When should you ask for credit limit increases?

[smcc]

The norm used to be you would wait six months and then ask your bank for a CLI. Maybe FinanceGlobe can speak to this but with the banks fighting to retain customers as well as lure new customers. if your accounts are in good standing with your lending institution and your salary can support the new limit after your CLI then why not go for it?

If your applying for a loan, all the lender wants to see is that you can responsibly manage your account no matter what your limit is be it $1,000 or $100,000. I would think the goal for all of us is to continue to keep our same spending habits and good management of our cards while trying to push our limits on our CC through the roof!

[hjm331]

SMCC, with the recession going on, I think the CC lenders are hitting the brakes on the CLI's. I don't think anyone wants to compete right now.

Before, competition=loss of customers

Now=Loss of money (A lot of money)

[smcc]

I disagree HJM331. Even in times like this a banks major goal is to keep the customer happy while trying to increase the bottom line. By your postings I know your a BOA customer like myself and I know you make sure to pay on your accounts on time. In BOA's eyes your a good customer. If you ask for a reasonable CLI and your salary can support that increase do you think BOA will turn their back on your request knowing that you have the option of going to CITI, WAMU, etc., and giving them your business?

You right that the credit crunch is here, but for those who have good payment histories with their financial institution, they might not get the increase they are looking for but the bank will do all that they can to keep the customer happy with some sort of increase. No company wants to see their customers walk out the door without trying to appease them.

[hjm331]

SMCC, BofA won't even give me a $250 CLI considering my perfect payment history in the last year. It will be one year old in June so things might change after that.

I really want the Americard though. I will use it for all of expenses and get a lot of rewards. I could really use advantage of that card.

[KMoney]

I need to pay down my balances quick fast. The economy is not good at all and I need to make sure that my stuff is at $0. Who knows how long we will be in this recession so I think for me I am going to just use cash from now on for a while.

[cireone]

Cireone, I use Capital One's purchase checks all the time. Now, I only use my Capital One account to pay my auto payments monthly. I write the check to myself, deposit it into my checking, and make the payment on Toyota's website.

I use the "No Transaction Fee" purchase checks because I don't want to 3 percent of the check amount and I end up paying for the amount I borrowed in full before my statement cuts so I don't end get charged for it at all. Gotta love Cap 1!

These Purcase Checks seem like a great thing, but with my two accounts, I probably hveto check which account these checks belong to. They have no way of telling what account these checks are valid for. So Ill have to call to clarify.

[hjm331]

Capital One's purchase checks are mailed with the statement so if you seperate them from the statement, it's going to be hard finding out which check belongs to which account.

[cireone]

I recieved a set of checks (red and blue) without a statement. The red has no transaction fees, the blue has a low intro rate. Cap1 says that the blue are good towards balance transfers and the red are for everyday purchases. But what was puzzling is that it did not state which account it belongs to. I called up and they did a vey long research and found out that the checks are for my standard platinum mastercard. Now I just recieved my statment for that account and more checks came along with it. As for my No Hassles Visa,which has a hgiher CL, never comes with purchase checks. Are these checks a promo or can I request for them???

[RivasGlo]

Those checks usually came to me when I had a zero balance or when there was no recent activity. I dont know if that plays a factor but I do think that its promotional. Also when you log online, it gives you the option to do a balance transfer and you can check for offers there to. You can either have a check sent to the creditor or a check mailed out specifically made out to you. You should check that out.

Oh and I never got those blue.red checks w/ a statement. They always came separate in a bigger envelope (hahaha I just noticed that I dont get paper statements. I have it set up electronically )

[cireone]

Those checks usually came to me when I had a zero balance or when there was no recent activity. I dont know if that plays a factor but I do think that its promotional. Also when you log online, it gives you the option to do a balance transfer and you can check for offers there to. You can either have a check sent to the creditor or a check mailed out specifically made out to you. You should check that out.

Oh and I never got those blue.red checks w/ a statement. They always came separate in a bigger envelope (hahaha I just noticed that I dont get paper statements. I have it set up electronically )

Your right with the blue/red checks, when I received them they came in a big envelope.

[cireone]

Ok so Ive been to get a CLI from macys. The first time I called they said that I had to make 4 payments to get considered for one. But I was trying HJM's advice on trying again. I have called on 3 occasions, first attempt the office was closed and the secon and third as I was waiting for an agent i was hung up on. ANyone know as to how I can ge pass this???

[hjm331]

Cireone, when did you open your Macy's account? What were your CLI's on this card?

[hjm331]

I recieved a set of checks (red and blue) without a statement. The red has no transaction fees, the blue has a low intro rate. Cap1 says that the blue are good towards balance transfers and the red are for everyday purchases. But what was puzzling is that it did not state which account it belongs to. I called up and they did a vey long research and found out that the checks are for my standard platinum mastercard. Now I just recieved my statment for that account and more checks came along with it. As for my No Hassles Visa,which has a hgiher CL, never comes with purchase checks. Are these checks a promo or can I request for them???

Cireone, it seems like they are sending these checks for new accounts with low limits. Before combining both of my Cap 1 accounts, I used to receive the purchase checks all the time. But now that I have combined two accounts into one which gives me a $3.5k limit, they stopped sending these checks. I called them and they didn't give me a reason why they stopped sending these checks. I spoke with two managers, yelled at them because I need these checks to pay my auto payments monthly, and they told me that they would send these checks out again. It's been two months since I called them and there aren't any checks to be found.

[RivasGlo]

Cireone, it seems like they are sending these checks for new accounts with low limits.

IDK HJM, I have a CL of $3250 on my CapOne and I still get the checks. I barely charge on the card and I think its a way to get me to use it by either doing a balance xfer or taking some money out for myself.

[hjm331]

RivasGlo, they send you the blank checks in the mail along with your statements?