|by Mr Credit Card|
Just today, I got a letter from Chase. I opened it and was fearing the worst that they may reduce my credit lines and limits. We have heard in the press and lots of comments on this blog that credit lines have been cut for even people who have paid their bills in full and have good credit scores.
When I finally looked at the letter, it was actually them sending me my new cards which extended the expiration date! Phew! I also noticed that they increased my credit limit by $1,000. Wow! That’s a surprise. But I there is a more interesting story to this prior to me getting this letter. Back in December, Mrs Credit Card decided to an electronic (or digital whatever you call it) piano. It was offered at 50% off. Mrs Credit Card managed to bargain it down to $3,700. But the store only took Visa. So we decided to use our Chase credit card (I have the the Flexible Rewards card which is no longer offered – in name at least). But it did not accept the charge because it was over my credit limit! Previously, my credit line was a measely $4,500. I automatically charge some memberships I have to the card and use it as my spare card in case places do not accept American Express Cards. I was over the limit by only $70.
The customer rep told me that the transaction was rejected because it was an unusual one (and not because it was over the limit – which I’m sure they would have happily charged the me the over the limit fee). He said we would always apply for a credit line increase. But there would be a soft pull on my credit reports. I decided against it for “fear” (real or unfounded) that Chase might just use any excuse to cut my credit lines. I decided to charge it to my Merrill Lynch card instead. The main reason why I preferred my Chase to the Merrill Lynch card is because my payment to Chase is automatically deducted from my bank account. Merill Lynch (administered by FIA services) does not have this service! But I had no choice but to charge it to them.
What did I do to Get the Credit Increase?
I don’t know. But here is a background of the cards that I have and the credit limits.
1. American Express Platinum Charge Card – no preset limit
2. Blue Cash – $15,000 – raised from $10,000 last year!
3. Merrill Lynch – $14,000
4. Chase – $5,500 (from $4,500).
I have always paid my bills in full. I use very little of my Chase and Merill Lynch cards – maybe a couple of hundred dollars here and there. I mainly use the Blue Cash and the Platinum Card.
My credit score (since I last checked last August) is 793.
I did pay my bills late in September and October on my Merrill Lynch last month because they told me I could be set up on automatic bill pay. I sent in the forms – but it turns out that they had scrapped that service or it was never there. So while I thought my bills were automatically paid, I was actually late. I got my late fees and finance charged removed, but they had already reported to the credit bureaus my late payment. After some investigation, they agreed that I was misinformed and that they would correct my credit reports.
So that’s it. Got my credit increase. Hope all stays in the same with the rest of the cards. I do realize that many folks have got credit lines pulled. But to cheer things up, has anybody gotten any credit increases? Please share your stories and gives us a background on your credit card habits, scores etc so we can all learn.