Quote:
Originally posted by Jim Cesiro
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.
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There was mention of using a secured card to build up a credit rating, but the fact that the clerks could only think "she has no credit record and therefore does not qualify for a credit card" -- while being completely oblivious to her assets -- demonstrated the "mindset" of those in the credit issuing business (at least at that particular bank).
My point was, and is, the formulas used to set your credit card limits really have little to do with your assets/net worth.