Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 06-15-2018, 12:08 PM   #21
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Amethyst's Avatar
 
Join Date: Dec 2008
Posts: 7,883
That sounds weird. I ask for an increased credit limit on my Citi 2X Mastercard every 6 months. So far, it has been granted each time. They turn me down if it's a day shy of 6 months, though!

Quote:
Originally Posted by FIREd_2015 View Post
I applied for a increase on my Fidelity 2% rebate card ($9.5k limit) a couple of months ago and was denied. The reason I got was something like they didn't have my last year's tax return or something. It was an interesting response since I also had Fidelity's 1% rebate card with $20k limit at the time. So my response to them denying my request was to cancel the 1% rebate card which I wasn't using anyway.
__________________

__________________
If you understood everything I say, you'd be me ~ Miles Davis
'There is only one success to be able to spend your life in your own way. Christopher Morley.
Amethyst is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 06-15-2018, 01:48 PM   #22
Moderator
Walt34's Avatar
 
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 20,162
The last couple of times either one of us applied for a credit card none of them asked for any income information at all. Evidently just the credit score was enough.

Although recently Capital One lowered my credit card limit from Insanely High to merely Stupidly High because I wasn't charging "enough". Well, yeah. The last thing I want is a mid-five-figure cc bill! And it probably didn't help that like most here we pay them all off in full every month.
__________________

__________________
I heard the call to do nothing. So I answered it.
Walt34 is offline   Reply With Quote
Old 06-15-2018, 02:10 PM   #23
Thinks s/he gets paid by the post
 
Join Date: Sep 2006
Posts: 1,078
Quote:
Originally Posted by CaptTom View Post
But I'm also curious to see how long I can keep clicking "not now" before one of them escalates the question. And why they've all suddenly started doing this. Maybe the credit reporting agencies have flagged my reduced income in retirement?
I don't think so because I'm still working and my income has not reduced and I get those pop ups too. (I don't respond to the pop ups)
JustCurious is online now   Reply With Quote
Old 06-15-2018, 02:12 PM   #24
Thinks s/he gets paid by the post
 
Join Date: Sep 2006
Posts: 1,078
Quote:
Originally Posted by always_learning View Post
As an aside, is Chase the only company suddenly asking about updating incomes? That's the only company bugging us.
Nope, I have an Amex Blue card and I get those pop ups asking me to update my income.
JustCurious is online now   Reply With Quote
Old 06-15-2018, 05:23 PM   #25
Recycles dryer sheets
 
Join Date: May 2015
Location: NorCal
Posts: 137
Quote:
Originally Posted by calmloki View Post
You might have tried transferring some of the credit from the
$20k card to the $9.5k card...

Didn't think about trying that. I guess it's too late now since I've already cancelled the card.
FIREd_2015 is offline   Reply With Quote
Old 06-15-2018, 05:30 PM   #26
Recycles dryer sheets
 
Join Date: May 2015
Location: NorCal
Posts: 137
Quote:
Originally Posted by Amethyst View Post
That sounds weird. I ask for an increased credit limit on my Citi 2X Mastercard every 6 months. So far, it has been granted each time. They turn me down if it's a day shy of 6 months, though!

It sounded weird to me too and I wasn't about to send them a copy of my taxes. Maybe it's an Elan Financial/Fidelity thing. I rarely come close to my current $9.5k limit but wanted to up the limit to something closer to what I have on some other cards (~20k limit) that I don't use anymore just in case I decide to go on a charging spree.
FIREd_2015 is offline   Reply With Quote
Old 06-15-2018, 05:55 PM   #27
Full time employment: Posting here.
mamadogmamacat's Avatar
 
Join Date: Dec 2012
Posts: 734
There must be different perhaps widely different algorithms used by different companies.
I pay off all cards every month and have never charged more than 15% (and that only once, it is usually no more than 2% to 5%) of my very high limit on Capital One. Yet, they have never reduced my limit nor asked about income save for perhaps twice in 25 yrs. An occasional say 5k increase in limit seems to be given automatically every 5 yrs or so. I do use the card ever month. On the other hand two other cards that i also use every month bug me regularly about either income or do i want a limit increase. I never had said yes as one has a 30k limit already.
mamadogmamacat is offline   Reply With Quote
Old 06-15-2018, 06:56 PM   #28
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Amethyst's Avatar
 
Join Date: Dec 2008
Posts: 7,883
Or perhaps even a scammer thing?? Maybe some people actually do send their tax forms - SSN and all!

