Going to Call GM Card For Credit Limit Increase. Need Some Advice!

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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Dylan1982
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Going to Call GM Card For Credit Limit Increase. Need Some Advice!

Postby Dylan1982 » Tue May 01, 2012 7:37 pm

So I just got off the phone with GM Card, I was about to do a credit limit increase but I first had some questions for CSR.

The first thing that I had asked was to be transferred to their "credit limit" department. She then proceeded to tell me that they have no "credit limit" department, I give her my info and she puts in a request

I then asked when you put in a request for a CLI, do you pull a hard pull or soft pull from my credit report. The CSR proceeded to tell me that it is confindential, they ask permission to obtain a copy of my credit report and may or may not used the information based on it. I thought it was BS that she couldn't tell me

I then asked what credit company you pull from, again she said we can pull from TU, EXP, Or EQ and possibly Novice???

I then politely asked to be transffered to an Acct Manager. The Acct Manager immediately told me that their system was doing an update, that she couldn't view my acct at this time.

So about me and the GM card. I wanted to talk to their "credit limit" department or speak to an Acct Manager bc when I first signed up for The GM Card it was back in 2002, I was 19. I wanted to be able to give them information about me. Basically since 2002, my income has doubled if not tripled, been a customer for a DECADE now with 0 late payments, always make more then the minium payment and for the fact that since I've had The GM Card for 10 yrs, I've NEVER asked for a CLI.

So where do I go from here? What are my chances of getting an increase if I cannot speak to someone, and they have to put in for a request? I basically want to double my limit. Currently my CL is $7,700, I want to shoot for $15k or $20k limit. Do you guys think that I can acheive that?
Chase Freedom - $12,500 (2/2013)
GM Card - $7,700 (7/2002)
CitiBank (Thank You Preferred) - $6,400 (6/2012)
CitiBank (Diamond Preferred) - $4,600 (6/2012)
Rogers & Hollands - $3,300 (3/2006)
Target REDcard - $3,000 (11/2014)
BestBuy - $1,600 (9/2003)
Discount Tires - $1,000 (2/2004)
Kohl's - $300 (4/2012)


CC Deville
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Postby CC Deville » Tue May 01, 2012 9:27 pm

Today might not be the best day to request a CLI. Today was officially the day that Capital One took over the previous HSBC cards. If you visit GMcard.com and look at the terms and conditions you will see that the cards are now Capital One and that Capital One is using the HSBC Bank USA name under license from HSBC.

Capital One, like HSBC, is not known for their massive credit lines.

First some info....if I recall correctly you were the one that had a massive balance on this card. Is that correct? Have you paid it off, transferred it or paid it down significantly? A creditor might not want to extend further credit if they see a long standing balance that isn't getting paid down.

What does your overall credit look like? Average age, total utilization, any baddies etc?

When asking for double your current credit line ($15K) they are going to want to pull a hard bureau. But what is the harm in that? If you are approved, then the hard inquiry was worth it. If declined, well, one inquiry won't hurt and it will go away within two years and become basically meaningless after one. Be prepared for them asking for financials when asking for a double credit line increase.

To be honest, $7.7K on a GM card is actually pretty good. Why are you looking for the CLI? Just to have it or because you need it?

The best luck I have had with credit line increases have been auto CLI's. Now, each creditor is different and I have no experience with the former HSBC and it's predecessor, Household, but I have had luck with Chase, Discover and Citibank just by using the cards heavily and paying in full.

The other way to go about a CLI is by calling and inquiring about balance transfers. Let them talk them up and go on. Then when they have finished their schpeal, you would say that you are interested but your current credit line would not allow for the balance transfer. Many times, banks hear this and offer a CLI for the balance transfer.

Or you could just be truthful and ask for the CLI for whatever reason you were wanting the increase.

Again, you may want to wait a week or two for the dust to settle with the Capital One takeover.

If all you are looking for is a high credit line card, you may want to check out a credit union or one of the 3 Big Banks (BofA, Citibank or Chase). But even then, getting $15K right off the bat could be tricky.

Dylan1982
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Postby Dylan1982 » Tue May 01, 2012 10:26 pm

I forgot about the merge wtih Capital One..

