- Green Member
- Posts: 22
- Joined: Tue Oct 23, 2012 8:28 am
- Location: Kansas
How does everyone deal with it when they don't have a high enough credit limit to buy something they really want?
I wanted to buy an $1,800 television from Sears, but my current credit cards don't have a high enough limit. I have a couple major cards I use for building credit, I paid off the bill last month and the only thing on my bills is what I charged since the last billing cycle and I plan to pay that off this month. It's just difficult to use a card with a low limit and not over utilize. At Sears they talked me into applying for credit and what I got was a charge card with a $700 limit. I really didn't want the card and doubt I will ever use it, but ended up with it anyhow.
Is my better option cash? a prepaid card? A debit card? I've been told by my local bank such purchases can only be made with a credit card due to buyer protections, etc. I had a problem with my bank account where my cousin used his debit card and money was taken from my account due to an internal error causing my account to go overdrawn. The bank then did what they called a demand deposit from my savings account to my checking account with no authorization from me. They just took the entire account and closed my savings. What really burned me up is when my mom went in the bank and asked about my account and they told her. They even gave her copies of my recent statements. I know my parents have banked there since time remembers, but really? Anyhow, I went in the bank and lost my cool, started yelling at some people. I then got a letter from the bank stating that they had decided to close my account due to the recent behavior that I had displayed in the bank and they sent a check for what I had in my account. I was having a hard time finding another bank without high fees to open an account for me, so I got a Bluebird card from Walmart to have my paychecks direct deposited on and then managed to open an eBanking online only account with Bank of America even though the nearest location is 500 miles from here and out of state.
Well, my parents went and talked to the bank president and he agreed to accept an apology, I told them it was never going to happen and the bank owed me an apology, but I guess that's not how things work. I ended up having to go in the bank, apologize and listen to a slash from the bank president. He basically said a debit card was not a credit card and should not be used like one. He also said I should never cash checks because that's subprime behavior, instead, checks must always be deposited. Also, a prepaid card is the worst thing you can do because people see that as someone who can't get a checking account and banks don't look favorable on this.
Due to some recent counterfeiting problems, merchants aren't accepting $100 bills and they prefer < $20's. So as silly as it sounds, I could walk into Sears with 90 $20 bills, but how would I get it? I have to deposit these checks, then go to the ATM to get cash back? It appears I can only take out $200 per day. The banker said they could put my daily spending limits way up there, but the maximum they can allow is $1,500. I could put the money on my Bank of America debit card, but is this a good idea? I also thought about loading up the Bluebird, using it a couple times and tossing it.
I know, the banker said I have my old account back and I should drop this other crap because it's unnecessary and in some cases just plain wrong. He tells me all about how debit cards don't build credit and you need a credit card to build credit, yea, yea I've heard it all before and I have credit cards, just not a high enough limit. I don't want to apply for more credit right now. I want to avoid using my local bank's debit card because I'm tired of the "I told you so's".
Is there any logic to having a checking account at 2 different banks? Is there any logic at all to having a prepaid card? Except for a place to direct deposit, the card feels pointless. I have been told when traveling out of state, places like restaurants, motels and gas stations won't take traveler's checks anymore, some of the younger kids working there don't even know what they are, but they will take prepaid cards. I really hate to say I need to put off my purchase and vacation until I can get better credit cards with higher limits because it makes it sound like I want to buy things I can't afford and that's not the case. So does anyone have a good answer or just wait for better credit cards?