Quote:
Originally Posted by FIREd_2015 View Post
It sounded weird to me too and I wasn't about to send them a copy of my taxes. Maybe it's an Elan Financial/Fidelity thing.
__________________
If you understood everything I say, you'd be me ~ Miles Davis
'There is only one success to be able to spend your life in your own way. Christopher Morley.
Amethyst is offline   Reply With Quote
Old 06-15-2018, 10:08 PM   #29
Thinks s/he gets paid by the post
 
Join Date: Sep 2014
Location: Grapetown
Posts: 1,900
We get our limits raised all the time; and in fact DW just got a new card that will pay us a bonus to charge something within the first 90 days. Yea!
Winemaker is offline   Reply With Quote
Old 06-16-2018, 12:39 AM   #30
Thinks s/he gets paid by the post
 
Join Date: Jun 2016
Posts: 3,078
Ive been asked to update income on several cards. Have generally ignored the request. Ive also been told by US Bank and Chase that our cards would be cancelled due to inactivity. We charged a few low cost items on them and I guess were good to keep them. Dont really care other than our credit score might suffer if these two cards closed our accounts suddenly.
Scuba is offline   Reply With Quote
Old 06-16-2018, 07:29 AM   #31
Recycles dryer sheets
 
Join Date: Sep 2016
Location: Way up North
Posts: 243
Quote:
Originally Posted by mamadogmamacat View Post
There must be different perhaps widely different algorithms used by different companies.
I think this is the answer. Not only does it appear there are big differences between policies at different issuers, it seems like individual issuers change their policies from time to time on a whim.

I've been a credit card user my whole life and run pretty much my entire budget through cards. I'm a PIF type person and don't pay interest, ever. I have occasions where one card issuer was giving me a huge unrequested limit increase at the same time another issuer was slashing my limit with them. The behavior of credit card issuers follows no rational rules.

I do know that a statistic that card issuers pay attention to, that they have access to from reading your credit report, is largest historical balance on all your accounts. They seem to really go overboard if they see you have had a huge balance reported in the past. About 5 years ago I bought an Audi A8 and put $50K of the purchase price on a card for the points. I paid it off next statement before it accrued any interest. Over the next few months I got some huge, unrequested limit increases on all my cards. Some have since been rolled back. I still have over $200K total limits across 5 cards when my typical monthly spend on all cards combined is ~$4K.

I've come to the opinion that there is no way to predict what a card issuer might do. I keep some diversity in issuers and accounts in case one of my issuers goes nuts for a while, like I've experienced a few times in the past.
bada bing is offline   Reply With Quote
Old 06-16-2018, 07:44 AM   #32
Thinks s/he gets paid by the post
Car-Guy's Avatar
 
Join Date: Aug 2013
Location: Citizen of Texas
Posts: 3,493
I really don't want or need higher limits on my CCs so I just ignore such "offers/requests"
Car-Guy is offline   Reply With Quote
Old 06-16-2018, 01:47 PM   #33
Full time employment: Posting here.
 
Join Date: Sep 2007
Posts: 841
Quote:
Originally Posted by always_learning View Post
Capital One outright cancelled my card many years ago out of the blue because I wasn't using it "enough". Be glad they just lowered your limit. While I don't like to say "never", I will say that I will not ever willingly apply for credit with them/use their services again if I have other options.
Every company will cancel your card if you don't use it for a long enough period of time.
A few years ago I went through all our cards to cancel the ones that we did not use---mostly store cards (Lowes, Sears, etc.) Most of them had already been cancelled by them without me knowing about it.

If you want to keep a card alive, just charge something on it every 6 months or so.
rayvt is offline   Reply With Quote
Old 06-16-2018, 03:55 PM   #34
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Nov 2009
Posts: 5,205
Quote:
Originally Posted by rayvt View Post
Every company will cancel your card if you don't use it for a long enough period of time.
A few years ago I went through all our cards to cancel the ones that we did not use---mostly store cards (Lowes, Sears, etc.) Most of them had already been cancelled by them without me knowing about it.

If you want to keep a card alive, just charge something on it every 6 months or so.
Back in 2009-10, I had two cards closed due to inactivity - I hadn't used them in more than 10 years, in one case I had never used the card in all 20 years I have it.