Yes I am the one with the high balance on the card. I've been paying it down, haven't transferred the balance yet. I put two payments a month at $85 on the card for a total of $170/month. my card is definitely being paid down.

Over all credit.. The GM card alone is 10yrs 3 mos. Average age is 7 yrs 5 mos. Total utilization is down to 49% from 52%. My GM card alone is at 93% utilization. Yeah I know not good. I have nothing bad on my report. 100% ontime payments. Of course I'm getting all my info from Credit Karma.

If they ask for finanical I have no problem providing them with that. Again I opend the card back in 2002, 10 yrs later I'm making significantly more money now.

I definitely DO NOT need the increase, with my utilization at 93% and over all 49%, the point of the CLI increase is to lower both of my utilizations down and to help boost my credit score a bit. Currently at 700 (accordign to Credit Karma).

Can you explain this more to me, for some reason I'm not following you..

The other way to go about a CLI is by calling and inquiring about balance transfers. Let them talk them up and go on. Then when they have finished their schpeal, you would say that you are interested but your current credit line would not allow for the balance transfer. Many times, banks hear this and offer a CLI for the balance transfer.


Maybe I will wait like you stated then. They sure as shiit will not lower my APR. Currently at 12.49%. Used to be at 6% before the economy tanked.
Chase Freedom - $12,500 (2/2013)
GM Card - $7,700 (7/2002)
CitiBank (Thank You Preferred) - $6,400 (6/2012)
CitiBank (Diamond Preferred) - $4,600 (6/2012)
Rogers & Hollands - $3,300 (3/2006)
Target REDcard - $3,000 (11/2014)
BestBuy - $1,600 (9/2003)
Discount Tires - $1,000 (2/2004)
Kohl's - $300 (4/2012)

Dylan1982
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Location: Chicago

Postby Dylan1982 » Tue May 01, 2012 10:33 pm

Another thing that I want to add. I really havent used my card in some time, maybe here and there for small purchases.

Also, the other day I got an invitation in the mail for a Citi Diamond Card.
Chase Freedom - $12,500 (2/2013)
GM Card - $7,700 (7/2002)
CitiBank (Thank You Preferred) - $6,400 (6/2012)
CitiBank (Diamond Preferred) - $4,600 (6/2012)
Rogers & Hollands - $3,300 (3/2006)
Target REDcard - $3,000 (11/2014)
BestBuy - $1,600 (9/2003)
Discount Tires - $1,000 (2/2004)
Kohl's - $300 (4/2012)

CC Deville
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Postby CC Deville » Wed May 02, 2012 3:43 pm

Dylan1982 wrote:I definitely DO NOT need the increase, with my utilization at 93% and over all 49%, the point of the CLI increase is to lower both of my utilizations down and to help boost my credit score a bit. Currently at 700 (accordign to Credit Karma).

Can you explain this more to me, for some reason I'm not following you..



Maybe I will wait like you stated then. They sure as shiit will not lower my APR. Currently at 12.49%. Used to be at 6% before the economy tanked.


To elaborate on my "The other way to go about a CLI" post......so lets say you have a credit card (usually with little to no balance) and you want a CLI. You could call the bank and inquire about what kind of balance transfers they are currently offering on your exisiting account. Lets say they are offering 12 months 0% APR. So, they will usually be excited to inform you of their current balance transfer promotions. Once they have explained the promotion, you would let them know that you are interested in the balance transfer offer; however, your current credit line would not be sufficient to handle the balance that you wish to transfer. A lot of times they will ask how much more you need and if reasonable, they will grant it. In your case, I would take baby steps from $7,700 to maybe $10,000. And then in a year or so call back and see about getting up to $13,000 and then another year up to $15,000.

I would truly recommend holding off for now. I understand where you are coming from in terms of having good credit and being a long time cardholder. But you also don't want to rock the boat. Once you have paid the balance down below 30% utlization you could certainly try for the CLI. You may also want to consider opening an account from a competitors bank, like Citibank, and transfer the GM Card balance to the new account at 0% to get it paid down sooner. Who knows, having that balance paid off might prompt GM Card to give you an auto CLI (not guaranteed of course but could happen).

CC Deville
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Postby CC Deville » Wed May 02, 2012 3:44 pm

Dylan1982 wrote:Another thing that I want to add. I really havent used my card in some time, maybe here and there for small purchases.

