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How do I increase my credit card credit?
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macintologist
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Oct 17, 2005, 02:33 AM
 
I'm just a student but I'm very responsible financially. I don't buy something I can't afford. I pay off my bills on time. I work two jobs, and save up my money instead of blowing it all on beer. How do I increase my credit card credit which is a lousy $1,000? I can't buy a Powerbook with that!
     
Railroader
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Oct 17, 2005, 02:39 AM
 
Get married.

When my wife and I got married we were offered a card with an available balance of $100k. We accepted it simply to see if they were serious. They were. We never used it, and we just cancelled it because it could affect our credit rating on a mortgage we are applying for. Seems creditors don't like it if you have too much available credit also.

But the best advice I can give you is: pay cash for everything. Use a credit card ONLY for things you have to like booking hotel rooms or car rentals. Do not buy a computer on credit. /creditadvice]
     
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Oct 17, 2005, 02:39 AM
 
How long have you had the card? If it's been a while and you have good credit, just call them and ask them.
     
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Oct 17, 2005, 02:44 AM
 
Better go to the bank in person. Wear a top hat and a fur coat. Carry a came, pretend to be deaf in one year.
     
macintologist  (op)
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Oct 17, 2005, 02:45 AM
 
Originally Posted by Railroader
But the best advice I can give you is: pay cash for everything. Use a credit card ONLY for things you have to like booking hotel rooms or car rentals. Do not buy a computer on credit. /creditadvice]
I use my credit card for EVERYTHING I only use cash when I have to, ie. paying back a friend who buys me a sandwich when I forgot my wallet, or donating to parties, or a merchant who doesn't take credit cards.

I have to walk 6 blocks to get to my bank's ATM (I don't want to spend 4 bucks each time I use the local ATM). Cash is precious. I pay off my credit card bill in full every month. What's wrong with using your credit card all the time?
     
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Oct 17, 2005, 03:06 AM
 
For me, they automatically bumped up my credit limit after a year or two of good credit.
     
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Oct 17, 2005, 03:55 AM
 
If you have enough cash on your normal bank account (if such a thing exists ? The way banks and cards work in the US seems really weird to me) you just need to call the bank and ask for a temporary raise of your limit. They'll have no problems doing it if they know you got the cash to pay it off. You could even pay a part in advance. That's how it works here.

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JustAnOl'Broad
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Oct 17, 2005, 03:57 AM
 
Originally Posted by Kenneth
For me, they automatically bumped up my credit limit after a year or two of good credit.
I got my last two Macs on credit cards; I have a bunch.
The first card was from Sears when I was pretty young.

I only use them for things that I know I've saved for and
can pay off right away.
Sure helps when cash is tight and your car breaks down.
Like tonite.

     
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Oct 17, 2005, 07:43 AM
 
Call them and say you want to pay more interest on a higher balance and they should happily raise it for you. As long as you keep paying it off, they won't care.

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Oct 17, 2005, 09:06 AM
 
Unless you need to buy a powerbook right now (and if you do, you should have the cash to pay for it, anyway), just be patient. Another year or two of paying off your cards on time will work wonders. The amount of time you have accounts on your credit report is a factor in your credit rating, and it will also help once you're out of school and have a full-time job. (At least, I assume that your two jobs are not full-time, I could be wrong...) And student loans in your name count on the credit report, too.

Another factor is the total balance you have on your card in any given month. Whether or not you pay it off in full every month makes no difference, as long as you pay on time. So, if your goal is to get a higher credit rating, my advice would be to charge as many regular purchases as possible, but pay the balance in full every month! Many people do not recommend this because it requires discipline -- in order to pay the balance off in full every month, you need to spend less than you make. But it's a good habit to get into now, when you have less money coming in. The discipline will serve you well after you get out of school and into Real Life.

If you really need a higher credit limit right now, you can probably call your credit company and get it, with a little bit of income verification. But you probably don't really need it.
     
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Oct 17, 2005, 09:18 AM
 
Uhhh, pay for it in cash? Get a debit card and use it for purchases?

