Quote:
Originally posted by competentone
Your credit limits have nothing to do with what you "have" -- it has to do with your past credit history, mostly your borrowing and repayment records.
I knew an older lady with considerable wealth, who had just paid for everything on a cash basis for most of her life, never building up any credit record. She tried to get a credit card, and it was almost impossible -- even from a bank where she had CDs in the six figures! That bank finally did issue her a credit card (with a $5000 credit limit) and acted like they were doing her some sort of "special favor"!
Most of the bank clerks involved in granting credit have virtually no understanding of wealth, or what is behind "credit risk" -- they just know how to look at your credit score and compare that to the tables they have telling them how much you can afford to borrow.
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I do not believe that. If she had 500K in the bank then she could set aside 50K and open a line against it and establish vredit that way, even have a Visa Check Card to use against it.
It is so much easier to get credit when you have mone yin the bank.
I might have been borderline when appying for loans but when my savings and checking accounts were verified suddenly my loans went through without a hitch.
I am Italian to a fault if I get pissed at a creditor I will screw with them until it ruins my credit I cannot help myself. Right now I am at war with my Visa bank they switched from Bank One to a new company and I am locked out of my online payment ability. After 5+ phone calls to them trying to strighten it out I stopped paying my bill because I am Italian and have a temper, when they call to tell me I am late w/ a payment I keep saying over and over, unlock my onine payment and I will pay you.
They still have not unlocked it.