I received a letter from the company that carries one of bank cards today. They're raised my credit limit to $20K and practically begged me to use the card. It's ironic that by not using the card, my credit limit is steadily increased and the advantage offers, dividends and perks just keep increasing.
With two bank cards that I pay off each month, I almost feel sorry for them. Should I use it? I make a purchase or two each year to keep the card active and avoid any other fees that might be lurking in the fine print. Are banks getting more desperate for our finance fees?
2 comments:
I've seen the same effect myself. I don't mind the credit limit increases, at least not right now. It may be more of an issue when I've got a total $70,000 credit limit and I'm trying to qualify for a home loan. Methinks a lender might take a second look at my credit report before agreeing to the loan.
Having a huge credit limit is not that bad. A good thing you can do is to apply for a home or car loan. If you don't need it one more thing I can advise is to call an issuer and ask that you just don't need it.
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