Beware of Barnes & Noble credit cards - Toyota Yaris Forums

YarisSedan · 04-14-2009, 02:39 PM

I had a bank of america credit card with a 10k limit. I was going to ask for a increase to 15k. Since my debt to credit ratio is high with my car loan. more than 50 percent debt to credit ratio. They like to see less than 50 percent. So thinking to myself easy way to boost my credit score is simply get a credit increase and therefore my credit score will go up. I have had my bank of america card for maybe 7 years. I always pay my balance in full. Every month so its always zero. And i spend atleast a grand a month and pay it off.

A month later i went to check my balance online and i find out my credit has dropped to 5k. They cut my credit limit in half. I called and then they said because of the economy now they are lowering the credit limit of lot of thier customers to limit thier risk. I explained i have no reason to be of risk since i have alawys payed my balance in full and nver missed a payment. Then i asked the lady why i would get penalized by just asking for a credit increase. They said they are reviewing a lot of accounts but since my inquiry they speed up the process and over reviewing my account they feel that i only need 5k worth of credit based on my income. But if i like i would ask for a credit increase again. But if i even tried what next they drop my credit to 500 dollars?

2 weeks later i got a preapproved credit from discover card. for 21 thousand. I signed i and now my credit score has jumped almost 40 points.

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04-14-2009, 02:39 PM	#6
YarisSedan Drives: 08 Yaris Sedan Join Date: Oct 2008 Location: California - Bay Area Posts: 2,773	I had a bank of america credit card with a 10k limit. I was going to ask for a increase to 15k. Since my debt to credit ratio is high with my car loan. more than 50 percent debt to credit ratio. They like to see less than 50 percent. So thinking to myself easy way to boost my credit score is simply get a credit increase and therefore my credit score will go up. I have had my bank of america card for maybe 7 years. I always pay my balance in full. Every month so its always zero. And i spend atleast a grand a month and pay it off. A month later i went to check my balance online and i find out my credit has dropped to 5k. They cut my credit limit in half. I called and then they said because of the economy now they are lowering the credit limit of lot of thier customers to limit thier risk. I explained i have no reason to be of risk since i have alawys payed my balance in full and nver missed a payment. Then i asked the lady why i would get penalized by just asking for a credit increase. They said they are reviewing a lot of accounts but since my inquiry they speed up the process and over reviewing my account they feel that i only need 5k worth of credit based on my income. But if i like i would ask for a credit increase again. But if i even tried what next they drop my credit to 500 dollars? 2 weeks later i got a preapproved credit from discover card. for 21 thousand. I signed i and now my credit score has jumped almost 40 points.