Question
Credit Card "Tricks of the Trade"
http://www.kron4.com/Global/story.asp?S=948003
It'd be tough to find a consumer who hasn't gotten "pre-approved" or "low interest rate" credit card offers in the mail. But finding someone who's actually gotten the high limit or low rate offered, is even tougher.
The tempting offers list rock-bottom rates -- many now at 0.0% -- which are allegedly "fixed."
Answer
When I was a freshman in college, I was approved for a $1200 line with MBNA. This wasn't nearly enough to suit my needs, so I picked up a serialized application on the Harvard University campus for another bank and was promptly issued a $10000 platinum card. I figure that they assumed I was a Harvard student (I wasn't).
Answer
Spudd,
That's BS. No bank will give you more credit b/c of where you attended.
Most apps. are a crapshoot. Sometimes it's higher than expected. Sometimes it's lower than expected.
I attended a Crimson competitor for undergrad & grad sko0l. No preference on my credit apps, bud--just good ole' bone-crushing debt and premature gray hair. http://www.flyertalk.com/forum/redface.gif
Answer
Originally posted by Wolverine:
Spudd,
That's BS. No bank will give you more credit b/c of where you attended.
Most apps. are a crapshoot. Sometimes it's higher than expected. Sometimes it's lower than expected.
I attended a Crimson competitor for undergrad & grad sko0l. No preference on my credit apps, bud--just good ole' bone-crushing debt and premature gray hair. http://www.flyertalk.com/forum/redface.gif
Agree. I've had credit cards since about 1980, and can't see how they would issue a different credit limit just based on whether you attend or graduated from MIT, Yale, Caltech, Harvard, or just a junior college.
If this was fact, since I graduated from Cal State Northridge, then I should have never be issued a credit card. But once you have credit and employment for a couple of years, creditors don't even ask you what school you are attending, or have attended.
But as far as credit limits, on my cards, the limits are from $100 to $20,000.
I have an old Hawaiian Airlines credit card (I'm unsure if they still issue the card). But would you believe they sent it to me with a limit of only $100! I never used it, but if I did, $100 would probably only get me half-way to Hawaii. I guess I would have had to jump out of the airplane at the half-way point, when my credit runs out.
[This message has been edited by burgerwars (edited 10-12-2002).]
Answer
If this was fact, since I graduated from Cal State Northridge, then I should have never be issued a credit card.
I would have thought just the opposite. With three of the top anchors from CNBC graduating from CSUN, you would think it would be a pretty reputable school.
[This message has been edited by singlemalt (edited 10-13-2002).]
Answer
Originally posted by singlemalt:
I would have thought just the opposite. With three of the top anchors from CNBC graduating from CSUN, you would think it would be a pretty reputable school.
[This message has been edited by singlemalt (edited 10-13-2002).]
Yep, I know who you're talking about (Griffeth, Herera, Insana), but can't I have some fun here?
But the thing with credit cards also has to deal with how saturated the market is. Banks post their applications all over campuses, because a much higher percentage of college students don't have that many credit cards, than if they decided to post their applications in an office building. They'll maybe get a larger percentage of customers who's accounts go past due doing this, but they figure market share and getting loyal customers when they're young, will work better in the long run. But, still, I kind of doubt they treat applications differently for students who attend an Ivy League school, than students who attend a state university.
[This message has been edited by burgerwars (edited 10-13-2002).]