


Uncle Money


Message 1 of 7
6 REPLIES
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Regular Contributor

Re: APPROVED - GOOD NEWS DAY

Congrats Uncle.  Well done on the cl restore.

 

Citi has usually been fine for online softs for cli.  Just stay on top of when they come up, etc.


Starting Score: TU 766 EQ 788
Current Score: TU 788 EQ 811
Goal Score: TU 800 EQ 800


Take the FICO Fitness Challenge
Message 2 of 7
Moderator Emeritus

Re: APPROVED - GOOD NEWS DAY

Good work, Uncle Money!!!!!!!

 

I love to see people taking charge and not being a slave to banks and CCCs.Smiley Happy

Message 3 of 7
Regular Contributor

Re: APPROVED - GOOD NEWS DAY

I wonder if CCC's decreasing CL when you already have a pretty high line comparatively is really such a big deal.  Let's say I have a card with a 3k limit and my average spend is roughly $700/mo.  and the bank decreases my limit to 1k.  This would still allow me to spend $700/mo. but I wouldn't because that would be a util. factor of 70%.  It would actually decrease me from using the CC.  But the bank sees this the opposite- that they are freeing up 2k in which they could use for interest bearing activities such as in investment banking or giving the 2k line to a consumer who actually uses the 2k.

 

Inadvertently this would cause consumers like UM to either close his account or spend a fraction of what he used to on the CC.

 

It used to be before the credit crunch that high credit lines were seen as a sign of risk.

 

Just some thoughts IMHO.

 

Anyways congratulations to Uncle Money.


TU Fico 736 EQ Fico 730 (December 2012)
Message 4 of 7
Frequent Contributor

Re: APPROVED - GOOD NEWS DAY

From a previous thread you mentioned you had a high income.  I just can't understand why Citi Diamond would give you such a low CL.  By the way I have heard it referred to as Citi Diamond Preferred card. Is that what you have, or are Citi Diamond and Citi Diamond Preferred card two different cards (i.e. 1 is premium and 1 is regular)?

Message 5 of 7
Established Contributor

Re: APPROVED - GOOD NEWS DAY

The card I was approved for is the Citi® Diamond Preferred® Card.

 

I'm assuming this is the premium card?

 

I was going to call in and request a higher line right away but I'll just give it some history first and then request an increase.

 

UM

Message 6 of 7
Established Contributor

Re: APPROVED - GOOD NEWS DAY

Thank you everyone!

 

We'll see how CITI treats me.

 

Uncle Money

Message 7 of 7