Credit companies make no sense

These credit card companies make no sense at all. The credit reporting agencies are just as bad. Recently I applied for a few cards and had some credit hard inqs due to my business. I had some low rate offers ready to expire. I applied for a Fleet card and got a great deal (zero rate) for one year (15K limit). I applied to Citi Planium Rewards. They gave me the card with a 3100.00 limit.

That is a total joke. I have/had a 745 rating and a long term relationship with Citi. I currently have a 20K limit on my Citi AA card and they actually let me charge up to 40K a month on the card, although only 20K may revolve. At 15% or more interest I use that card and pay off every month.

I call them and they told me to wait 6 months as if I did not have a 15 year account with them. What a gas. Then I get a letter from AA that they raised the AA card I have another 2K.

I then apply on a prequalified offer from ATT Universal. They had another zero percent deal. I apply for that get a 10K limit. That card is managed by Citibank.

You can only wonder about these people. Also since I charge large amounts for business purposes to my personal cards I pay them online before the paper statement mails. The reason is my credit report would suffer it it showed 50-60K a month that I pay off every month. The credit reports never reflect your continued paying of the entire bill. This in itself is a major flaw in the credit system as far as I am concerned.

There is a bg difference in credit worthiness of a customer who charges 10K a month and pays off as compared to a revolving 10K on a medium to high interest rate.

Also credit reports never consider income. Or they dont appear to. The greater the income, the larger the charges. Due to new accounts and hard inqs my rating went from 745 EQ/ 740 Fico to approx 691. Nothing has changed in reality and my total owed only went up due to the addition of a car lease. I should also add I recently refinanced my home loan on the phone in 5 mins as a AAA customer and Equifax shoes no real estate on their report. (several months already on the new loan)

You can only wonder.

Rob

 

Wow 200K that is something else. The other thing that makes no sense is that you can lose points by closing inactive accounts. The less the utilization is, the better your score.

Rob