I wish to pass on something I just learned about Next Bank. If you have a credit limit of $700.00 they classify you as "Light" and that is where you stay unless you make 6 consecutive payments all on time. Even if you get a $15,000.00 Discover Card they won't run a credit report and consider you for an increase!
RE: NEXT BANK "LIGHT" Yeah, but you're even "Lighter" with a $300 limit and make 12 consecutive payments on time.
RE: NEXT BANK "LIGHT" Good credit is, by definition, your behavior over time. Six months is *not* an unreasonably long time to wait for a possible limit increase, especially on a new account. Making on-time payments for six months should *not* be a serious difficulty. If it is, then a limit increase may *not* be appropriate, anyway. Personally, I wouldn't bother to ask for a limit increase until I'd had the card for about a year. I've gotten a couple of increases recently, without even asking, but it definitely took longer then six months. Patience is important with these things. -- CardReport.Com - Credit Tools, News, And Reference http://www.cardreport.com/
RE: NEXT BANK "LIGHT" Good credit is, by definition, your behavior over time. Six months is *not* an unreasonably long time to wait for a possible limit increase, especially on a new account. Making on-time payments for six months should *not* be a serious difficulty. If it is, then a limit increase may *not* be appropriate, anyway. Personally, I wouldn't bother to ask for a limit increase until I'd had the card for about a year. I've gotten a couple of increases recently, without even asking, but it definitely took longer then six months. Patience is important with these things. -- CardReport.Com - Credit Tools, News, And Reference http://www.cardreport.com/
RE: NEXT BANK "LIGHT" My "Warning" was just to let people know they must use the card and pay every one of the 6 months. I don't bad mouth next bank but just warn people to be aware of this requirement. I do critisize them for treating a person who makes 5 payments over 9 months less worthy than one who makes 6 payments in a row though!
RE: NEXT BANK "LIGHT" Remember, it's profitability that counts. Banks not only count us as less worthy when we're less profitable, they count us as their enemies.
RE: NEXT BANK "LIGHT" Strange, I had always presumed that it was the 'convenience users' (or deadbeats in their terms) who were considered their mortal enemies. Ah, but then banks consider anybody who doesn't have deep pockets or is a big institution as a useless leech its just that most do not act on that as Fleet has done.
RE: NEXT BANK Wouldn't a $15,000 Discover Card increase your potential debt and thus make you LESS deserving of an increase?
RE: NEXT BANK Not if your earning $90K a yr. and have a 0 balance on that card. Also let's face it when have banks ever used common sense? The fact is the more credit you have the better credit risk you are! The only exception is when your debt to income gets to much!