Well, first I want to thank you for posting this. It sure does explain a lot! 
I am just over the 30 month mark of the start of my newer cc's. My oldest was obtained when I was just 21 (green Amex). So it's over the hill & on it's way back down! Then I have others that are 15, 10, 6 & down. Also have mtg, auto, moto, and also going to get a HELOC for a pool and then buying a boat. Could be why they have not targeted me?
As far as wanting a higher total credit limit, It is because I want to keep my UT down because we had a new home built and are furnishing it with all new furniture, flooring, art, etc. Paid by check for all outside work done so far and that was over 40k. I have bought, charged and paid for furniture now 4 times and when I'm done paying for this bunch, I will need to do it again. 5k sq ft takes a lot of furniture! And it was about 40-50k at a time. (maybe watching too much Million Dollar Listing NY & LA).
So it kept my UT down while paying it off over 6 mos to a yr. Not all of us make 23k a yr. Some do better as we worked all our lives to get where we are and I think we deserve it. I do pay 4.5-5k a month on it plus mtg, auto, moto, etc. bills.
But do understand when you get someone with a lower income and want more. They can surely get in trouble. I can certainly understand banks not wanting to get stuck like so many had to back in the recession. Not blaming the pp. You answer is right on track.
Thank you again. Makes me feel better now. I know you probably shouldn't have said anything but I'm glad you did.
Sandibeach22 wrote:
Well, first I want to thank you for posting this. It sure does explain a lot! I am just over the 30 month mark of the start of my newer cc's. My oldest was obtained when I was just 21 (green Amex). So it's over the hill & on it's way back down! Then I have others that are 15, 10, 6 & down. Also have mtg, auto, moto, and also going to get a HELOC for a pool and then buying a boat. Could be why they have not targeted me?
As far as wanting a higher total credit limit, It is because I want to keep my UT down because we had a new home built and are furnishing it with all new furniture, flooring, art, etc. Paid by check for all outside work done so far and that was over 40k. I have bought, charged and paid for furniture now 4 times and when I'm done paying for this bunch, I will need to do it again. 5k sq ft takes a lot of furniture! And it was about 40-50k at a time. (maybe watching too much Million Dollar Listing NY & LA).
So it kept my UT down while paying it off over 6 mos to a yr. Not all of us make 23k a yr. Some do better as we worked all our lives to get where we are and I think we deserve it. I do pay 4.5-5k a month on it plus mtg, auto, moto, etc. bills.
But do understand when you get someone with a lower income and want more. They can surely get in trouble. I can certainly understand banks not wanting to get stuck like so many had to back in the recession. Not blaming the pp. You answer is right on track.
Thank you again. Makes me feel better now. I know you probably shouldn't have said anything but I'm glad you did.
You have a good mixture of credit and it sounds like you use your credit wisely. Credit is a resource and a tool. Many of us can't afford a brand new car unless we can pay it off in time... You get the picture. You could probably open five credit cards tomorrow and based on your mix of credit you wouldn't be suspected of fraud. Of course I'm not telling you to do this!!!!
There's nothing wrong with requesting higher credit limits - please don't think that was my point. Higher limits do serve a purpose. The people this really applies to are the people who are pushing their limits to the max. They want more more more every month. I have some customers who will call in and ask for a credit line increase and I'll look at their card account and they have a $2,000 limit and I'll ask them how much they need and they rattle off some absurd number like $50,000. I'll ask them if they're planning a major expense and they'll say they don't need anything. They just want it.
Notice I asked if they were planning a major expense? We offer a platinum Visa with a 6.95% interest rate. Our HELOC interest rates are variable rate lines with a 4.5 - 10.99% APR with an 80% LTV. A lot of customers don't have enough equity in their home to qualify for a HELOC or their interest rate may not be as favorable. In this case there is definitely absolutely nothing wrong with asking for a high limit credit card if your income supports it. And **hint hint** the credit card is unsecured debt and is not secured by your home. Should you ever fall on hard times and be unable to repay, your home isn't collateral for the loan.
Regarding me not telling anyone about this, it's really not any kind of trade secret. I haven't posted anything here that I wouldn't tell a member who is sitting in my office across the desk from me. We aren't out to get anyone. My credit union as well as these credit card companies want to give people credit. That's why they're in business. We just want responsible and common sense usage and approaches to credit.
Enjoy your pool!!!