But I have used my back-up card only once a year for the last 3 years and it is alive and well.
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.

"I want my money working for me instead of me working for my money!"
scrabbler1 is offline   Reply With Quote
Old 06-16-2018, 06:55 PM   #35
Thinks s/he gets paid by the post
 
Join Date: Jan 2017
Posts: 1,191
Quote:
Originally Posted by rayvt View Post
Every company will cancel your card if you don't use it for a long enough period of time.
I made the mistake of getting a Discover card years ago. They'd send me new cards several times a year, hoping to get me to call in to "activate" (which really meant, listen to a sales pitch for something.)

I never used the card. I never called. I was SO relieved when they finally cancelled it.
CaptTom is offline   Reply With Quote
Old 06-17-2018, 09:41 AM   #36
Recycles dryer sheets
 
Join Date: Sep 2017
Location: exeter
Posts: 415
No, they would love to get you into as much debt as possible !!!
__________________
What the heck is going on ???
albireo13 is offline   Reply With Quote
Old 06-17-2018, 10:20 AM   #37
Thinks s/he gets paid by the post
 
Join Date: Jan 2018
Location: Tampa
Posts: 4,682
I have a Chase card from 14 years ago on my credit report. Don't physically have the card (ex had opened the account and also doesn't have the card) and it has a zero credit limit.
For now, not doing any action on it, as it raises my credit score.
__________________
TGIM
Dtail is offline   Reply With Quote
Old 06-17-2018, 10:52 AM   #38
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Nov 2009
Posts: 5,205
Quote:
Originally Posted by CaptTom View Post
I made the mistake of getting a Discover card years ago. They'd send me new cards several times a year, hoping to get me to call in to "activate" (which really meant, listen to a sales pitch for something.)

I never used the card. I never called. I was SO relieved when they finally cancelled it.
This was one of the credit cards I got but was canceled by them. I never used mine, either, and I got it in 1990 when I tried to buy something at Sears but could not use my regular CC to buy it. Discover called me a few times trying to get me to use it, and the caller had all those prepared responses to anything I said about why I hadn't used it in a while. But the caller got stumped when I told her I had NEVER used the card the whole time; she ended the call.
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.

"I want my money working for me instead of me working for my money!"
scrabbler1 is offline   Reply With Quote
Old 06-17-2018, 11:37 PM   #39
Thinks s/he gets paid by the post
 
Join Date: Aug 2004
Location: Laurel, MD
Posts: 4,537
Quote:
Originally Posted by Dtail View Post
I have a Chase card from 14 years ago on my credit report. Don't physically have the card (ex had opened the account and also doesn't have the card) and it has a zero credit limit.
For now, not doing any action on it, as it raises my credit score.
I don't understand how a zero credit limit card would raise your score. Perhaps is helps with length of account has been opened but I don't think that is a big factor. I have a few that have not been used in many years. Im surprised the haven't been closed by the CC companies and I have been too lazy to do it myself. It all supports my belief that credit scores are a scam. One of the cards I have recently added a "what if" calculator to their free credit report feature. I've tried it out and it doesn't seem to move the needle much if I add or cancel accounts or payoff the balance.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
jazz4cash is offline   Reply With Quote
Old 06-18-2018, 05:31 AM   #40
Thinks s/he gets paid by the post
 
Join Date: Jan 2018
Location: Tampa
Posts: 4,682
Quote:
Originally Posted by jazz4cash View Post
I don't understand how a zero credit limit card would raise your score. Perhaps is helps with length of account has been opened but I don't think that is a big factor. I have a few that have not been used in many years. Im surprised the haven't been closed by the CC companies and I have been too lazy to do it myself. It all supports my belief that credit scores are a scam. One of the cards I have recently added a "what if" calculator to their free credit report feature. I've tried it out and it doesn't seem to move the needle much if I add or cancel accounts or payoff the balance.
My thinking was the length of the account. I believe after the timeliness of payoff of balances and % of use of available credit, this factor is next in line.
__________________

__________________
TGIM
Dtail is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Do Increased Credit Card Limits affect Credit Score? marc515 FIRE and Money 6 11-15-2012 05:36 PM
Diversifying Doesn't Lower Risk, But It Does Lower Potential Gain justin FIRE and Money 44 11-05-2005 05:16 PM

» Quick Links

 
All times are GMT -6. The time now is 11:30 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2019, vBulletin Solutions, Inc.
×