No credit card necessary.
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Oct 17, 2005, 09:26 AM
 
Originally Posted by Eriamjh
Call them and say you want to pay more interest on a higher balance and they should happily raise it for you. As long as you keep paying it off, they won't care.
So long as you are a good card holder, and not a brand-new customer, they will raise your credit limit without raising your interest. In fact, they will be more inclined to lower your interest if you ask them over the phone as well, again pending that you are a good card holder.
     
zerostar
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Oct 17, 2005, 09:34 AM
 
I only use my CC if I am getting something back for it, say cash back or flyer miles, etc. Otherwise why not just get a debit card for daily use?

Although on big purchases I ALWAYS use my CC, that way if something happens or they company is being a PITA about something I can refuse the charges and they tend to deal with you better when your holding the money.
     
DeathMan
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Oct 17, 2005, 11:48 AM
 
Originally Posted by zerostar
I only use my CC if I am getting something back for it, say cash back or flyer miles, etc. Otherwise why not just get a debit card for daily use?

Although on big purchases I ALWAYS use my CC, that way if something happens or they company is being a PITA about something I can refuse the charges and they tend to deal with you better when your holding the money.
This is good advice. I ought to be getting cash back on my purchases. I don't know why I'm not.
     
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Oct 17, 2005, 11:56 AM
 
Originally Posted by macintologist
I'm just a student but I'm very responsible financially. I don't buy something I can't afford. I pay off my bills on time. I work two jobs, and save up my money instead of blowing it all on beer. How do I increase my credit card credit which is a lousy $1,000? I can't buy a Powerbook with that!
Do a search in the Lounge. There were some good threads on this issue in the past.

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Oct 17, 2005, 12:00 PM
 
Originally Posted by macintologist
I'm just a student but I'm very responsible financially. I don't buy something I can't afford. I pay off my bills on time. I work two jobs, and save up my money instead of blowing it all on beer. How do I increase my credit card credit which is a lousy $1,000? I can't buy a Powerbook with that!

If you don't buy stuff you can't afford, then why not just use a debit card and not a credit card ? Last time I bought a Powerbook I just put it on my debitcard, and as long as the money is in the account you're good, it doesn't matter what the amount is.
     
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Oct 17, 2005, 01:26 PM
 
Originally Posted by Railroader
But the best advice I can give you is: pay cash for everything. Use a credit card ONLY for things you have to like booking hotel rooms or car rentals. Do not buy a computer on credit. /creditadvice]

Actually, people who pay cash for everything have lousy credit, especially if you don't have a car payment or mortgage. The best way to build credit worthiness is to make a credit payment on time every month to prove you have a favorable "payment history". You can't do that if you pay cash for everything.
     
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Oct 18, 2005, 12:23 AM
 
Originally Posted by iMOTOR
Actually, people who pay cash for everything have lousy credit, especially if you don't have a car payment or mortgage. The best way to build credit worthiness is to make a credit payment on time every month to prove you have a favorable "payment history". You can't do that if you pay cash for everything.
Not true. I have one of the highest credit ratings you can get. I do have debt on a mortgage (4.5%) and a car payment (0%) though. That might be why.

Last time I went to get a cell phone the guy was shocked as I had the highest credit amount he had ever seen available.

I know far too many people who make $100k plus a year living like paupers now because they are paying off debt.

But then... YMMV.
     
Kevin
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Oct 18, 2005, 06:51 AM
 
Originally Posted by zerostar
I only use my CC if I am getting something back for it, say cash back or flyer miles, etc. Otherwise why not just get a debit card for daily use?

Although on big purchases I ALWAYS use my CC, that way if something happens or they company is being a PITA about something I can refuse the charges and they tend to deal with you better when your holding the money.
Yeah my ex used Discover card to pay for EVERYTHING.. .at the end of the month it was all payed off. No finance charges or anything.

And then at the end of the year, her cash-back incentive was huge.
     
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Oct 18, 2005, 07:04 AM
 
Originally Posted by iMOTOR
Actually, people who pay cash for everything have lousy credit, especially if you don't have a car payment or mortgage. The best way to build credit worthiness is to make a credit payment on time every month to prove you have a favorable "payment history". You can't do that if you pay cash for everything.
You don't know too much about credit scores, do you?

And I'll state the obvious: if you pay cash for everything, you don't need a credit score. But, if people still believe the hype, then just get a gas card and let that be your credit score huggie-poo card.

