Is anyone else getting credit limit increases?

[idgiehkt]

I just got $5000 more credit, total, added to two cards. Why would they do this to me...they didn't even ask me first.

Christ.

:eyes:

[Gormy Cuss]

1. Serves you right for paying your bills.

Charge near your limit for one month, pay it off, and they'll increase your limit within a few months.
Weird how that happens.

[idgiehkt]

2. they were so excited in their letters to me

I hate to sound ungrateful, especially since it gave them so much joy; as they said, it was their 'gift to me' or whatever...I know we had threads about this around Christmas time about being grateful for what gifts you receive, as people mean well, and it's the thought that counts, but I think I'd just as soon have had a toaster.

[texanwitch]

3. I have 6 credit cards, only use one.

I have such a high credit limit it is scary.

[idgiehkt]

4. I think I am going to buy an i-pod

I am not like you. :(

[texanwitch]

7. I learned the hard way when I was younger that it is not a good idea to

charge up your credit cards.

I was laid off from a really good job, it took me almost 3 years to pay back the money.

The one credit card I use is a credit union credit card with 7 percent interest.

[idgiehkt]

8. I'm 38, too old to have learned when I was younger, lol

Plus I never even had a credit card til I was 31 and applied for a mortgage and the man said it would help if I got a credit card and a cell phone just to have a credit history.

I'm not a credit card junkie, and I don't have a lot of debt...I just have a kind of 'meh' attitude about the cards I do have. This increase kind of took me by surprise though. It just goes to show how sinister these folks are.

[hfojvt]

5. If you do not like it

you can call them up and have them reduce it again. I think it is nice, especially if I have low interest balcons. I love borrowing money at 1.9% even if it's only for 6 months.

[idgiehkt]

6. what's a balcon?

I think that having this limit will make my fico score go up, so I probably won't mess with it. Unless I start spending. Wow, it's cool you can get them to lower it. I didn't know that. I am at stasis with my cards and I need to pay them off. It's not that much debt so I'm really not worried about it, but the devil on my left shoulder is already going, "you need an i-pod, and a stair-master, and a new TPS sensor, and..."

I really do need a new TPS sensor. Sigh...

[hfojvt]

9. a balcon is a balance transfer

I guess the con is for 'consolidation'. If you have debt those are good things. You can transfer the balance to one at a lower interest rate, like mine at 1.9%. Often you can get balcons with a new card. The trick is not to use the card after you get the balcon. Because they will put your payments towards the lower interest portions and let the higher interest portions pile up.
Unless you have a very good interest rate, like 5% or less, I would never carry a balance on a credit card. It's like my sig-line - payments with interest are always more expensive, even with a low interest rate. Except in my case. My credit card offered me 1.9% for six months. So I took $3000 and got a 6 month CD. Seemed like an easy $30 to me.

[pitohui]

10. they never ask

i don't see the harm done, set your own limits, the quick access to cash without question saved my ass when i was young and unable to buy health insurance, so i don't see much downside

obviously you don't spend this on silly stuff nor do you tell friends about it who will hit you up for loans

it's for you, in the event you have an emergency that requires a quick hit of cash

[bridgit]

11. yep...

couple hundred bucks every couple months :shrug: they want you to use it then go over is my guess :(