When your credit limit is too low to buy what you want?

For just about anything you want to get off your chest about credit cards.
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circle_k
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When your credit limit is too low to buy what you want?

Postby circle_k » Sat Dec 01, 2012 1:50 pm

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?


agp
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Postby agp » Sat Dec 01, 2012 2:26 pm

Charge part of it on your debit card, charge a part of it on your credit card.

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Robrus1
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Postby Robrus1 » Sat Dec 01, 2012 3:24 pm

I agree with using multiple cards, or you could write a check perhaps. Depending on how long you've had your cards and how your credit looks, maybe you should just ask for a CLI.
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kcarter609
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Postby kcarter609 » Sat Dec 01, 2012 4:31 pm

You sir have a real problem on your hands. I would NEVER go to a bank that would just hand over a statement to my relatives if they weren't on my account. I also would have NEVER apologized to the bank, probably have told the president to shove it, and filed a formal complaint against them with one of the banking regulations for handing over the statements. Possibly file a lawsuit for violations of privacy if my parents weren't on the account.

If that happened here, I can guarantee that every one of the things I mentioned above would happen in all of an hour. Also, the person who handed over the paperwork would have been fired on the spot and possibly face fines/charges.

Now you went back, apologized, and your going to take it all again? Wow. I agree, prepaid stuff is ridiculous, but I'd just find a new bank.

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Ratfacedudeguy
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Postby Ratfacedudeguy » Sat Dec 01, 2012 5:19 pm

kcarter609 wrote:You sir have a real problem on your hands. I would NEVER go to a bank that would just hand over a statement to my relatives if they weren't on my account. I also would have NEVER apologized to the bank, probably have told the president to shove it, and filed a formal complaint against them with one of the banking regulations for handing over the statements. Possibly file a lawsuit for violations of privacy if my parents weren't on the account.

If that happened here, I can guarantee that every one of the things I mentioned above would happen in all of an hour. Also, the person who handed over the paperwork would have been fired on the spot and possibly face fines/charges.

Now you went back, apologized, and your going to take it all again? Wow. I agree, prepaid stuff is ridiculous, but I'd just find a new bank.


This right here. If your parents aren't on your account, that's a serious compliance issue and an infraction on federal privacy laws. If I did that at my job, I'd be fired immediately, if not put on a final written corrective action. So are your parents on your account? If not, you need to take legal action.
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MemberSince99
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Postby MemberSince99 » Sat Dec 01, 2012 5:56 pm

Agree with all that has been said. The bank screwed up, you got upset and yelled at them for it, and they want YOU to apologize after they showed people who aren't authorized to see your account information all about your account?

Wow. Is it a bank or a cult there?

I mean did they ask you to bow low before the bank President and repeat 3 times "Yes Lord Greedy-Pig, I swear that every day I will lick the tar from the hubcaps on your Mercedes with my tongue if only you will give me ONE more chance to bank with you, please Sir, I beg you and may I have another? Thank you Sir"

It just sounds ludicrous.

If my bank no longer wanted my business, and tried this nonsense, I'd grant their wish in a heartbeat and go to their competitor literally right across the street. I don't expect them to kiss my behind (or want them to) and that goes both ways - I'm not kissing theirs either. Life is much too short for that nonsense.

Fortunately they've always been fair to me. I've had issues with one particular teller but they apologized for her behavior (long story short I wanted to deposit a check I got for something, went to drive up gave the signed check with a deposit slip, she then asks for the security information my account. I ask why I just want to deposit it into my account. Answer was I have to have that information to give you your balance. I say but I don't want my balance, I know what it is I checked it two hours ago (truth) I just want to deposit this check. She got all snippy with me and said well I already made out the balance slip so you have to take it!!!! I was like no, just let me do my deposit and go I don't need or want a balance and didn't ask for one. She went away and came maybe 5 minutes later gave me the deposit slip without a word and a look that I'm sure she wished could have killed me.
I thought about this behavior and I thought ok, I don't bank here to be abused. You don't have to kiss my butt, but that is ridiculous if you don't want my business after almost 10 years, I'll take it elsewhere. I called the customer service number on the back of my credit card and explained what happened to the rep. I said, look if you guys are trying to tell me you just don't want my business, ok, I can go elsewhere just let me know without the drama ok? I was apologized to and told they do not allow that and that is not a normal thing and it would be investigated. I'm sure it was all lies and nothing was done, but I figured ok I'll just go to a different branch, and I've done that and never had an issue there. I did go back to that branch one time for something I had to go there for and she was still there but I didn't get her (thankfully). But I just completely avoid that branch and go to others where they don't give me attitude with my banking services.

I thought about going to US Bank, but then I realized they might well be just as nasty as these people at the local branch, but if I get this sort of thing at the new branch, you can be SURE I'm moving my checking to US Bank, which would benefit me in regards to the Cash +. I stay with Associated to be honest because I've been with them for years, not because I can't get something else that wouldn't be better.

