Hello Everyone, I've heard a lot of talk about Generations Bank and I would like an account with them. I know that it's been said that your credit limit is 20% of your income, minus your debt. My questions are: Does this include installment debts or revolving only? Do they base the 20% off of your Gross or Net income? Thanks in Advance
Income requirements refer to gross income Only outstanding revolving debt in counted against you. Unused revolving lines and installment debt will not decrease the line you get We just got 20K for 12.99%. It does seem to be difficult to do BT's onto this card. They consider BT's to come from the cash advance line which is only 20% of the credit line. If anyone has had success in BT'ing the entire line, please let me know how you did it.
I btd the full line when I got my card, but that was quite a while ago. My problem was that they are very strict on who they will send the bt to and for how much. For example, I wanted to bt from Amex, but my credit report didn't show the balance on that account, so I had to send them a statement proving I actually owed that much to Amex before they would send the bt check. I'll double check, but I don't think I have a different limit for purchases and cash advances. If I do, I've never hit it and I have used it for cash advances. With only a $2 fee no matter how much you take and the apr is the same as your purchase apr, it has come in handy.
Please check you cash advance line as you said...I would like to call them back with information that someone else has a cash advance line the same as the purchase line.
I just checked on-line, but I didn't see any mention of a cash advance limit. I will check the hard copies tonight when I get home from work and let you know.
I looked at my hard copy statement. I did not see any place on the statement for a cash or cash advance limit. Does yours reflect on your statement? Where have you seen yours?
The card is so new that I have not gotten a statement yet. A CSR is the one that told me about the CA limit.
