So to make a short story short, about 2 and a half years ago I decided to get a credit card in case something happened and I needed extra money. The bank started me off with a 2000 dollar credit limit and a 17.9% interest rate. I had no credit at the time so I can complain. In the past two years my bank has lowered my interest rate down to 15% and raised my line of credit to 4500 dollars. No one else I know has had their bank raise their credit limit and lower their interest without even telling them(they didn't tell me. Let alone have their limit raised that high. I mean I guess its not a bad thing it just seems kinda sketchy.
Should I be concerned?
- Thread starter Too_Tall
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- Aug 27, 2007
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Yeah that is a bit odd. They should have notified you by snail mail every time they are adjusting something like that.
Some factors to consider might include the company you have it through, how often you use it, how often you pay it off and what not.
On the other side of it, that low interest rate is great. Weird that they didn't notify you about it, but that's a good rate if I may say so. Raising the credit limit is their way of trying to get you to use it more.
Best thing you can do if you start using it regularly is pay it off regularly. They hate that. They want you to buy things and pay them off slowly, that's how they make their money. Paying it off every month is like sticking it to them lol.
Some factors to consider might include the company you have it through, how often you use it, how often you pay it off and what not.
On the other side of it, that low interest rate is great. Weird that they didn't notify you about it, but that's a good rate if I may say so. Raising the credit limit is their way of trying to get you to use it more.
Best thing you can do if you start using it regularly is pay it off regularly. They hate that. They want you to buy things and pay them off slowly, that's how they make their money. Paying it off every month is like sticking it to them lol.
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- May 13, 2011
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Not really a big deal. If your bank does online banking, there might be notifications on there that you never noticed. That's how it was with me.
My guess: Have you moved since you applied and received the credit card? The notification mail may be sent to the wrong address, or previous address. But that's still a high interest rate. Ever thought of using credit unions, and not just a bank?
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when i was younger , i remember my first credit card . this is also when i didnt have any credit. pretty sure it was a discover card. usually in the contract that you agree too they start you off low and tell you if you that if you keep it clean they bump you up. usually after the first year, granted this is when they used paper. most of it was done threw mail back then.
if you have reservations wheather you have something to be concerned about you should contact the company the card is with and request a copy of youre origanal contract , if of course that is if you do not believe what they are telling you the truth over the phone.
sometimes if a credit card company notices you do not use their card alot they will also bump youre credit line up a little just to tempt you to use it. the more you owe on the card the higher the amount you will pay on the interest .
also 15% of 4500 dollars is more the 17.9 of 2000 , only advise , keep balance below or at 500 . build youre credit dont be afraid to use the card . but keep at a number that you can settle on in less then what you earn in a week. in case of injury or unemployment. they can care less what youre delema is.
hope that helps
if you have reservations wheather you have something to be concerned about you should contact the company the card is with and request a copy of youre origanal contract , if of course that is if you do not believe what they are telling you the truth over the phone.
sometimes if a credit card company notices you do not use their card alot they will also bump youre credit line up a little just to tempt you to use it. the more you owe on the card the higher the amount you will pay on the interest .
also 15% of 4500 dollars is more the 17.9 of 2000 , only advise , keep balance below or at 500 . build youre credit dont be afraid to use the card . but keep at a number that you can settle on in less then what you earn in a week. in case of injury or unemployment. they can care less what youre delema is.
hope that helps
thats low honestly, that USED to be high, its damn near impossible for someone with good credit to get a new card for less than like 25%
the only card i could get was through chase and i think it was like 23.99% and 29.99 penatly rate
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For me since i have Chase they tell me everything i do account balance 5dollars Yeah
i know im a High roller
i know im a High roller
That's how my bank(Navy Federal Credit Union) was when I first opened my account. I would get a call every time I made a purchase over 20 bucks asking if I was the one that did it. Apparently my account had fraud protection on it, a simple call took it off so they don't call me every 5 seconds.
