Wednesday, November 25, 2009

They Increased My Credit Limit!!!

As I've mentioned before, I have been charging small amounts on my credit card and paying the balance in full each month in an effort to try and get the card company to raise my limit, thus improving my credit score. It's been a little over six months since I finally paid off the whole balance for the first time, a balance that I at one point had let climb up to $650 including late charges and fees on a card with a $500 credit limit. This was during my ostrich phase before I started the blog.

I log in to make my monthly payment today and voila, I see that I now have a credit limit of $5,500!!!
I have mixed feelings about this new development. I am very excited that in all this time of thinking about my money and trying to make up for past mistakes while being treated like a deadbeat by my own bank, debt collectors, student loan servicers, etc. that someone on the outside, i.e. "the man" has taken notice and had a little faith in me.

On the other hand...I know this wasn't an altruistic move on the part of the credit card company. They assume that since I have been charging a few things and then paying for them that given more credit I will charge more things. And frankly, I'm a little nervous about that too. Sure, I have been an authorized user on my fiance's Emergency Credit Card for months now with a similar balance and never ran amok, but it feels a little different when it's just "my card," you know? I am being completely honest here so take it easy on me.

Anyway, I am excited about this news and dedicated to not let it tempt me to spend. Wish me luck!


Genesis said...

i felt the same way when my credit got upped to like 9 G's. I was like really?! Why?! They're out to get me. Funny thing is now that I have ginormous credit, I barely even go near $500 on my card.

Lulu said...

I just one of my cards that increased a limit too and it is a card I get cash back on.

I have lived with credit card debt in the past and I do not EVER want to pay those ridiculous interest rates again. So I will keep using my card but only if I have the money to pay it off...and earn cash back in the process. Sweet.

Cinthia Mull said...

Although an increase in your credit card limit is a positive thing, it shouldn’t be taken for granted. This will test your control over your spending. Be wise enough to use your credit card on emergencies only, and not splurge on things that you don’t really need at the moment. Or, you’ll be surprised with an escalated monthly bill.

Cinthia Mull

Eustolia Nitta said...

It's more fun to use your credit card if you have a high credit limit. Although, it’d mean that you’ll have to spend more responsibly. You’ll have to monitor that your debts don't exceed your income and won't hurt your budget for basic needs. Anyway, it's almost three years, how are you doing now? I bet your responsible payments gradually increased your credit limit. Hehe! Are you still using credit cards?