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myLot reputation of 78/100. suspenseful (19613)   ranked 2 out of 33 in credit card 3 years ago

I tried to get my Mastercard credit card limit raised. Yet I can get a cash advances for twice that much. They tell me when my circumstances change, but I already pay off my credit card in full each month and in fact I will pay it off before the bill arrives. So what is going on? Do they have this thing against senior citizens, that once you reach 65 your credit limit goes down? Yet they are perfectly willing for someone like me to ask for a cash advance at twice the amount and pay interest from day on, rather then putting the same amount on my credit card when all I have to do is transfer money from my savings into my checking and from my checking to my credit card. And if they want my circumstances to be so I could borrow, why do they not lower the amount I can borrow using cash advances? But no, they will not.
So what is wrong with this system? If they think that I am a bad risk because of my age is that not discrimination?

 

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smileonstar (2935) response was accepted on 5/15/2009.
denotes best response, click it to go to the best response.
tags:  credit, credit card, debt tree, life, managing my money
 
1. myLot reputation of 99/100. kykidd (4829)   3 years ago

I wonder if the reason that they will not raise your limit is because you do pay it off each month. They are not allowed to discriminate by age. They can go by your income. That would be the only way that your circumstances could change.

However, I do find it very odd that they are willing to loan you twice as much on a cash advance. That is illogical. I thought most credit card companies would only lend you half as much.

Sounds like they have a few glitches in their odd little system.


myLot reputation of 78/100. suspenseful (19613)   ranked 2 out of 33 in credit card  3 years ago

That is what bothers me. And I do not want to have a balance each month. I went through that years ago, at least 10 years, and i got into trouble that way. I am not wealthy and I need all the money I can have and I do not just want to charge everything, as I have to put more money in my savings account because the interest rate is so ow.

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2. myLot reputation of 92/100. smileonstar (2935)   ranked 22 out of 33 in credit card   3 years ago

hi, it is really depend. sometimes they base on their available offer... or if you have never get any offer from them then they won't do it. And another thing they might base on your credit score and other credit card company. Did you ask for reason? they should tell you why or send you something in the mail.


myLot reputation of 78/100. suspenseful (19613)   ranked 2 out of 33 in credit card  3 years ago

I guess I will have to ask them. They say it is when my circumstances change, but if my husband drops dead, I would get a little more money but the basic income will go down. So it will not be as much. I could go back to work but then I am 66 and I never went to University so I might not be better off then I am now.

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3. myLot reputation of 96/100. Lakota12 (23205)   3 years ago

Do you know for sure its your age?
and none of it makes since if you are doing all the transfering to get money to your credit card.


myLot reputation of 78/100. suspenseful (19613)   ranked 2 out of 33 in credit card  3 years ago

I think it is because as soon as I reached 65 I no longer received the Capiitol Prime Rate advertisements in the mail. I already had a bank credit card and both of us got offers to get a card with more air miles or aeroplan card, but the only Capitol Cards we got were the secured ones. And because the only few ladies over 65 who had their own credit cards were the ones left by their husbands or they were independently wealthy. And if I switch banks and get a bank credit card from the new bank, here they have a limit as to how much annual income you have or combined income. They really do not care how much money you have on hand that you can transfer unless they see your bank account and then you might as well use a secured credit card and get charged a fee and that is for those starting out and at bad risks.


myLot reputation of 96/100. Lakota12 (23205)  3 years ago

Seems to me as long as you have used these poeple they should accomdate you .
but guess not of course they want that interest charge to collect from you!


myLot reputation of 78/100. suspenseful (19613)   ranked 2 out of 33 in credit card  3 years ago

That is what I think. They know I am a good credit risk It is just that I might want to purchase a big item and I want to be ready.


myLot reputation of 96/100. Lakota12 (23205)  3 years ago

I hear ya!

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4. myLot reputation of 99/100. GardenGerty (35331)   3 years ago

I have understood that sometimes they refuse credit if you pay them off all the time, and never end up paying them interest.ninja They are in this for making money not for doing you a favor.thumbdown You will make them broke by not paying them interest. w00t

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5. myLot reputation of 80/100. veganprince (3402)   3 years ago

The phrase, "when circumstances" change can be confusing. Whose circumstances? Yours or theirs? Because if they expect circumstances to change from your end, like what, make you young again, then it is just like expecting a black crow to turn white. It is just like saying, "No" or it is impossible to raise your credit card limit. If the phrase refers to their own circumstances, then you still have hope. Maybe the company is having problems financially, it's recession, remember, and it is trying to freeze the raising of credit limits. That's just my two cents.


myLot reputation of 78/100. suspenseful (19613)   ranked 2 out of 33 in credit card  3 years ago

I would not mind looking like 21, and loosing all that weight, getting back my auburn brown hair, but cannot see that happening. lol

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6. myLot reputation of 99/100. Thoroughrob (9552)   3 years ago

They won't make money by you paying off the entire balance. That is my guess.

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7. myLot reputation of 92/100. ORyansBelt2012 (2111)   3 years ago

Suspenseful... looking at your two discussions, raising your credit limit and cash advances, it looks you're trying to get money you don't have. That's a potential problem that could land you in a serious hole. If you're not getting cash advances or getting your credit limit raised, that might be a blessing in disguise. Over extending yourself credit wise is what got all this economic mess started.

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8. myLot reputation of 97/100. gitfiddleplayer (6410)   3 years ago

It is, I'm not sure, maybe the economy has something to do with it.


myLot reputation of 78/100. suspenseful (19613)   ranked 2 out of 33 in credit card  3 years ago

That is what I think.

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9. liaoliao1 (37)   ranked 12 out of 33 in credit card   3 years ago

ha ha i have met the same kind scene! no problem ,you can do ,only you can do is waiting!

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10. myLot reputation of 79/100. Lindalinda (3181)   3 years ago

I don't know which bank you are dealing with. Maybe it is time to change to another Mastercard. I am a senior citizen myself and my credit limit on my Mastercard is much greater than the amount I could take out in a cash advance. In fact from time to time they automatically raise my credit limit without me asking for it. You probably get numerous offers for credit cards in the mail, so pick a better deal.

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