Frustrating!!!

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ewufan
 
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Frustrating!!!

Postby ewufan » Tue Aug 24, 2010 5:12 pm

Hey guys.

I have had a Chase Freedom Visa that I have had since I graduated college in 2005. I have NEVER missed a payment and pay off my card balance every month (Never carried a balance.) I have only had a $1000 credit limit for all these years. Not realizing, I usually use the card for $500-$750 per month (high percentage of use.)

I have outstanding credit (score in the mid 700's) and a household income of over $150,000. I tried to raise my limit about 2 years ago and I was declined. I tried to raise the limit to $5k today and they said the best they could do was $1500. I thought that was ridiculous. I have since canceled the card. Maybe not the best move, but whatever.

I was looking at some airline rewards cards that I could get. I qualify for most except for the $5k or $10k previous credit cards. I think this is CRAZY that I am one of the few people that CAN afford this credit limit and I am not able to get it. Can someone give me some advise? Thanks.


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Mogul of Pineapples
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Postby Mogul of Pineapples » Fri Aug 27, 2010 6:51 pm

A lot of people are in this position right now. With record unemployment, high rates of foreclosures, and so on, it's not all that surprising that they are doing this. It's too bad you canceled your Freedom because once the economy improves a bit I would predict that they would be more generous in accommodating a reasonable request like that.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

Generallisimo
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Postby Generallisimo » Fri Oct 01, 2010 8:38 pm

ewufan wrote:I have outstanding credit (score in the mid 700's) and a household income of over $150,000. I tried to raise my limit about 2 years ago and I was declined. I tried to raise the limit to $5k today and they said the best they could do was $1500. I thought that was ridiculous. I have since canceled the card. Maybe not the best move, but whatever.


Based on my recent experiences with Chase, I feel you did make the right choice with closing your Chase card. If what you say about your credit history is true (income doesn't matter), then it only confirms my suspicion that Chase currently has a "no lowering of APR/raising credit limit for everyone" policy currently in effect. So no matter how loyal of a customer you have been, no matter how perfect your credit score is, they are not making any concessions. This is similar to John Grisham's Rainmaker where an insurance companies denies all claims below $10,000 to maximize profit (leading to the death of a child who would otherwise have survived had the company not denied it for no reason). Let us be glad our lives do not depend of credit card companies' decisions.


I was looking at some airline rewards cards that I could get. I qualify for most except for the $5k or $10k previous credit cards. I think this is CRAZY that I am one of the few people that CAN afford this credit limit and I am not able to get it. Can someone give me some advise? Thanks.


With your income, why not just get a charge card from Amex? The premier gold is pricey, but if you spend a lot on hotels and airplanes, the 3x and 2x points adds up. Better yet, I noticed PenFed has a ridiculously good offer right now of 5% on airlines (always), 3% on diners/hotels (until 12/31) and 2% everything else (until 12/31, after which it will be 1%).

https://www.penfed.org/productsAndRates/creditCards/amex.asp

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Cucumber
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Postby Cucumber » Thu Oct 07, 2010 2:11 am

I've heard penfed is super strict with approving people for anything
OBAMA
Stop talking crap about him!



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