vania-janet/multiturn-rag-retrieval-data huggingface dataset:
As other answers and comments suggest you are trying to do something... odd to say the least. No one wants to use a credit card to finance a checking/current account because you are creating a debt on that credit card (unless you are in the odd situation where the card is in credit) that will immediately start accruing interest at a rate probably in excess of 10% per annum. That is not a clever thing to do. What you really need to do is find an account that one of you owns that has a positive balance and use an internet banking service to transfer part of that positive balance onto the debit card. The other solution is not to use the debit card at all but use the credit card to complete the purchases you are trying to manage with the debit card. The reason that BofA and AmEx customer support can't help you is that no one would ever do what you want to do; they would either move existing money from another account or ask for a bank loan.
My recommendation is to not ask for a credit increase, but just increase the utilization of one card if you have multiple cards, and decrease the utilization of the others, and continue paying off all cards in full each month.  In a  few months, you  will likely be offered a credit increase by the card that is getting increased use.  The card company that is getting the extra business knows that you are paying off big bills each month and keeping your account in good standing, and they will likely offer you a credit increase all by themselves because they want to keep your business.  If no offer is forthcoming, you can call the card company and ask for a credit increase. If they refuse, tell them that you will be charging very little on the card in the future  (or even canceling your card, though that will cause a hit on your credit score) because of their refusal, and switch your high volume to a different card.
I had a macys card which only had $75.00 credit limit... I accidently paid over the limit so the card had $100.00 in it. I left it that way for a month.. My credit limit turned into 100.. So I do think its possible to increase your credit limit that way.. I've tried many times requesting for a credit limit increase.. I was denied many times.. The only thing I have is to add money but the tricky thing is that you'll have to add money and spend the whole amount and then pay it off at once for the credit limit to stick. But since you have great credit assuming because your limit is 1000, you should request for an increase of your credit limit.
"I don't know of a guideline to how often you can ask for an increase. You can ask as often as you like. As for consequences, refer to Is there a downside to asking for a credit increase?, where the consensus is that, aside from a possible (temporary) hard pull on your credit report, there's probably no risk to asking. Depending on your credit score/history, and especially in the current economy, you may get ""no"" as an answer most often. You can try talking to your card's Credit Department or even Customer Retention Department as they may have more leverage. They may say yes or no or that they need to review your account. When you do ask for an increase, I would make sure to ask if there will be a hard pull on your report, if there is any cost or downside to applying, and to make sure that this would be an increase to your current credit line, not a new account."
I was in the same chicken and egg situation regarding credit cards. I did two things: Now that I have recent good credit history, Capital One has offered to raise my limit. I assume that it is because my credit score has improved and I can probably now switch to a credit card that doesn't have an annual fee.
"An alternative take on the ""why"" is that most people's credit is better than they think, and all of these banks offer credit products.  Put a ""good credit"" badge next to an ad for a shiny new card or auto refi, and it's just good business."
Clark Howard suggests you hop your cards.  Get your new card now and when you have it, dump the card with the high fees. The age of your accounts has some impact on your credit rating, but unless you have a major purchase coming up and your score is teetering, I would take the score hit to save money on the card.
"Personally, I use my credit cards for everything because I get reward points (or, cash back, depending on the card), and I build credit history. I've had credit cards since I was 18 (now 22), and my credit score is in the higher end 700s which I'm told is pretty good for my age. Additionally, since I put my rent and large purchases on my credit card, I have a lot of reward points. I use these to buy things I wouldn't normally buy to try them out and see if they bring any value into my life. If not, I didn't really lose anything, but I have found value in some of those things. I realize most of this is gamification and consumerism at play, but getting that extra little thing once in a while for ""free"" which is pretty nice."
"I'm the contrarian on this forum. Since you asked a ""should I ..."" question, I'm free to answer ""No, you shouldn't increase your limit. Instead, you should close it out"". A credit card is a money pump - it pumps money from your account to the bank's profit margins. When I look at my furniture and the bank's furniture, I know exactly who needs my money more (hint: it's not the bank). Credit cards change people's spending patterns. In my first day of training as a Sears salesman, the use of the card was drummed into our heads. People purchase on average 25% more when they use a card than when they pay cash. That's good if you're a retailer or the lender (at that time Sears was both), but no good if you're a consumer. Build up a $1,000 emergency fund (for emergencies only, not ""I need a quick latte because I stayed up too late last night""), then savings for 6 to 12 months living expenses. Close and cut up the credit card. Save up and pay cash for everything except possibly your house mortgage. If you have that much cash in the bank, the bankers will be as willing to talk to you as if you had an 800+ score. I have lived both with and without debt. Life without debt is well worth the short term sacrifice early on."
