I was approved for a Preferred World Points with a $ 200 CL. What do I do with this card ? Should I hang on hoping it gets upgraded or should I call and say no thanks. Please advice.
$200 is barely enough to buy a good pair of shoes. As far as what you should do with it...well, what does the rest of your credit history look like? Are you rebuilding and this is one of your first cards? Or are you fairly established and they just stuck you with a toy card?
I am in pretty good shape. I have the following Citi Diamond $ 5000 Fleet Titanium $ 7500 B of A $ 15,000 Amex Hilton $ 6400 These are the only cards I have, all with zero balances. My FICO scores are TU 714 Exp 705 EQ 691 Why would they bother approving with such a low CL. I don't get their strategy....why not decline.
With your card history and scores, I'd give MBNA one chance to get it right. I'd call them up...if cust svc won't budge, tell them you want to cancel and you should get passed along to their retention group. Advise them of your history(which they should know about - they just pulled your CR after your application). If they can't give you anything respectable, just cancel. I wouldnt lose sleep over a $200 card. And just be happy that they didn't pull a hard from all 3 bureaus.
SUB "TOY" CARD---INCREASE TO $5,000 MINIMUM (TO MATCH CITIBANK) OR CLOSE IT!!! F.Y.I.--I have been waiting 7+ years for a CLI (MBNA)
Was the Credit offer from a Pre approval offer sent to you? If it was , Unless you have filed BKO, Address does not match,, or Have applied for credit with MBNA with in the last 90 days, they have to send you a credit card.. If it is NEA, it has to be 500.00.. The 3 above reasons are the only ones that can be used for declining a pre approval.
You have good cards and good score. Ask for CLI, if they give you less then $5,000, cancel it. Then, following Butch's advice, put a statement in your CR "Closed by consumer for INSUFFICIENT credit limit" ...
This was not a pre-approved offer, when I applied over the phone I was told they cannot approve me and 2 weeks later a welcome package shows-up with a $ 200 limit. I don't know if they are trying me or simply hoping I go away. Why not just decline me, after all I have more than enough credit with some of the best banks. I have to say I do like the real-time posting of transactions on their web site...that is unmatched by Citi, Fleet, B of A or Amex............WOW ! That alone is a good reason to hope they make it worthwhile.