Also, the other day I got an invitation in the mail for a Citi Diamond Card.


Card companies do like to see usage, but since you have a balance that you are paying on, that counts. It isn't like you just sockdrawered the card and expected an increase. The card is active simply by having the balance.

Dylan1982
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Location: Chicago

Postby Dylan1982 » Wed May 02, 2012 9:24 pm

CC Deville wrote:To elaborate on my "The other way to go about a CLI" post......so lets say you have a credit card (usually with little to no balance) and you want a CLI. You could call the bank and inquire about what kind of balance transfers they are currently offering on your exisiting account. Lets say they are offering 12 months 0% APR. So, they will usually be excited to inform you of their current balance transfer promotions. Once they have explained the promotion, you would let them know that you are interested in the balance transfer offer; however, your current credit line would not be sufficient to handle the balance that you wish to transfer. A lot of times they will ask how much more you need and if reasonable, they will grant it. In your case, I would take baby steps from $7,700 to maybe $10,000. And then in a year or so call back and see about getting up to $13,000 and then another year up to $15,000.

I would truly recommend holding off for now. I understand where you are coming from in terms of having good credit and being a long time cardholder. But you also don't want to rock the boat. Once you have paid the balance down below 30% utlization you could certainly try for the CLI. You may also want to consider opening an account from a competitors bank, like Citibank, and transfer the GM Card balance to the new account at 0% to get it paid down sooner. Who knows, having that balance paid off might prompt GM Card to give you an auto CLI (not guaranteed of course but could happen).

If I go that route, then wouldn't the CSR then ask my "other cc info" to make the balance transfer to my GM Card? How would I go about it, trying to icrease my CL w/o actually doing a BT to my acct?
Chase Freedom - $12,500 (2/2013)
GM Card - $7,700 (7/2002)
CitiBank (Thank You Preferred) - $6,400 (6/2012)
CitiBank (Diamond Preferred) - $4,600 (6/2012)
Rogers & Hollands - $3,300 (3/2006)
Target REDcard - $3,000 (11/2014)
BestBuy - $1,600 (9/2003)
Discount Tires - $1,000 (2/2004)
Kohl's - $300 (4/2012)

CC Deville
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Postby CC Deville » Thu May 03, 2012 5:19 pm

Dylan1982 wrote:If I go that route, then wouldn't the CSR then ask my "other cc info" to make the balance transfer to my GM Card? How would I go about it, trying to icrease my CL w/o actually doing a BT to my acct?


Good question, yes they do, but you would get the CLI first. So they would ask, "how much were you looking to transfer?" And you would let them know that you need your credit line to be $10,000. They almost always increase the limit first. Then when they ask for your other CC info, tell them that you will call back once you get your statement to process the transfer.

Dylan1982
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Location: Chicago

Postby Dylan1982 » Thu May 03, 2012 6:30 pm

CC Deville wrote:Good question, yes they do, but you would get the CLI first. So they would ask, "how much were you looking to transfer?" And you would let them know that you need your credit line to be $10,000. They almost always increase the limit first. Then when they ask for your other CC info, tell them that you will call back once you get your statement to process the transfer.

I called them today to see if they have any BT options available and the CSR said none available.
Chase Freedom - $12,500 (2/2013)
GM Card - $7,700 (7/2002)
CitiBank (Thank You Preferred) - $6,400 (6/2012)
CitiBank (Diamond Preferred) - $4,600 (6/2012)
Rogers & Hollands - $3,300 (3/2006)
Target REDcard - $3,000 (11/2014)
BestBuy - $1,600 (9/2003)
Discount Tires - $1,000 (2/2004)
Kohl's - $300 (4/2012)

CC Deville
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Postby CC Deville » Fri May 04, 2012 3:24 pm

Dylan1982 wrote:I called them today to see if they have any BT options available and the CSR said none available.


Yeah, like I said, I would really give it a little time to see what Capital One does with these former HSBC cards. You will also want to have your balance paid below 30% of your credit line before you ask for the CLI. My main recommendation is to look into another bank like Citibank for a 0% balance transfer. I believe they are offering 18 months. That way you aren't paying interest and it may prompt HSBC/Capital One to increase your limit.



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