Problems with your plan (in no particular order) there is a limit, once they have decided that you have enough credit they won't offer any more. If the economy changes (like it did in 2008) they can reduce the limit on existing accounts. If you don't use them, they may decide to close them. Using existing cards will encourage the bank to increase the limit on that card. opening cards can make some lenders nervous. Having a new card close to when you are applying for a mortgage or a car loan can make them less likely to lend you the max. You have to decide: Are you trying to buildup your credit limit? or your credit score?
If they are going to agree to this, it can be done in a few minutes. Some individuals on this site have even been able to send the check to the credit card company before completing the purchase, thus ""increasing"" their credit limit. YMMV. I have no idea if it works. A good reason to use the existing credit card, instead of the debit card is if the credit card is a rewards card. The extra money or points can be very nice. Just make sure you pay it back before the bill is due. In fact you can send the money to the credit card company the same day the computer arrives in the mail. Having the transaction on the credit card can also get you purchase protection, and some cards automatically extend the warranty."
Start with the cards you already have. If you don't have enough room on the best card, then ask for a credit increase.  You have to keep in mind that some of the programs have a maximum amount you can charge to get the bonus cash back amount.  Others have a graduated plan where the first few thousand dollars are at a lower cash back rate. If you do decide to get a new card, make sure you get a large enough credit limit or the work to get a new card was for naught.  I would start with bankrate.com to research cards.
"I'm not sure that OP was asking if he/she personally should have more available credit, so I will answer the other interpretation: should that particular card have a higher limit? The answer is ""no.""  The range varies vastly by issuer.  Starting limits vary widely from issuer to issuer even with identical credit histories.  Some issuers never automatically increase the limit, some periodically conduct account reviews to determine if an increase is warranted.  Some like to see higher spending habits each month.  Personally, my cards range from $500 to $25000, and the high and low extremes are the same age. You can search for tips on how often to request increases for your particular card, or what kind of spending habits the issuer prefers.  An important note: You do not need to carry a balance to make the issuer happy.  You never need to pay a cent in credit card interest."
This isn't exactly the answer you were looking for, but it is something else to consider. Rather than just running money through the card to get the bonus, have you considered spending that $5,000 in the form of good debt? In other words, can you purchase some asset that will create more cashflow than you would be paying on the card with the $5,000 balance? The idea is instead of running up the balance and paying it back off to get the bonus, maybe you could buy an asset for $5,000, create positive cashflow with the opportunity for long term capital gains, and get the credit card bonus. You could even turn around and use the bonus to pay back part of the credit card balance, thus reducing the payments and widening the profit margin on the asset.
"Should I allow the credit cards to be paid out of escrow in one lump   sum? Or should I take the cash and pay the cards down over a few   months. I have heard that it is better for your credit score to pay   them down over time. Will it make much of a difference? Will the money you save by increasing your credit score (assuming this statement is true) be larger than by eliminating the interest payments for the credit card payments over ""a few months"" (13% APR at $24,000 is $3120 a year in interest; $260 a month, so if ""a few months"" is three, that would cost over $700 - note that as you pay more principal the overall amount of interest decreases, so the ""a year"" in interest could go down depending on the principal payments). Also, on a related note regarding credit score, it doesn't look good to have more than a third of a credit line available balance exceeded (see number 2 here: http://credit.about.com/od/buildingcredit/tp/building-good-credit.htm)."
It is a good sign that it will report if they ask for the social security number of the authorized user. However, note that the Authorized User addition can have no impact if the lender is using one of the newer versions of the FICO scoring model, only the older versions reward you for the age of accounts for which you are an authorized user. A very long term boost is to open your first American Express card underwritten directly by Amex such as their Zync card which is pretty easy to get. The advantage of American express is that they remember the date your first credit card was opened with them and if you open new accounts in the future they will back date the date of their opening to match the date your first card was opened. If you let your membership lapse, be sure to record the account number and date opened in your personal files so that you can help them locate it again if you reopen as they can have trouble if it has been on the order of ten years or more. Finally, note that the number of accounts opened in the last twelve months is a small negative mark on your score (along with number of inquiries), so if you open a lot of accounts all at once, in addition to bringing down your average age of accounts, you will also get dinged for how many were opened in the last year.
