| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 410.1 | | GUFFAW::GRANSEWICZ | Someday, DCU will be a credit union. | Tue Dec 17 1991 15:48 | 9 |
|
Hmmm... Good question. The places I have my credit cards with
increase the limits without being asked. I would think DCU could
at least provide a temporary increase for $500-1000, pending a
credit check.
One thing I have wondered about. Does DCU maintain a credit rating of
each of its members? Or does it have to run a credit check every time?
|
| 410.2 | | CNTROL::MACNEAL | ruck `n' roll | Tue Dec 17 1991 16:35 | 2 |
| I don't think it is fair to make a judgement on DCU's emergency
performance based on a standard request.
|
| 410.3 | It's not only limit increases you have to apply for,.... | UNXA::ADLER | Rich or poor, it's nice to have $$$ | Tue Dec 17 1991 17:23 | 5 |
| ...if you want to get a second card (e.g., for your spouse) you have to
reapply, as well. DCU has the only Visa card I know of with this
requirement, even if you're not requesting an increase in credit limit.
/Ed
|
| 410.4 | big cards do it | RTOEU::CLEIGH | Keine Ahnung | Wed Dec 18 1991 03:58 | 6 |
| Big cards like Citibank and Chase go out of their way to let the
customer know that they can get temporary increases for emergencies.
They also automatically increase your limit (you can say no of course).
Chad
|
| 410.5 | | SALEM::BERUBE_C | Claude, G. | Thu Dec 19 1991 08:55 | 21 |
| Rep to << Note 410.0 by SMAUG::BELANGER "A ROSE by anyother name, would not be manageable" >>>
> Why is it so hard to get a credit card increase (any increase)?
> Currently, it requires re-filling out an application, which
> takes too long. God forbid I need the increase to pay for an
> emergency.
I know how you feel, I just handed in my application to increase my
credit limit, and didn't notice they needed a copy of my paystubb (and
my wifes) in order to process it. They'll start it but won't complete
the processing it until I provide the copies of the paystubb's.
When I had my Master Card at an old bank I use to deal with, all it
took was a call, and as long as your card paying history was good, they
approved increases. When I got married and added my wife to the card I
only had to fill out an application on her.
Hopefully if a new BoD get's voted in they could look into some of
their rules?
Claude
|
| 410.6 | It's a matter of internal policy | ERLANG::MILLEVILLE | | Thu Mar 05 1992 12:51 | 16 |
| In order to make an adequate judgement on this, one needs to look at their
entire expense structure. Any major credit institution has to plan for losses
for people who fail to pay their bills. Those credit institutions where
increases are easy to come by probably have a greater annual fee and/or higher
interest rate to cover the additional losses they encounter with such an easy
method for increasing limits. Not only that, but one has to look at the amount
they HAVE lost as of late. If their losses are significant within the last 6
months or so, they may have instituted new procedures to try to guard against
further losses. If they don't have a large loss to account for their policies,
then it may be reasonable that they are trying to MAINTAIN their low losses by
being careful who they give credit and/or increases.
The bottom line is that you get what you pay for. There are a few no-fee cards
out there, but notice they don't send applications around to the majority of
people where you only have to put your initials to obtain a card. Those that do
require only initials have high rates and/or high annual fees.
|
| 410.7 | | VERGA::WELLCOME | Steve Wellcome (Maynard) | Thu Mar 05 1992 14:59 | 18 |
| It seems to me that they could judge a request for a credit increase
based on the old information they have and your payment history, then if
it seems warranted they could request a reapplication. ("I'm sorry,
based on the information we have, you are not eligible for that amount
of credit. If you reapply, we will be happy to reevaluate your request
based on any new information.")
The way it is now, somebody could have a $500 credit limit, never have
missed a payment, have $20,000 deposited in DCU, have automatic payroll
deposit (thus giving DCU a pretty good idea of income) and have to go
through the whole reapplication just to get the credit limit raised to
$1000. I see no point to it. Clearly, there may be times when a
reapplication may be justified, but to have it the default policy
strikes me as unnecessarily burdensome. I wish DCU had been half as
cautious about its Cape Cod swamp investments as it seems to be about
trusting its members.
|
| 410.8 | moving on to bigger and better | ULTMAT::BELANGER | A ROSE by anyother name, would not be manageable | Fri Mar 06 1992 11:27 | 13 |
|
Well, the asnwer came to me in my mailbox. Being a member of USAA, I
was prequalified for 2x what DCU was willing to allow for me and also
do it with a Gold Card and at a lower rate with a small annual fee. As
soon as my USAA Gold Master Card arrives, DCU will be receiving their
card back. Contrary to all of the reports that say, credit card
holders do not look for the best rates but the best services, I do
(this will be my 3 card change in 6 years for better rates, with the
same or better services).
DCU pulled the big "You lose" card.
~Jon.
|