Ipoh said:vpr said:I would like to know what everyone does with so much Credit.

Borrow money at low APR and invest in a CD, rollover ?

Yes, i borrowed 22K at 0% from MNNA and moved it over to ING. Free interest.

I have held a MBNA MasterCard since 1997 and despite the fact that I rarely if ever use the card, my CL has increased periodically to its present 25k limit. I have been with Discover since 1994 and that account is currently $14.5k despite that I rarely if ever go above $2k expenses in any given month, which I then promptly pay off in full. I have no explanation for why either of these a banks would continually up my limit without asking me if I want/need it. Are they trying to get me to use it? Usually the letter accompanying the checks and announcing the credit increase is also encouraging me spend it on something I don't need or want, whether a vacation or a new deck etc. I understand that they are banking (pun) on the fact that many will take the offer and even after the promotional APR period not be able to pay off the balance and thus have to pay interest. . . )

As I began to read this thread I was wondering to myself why on earth are these people so concerned with jacking their credit lines up so high, especially if they don't use but a fraction of this limit? For most people - albeit not most fatwallet denizens - wouldn't this be an unwise temptation to spend beyonds present means and thus fall into the debt trap?

I have several cards myself mostly accumulated from applying for 0% balance transfer offers back when I found it advantageous (read necessary) to shift a balance from card to card as the 0% ran out and I was still paying down the balance. I still do this as I keep the funds that cover the borrowed balance in HYS/MMAs for the duration of the 0% and earn the interest in the meantime.

I am still not entirely clear the reason why some of you seek such high CLs. I understand borrowing the amount for the interest earned from parking it in savings , as was mentioned, (if it's worth the hassle). But I'm wondering if there are any other reasons for wanting the CLI?

It seems that current balance to CL ratios have an effect on credit score? Is this correct? But if that is true, and some of you are maxing out your card to earn interest on the money while the 0% APR lasts, isn't having such a high balance to CL ratio actually hurting your credit score?

Now all that aside, - how do you get the card issuer to offer you the 0% interest for x time? In my experience these offers generally come when you first open an account, but only rarely after that though MBNA seems to send checks with a 2.99% offer all the time (which go in the shredder). Several of my CC banks entice with 0% APR for x number of months but there is always that little fee catch that makes the offer less attractive, although there is usually a max. I suppose I could sit down and do the math, but to me personally the interest income from the practice borrowing on promotional APRs to get the interest for the duration is hardly worth the hassle for smaller amounts, but if I could get $25,000 from MBNA at 0% APR for a year, I'm looking at a easy $750 at a conservative 3%. That would be worthwhile even if I had to pay an upfront one-time cost of 3% (up to $50) for the BT/CA fee. I'd still net $700. Any other factors to consider?

I agree completely with Razorshock - I probably made something like 4K(half taxable, half nontaxable) last year from 0% related floats. It don't pay like a dayjob but it takes a lot less time.

And the challenge of maxxing out other people's money is kinda fun.

I agree (if the $ amounts are high enough to minimize the impact of the transaction fee).

Just for kicks I decided to visit the websites of my various cards. The first one I visited was MBNA and they had an offer for 0% BT until November with a one-time 3% fee (up to $75). I did some quick mental math and realized I could make an easy couple hundred bucks with minimal hassle. I was on the phone with MBNA minutes later and now have $24,900 enroute to checking which I'll stick in my HYS until the end of October when I will return it to MBNA and pocket the interest.

Thanks fellas, I think I found a potentially lucrative new hobby.

My credit limit increased without any input from me.

Had card 5 years
BankONE Visa - Southwest Rapid Rewards Visa Signature
Charge $1000~1400 a month
Pay in full every month.
Never paid late.

They were under-reporting my credit limit and it did affect my FICO like the original poster (DLR3) said.

Please see my post on the subject.

CyByte said:Chase Platnium Credit card 200.00 limit.

I just called by phone to request a balance increase to 1000.00 and the lady informed me there would be a credit check and asked if that would be ok. I agreed and gave her my info. It will most likely be declined but I'm gonna keep my fingers crossed and hope for the best.Just a note that most of the lucrative balance transfer strategies don't even begin to be profitable until you add a couple of zeros to your numbers. Unless you are able to get credit limits in the neighborhood of $10,000 or more, I wouldn't bother.

I just got approved for a Citi Dividend Platinum, but with a BT-useless CL of $2.3k.

I was unaware you are supposed to wait 6 months for a CLI, so I'm going to call them up and see if they'll budge.

Which of these explanations will likely work better with the CSR/whomever? (They are both true!)

1.) I need my CL increased to ~$15k to pay for tuition with my card

2.) I need my CL increased to ~$15k to do a few large BTs

I'm guessing 1.) but I thought I'd ask anyway. If they say no should I threaten to cancel the card? My backup option is a Chase Platinum I just applied for.


My income is in the $55k-$65k range so in theory I should be able to get that sort of credit, right?

nphinit said:I just got approved for a Citi Dividend Platinum, but with a BT-useless CL of $2.3k.

If you have other cards with Citi, ask them to reallocate some of the credit line.

nphinit said:I just got approved for a Citi Dividend Platinum, but with a BT-useless CL of $2.3k.

I was unaware you are supposed to wait 6 months for a CLI, so I'm going to call them up and see if they'll budge.

Which of these explanations will likely work better with the CSR/whomever? (They are both true!)

1.) I need my CL increased to ~$15k to pay for tuition with my card

2.) I need my CL increased to ~$15k to do a few large BTs

I'm guessing 1.) but I thought I'd ask anyway. If they say no should I threaten to cancel the card? My backup option is a Chase Platinum I just applied for.


My income is in the $55k-$65k range so in theory I should be able to get that sort of credit, right?

lol, no in theory your CL should be 5500-6500.

As soon as you tell the CSR your income, Citi will automatically decline you for that CL based on that income w/o doing any inquiries.

Call and find out.

jsantab428 said:FYI, I've recently been denied CLI on two accounts (Chase, Bank One). In both cases the reasons were that my debt to income ratio was too high and that I had too many inquiries. This is because over the last year I've gotten interested in 0% cards and I've taken on a number of new CCs and utilized a high percentage of the lines.

Well, after being denied in these cases, I sent a packet of information containing my w-2 (HH income $235k), bank statements, and investment accounts to each cc company. This information was not solicited, and at no time did a CSR tell me that my request would be reconsidered if I provided additional information.

In both cases, credit line increases were approved soon after to the requested levels ($20k for Chase, $10k Bank One).

My credit scores are currently 660/645/647 - so not that great. But based on this experience, I don't know that I'm going to be sweating my credit scores. My hypothesis: As long as you have income and assets, and can verify that you do, cc companies will give you the CLI increases that you want.

My next strategy is to apply for a new card, potentially get rejected, and then if I do, ask for reconsideration based on my income verification. It should be interesting to find out what happens.

If you are making that much money then why are you credit scores so bad?

If you are making that much money then why are you credit scores so bad?

It's pretty easy. Our HH income is ~240k, but while my wife was in law school (prior to meeting me) she lived off her credit cards and ran-up huge debts. When I met her I had her file bankruptcy as her credit score was already terrible. A couple years later and her score is around 650, which is much better than it was -- but still not good.