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Maflynn
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Oct 18, 2005, 07:42 AM
 
I don't know why, but I pay mine on time, and I'm carrying a good amt of debt, so they probably see me and say hey lets see if we can suck more money out of him.
     
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Oct 18, 2005, 07:49 AM
 
Making big purchases on CC is an excellent idea. As long as you don't use your card to actually borrow money, that is. Most credit cards give you extra protection on your purchase. This can range from accidental damage insurance to an extended warrantee.
     
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Oct 18, 2005, 08:46 AM
 
Originally Posted by Mastrap
Making big purchases on CC is an excellent idea. As long as you don't use your card to actually borrow money, that is. Most credit cards give you extra protection on your purchase. This can range from accidental damage insurance to an extended warrantee.
Yup, my credit card automatically doubles the manufacturer's warranty up to an extra year as long as the whole amount of the purchase is charged on the card.

The debit card is a good idea unless, like me, you have a daily $1K debit limit on the card. I don't mind this as I don't normally spend over $1K/day anyway. Low debit card limits (even with cash in the account) is pretty normal.

Just whatever you do, don't bury yourself in CC debt. I did that in the 90's and it was no picnic paying it off. Granted, paying it off as well as getting a car loan & a mortgage gave me a >800 score but it still wasn't fun taking 3 years to pay off all my debt. Don't let this happen to you.
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Oct 18, 2005, 08:57 AM
 
As above stated, if you must use a credit card, choose one that a) gives you some kind of extra benefit for using it like cash back, b) doesn't have a horrible interest rate when you have to let something go over for a month or so (because stuff DOES happen), and c) provides extras like doubling manufacturer's warranties, providing buyer protection and so on.

I have two credit cards. One has a balance that is slowly evaporating, but has a very low interest rate (because we pay an annual fee that's less than the finance charges we were paying on a higher rate, no fee setup) and one with a higher rate but no balance. For buying online I like credit cards like the ones we have because they look at our buying pattern and notify us if something odd shows up (like the time someone charged $130 on my card in Chino, CA-and I've never been west of Colorado Springs).

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macintologist  (op)
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Jan 30, 2006, 03:19 AM
 
Originally Posted by RAILhead
Uhhh, pay for it in cash? Get a debit card and use it for purchases?

No credit card necessary.
Nope since debit cards have low daily spending limits. Can't buy a powerbook with that.
     
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Jan 30, 2006, 08:13 AM
 
Originally Posted by macintologist
Nope since debit cards have low daily spending limits. Can't buy a powerbook with that.
Yes you can. I've never heard of such a thing. I've spent over $3k in a couple hours.

Go to a different bank if yours has such archaic limits.
     
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Jan 30, 2006, 08:37 AM
 
Originally Posted by macintologist
Nope since debit cards have low daily spending limits. Can't buy a powerbook with that.
I bought my powerbook four years ago on a debit card with a $1k limit. Apple called me when they were ready to ship it and wanted to make the charge, I called my bank and 20 seconds later they temporarily raised the limit for that purchase, and my powerbook was shipped. It shouldn't be any more difficult than that.
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Jan 30, 2006, 02:49 PM
 
Originally Posted by macintologist
Nope since debit cards have low daily spending limits. Can't buy a powerbook with that.

debit card spending limits only apply to cash withdrawals [at least on this side of the pond]. purchases are only limited by available funds.
     
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Jan 30, 2006, 02:50 PM
 
Go here: http://creditboards.com/forums/index.php?showforum=2

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Jan 30, 2006, 02:55 PM
 
If you have to use credit to buy a new computer then your credit card company knows what we know: You cannot afford a new Mac.

Therefore, your credit card limit is $1000.

If you can't afford to pay for something in cash, especially a highly depreciable item like a computer, then you can't afford it, end of story.

It's not a bad thing and not reflective of you as a person. It just means that you need to wait longer, earn a little more, save a little more. Buy a used Mac under warranty anyway. Work more. Mow lawns. Paint houses. Do whatever it takes but buy your new Mac for CASH.

     
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Jan 30, 2006, 03:06 PM
 
Originally Posted by Cubeoid
Better go to the bank in person. Wear a top hat and a fur coat. Carry a came, pretend to be deaf in one year.
Ha ha

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Jan 30, 2006, 04:09 PM
 
Originally Posted by Railroader
Yes you can. I've never heard of such a thing. I've spent over $3k in a couple hours.

