Comments on: Citi Raised My Credit Limit

By: ImA60sRelic

ImA60sRelic — Sat, 28 Feb 2009 21:29:47 +0000

Chase again raised my credit limit another $3,000 – AFTER I cashed another revolving credit check they provided to me at 0% (yes, zero percent) interest.

I love these zero interest loans and I don’t mind paying the 3% transaction fee.

Of course, I don’t use my Chase credit card for anything else, so I guess this is their way of saying, “Use me!”

By: Dolly

Dolly — Sun, 22 Feb 2009 21:10:45 +0000

Recently Citi doubled my credit card limit (I didn’t ask for it and didn’t want it). I am betting, that Citi put “the money loaned to my credit card” on their books as a liability – that’sa how they used their bailout money. Instead of using the bailout money to make home loans – they are upping credit card limits – it affects the financials of the bank in the same way.
This is not a favor to you and me – it’s embarassing, we are getting money intended for other people – intended for another purpose – while Citibank gets to sit on all that money or use it for exec bonuses.
They are keeping the money and playing a ponzie scheme using the taxpayers bailout money. It’s a shell game – where’s the money? Can you find the money? We hid the money (in new cr4edit card balances) – but we’ll tell you anything you want to hear.

By: Tracy

Tracy — Thu, 25 Sep 2008 12:23:08 +0000

Citibank raised my credit limit, but Bank of America, when I called to ask for an interest rate reduction, said they were “helping me out” by not lowering the interest rate, and by lowering credit limits on not only the account I was calling about, but also on another account. This is after they had indiscriminately RAISED my credit limits when I was making LESS money. I told the guy he was not being helpful, and that what he did was counterproductive.

Be very wary of asking for interest rate reductions at this point in time. I was not smart in timing it the way I did. I make a decent salary, and the guy even told me I’m a “very good customer” because I pay on time. Once I pay off my Bank of America accounts, I’m never charging on them again, unless I can pay it off immediately. The one account is a points card, so I won’t get rid of it, but I will close the others, I think.

By: tom

tom — Tue, 23 Sep 2008 00:09:18 +0000

they must be doing this across the board… my limit was increased by $500.

By: Mr. ToughMoneyLove

Mr. ToughMoneyLove — Mon, 22 Sep 2008 21:50:15 +0000

“More money is available to use in case of emergency.” Don’t you mean more “credit” is available for use in case of emergency?

I know what you meant Flexo and I am not being critical of the points you are making. The point of my hypertechnicality is how easy it is for some folks (not you) to interchange “money” and “credit” in their conceptual thinking? I can’t even count how many times I have read about someone taking out a home equity loan to “get money to pay off debt.”

By: Simon

Simon — Mon, 22 Sep 2008 21:29:37 +0000

Here in Australia I yesterday received a note from my CC company offering a no hassles limit increase from $3K to $5K. No doubt this was triggered from the fact I just paid off the $3K owing in one hit with a work bonus. Curious they didn’t check their records to see I applied for my limit to be lowered from $5K about 12 months ago. I tore it up. The card is only used for emergencies or bill paying that requires a CC now so I’m actually thinking of lowering it even more.

By: Adam

Adam — Mon, 22 Sep 2008 21:22:44 +0000

American Express doubled my limit to $12,000. It’s funny how in these times of ‘tough credit’, they have the generosity to allow me to spend more money.

By: Get Out of Debt Guy

Get Out of Debt Guy — Mon, 22 Sep 2008 21:08:44 +0000

You are absolutely right, as long as you do avail yourself to the generous dollop of credit they gave you it can actually help your credit score. The danger is that I’m seeing creditors lower limits dramatically and instantly max cards out, really hurting the credit reports. Congratulations, I think.

By: Todd

Todd — Mon, 22 Sep 2008 20:15:10 +0000

They randomly increased mine as well about 3k. I like that just like you for the reasons you stated. Higher available unused credit typically means higher credit score. Also there if you had an emergency but that would be a very last resort. I always pay off my credit cards every month as well. I don’t use the citicard anymore however because I have opted to get the cash back from a combination of two chase freedom cards.

By: Andrew

Andrew — Mon, 22 Sep 2008 20:05:20 +0000

Wow… Citi recently reduced my limit to $25.

By: Juan

Juan — Mon, 22 Sep 2008 19:01:18 +0000

Citi also raised my limit recently by like 3-4k. I won’t be using it much though (even if balance transfers and purchases are still currently at 0%).

By: Twiggers

Twiggers — Mon, 22 Sep 2008 17:27:24 +0000

How funny….we got the same thing. They increased our limit by about 6K though and really lowered the interest rate too. Nonetheless, the card has been cut up and won’t be used :-) But I love that it helped to lower my credit utilization as I am paying off the credit cards!