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@Anonymous wrote:
I basically started using the card as if it was my only card. I was planning on just using it til I get the bonus points but somewhere along the line it ballooned to 10k. haha The representative even looked at my statements to see what I was spending on and its basically food and fun. I'm not contacting customer service for anything else until I get the balance down - thats for sure!
No offense, OP, but I think you see the problem, and it's good you've resolved to address the problem straight away. You rapidly accumulated credit, and in a few months, you steadily accumulated debt on lifestyle expenditures equal to 1/6th of your annual income. This is very risky financial behavior and is the typcial path taken to financial ruin. You should be able to turn it around, but imagine had you not received a stern warning by the CLD? Woud you be inclined to change behavior. And from the bank's point of view, you fit a profile. It isn't a personal judgment they make, but one based on statistics of many people exhibiting similar behavior.
@longtimelurker wrote:
@Anonymous wrote:
@Anonymous wrote:OP, You are negating any rewards you would have gotten by paying 15.99% APR on that balance.
I didn't think about the interest charges.... My main thing was wanting high CLs to help improve my credit score. I've gone from $800 - $1000 credit limits to $10k and $15k limits since I've been creeping on the forums.
To me, this is the CL "fallacy" that is common in these forums. Having higher CLs, even if we believe (which I don't) that high limits cause otther high limits, so what? You are paying out real money in the hope of getting someting that doesn't seem to me to have a whole lot of value
Exactly. Just because you have a 30k CL doesn't mean that you could or should charge up to that limit. Unless you have 30k in CASH sitting in a bank account. Otherwise, it's just silly... no point in losing money like that.
@Kenny wrote:
@longtimelurker wrote:
@Anonymous wrote:
@Anonymous wrote:OP, You are negating any rewards you would have gotten by paying 15.99% APR on that balance.
I didn't think about the interest charges.... My main thing was wanting high CLs to help improve my credit score. I've gone from $800 - $1000 credit limits to $10k and $15k limits since I've been creeping on the forums.
To me, this is the CL "fallacy" that is common in these forums. Having higher CLs, even if we believe (which I don't) that high limits cause otther high limits, so what? You are paying out real money in the hope of getting someting that doesn't seem to me to have a whole lot of value
Exactly. Just because you have a 30k CL doesn't mean that you could or should charge up to that limit. Unless you have 30k in CASH sitting in a bank account. Otherwise, it's just silly... no point in losing money like that.
Dollars to donuts the OP has already paid back the 40-45K UR Bonus in Interest charges.
@jamesdwi wrote:just a hint, if you are doing things outside of what a normal person would do, don't draw attention to yourself, don't involve humans who will look at your usage. They have enough computers looking at your data, I don't recomend adding a human to the mix, should of just let it run as is, its a signature card you can go over its limit, you just have to pay for it at the next statement.
I would work on cutting your spend, and make larger payments on the account and bring it back down to less than 30% UTL.
+1
@Anonymous wrote:Learn something new every day! Wish I had a business, my scores would get me some kick ass cards
Dont need a business to get a business card.
Name of business. john doe inc.
tax payer id. your social.
Bam. business card.
@taxi818 wrote:
@Anonymous wrote:Learn something new every day! Wish I had a business, my scores would get me some kick ass cards
Dont need a business to get a business card.
Name of business. john doe inc.
tax payer id. your social.
Bam. business card.
I would not be advocating this you would not use your SS for a corporate/LLC TIN its an entity of its own.
@gdale6 wrote:
@taxi818 wrote:
@Anonymous wrote:Learn something new every day! Wish I had a business, my scores would get me some kick ass cards
Dont need a business to get a business card.
Name of business. john doe inc.
tax payer id. your social.
Bam. business card.
I would not be advocating this you would not use your SS for a corporate/LLC TIN its an entity of its own.
For personally guaranteed Business card, You can.
Whats the purpose of a business card if you don't have a business? just curious. (no, im not going to apply for a business card)
@Anonymous wrote:Whats the purpose of a business card if you don't have a business? just curious. (no, im not going to apply for a business card)
hidden tradeline (only reports to bussines credit report if account is in good standing)
25,000, 50,000, 75,000, 100,000 MR points for adding a card.