Go to a different bank if yours has such archaic limits.
many banks have a daily spending limit on debit. most are $1000, but I've seen a few with a $500 limit, as well.

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Jan 31, 2006, 09:32 AM
 
Originally Posted by MaxPower2k3
many banks have a daily spending limit on debit. most are $1000, but I've seen a few with a $500 limit, as well.
I'll repeat myself: "Go to a different bank if yours has such archaic limits."
     
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Jan 31, 2006, 11:19 AM
 
Originally Posted by Cody Dawg
If you have to use credit to buy a new computer then your credit card company knows what we know: You cannot afford a new Mac.
Baloney.
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Jan 31, 2006, 11:28 AM
 
Originally Posted by Cubeoid
Better go to the bank in person. Wear a top hat and a fur coat. Carry a came, pretend to be deaf in one year.
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Jan 31, 2006, 02:22 PM
 
Originally Posted by Stradlater
I love Cubeoid
Cubeoid is awesome.

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Jan 31, 2006, 02:39 PM
 
Originally Posted by ReggieX
Baloney.
Seconded. Putting stuff on credit cards has nothing to do with whether you can afford it or not. If you pay off all your cards at the end of the month, it actually BUILDS your credit rating.

I use credit cards to collect frequent flier miles.
     
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Jan 31, 2006, 02:42 PM
 
Originally Posted by wdlove
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Jan 31, 2006, 02:54 PM
 
Originally Posted by Railroader
I'll repeat myself: "Go to a different bank if yours has such archaic limits."
I personally like the limits. But I wouldn't use my debit card to make a computer purchase anyway since I have a credit card that automagically doubles the manufacturer's warranty.

I'd think you'd want a little more protection for your real money, hence a lower max. daily limit. Sure, you'll get your money reimbursed if fraud was involved, but it'll take time and during that time you still have to make your house payment.
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Jan 31, 2006, 03:00 PM
 
Originally Posted by macintologist
Nope since debit cards have low daily spending limits. Can't buy a powerbook with that.
Yeah, mine has a limit, about $32,000, which is what is in my checking account right now. You can tell them to take those limits off, and if you bank with them enough, they'll do it.
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Jan 31, 2006, 03:22 PM
 
Originally Posted by what_the_heck
Seconded. Putting stuff on credit cards has nothing to do with whether you can afford it or not. If you pay off all your cards at the end of the month, it actually BUILDS your credit rating.

I use credit cards to collect frequent flier miles.
I own two CCs, one's a Visa used only for rentals, reservations, etc. and the other is an AmEx (that I almost never use). Those are the only two credit cards I've ever owned.

So the point is, I don't make monthly card payments and haven't done so in many years, but my FICO score is 750+. On the rare occasion that my credit is checked (new phone contract or such), the people checking it stare in shock.

What people don't realize is how the numbers are figured, here are the criteria:

35% based on: Late Payments, Bankruptcies, Collections, Judgments
30% based on: Current Debts
15% based on: How long accounts have been open and established
10% based on: Type of credit (credit cards vs. finance company loan, etc.)
10% based on: Applications for new credit or Inquiries

http://www.bad-credit-advisor.com/fico-definition.html

Credit cards mean almost squat in relation to your borrowing power, and more important than any score is your debt to income ratio and personal history with a lending institution.
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Jan 31, 2006, 03:33 PM
 
Originally Posted by PBG4 User
I personally like the limits. But I wouldn't use my debit card to make a computer purchase anyway since I have a credit card that automagically doubles the manufacturer's warranty.

I'd think you'd want a little more protection for your real money, hence a lower max. daily limit. Sure, you'll get your money reimbursed if fraud was involved, but it'll take time and during that time you still have to make your house payment.
Protection? Every dollar in my account is protected, if someone stole my debit card number and purchased with it, I'd get every dime back.

I always buy Applecare, trust it more than a CC company's policy.
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Jan 31, 2006, 05:28 PM
 
Originally Posted by PBG4 User
I personally like the limits. But I wouldn't use my debit card to make a computer purchase anyway since I have a credit card that automagically doubles the manufacturer's warranty.

