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Compass... What are you doing?

Valued Contributor

Compass... What are you doing?

In January I got a preapproval for a Compass Bank Clear Points card, to my surprise.  I applied and got approved for a nice CL, the highest at the time and the highest to date.  I called them to understand how they work and they said the limit may never increase unless I ask for it!  In some ways this surprised me, in others it did not.

 

So skip ahead to yesterday.  I get a notification of activity to my CR.  It was a limit increase to my Compass Bank card.  It was a complete and utter shock and a pleasant one.

 

For a long time I have had a revolving balance on the card of about 15%.  (It is not actually my balance, it is my sister's balance.  I loaned her the account so my money is not tied up.  Last month she used it again for a car repair.)  I think Compass likes revolving balances and that factors into their decision to raise limits.  While the increase wasn't that much, $500, it was something, and for that I am happy.  Surprised and happy.  Now I wish Discover and Chase would follow suit. 

It is by will alone I set my mind in motion.....
Always follow these rules: Only take a HP for a new account. Always use the best rewards card for that reward category. Don't close a card unless you know you really should. Never use more than 35% of a credit limit. Recon as much and as best you can. Use the introductory period to the best advantage. Get the signup bonus. Whenever possible PIF or balance transfer so you pay less in interest. Never give an excellent rating when it is actually the norm. Always look for a discount as more is always better.
Always accept candy from strangers because they have the best candy or from people you know have good candy.
Message 1 of 5
4 REPLIES
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Senior Contributor

Re: Compass... What are you doing?

What was your credit limit and credit score at the time of app if you don't mind me asking?

Message 2 of 5
Valued Contributor

Re: Compass... What are you doing?

My limit was initially $8000 and my score was around 700 when it was first opened.  My score is a little lower now due to all the new accounts.  I have 10 new accounts.

It is by will alone I set my mind in motion.....
Always follow these rules: Only take a HP for a new account. Always use the best rewards card for that reward category. Don't close a card unless you know you really should. Never use more than 35% of a credit limit. Recon as much and as best you can. Use the introductory period to the best advantage. Get the signup bonus. Whenever possible PIF or balance transfer so you pay less in interest. Never give an excellent rating when it is actually the norm. Always look for a discount as more is always better.
Always accept candy from strangers because they have the best candy or from people you know have good candy.
Message 3 of 5
Frequent Contributor

Re: Compass... What are you doing?

Ha! Congrats on the CLI!

 

They approved me for the max CL of $15,000 on the ClearPoints card. I almost feel demotivated because I know the card will never grow. Will defintely keep it because it is my jhighest CL right now though!

Cards I Carry
$7.5K $23K $5k $300(SEC) $500 $300 $1,500 $800 $800
Total Available Credit: $39.7k | FICOS: EX 659 | EQ 661 | TU 673
Message 4 of 5
Valued Contributor

Re: Compass... What are you doing?

At some point you might be able to upgrade to a product change.

It is by will alone I set my mind in motion.....
Always follow these rules: Only take a HP for a new account. Always use the best rewards card for that reward category. Don't close a card unless you know you really should. Never use more than 35% of a credit limit. Recon as much and as best you can. Use the introductory period to the best advantage. Get the signup bonus. Whenever possible PIF or balance transfer so you pay less in interest. Never give an excellent rating when it is actually the norm. Always look for a discount as more is always better.
Always accept candy from strangers because they have the best candy or from people you know have good candy.
Message 5 of 5