The right answer is use it, but use it responsibly. The point of the credit report is to prove to potential creditors that you are a responsible person who pays their bills on time. If you don't use the new credit card, you can't prove that. However, of course there is a limit. If you max out the card, you have only proven that you are irresponsible with credit. Try to stay around 50% of your max limit. More is O.K., but never go over 89%. Always pay your bills on time. Always. Not just this new credit card, but all bills. The best way to ruin your credit is not paying your bills. Even if you are having a dispute with a company, pay the bill anyway to save your credit and then dispute the situation and try to get your money back. Prove to creditors that they can trust you and you'll have an excellent credit score.
In my own case, my credit score went up drastically after I closed cards.  It did go down a bit (like 10 points) in the short term.  Within 6 months, however, I did see significant gains.  This would include closing the American Express card that I had for like 10 years.  According much of what I read, you should never close a AMEX card.   I did and it did not hurt me. What helps all this is that my utilization is zero.
My first thought is get a Capital One Secured Card. Use it for small things and pay it all off when you get paid. It will build your credit and after six months of solid use your credit limit can go up and you can be eligible for a better non-secured card (not that you need to get one). It's great for starting or rebuilding credit.
You want to have 2-4 credit cards, with a credit utilization ratio below 30%.  If you only have 2 cards, closing 1 would reduce your credit diversity and thus lower your credit score.  You also want at least 2 years credit history, so closing an older credit card may shorten your credit history, again lowering your credit score.  You want to keep around at least 1-2 older cards, even if they are not the best. You have 4 cards: But having 2-4 cards (you have 4) means you can add a 5th, and then cancel one down to 4, or cancel one down to 3 and then add a 4th, for little net effect.  Still, there will be effect, as you have decreased the age of your credit, and you have opened new credit (always a ding to your score). Do you have installment loans (cars), you mention a new mortgage, so you need to wait about 3 months after the most recent credit activity to let the effects of that change settle. You want both spouses to have separate credit cards, and that will increase the total available to 4-8.  That would allow you to increase the number of benefits available.
From an Indian perspective, this is what I would do. This typically would not only keep your credit score healthy but also give you additional benefits on spends.
"I'm not sure if the rules in Canada and the US are the same. I'm as amazed as you are by the amounts of debts people have, but I can see how this credit can be extended. Generally, with good credit history and above average pay - it is not unheard of to get about $100K credit limit with a bunch of credit cards. What you do with that after that depends on your own ability to manage your finances and discipline. Good credit history is defined by paying your credit cards on time with at least minimum payment amount (which is way lower than the actual statement amount). Above average pay is $60K+. So you can easily have tons of debt, yet be considered ""low risk"" with good credit history. And that's the most lucrative market for the credit card issuers - people who do not default, but also have debt and pay interest."
How bad would maxing out my credit card once a year affect my score is a related discussion. You shouldn't be using 20%, but rather keep the monthly statement below 20%. If the credit lines add to $5000, charging gas and paying in full each month will help your score (obviously, I assume you don't pay more than $1000/mo for gas). Letting the balance go unpaid month to month means you are paying interest. Probably 18% or more. This is bad.
The best way to use your new credit card to establish credit history is to use it for small-medium purchases and pay it off in full each month. There is no reward for using it more than once a month. If you are getting some sort of rewards for using the credit card to pay your health insurance (air miles, points, etc.), then you could go ahead and use it. Your credit score will take a temporary hit for high utilization. You can actually avoid this by making a partial payment before the end of the billing cycle so that your utilization is never reported as near 100%.
They want people who continuously pay the minimum monthly payment on time not people who pay late. This is how they make their money, so a good credit score is important.
The only drawback is if you spend more than you can with the new limit and end up having to pay interest if you can't pay the balance in full. Other than that, there are no drawbacks to getting a credit increase.  On the flip side, it's actually good for you. It shows that the banks trust you with more credit, and it also decreases your credit utilization ratio (assuming you spend the same).
It's very simple: The whole purpose of a credit card for the credit card company is that you borrow money and then pay them extortionate interest for the rest of your life. The way you describe yourself, you are the perfect victim. So the obvious thing for you to do is to not touch credit cards with a barge pole.  IF you decide to use a credit card, then what you should really, really do is to pay back the maximum amount possible all the time. Best is to pay off the credit card in full if at all possible.  Consider this: If you owe them money, the interest rate is so high that with the minimum payment, your debt will be growing all the time. Spend $1,000, pay $10 a month, and next year you owe $1,100 without having used the credit card at all. If you pay $32 a month as you mentioned, your $1,000 purchase is actually a multi-year loan. If you need a multi-year loan for a $1,000 purchase, an ordinary loan from your bank will be much, much cheaper.