I'd think you'd want a little more protection for your real money, hence a lower max. daily limit. Sure, you'll get your money reimbursed if fraud was involved, but it'll take time and during that time you still have to make your house payment.
That's why I have a Visa debit card. Doubles warranty and if purchase fraud occurs to my account the money is credited to me instantly upon my notifying the bank. If a later investigation proves I made the purchase in question then I have to pay them back.

I stand emphatically by my previous statement of not using a bank with such archaic limits.

Try again.
     
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Jan 31, 2006, 07:40 PM
 
Originally Posted by Cody Dawg
If you have to use credit to buy a new computer then your credit card company knows what we know: You cannot afford a new Mac.

Therefore, your credit card limit is $1000.

If you can't afford to pay for something in cash, especially a highly depreciable item like a computer, then you can't afford it, end of story.

It's not a bad thing and not reflective of you as a person. It just means that you need to wait longer, earn a little more, save a little more. Buy a used Mac under warranty anyway. Work more. Mow lawns. Paint houses. Do whatever it takes but buy your new Mac for CASH.


Hmm.
My collective credit card balance is somewhere around $8k right now.
The bills for the 3 of them are due later this week and next week.
For the next few days transfers will come from my savings account totalling around $8k.
In the meantime while the CC companies loaned me the money, I made $14 in interest on the money in my savings account, plus received ~$60 in cash and points back.

Side note: BofA raised the credit limit on my old student CC that I keep only because I've had it much longer than other cards from $800 to $2000! I have no idea why they did it, but I get to call them and make them change it back. It gives no "rewards", thus I have zero reason to use it, and there's no point in needlessly increasing my debt to income ratio. *grumbles* Citibank increased one of my cards by $280 though, and I am quite content with that (5% cash back for a fair chunk of what I use it for)
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Jan 31, 2006, 09:13 PM
 
Credit score is not a reflection of how responsible you are, it is a reflection of your debt history. Lenders don't want people that have bad debt histories. They also don't want people with no debt histories.

Paying the full balance every month may or may not be a good thing, depends on the lender.

One thing nearly every lender loves to see though is that you carry a balance and pay on time. That's the sound of big, fast cash registers going off. If you always pay off the balance, they aren't making much money on you. If you carry a balance and pay on time, they are collecting the vig every month and every good loan shark knows that's why they lend money in the first place-- to collect the vig.
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Scotttheking
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Jan 31, 2006, 11:26 PM
 
Originally Posted by thunderous_funker
One thing nearly every lender loves to see though is that you carry a balance and pay on time. That's the sound of big, fast cash registers going off. If you always pay off the balance, they aren't making much money on you. If you carry a balance and pay on time, they are collecting the vig every month and every good loan shark knows that's why they lend money in the first place-- to collect the vig.
They make money no matter what. Carrying a balance is a horrible idea. It will not help your score more than paying on time. It will cost you money though.
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Dork.
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Feb 1, 2006, 08:12 AM
 
Originally Posted by Scotttheking
They make money no matter what. Carrying a balance is a horrible idea. It will not help your score more than paying on time. It will cost you money though.
The maximum balance you have ever run up on a card does count in your score. However, they make no distinction as to whether you carry it month to month or pay it off every month. So you're better off paying it off every month, and making sure you save enough to buy a new Mac every once in a while to jack up your maximum balance.
     
thunderous_funker
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Feb 1, 2006, 12:48 PM
 
Originally Posted by Scotttheking
They make money no matter what. Carrying a balance is a horrible idea. It will not help your score more than paying on time. It will cost you money though.
The question was how to get a credit increase. If you carry a balance and make regular, timely payments, they will increase your credit limit faster than you can shred the credit card offers that will begin filling your mailbox.

I didn't say it was smart finance.
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Scotttheking
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Feb 1, 2006, 02:54 PM
 
Originally Posted by thunderous_funker
The question was how to get a credit increase. If you carry a balance and make regular, timely payments, they will increase your credit limit faster than you can shred the credit card offers that will begin filling your mailbox.

I didn't say it was smart finance.
You can also just request an increase.
That said, I always pay in full. Last month my balance approached the maximum of the card. They increased in 10% without me asking. You don't have to carry a balance for a month in order to have it happen.

Hell, just apply for a new card. I was given a $3800 limit on a new student card I applied for.
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