What are your views on Credit Line Increase letters?

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cspaniol
 
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What are your views on Credit Line Increase letters?

Postby cspaniol » Fri Apr 11, 2014 10:01 am

Hi All,

I was curious when you open your mail, what makes a credit line increase letter worthwhile to you? Also what details make you want to sign up? I get so many and I never know what to make of them all.

Thanks in advance!


MemberSince99
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Postby MemberSince99 » Fri Apr 11, 2014 5:39 pm

April 1st was 10 days ago you're a bit late, aren't you?

me I get so many creditors offering me CLIs that I'm to the point of being annoyed. the letters make GREAT fodder for the bottom of my bird cage, and for lighting my fireplace though.


As for what I like, well the more begging and groveling and begging for my business the more important I feel. I want the CEO to come and shine my shoes and mow my lawn to show how much they truly want my business though.


How about you?

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PlatinumAMEX94
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Postby PlatinumAMEX94 » Sat Apr 12, 2014 8:16 am

cspaniol wrote:Hi All,

I was curious when you open your mail, what makes a credit line increase letter worthwhile to you? Also what details make you want to sign up? I get so many and I never know what to make of them all.

Thanks in advance!


When I was young and foolish an increase would trigger a "Let's go out to dinner" response. But I was literally borrowing money back then because I didn't have it. Now a CLI is just a "Oh that's nice, I'll never touch it since I don't borrow anymore." A creditor can look at your credit report and know that you haven't used revolving credit in a long time and chances are you probably won't.

If you REALLY need a CLI and you can't get it, then you should go the OTHER route ... use emotion. "My son was in an accident and the hospital needs $___, can you please help us out and give us X% increase?" Remember it is an actual person who decides who gets an increase or not. Reasons like, "I really want to lower my debt to credit ratio, so just bump my credit so I don't have to pay it down" will not go over very well. Yes, people really say those things.
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Postby Dman316 » Sat May 31, 2014 12:36 pm

MemberSince99 wrote:April 1st was 10 days ago you're a bit late, aren't you?

me I get so many creditors offering me CLIs that I'm to the point of being annoyed. the letters make GREAT fodder for the bottom of my bird cage, and for lighting my fireplace though.


As for what I like, well the more begging and groveling and begging for my business the more important I feel. I want the CEO to come and shine my shoes and mow my lawn to show how much they truly want my business though.


How about you?


Man that must be one serious problem.
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Terry
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Postby Terry » Wed Jun 04, 2014 7:58 pm

cspaniol wrote:Hi All,

I was curious when you open your mail, what makes a credit line increase letter worthwhile to you? Also what details make you want to sign up? I get so many and I never know what to make of them all.

Thanks in advance!


Letters from the creditor advising of an increase is a good sign that the account is being well managed. :)
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