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Member
Posts: 8
Registered: ‎04-04-2009
0

Increased Credit card limit- changes the account from a revolving to installment loan.

Luckily, my credit is good with Amex.  The old limit was 8,000 so I requested the new limit to be 18,500.  They had no problem approving this, took about 7 seconds.  I was going to ask for more but was afraid I would change my revolving account to an installment loan.  I heard this happens when your credit card has a limit of around $40,000 but since I was not sure I wanted to keep my limit under $20,000.  Does anyone have any experience with this?  Normally, I would not care what my limit is but my recent credit report said that my credit was affected by low credit limits on my credit card accounts.  I only had a CHASE card with a 4,300 limit and this Amex Blue with a 8,000 limit.  I thought that was pretty good but evidently not according to my credit report.

 

On another note- I hate CHASE.  Basically I beg for a credit increase and they give me a wopping $300 increase.  Little by little I have been working on this account First WaMu gave me a 2,000 limit then WaMu was nice enough to go up to 4,000.  Then after a year passes I ask CHASE for an increase and they give an extra $300 and put a hard enquiry on my Credit report.  They also increased my rate to 19.99%.  My credit score is 705 and I have a large balance in my CHASE checking averaging well over 4,300 a month.   No late payments with them- They are so dumb.  If they want to keep me they should give me a credit limit equal to the balance that I have maintained with them for over two years now. 

 

Regular Contributor
Posts: 165
Registered: ‎02-23-2010
0

Re: Increased Credit card limit- changes the account from a revolving to installment loan.

 


va wrote:

Luckily, my credit is good with Amex.  The old limit was 8,000 so I requested the new limit to be 18,500.  They had no problem approving this, took about 7 seconds.  I was going to ask for more but was afraid I would change my revolving account to an installment loan.  I heard this happens when your credit card has a limit of around $40,000 but since I was not sure I wanted to keep my limit under $20,000.  Does anyone have any experience with this?  Normally, I would not care what my limit is but my recent credit report said that my credit was affected by low credit limits on my credit card accounts.  I only had a CHASE card with a 4,300 limit and this Amex Blue with a 8,000 limit.  I thought that was pretty good but evidently not according to my credit report.

 

On another note- I hate CHASE.  Basically I beg for a credit increase and they give me a wopping $300 increase.  Little by little I have been working on this account First WaMu gave me a 2,000 limit then WaMu was nice enough to go up to 4,000.  Then after a year passes I ask CHASE for an increase and they give an extra $300 and put a hard enquiry on my Credit report.  They also increased my rate to 19.99%.  My credit score is 705 and I have a large balance in my CHASE checking averaging well over 4,300 a month.   No late payments with them- They are so dumb.  If they want to keep me they should give me a credit limit equal to the balance that I have maintained with them for over two years now. 

 


$4000+$300CLI = $4300 average balance. Coincidence? Smiley Very Happy  Just found that amusing

 

Valued Contributor
Posts: 1,986
Registered: ‎08-17-2007
0

Re: Increased Credit card limit- changes the account from a revolving to installment loan.

Well if you ask me WAMU was way better than CHASE.

 

I used to get yearly clis and could transfer balances if I wanted and I

got some kind of credit score.

 

Chase doesn't do any of this stuff.

 

Valued Contributor
Posts: 1,413
Registered: ‎01-20-2008
0

Re: Increased Credit card limit- changes the account from a revolving to installment loan.


va wrote:

Luckily, my credit is good with Amex.  The old limit was 8,000 so I requested the new limit to be 18,500.  They had no problem approving this, took about 7 seconds.  

 

Congratulations on your Amex CLI !   Smiley Happy)     Great Job !!

 

I was going to ask for more but was afraid I would change my revolving account to an installment loan.  I heard this happens when your credit card has a limit of around $40,000 but since I was not sure I wanted to keep my limit under $20,000.  Does anyone have any experience with this?  Normally, I would not care what my limit is but my recent credit report said that my credit was affected by low credit limits on my credit card accounts.  I only had a CHASE card with a 4,300 limit and this Amex Blue with a 8,000 limit.  I thought that was pretty good but evidently not according to my credit report.

 

So, you had two ccs with 12.3k CL.   And now you have two ccs with 22.8k CL. 

How did your util % changed on befor and after CLI?

Have you thought about to apply and getting a new cc?   And keep the balance ZERO by closing date on two ccs and have small balance on one cc.   Then you always have small util %.

 

On another note- I hate CHASE.  Basically I beg for a credit increase and they give me a wopping $300 increase.  Little by little I have been working on this account First WaMu gave me a 2,000 limit then WaMu was nice enough to go up to 4,000.  Then after a year passes I ask CHASE for an increase and they give an extra $300 and put a hard enquiry on my Credit report.  They also increased my rate to 19.99%.  

 

It's not just yours.   I have three ccs with Chase ... Starbucks Duetto, Freedom, and used to be Wa-Mu Platinum.   The APR on Duetto and Freedom increased due to the new rules.  And Platinum APR is below 8% since 0% promo is over now.

 

 

 

My credit score is 705 and I have a large balance in my CHASE checking averaging well over 4,300 a month.   No late payments with them- They are so dumb.  If they want to keep me they should give me a credit limit equal to the balance that I have maintained with them for over two years now. 

 

I am not sure how does it works regarding the CL vs acct balance.   I have never had large balance on my checking acct (of cause Chase Free Checking) like that.  Most of the times are less than $10 and I deposit the money right before I make the payments to the ccs & bills.   My Freedom CL begin with 3k and now doubled even with small balance.  I don't think they go by your acct balance to determine CL ... sorry I don't know the answer ....      Anybody?

 


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