Alright, so about 2 weeks ago I requested a credit line increase on my Keybank Rewards. Starting limit was $3,500 and still is $3,500. This process has been a long one... Requested the increase, then I had to send in a bunch of documents to prove my identify a few days later. Then they had to send me a letter in the mail for me to sign to process the application. They refused to email or fax it to a branch.... The mail in my area is awful, always losing mail or having it stolen. So it took over a week to get it, mailed from Canton, Ohio to Columbus, OH. The envelope had the word, "Missing" on it when I got it too lol.
Anyways. This letter stated that I was approved for a credit limit of $4,500 and that it would be processed once they received the signed letter back. I'm a little upset with the increase since I was hoping to get a limit of at least $5,000. Would rather have double my original limit though. I'm going to call the loan closing department Monday and see if I can get a higher limit.
I think I know what they are going to say.. "You don't use this card enough to have a higher limit." I charged maybe $300-500 a month the last 4ish months. I have always paid in full except for a few months back when I was in 0%. My defense to this is that its difficult to use a card that has a $3,500 limit and you have to pay it off several times in one month. Back in May-July, I charged at least 4,000 a month. I charged almost $5,000 in July. It was annoying to pay off the card several times in the month just to continue to use it.
Thoughts or input on my chances with a higher limit? Here's some info:
Fico 8: 719
Annual Income: $66,000
No lates or anything
Other cards: Limit, Age
Keybank: $3,500 (1 year 6 months)
Amex: $2,500 (1 year 1 month)
Discover: $500 (6 Months)
JcPenney: $6,500 (1 Year 1 month)
CapitalOne: $1,500 (8 Months)
Tuffy: $2,000 (2 Years 1 Month)
Wow, sounds like they are a chore. With the spend you were giving I expect many other lenders would value your business more.
Have you considered finding a CU or two?
Congrats on CLI !!!
For some reason I like to avoid Credit Unions. Don't know why, but I just don't like them... lol
Really? You’re missing out on some of the most generous CLs and APRs available.
Congrats on the CLI - that’s an awful lot of work though!
Congratulations on the CLI! Quite the process you've had to go through.
What card was the pre-approval for? Right now they have a sweet offer going on for balance transfers if that applies to you... 0% for 15 months on balance transfer and purchases, plus there is no balance transfer fee. This is for the latitude btw.