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poe

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is it a bad idea to pay back a large part of my credit card debt in order to..

07-15-2006, 05:45 PM

turn around and purchase an airline ticket?

i have a $1500 limit on this card (balance: $1000).. I'm thinking about paying back $800 or so to be able to purchase a $1100 ticket on it, hoping that will make them increase my limit.

sound like a good idea?

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KrisKross

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#2

07-15-2006, 05:47 PM

Um, no. Your credit card company won't automatically increase your limit just because you're trying to go over your current limit. That's the stupidest idea I've heard in a while.
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07-15-2006, 05:48 PM

in fact asshole companies will charge you an overage fee for the service!!
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Ice

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#4

07-15-2006, 05:50 PM

Ya'll don't get it..

His balance is $1000... he pays off $800 the new balance is $200... then he buys an $1100 ticket... the new balance will be $1300

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poe

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07-15-2006, 05:51 PM

Originally posted by KrisKross

Um, no. Your credit card company won't automatically increase your limit just because you're trying to go over your current limit. That's the stupidest idea I've heard in a while.

Yeah, I wasn't clear enough..

Current balance: -$1000
Potential pay back: +$800

Interim balance: -$200
Ticket: -$1100

New balance: -$1300

I read somewhere that relatively large credit card purchases can make them increase your limit..

Hope it makes more sense now.

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poe

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07-15-2006, 05:51 PM

Originally posted by Ice

Ya'll don't get it..

His balance is $1000... he pays off $800 the new balance is $200... then he buys an $1100 ticket... the new balance will be $1300

Thanks. I should have been more clear about that

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KrisKross

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#7

07-15-2006, 05:53 PM

Yeah, shoddy mental math on my part. Still, credit card limits are not increased based on the dollar amount of purchases you make. They're based on your credit worthiness as well as your behaviour with the card.
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#8

07-15-2006, 05:53 PM

I'm not sure if I read this right, but that seems fine to me. I've frequently paid my Visa early to be able to buy larger ticket items. Just remember it may take a few days for your payment to clear so it may be a while before you can buy that ticket.
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#9

07-15-2006, 05:54 PM

anything to increase you CC limit is a good idea

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07-15-2006, 05:59 PM

Originally posted by MrJackMeHoff

in fact asshole companies will charge you an overage fee for the service!!

You are definitely not the sharpest knife in the drawer

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#11

07-15-2006, 06:00 PM

if you demonstrate an ability to make larger payments over time it will definetly help your future credit, but you have to keep it up. The cc companies will review your acct once a year only I think.

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#12

07-15-2006, 06:03 PM

Originally posted by Ice

Ya'll don't get it..

His balance is $1000... he pays off $800 the new balance is $200... then he buys an $1100 ticket... the new balance will be $1300

some webmasters and math LOL
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07-15-2006, 06:29 PM

Depends on your CC company. Some will review on request, others every quarter...
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#14

07-15-2006, 06:36 PM

Why don't you give them a call and see if you can work out a plan like that?

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#15

07-15-2006, 07:01 PM

do u have other cards? whats your debt to credit ratio?

if you owe more then %50 of your total credit limit, they will find you risky to increase your limit!

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#16

07-16-2006, 09:44 AM

I did something similiar to that when I bought my MacBook and my credit score dropped by 12 points.

I put a 1600 dollar purchase on a credit card that had a 2500 dollar limit. My other 2 credit cards 1k/900 both had 0 dollar balances on them.

5 days after buying the laptop I dropped 800 bucks on the balance and brought it down to a little over 1k (I bought some other stuff with the card).

I checked my credit score and I went from a 682 to a 670!

I would recomend breaking the purchase up by using 2 cards so your credit doesn't take a huge hit like mine did.

I have 30 points to make up so that I reach my goal of being in the 700's by years end.
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#17

07-16-2006, 10:00 AM

my cc company wont clear the money until its due no matter how early i pay it, scamming fucks!

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#18

07-16-2006, 10:13 AM

Its possible, but if you max out the card and pay it back, they might not raise the limit for a while, probably not instantly, and probably not if you have a high balance again after paying it off. Leave it at 0 1-3 months afterwards and they might raise it.
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#19

07-16-2006, 10:15 AM

the way to go about it is to pay off your card debt, cancel the card, shred it, and stick to cash.. ull thank me later

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#20

07-16-2006, 10:15 AM

anyone know why MBNA has a max limit of 50k?

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#21

07-16-2006, 10:20 AM

If you're carrying a balance on your credit card already, then yes I think it's probably better to pay it down, then buy the ticket. Here's why:

If you don't pay off your purchases on each bill, you begin to accumlate interest charges, while cash advances charge interest from the day they're taken (just so you know). If you pay $1000 on your credit card, and then buy an airline ticket with the credit card, you should in theory not pay anymore interest on that $1000 balance you've paid off, until after your next billing date.

.
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#22

07-16-2006, 11:36 AM

Originally posted by p1mpdogg

anyone know why MBNA has a max limit of 50k?

they only gave you 50??

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#23

07-16-2006, 11:42 AM

Originally posted by WarChild

If you're carrying a balance on your credit card already, then yes I think it's probably better to pay it down, then buy the ticket. Here's why:

If you don't pay off your purchases on each bill, you begin to accumlate interest charges, while cash advances charge interest from the day they're taken (just so you know). If you pay $1000 on your credit card, and then buy an airline ticket with the credit card, you should in theory not pay anymore interest on that $1000 balance you've paid off, until after your next billing date.

Exactly! I always run my balance up and pay it off and slowly over the years went from a 3k limit to a much more substantial one by calling each year and finally got into the double digits last year. Just takes time and paying your bill, more than just the "minimum payment" each month.

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#24

07-16-2006, 11:51 AM

Originally posted by nap

I did something similiar to that when I bought my MacBook and my credit score dropped by 12 points.

I put a 1600 dollar purchase on a credit card that had a 2500 dollar limit. My other 2 credit cards 1k/900 both had 0 dollar balances on them.

5 days after buying the laptop I dropped 800 bucks on the balance and brought it down to a little over 1k (I bought some other stuff with the card).

I checked my credit score and I went from a 682 to a 670!

I would recomend breaking the purchase up by using 2 cards so your credit doesn't take a huge hit like mine did.

I have 30 points to make up so that I reach my goal of being in the 700's by years end.

You're hurting your score by checking it often. From what I understand, your score takes a hit every time its accessed, though I think you get one freebie a year.

Also, having 2 credit cards with a 0 balance is hurting you, not helping. Creditors want to know you're responsible and pay your bills, you show them this by using credit and being responsible with it. By not using your credit, they assume you cut up the card or you don't think you're responsible enough to carry credit.

You shouldn't cancel the 2 cards either, as that will also go against you. Put some small monthly items on them, don't pay them totally off, carry a balance. Yes, you will be charged for interest and you'll have to pay it, but thats how credit is developed.

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#25

07-16-2006, 11:57 AM

cc's are the work of the devil...i'm old school...i hate cc's. the powers that be like them used though..

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