Credit Card Center Advertiser Disclosure†
07-26-2010 11:28 AM
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!
07-26-2010 02:39 PM
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.
07-26-2010 03:10 PM - edited 07-26-2010 03:16 PM
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.
07-26-2010 04:04 PM - edited 07-26-2010 04:04 PM
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)?
07-27-2010 10:36 AM
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.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.