How often should I ask for a credit limit increase?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
15 posts
CC Deville
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Postby CC Deville » Tue Apr 24, 2012 4:49 pm

dfm990 wrote:Ive been thinking of joining one... but i wouldnt know how to go about it really i here that you have to get a savings or checkings account. but i already have those at BoA, all i really want a credit card, to increase more score, and gradually gain their trust so they higher my limits... would i have to open those type of accounts and just keep them open to apply for a card?


You may join many credit unions just based on where you live or work. It looks like you are in Miami. Check out Tropical Financial CU. I believe the only requirement is that you live in Dade County (I still can't believe they renamed it Miami Dade County). They offer a pretty solid credit card.

With a credit union, you are a member and part owner. As such, you have to have the minimum amount in your Share account (credit union speak for Savings; Share Draft is checking) to maintain your membership. Tropical Financial requires $25. So as long as you have the $25 in your Share account, you are a member and you may apply for any other products you want. You do not have to have a CD or a checking account. And once you are a member, you are a member for life even if you move to a different state.

A local credit union like Tropical Financial can also be beneficial as you can walk into their branches and talk face to face with a loan specialist. There is also Dade County Federal CU and Miami Federal CU (hardest to join I believe as it is for government employees). I believe you can even join Space Coast Credit Union. Do some research to see which ones offer the best rates for what you are looking for. I personally belong to three credit unions so there is no real limit to how many you can join. But in your situation you may want to go with one for now that you can build a relationship with.

Credit unions are moutwateringly hot so says I. :cool: Let us know which one you choose. Keep in mind because of the Patriot Act, all credit unions/banks will pull a bureau for joining, so you might as well take that opportunity to apply for a card (most CU's will use the inquiry for membership for the credit card app). Best to go in person and speak to someone about your chances of approval for the card before you decide.


fantasy86dj
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Postby fantasy86dj » Tue Apr 24, 2012 8:46 pm

I get credit limits every 6 months, even when I was rebuilding my credit I got an offer every 6 months, be it an increase of $1000 or $500 - after 2 years I have gone from $2000 up to $22,500 on one card and when I went to another financial institution to apply for another card I got approved for $1500 now that account is up to $4500.

I started off with credit unions as I found they were more reasonable than the major financial institutions, the first credit card I had was http://www.bcu.com.au/personal/cards/bcu_classic_visa_credit_card

Good luck in the rebuild process - it does take time but you will get there and the people that are on this forum are very knowledgeable.

dfm990
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Postby dfm990 » Tue Apr 24, 2012 8:52 pm

wow ok thanks guys! Im going to pay a visit to the nearest Tropical on thursday which isn't too far, and im going to join. I'll let you guys know what happens. Thanks again.
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fantasy86dj
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Postby fantasy86dj » Tue Apr 24, 2012 9:50 pm

dfm990 wrote:wow ok thanks guys! Im going to pay a visit to the nearest Tropical on thursday which isn't too far, and im going to join. I'll let you guys know what happens. Thanks again.


All the best for Thursday :)

CC Deville
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Postby CC Deville » Wed Apr 25, 2012 5:22 pm

dfm990 wrote:wow ok thanks guys! I'm going to pay a visit to the nearest Tropical on Thursday which isn't too far, and I'm going to join. I'll let you guys know what happens. Thanks again.


Sounds great. Did you research all of the CU's available to you and you ultimately chose Tropical Financial? See if you can speak to a loan officer or a higher up rep there so that you can tell them of your situation and why you want to join. See what they have to say in regards to the possibility of a credit card through them.



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