I just got a call and was notified that I was approved for a card. The limit is probably between 5,000 and 7,500. The hightest they can go on this card is 50,000. I was wondering does anyone have information on how to get an increase (credit line)over time. The service rep. advised that they review account every 6 months. I know that yo have to use the account on a regular basis to get a credit limit increase. Does anyone else have any ideas. Thanks in advance Jim B
My suggestion is once you get the MBNA card you will not have to wait long before MBNA calls you about their personal lines of credit. It really is a nice deal. My son has an MBNA Moola MAstercard with 3,000 limit and was called a few weeks later by them soliciting the Line Of Credit Offer. They gave him $10,000 line @ 9%. And he can transfer the money directly into his checking account. As far as asking for line increases, give yourself at least 6 months and then call them... they seem very reasonable. Congrats, BarryN
I agree with Barry and cli's. I do use a radical and unique method. I always take an offer for low rates and make 10% of the loans' amount. My 10% solution has yielded many line increases and lower rates. I have built my lines to over %150,000. Profit from the experience. http://www.creditsense.com
On monthly statement you pay 10% of the balance. Example $3,400 dollars you would pay $340.00 dollars. Is this on a monthly basis until paid off. Thanks Jim B
Exactly. This method has worked for me. Of course, if you do not need to carry the balance longer than 6 months, go ahead and pay it off then. The payment history will be much better if you show the account paid off for at least a couple of months, then repeat. It has worked for me and every participant in our program. Profit from the experience. http://www.creditsense.com
RE: Payment Method I question the necesity of carrying so much of a balance for so long. I'm sure you could get the same profile by even carrying less and paying it off faster. Example $5,000.00 Credit, Charge of $2,500.00 Three payments of $750.00 and a final payment of the remainding bal. & Interest. I don't think repeating it is needed, just using the card before a 1/2" dust layer accumulates on it. even 2-3 times a year for small amounts is good. Some card companies feel if they increse your credit line you will use your card more often.
RE: Payment Method I am only going by my personal experience and what I have seen my girlfriend and sister accomplish in a very short period of time. They have both built their credit to almost 6 figures in less than 4 years. Profit from the experience. http://www.creditsense.com