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.