These kinds of credit card offers are incredibly common. More often you will get a certain reward if you spend $X within Y days of getting the card. In many cases you can take advantage of them with very little downside. However, are you responsible enough to have a credit card and be able to pay off the balance every month? If not the interest charges could quickly wipe out the $50 bonus you get. And hard inquiries and new accounts could potentially affect your credit score, particularly if you don't have a well-established credit history. There's also the chance you get denied in which case you add a hard inquiry to your credit report for no gain.
"Or here's a better idea: don't have a credit card at all.  They offer no real benefits and plenty of dangers.  Don't take my word for it, though: ""I tell every student class I get, high school students, university   students, you know, they'd be better off if they never used credit   cards""   - Warren Buffet (Net worth: $44 billion) Before anyone says anything about using credit cards ""wisely"" and getting the rewards points, I can save 15% on many kinds of large purchases ($100+) using cash.  You won't find a reward system offering that level of incentive.  Two recent examples of cash discounts: After I bought my house I needed a lawnmower and a my wife wanted a new vacuum cleaner.  Went to Lowe's and found the ones we wanted.  They were $600 combined.  Found the manager, stuck five $100 bills in his hand and said ""this is what I have, and that is what I need.""  16.6% saved. Bought my daugher a bed recently. Queen box spring and mattress were on sale for $300 but it didn't come with the rails, which they wanted $50 extra for.  Went to the bank and got $320 in cash from the bank, walked in, set it in his hand and said, ""I need the bed box spring and rails, tax included.""  He replied, ""Sorry man, I can't.  I'm already taking a loss on..."" Then he stopped mid sentence, looked down at the cash again and said ""Hold on. Let me ask my manager."" Manager walks over, guy explains what I said, manager looks at the cash and says ""Make it happen""  14.3 % saved. As for purchasing a home, it is a myth that you need a credit score to obtain a mortgage for a home.  Lending institutions can do manual underwriting instead of just relying on your credit score.  It is a little tougher to do and banks usually have stricter requirements, but based on the information the OP has given in this and other questions, I think he can easily meet them."
There are lots of things to consider in addition to your questions.  The rules changed in the US recently. I think you mean you will save more money. Your interest rate isn't likely to go up, but your principle will, so you will earn more interest income than before.   I would wager it won't be a significant amount however. You can certainly earn a reward, either cash back, points, miles or something else. BUT the sticking point with earning things with your card is harder than before.  Due to rules changes, merchants can now recuperate the fees they pay for accepting your credit card.  Rewards cards have a higher fee than non-rewards cards (because banks aren't in charities).  So now, depending on the merchant's choice, you could see a higher cost paying with a credit card (or a debit card) and that cost could wipe out your reward. And if your card has a fee, it has always been true that you need to evaluate the annual fee to confirm the benefit is more than paying for the fee. Additional advantages to credit cards
Assuming you don't plan on continuing to use the card frequently, the best advice I've heard is to leave them open unless they have an annual fee. Also, leaving it open with a zero balance doesn't help your credit score as much as using it a few times a year (even for small amounts) because it will eventually shift to an inactive state that is less positive for your credit score.
This system means that if you are a credit card company and want to encourage people to make a specific kind of purchase, you should encourage purchases that people make many times for relatively small amounts of money. In a perfect world you'd want them to buy $1 bottles of water 5 times a day with their credit card. If the card company had 50,000 card holders doing this, at the end of 1 year the company would have $91,250,000 spread across 91,250,000 transactions. The card company might reasonably make $0.05 per transaction and %1 of the purchase total. The Get Rewarded For Drinking More campaign might earn the card company $912,500 in percentage fees and over $4.5 million in transaction fees. Yet the company would only have to pay 3% in rewards from the percentage fees, or $2.7 million, back to customers. If the card company had encouraged using your credit card for large once-yearly purchases, they would actually pay out more money in rewards than they collect in card-use fees. Yet by encouraging people to make small transactions very often the card company earns a nice net-income even if absolutely every customer pays their balance in full, on time, and pays no annual/monthly fees for their card - which obviously does not happen in the real world. No wonder companies try so hard to encourage you to use your card all the time! For card companies to make real money they need you to use your credit card. As discussed above, the more often you use the card the better (for them), and there can be a built-in preference for small repeated transactions. But no matter what the size of transaction, they can't make the big bucks if you don't use the card at all! Selling your personal information isn't as profitable if they don't have in-depth info on you to sell, either. So how do they get you to make that plastic sing? Gas and groceries are a habit. Most people buy one or the other at least once a weak, and a very large number of us make such purchases multiple times a week. Some people even make such purchases multiple times a day! So how do people pay for such transactions?