It could also just be that branch where they are the "bank nazis" too.

Anyway that's another story.

On to your problem how to buy the TV. You have a checking account - how about the old fashioned way, save up and use a check? Or put it on layaway? Or as suggested try for cards with a bigger limit or a CLI on what you have?

circle_k
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Postby circle_k » Sun Dec 02, 2012 12:27 pm

Small town banks for ya. My parents have had an account there for over 50 years. My grandparents opened a savings account for me there when I was a kid and when I got into high school opened my first checking account there. Everyone in town knows everyone and there have been a few times they saw me walk up and started filling out the deposit slip before I even went in the bank. Only my name is one the account, but everyone in the bank knows who my parents are and they got copies of my stuff when I was a kid, always watching everything like a hawk, making sure I didn't spend a penny I didn't have to. Even years after I graduated they wouldn't stop, one day my dad just decided I should have health insurance and auto insurance from a different company so he just went and changed it, then I was told exactly where to go and what to say. They wanted me to open a CD, so they went to the bank with me when I'm in my 20's to make sure I put the correct amount in for the correct amount of time, etc. I keep getting lectured to that we should appreciate our parents and changing stuff they have set up for me is not showing an appreciation for them. Ever since I remember my parent's only credit card was a Visa, so when I got a MasterCard without talking to them first, I was the black sheep of the family and my dad was talking about it to whoever he saw.

I'm not so sure, now that I opened the Bank of America account. I thought it would be different, but no ATMs or branches around here so may have been a stupid decision on my part. I was about to transfer $25 to open the account but can't figure out how to add more funds without closing my current account. I was thinking more of using it as a prepaid debit card without fees, but then that becomes a stupid idea like prepaid debit cards as it's really a checking account with real checks. When I called in, I was on hold for over 15 minutes then when someone came on the line she talked really fast and I had to ask her to slow down and repeat, she said I could write a check to myself and deposit in an ATM or make cash deposit in an ATM, but they don't have an ATM near here. She rattled something off about making a deposit by phone, then we were cut off. Near as I can figure, I can go to an ATM, get my $25 back and it will cost me $2. Kind of a jip, but my parents told me not to do it and I went and did it on my own because they said not to.

The real downside on the American Express card, not enough places accept it, so you still need a Visa/MC/Discover for those who don't. I might try to move some funds over to it online, make my purchase then be done with it. I don't really like the idea, but not many others out there.

Midori
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Postby Midori » Sun Dec 02, 2012 1:52 pm

circle_k wrote: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.


How totally bizarre. I can overlook the parent thing-- if they're talking to the bank president on your behalf, I'm guessing you're still young enough that they're on your account. I happen to still have my parents on one of my savings accounts.

But I've never had a bank tell me, "Don't cash a check; you must deposit it" or "Don't use a debit card." If I bought something big-ticket on a credit card, it would be because I wanted the rewards (points, cashback, whatever) for using credit. Do you actually have some sort of hobble on your debit card that keeps you from purchasing an item that costs more than $x, assuming that you have at least $x+$5 in the bank account? If it's hobbled, is there anything keeping you from writing a check?

Sears gift cards come between $10-$500. Theoretically, you could go buy yourself $1000 worth of gift cards one day with your debit card, and then the next day, come back and use them, and pay $800 plus tax with your debit card.

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Postby Vermonster » Sun Dec 02, 2012 3:11 pm

Dude, Dude...Dude.

No offense, but from everything I've read, one of the last things you need is an $1,800 TV. There are way to many issues with what you just told us to even be thinking about dropping that much on something that won't help put food on the table.

First thing you need is a place to get mail that your parents don't know about. I suggest a PO box, in another town if you can.

From now on do not deal with anyone at your local branch. Anything questions need to be asked over the phone or better, secure message through your online banking. Ask for confirmation of anything and everything to be sent to your secret address. You need to keep a paper record of what is going on because this bank does sound like a cult, bordering on crime syndicate. First thing you need is a copy of their privacy policies.

You don't work for the bank, the bank works for you. Remember that.
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kcarter609
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Postby kcarter609 » Sun Dec 02, 2012 6:19 pm

Dude, I'm going to ask one thing... How old are you? You're in your 20s according to your post and you still let your parents make your decisions for you? You have the mentality of an 8 year old childe. It sounds harsh, but it's the truth. Grow up, grow a pair, and tell your parents and the bank that you're making your own decisions. Start learning on your own and doing your own things. If you continue like this, you'll be helpless on your own 20 years from now. What if something happens to your parents unexpectedly and you're left to fend for yourself? If you don't know anything about money because Mommy and Daddy did everything for you, specifically financially, you're screwed.

This happens because your parents have some crazy ****ed up cult mentality, and because you let it happen.

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