Now that the holiday season is over everyone must be back at work over at the credit card companies - they've started sending out offers to increase my credit limits. Yesterday I received an offer to increase the credit limit on one of the CCs I used for a 0% balance transfer for the past 6 months, from $6500 to $9750. And then today I received an offer from Citibank to increase my line of credit limit from $35K to $45K. I'll accept both these credit limit increases as it doesn't hurt to have more credit available (except when applying for a home loan, where they count all the available credit limits as if you had borrowed that amount). But I won't be using any the CC as I have another one for my day-to-day purchases which I pay off in full each month. I may use the Citibank line of credit account at the end of the financial year to prepay a year's margin loan interest (to get an immediate tax deduction on the interest), and then pay off this balance over the following few months.
It's Raining Credit
February 3rd, 2007 at 10:14 am
February 4th, 2007 at 12:22 am 1170548526
I was wondering if you could do a post on how the credit system works in Australia... i.e. do you need to have a credit card to get a good interest rate for a car loan etc/if the situation is similar to the US. I've been reading a lot of US literature but being in Sydney, I don't how things work here...
Good work so far!!!
Cheers
Gerard
February 7th, 2007 at 06:39 am 1170830378
You got a nice plan.......you want to increase the credit limit but don't want to use at end of financial year.
I liked this one.