CBA limit increase request.

[fantasy86dj]

Last week I applied for a limit increase - got declined for my CBA diamond however a few months ago my NAB card I was able to get a limit increase quite higher than what I expected. A few people have told me that the CBA (even a staff told me) that CBA are tightening down on the limit increases.

What are other people's experiences with this??

 

[wxxnxs]

Last week I applied for a limit increase - got declined for my CBA diamond however a few months ago my NAB card I was able to get a limit increase quite higher than what I expected. A few people have told me that the CBA (even a staff told me) that CBA are tightening down on the limit increases.

What are other people's experiences with this??

CBA will send you limit increase offer every 6 months, once you take it, then you can not apply until 6 months later. Basicly, you only allow to apply for limit increasing twice a year.

 

[Stephen65]

I seem to get a regular stream of limit increase offers on my CBA cards so I don't bother applying for extra ones.

 

[NM]

Last week I applied for a limit increase - got declined for my CBA diamond however a few months ago my NAB card I was able to get a limit increase quite higher than what I expected. A few people have told me that the CBA (even a staff told me) that CBA are tightening down on the limit increases.

What are other people's experiences with this??

Perhaps your increased limit with NAB has affected your ability to borrow more from CBA. The NAB limit change will likely be reflected as an entry on your credit record. Remember that lending institutions (and that includes banks as credit card providers) treat your available credit limit on a credit card as an outstanding debt, whether you have borrowed to your limit or not. For this reason, I keep my credit card limits as small as I can rather than as large as the provider will allows.

It is my belief that credit card providers try to give us as much credit limit as they believe we can afford to repay in the hope that we will not qualify for other credit services from other providers due to already being at our maximum credit limit capacity. tht way they can lock us in to using their product and not qualifying for products/services from other lenders.

 

[markis10]

I think its also related to the changes in consumer credit laws and the tightening of rules in relation to banks needing to ensure the customer can repay the loan, in the case of Commbank they have already got in trouble:

CommBank cops a serve for credit limit increase approach to customers ahead of new laws

 

[fantasy86dj]

I am guessing that is what happened with me this time, the amount of credit that I have is to high. I still know people that have had their limit requests declined... Maybe in a few months I might get an offer, until then I am going to have to be happy with the limits that I have.

 

[fantasy86dj]

I think its also related to the changes in consumer credit laws and the tightening of rules in relation to banks needing to ensure the customer can repay the loan, in the case of Commbank they have already got in trouble:

CommBank cops a serve for credit limit increase approach to customers ahead of new laws

+1 for a great explaination

 

[SOPOOR]

I would love another credit increase, but unfortunately, have not had one for about 3 years! i used to get one every 2 years, but havent got one for about 3 years,

I merged two cba cards togehter and my limit hit six figures, but was seeing how far mine would go, oh welll

 

[fantasy86dj]

I would love another credit increase, but unfortunately, have not had one for about 3 years! i used to get one every 2 years, but havent got one for about 3 years,

I merged two cba cards togehter and my limit hit six figures, but was seeing how far mine would go, oh welll

I aspire to get a 6 figure limit one day

 

[NM]

I aspire to get a 6 figure limit one day

That is the last thing I want! The lower the better for me. I aspire to not needing credit one day.

 

[fantasy86dj]

That is the last thing I want! The lower the better for me. I aspire to not needing credit one day.

Top of my list - a nice high credit limit - I would not use that much of it however it would be nice.

I got an offer today to increase my limit tonight when I logged onto Netbank after being declined last week.

 

[NM]

Top of my list - a nice high credit limit - I would not use that much of it however it would be nice.

I got an offer today to increase my limit tonight when I logged onto Netbank after being declined last week.

Why do you a high credit limit even if you would not use it? As far as any future borrowing is concerned your credit card credit limit (the entire amount of the limit) is considered a debt when determining how much you can borrow. So a 100K credit limit will reduce the amount a bank will loan you for a mortgage by 100K.

Do you consider your credit limit like a status symbol? A jhigher credit limit makes you feel more important? In my opinion the reason a high credit limit makes me important is that I am a bigger risk to the bank.

 

[fantasy86dj]

Why do you a high credit limit even if you would not use it? As far as any future borrowing is concerned your credit card credit limit (the entire amount of the limit) is considered a debt when determining how much you can borrow. So a 100K credit limit will reduce the amount a bank will loan you for a mortgage by 100K.

Do you consider your credit limit like a status symbol? A jhigher credit limit makes you feel more important? In my opinion the reason a high credit limit makes me important is that I am a bigger risk to the bank.

Because over the past few years I have been rebuilding my credit history - and to me a higher limit means that I am doing things correct credit wise.