07-17-2010 09:33 PM
So, I guess this is somewhat of a success, I just don't know how it happened. I've been having a citi platinum select visa with them since early 2008 (got it while in college). I initially had a 2,000 limit, and after I got an increase, I had a 4,000 limit. I, being the irresponsible college kid, dang near maxed it out. My interest rate was 28.99% and I was only making minimum payments while in school. I always made my payments on time, though. Well, I've since graduated and started applying more of my income, and used my tax refund from this past year to pay a nice chunk. I was around 2,500 when they decided to lower my rate to...get this...9.240%. My jaw hit the floor. I was elated. I just can't figure out why? I've heard tons of people have had their rate go UP with citi recently. Since May I've gotten it under 1k, and I plan to keep paying it off, but probably at a slower rate since I have such a sweet rate (compared to what it was).
Question...think I should try getting them to up my limit to give me more open credit? I'll be looking to get an auto loan soon, so it could help my utilization. I'd try to get them to do it without pulling a hard inquiry. Also, that last increase, they gave it to me while I was in school with hardly any income...now with a steady job out of college...they shouldn't have any issues, I'd think.
07-18-2010 08:07 AM
BE VERY CAREFUL! Read the fine print! Thecredit card companies have the right to raise interest rates at ANY TIME and FOR NO REASON! Try to obtain ANOTHER card, from a different co. Try it and see what happens. The BIGGEST card issuer is FIA Card Services, regardless of what ever bank or financial institution you use. See if your financial institution will GAURANTEE your interest rate for, say a period of one year, if it is SECURED, by a savings or other acct. held by them in escrow towards your credit card!GOOD LUCK, May the "FARCE" not be with you.
07-18-2010 10:44 AM
I know they can, and I really have no intention of adding any more debt to this card. I just want to know how adversely It would effect me if I asked for a CLI, without a hard pull if at all possible. I don't want to open any new cards and bring down the average life of my credit any further. I'm only 23 and have two cards (plus student loans), so I have a limited credit lifespan as it is.
07-18-2010 10:57 AM
I personally would not ask for a CLI in this crazy credit world we presently live in. You don't want to bring attention to yourself. But that's just me.
You can increase available credit by paying down any present CC debt as fast as possible. That is the route I would take.
Whatever you decide i wish you the best.
From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
6/10 TU -772
You can do the same thing with hard work
Credit Scoring 101
Frequently Requested Threads
Whats In Your FICO Score
07-18-2010 11:05 AM - edited 07-18-2010 11:05 AM
Thanks for the advice, marinevietvet. I think I'll take it and not try to attract any attention to myself. I certainly don't want to give them any reason to raise my rate.
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.