Discussion in 'Credit Talk' started by Jim, Jul 12, 2000.

  1. Jim

    Jim Well-Known Member

    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
  2. BarryN - C

    BarryN - C Guest

    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.


  3. cli's

    cli's Guest

    you do not necessarily have to use the account regularly to get credit line increases
  4. creditwork

    creditwork Well-Known Member

    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.

  5. jim b

    jim b Guest

    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
  6. creditwork

    creditwork Well-Known Member

    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.

  7. Michael

    Michael Guest

    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.
  8. creditwork

    creditwork Well-Known Member

    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.


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