I got pre-approval offers from Juniper Bank for their Platinum Visa. I applied today and I got approved for $500.00. It is "TOY CARD". I called them to raise my credit limit and they told me that I need to show at least 4 monthly payment history. That card go to socks drawer. Ron.
That really stinks Ron. Don't forget they are Columbus Bank and Trust - the same morons who issue Aspire visa. I'm curious about why you decided to apply when you have about 30 others already?
I'm sorry you didn't get the credit line you wanted. But why not use the card and build a relationship with Juniper? I have always received low limits when applying for cards - $1200, 2 at $300, etc and I have always used the card and paid on time. Over months (some years) I was able to get the CL I wanted. I know you have several cards with very high CLs, but what could it hurt. Dani
Personally, if I were offered a card with a $500 limit, I would tell them it was not acceptable, and I don't want the account. I did this with Fleet with a 2k limit.
Dani, I got denied two times past six months.I couldn't get approved if I didn't have any pre-approval offers. By the way, I have other cards to use beside Juniper like Citibank, BofA, MBNA. I cannot use too much to earn cashback when they give that low credit limit. I used it to buy grocery every month and try to build better relationship with them. Of course I was disappointed because I expected higher CL like my other card. My brother got $6000 from them last year. Thanks for your reply. Ron.
Sorry Ron Remember the also gave me a 500.00 limit as well. I closed the card right on the spot. Guess I know now it wasn't just me, they like to do this to other people as well
Geo, I called them again today and they told me the credit dept is not open today. I cannot get them to raise my limit. Thanks for your comment. Ron.
You were approved...I WAS DENIED 3 TIMES... Wife 2 times...we won't give them a 3rd chance!!! MAKE SURE YOU EMPHESIZE THAT YOUR LOWEST CREDIT LIMIT IS $5,000 and this card at 90% lower is a JOKE!!! They could send me paperwork for a 100% already approved card, $25,000 LIMIT (NO CREDIT REPORT PULLED) @ 0.00% for 1 year, with a "GO-TO" 3.50% I'm not sure I would take it...
For a second (or a minute) I'm going to play devil's advocate. For those that refuse a card because the credit card company gave you a "low credit line" why do you think you deserve a high CL? I am going to pretend I'm the bank here: An individual applies for credit with my company. I pull their credit report. On their report the customer has a total of 16 cards with an average of $200,000 of credit on a $20,000 income. The customer seems to be a good customer - no derogs, etc. but they are using 95% of their available credit, which makes my bank nervous. They look to be a good customer and I would like them to be associated with my bank so I give them a low limit (the high debt ratio is the reason). I hope that the customer will accept it in hopes of building a relationship with my bank. Over time as trust builds, I will assign the new customer a higher CL and offer them competitive interest rates to maintain their business, but right now I'm concerned that the potential customer could default because their salary cannot cover their debt load. I'm not defending the banks (lord, knows I can't stand the majority of them), but I'm just trying to reason some of their thinking. As I have stated before I have (9 times out of 10) always started with low limits and worked my way up. I don't expect a bank to approve me for $100,000 on my $35,000 income (they don't me and to be perfectly honest, I don't know them). We have all argued that the score system/credit reports are unfair in judging an individual's true potential as a worthy customer, but it only seems unfair when it does not advantage us. As I stated before, only playing devil's advocate. Dani
If I were the bank, and this person applied for credit, I wouldn't give it to them based on this info. The risk that they would run out and max out the card or have trouble paying all their debt would make me too nervous. In my case, I do have a lot of available credit, my usage ratio is under 30% though the amount of debt is relatively high. The only reasons I would ever apply for a card is 1) Great intro % savings 2) It is a great card, and I want to replace one I already have with the new one. Looking at reason 1: How much can I really save if the limit is ridiculously low? Not much if at all, so I wouldn't be interested. Looking at reason 2: Why would I replace a card with a limit of say 20k with a card with a limit of 2k? Again, not interested.
Well, for some reason, Juniper gave me the highest CL I've ever had...$17,500. I think income makes a big factor for them. I also know from when I initially applied that they had a problem with how data was pulled into their system from Equifax. There was a glaring mistake in the transfer of that data when I applied and as a result I was denied at first. Once a human looked at my actual report and saw that the numbers pulled in were absolutely wrong, I was approved.
I think the thing that got me the most was the 3.9 BT rate. This was why I applied in the first place and with only getting 500.00, this wouldn't help in the least bit. Funny the rep kept saying but you can use the great BT rate for this card, I stated with 500.00 it wouldn't do me any bit of good, with that low rate I would have BT'd a high amount and saved $$ over time, but 500.00, time wise ande debt reduction wise doesn't work.
I think it depends on the individual. I do not accept the toy cards anymore. When I got Blue, they gave me $2,000 CL - I immediately called and was given a $5,000 CL instead. Personally, I think I have plenty of credit for my income, but I am wanting to change which cards I use, close a couple that have never given me decent terms, and still have flexibility, in case one of the companies changes their terms abruptly. I have a friend who buys destressed properties, uses his credit line for improvements because of the deals he gets with them, and then pays off the balance when he sells the property. He needs higher lines than the average person who is using credit lines for purchases and traveling only.
I just called them this morning and talked to their credit dept. They told me the credit limit based on the credit application and the credit bureau report. The system made decision based on that and there is nothing they can do about it. Every 4 months they review the account and they may raise my account limit if I make perfect payment history. Ron.
Good luck with Juniper Ron. I choose not to accept the card. But I do hope they grant your increases with your timely payments. I have much higher limits and since I have heard good/bad about them, I decided I didn't want to do business with them. But I do wish you the best of luck with them.
Thanks, Bailey. I choose I stayed with them to see what happen. Their credit dept and customer service seems nice to me and it is better than Household Bank. After four months, they don't raise my limit and I will be gone. Besides I have many cards with higher credit limit that I can use. Thanks for your reply. Ron.
