Tuesday, October 14, 2008

The Credit Game Is Changing Right Before My Eyes


The sun rises in the east. Check.

What goes up must come down. Check.

Certain creditors give credit-limit increases like clockwork. Er, maybe not.

I have a Hewlett Packard credit account. I've had this particular account for years. I use it to buy toner, ink, and other HP-related items. One of the great things about this particular account is that credit-limit increases are granted every six months. Like clockwork.

It's been six months since my last increase. So, being the diligent little credit whore that I am, I headed over to HP's Web site and logged into my account. I found the increase button and hit it. What would my credit-limit increase be this time? Would I get $2,000? Maybe I would get $4,000! Hmmm. Sure is taking a long time to get an answer. OK. Here it comes. The new limit is ... oops. Oops?

Turns out that my request needs to go through underwriting. What? I'll have an answer in 24 hours, the message reads. Wait. The sun still rises in the east. What goes up must still come down. And HP's credit-limit increases are still granted instantly every six months, right? Apparently not.

Dang credit crunch. I'm telling you, this credit crunch is really messing with me. It's changing the way that I play the game. Now, instead of updating my spreadsheet with the new credit limit, I am wondering if HP is going to reduce my limit or shut the account down (I don't use it every month).

I guess we'll find out in 24 hours.

Update: turned down. No CLI. No biggie. No CLD, either. And no hard pull.

Related Articles:

29 comments:

Anonymous said...

hahah :D

Bob Wang said...

I'll light a candle for you, CM.

Anonymous said...

that laugh is because this truely is ridiculous. this whole thing (the credit crisis) would not have happened had they done better credit checks on people in the first place.

Anonymous said...

You better start hiding money in your mattress

GlobCredit.com said...

Hey, if I can't poke fun at myself, who can I poke fun at (besides Bob)?

GlobCredit.com said...

Anon, maybe we're beginning to see some real underwriting being done, eh? I don't mind. Just found it amusing that things aren't as predictable as they used to be.

Anonymous said...

Is your credit limit at or above $5000?

I ask because it seems based upon info on HP's site that you can: Apply to receive a credit line up to $5,000.

Possible you hit a ceiling?

GlobCredit.com said...

I've been above $5,000 for a long time, Anon. But good thinking. But, no, that isn't the reason.

I think it's just that they have changed the way they do biz.

Anonymous said...

More likely.

How does this HP Financing "line" fit into your credit plan? It does not seem that it offers any kind of discounts, and many HP related items are cheaper elsewhere - is for the credit mix?

GlobCredit.com said...

Anon, I have had that card so long. I wasn't even thinking credit plan back then. Now I just use it for age and utilization.

Also, they do offer 3-6 months with no payments and no interest. There are also online rebates available. I suspect it does help my credit mix, though.

TheVibeRAIDER said...

They're playing with you because this blog is all about gaming the system.

HAHAHA!

;-)

Anonymous said...

Didn't you learn your lesson the last time you hit a CLI button and got smacked?

Nice to know you are human - and man enough to admit your errors.

I won't be pushing a love button for a long time.

GlobCredit.com said...

Virgil, probably so. haha.

GlobCredit.com said...

Anon, I have not learned my lesson. : )

But, yeah, you'll always get the straight facts here. My blog exists for several reasons. One is to make sure my readers always have the most current information about creditors. If my blog entry helps someone, that works for me.

The Lion said...

Hi CM! Sure missed ya!

Just a quick question - how much of a credit limit do you need for ink and toner? I mean yes, higher limits are ideal because, as they say, higher limits beget higher limits....but really....c'mon now....

Anonymous said...

Listen to some of these people...who haven't a clue to WHY you want higher credit limits, they don't know how FICO scores work. LIon is such an idiot

Lynn said...

Sign of the times. I guess all we can do is sit and wait.

GlobCredit.com said...

Lion, I don't think about how much toner or ink I need, actually. It's never been about that for me.

Instead, I'll take as high of a limit as you'll give me. And, given that HP has always given no-hard CLIs like clockwork, I'll take those all day long.

It's not a matter of whether I need the credit. It's whether the creditor will give it to me, Lion.

GlobCredit.com said...

Anon, I imagine that Lion was just trying to keep it realistic. She is certainly no idiot. And I know she has read my site from cover to cover. Indeed, she knows how high limits and FICO work.

But every now and then I just need to remind her. : )

The Lion said...

Lol, thank you CM. And yes, I know why you would want the higher limits, if they give them out hard free.

I guess some just don't get my humor...Hmph fine then! LOL

The Lion said...

Uh oh Anon, you just made my list!

GoldenDomer said...

Dang! If a 'ho can't get credit line increases, there's little hope for me.

GlobCredit.com said...

GD, nice seeing you around here. I've missed ya!

GoldenDomer said...

Thanks! You know how the government works -- they only want you to work 40 hours until they need ya.

savemanatees said...

Well had big day yesterday.....HELOC and FL home under contract.

Today I went to pay the balance on a special bed that was designed for me (because of Parkie's). GEMB had a 6 month 0% promo. I have high scores and great credit....with my HELOC I don't need any new credit.

I just decided to try it....I'm a pretty good GEMB customer....but to no big surprise DECLINED.

Fortunately I had my 1.99% HSBC until 12/31 card...so bed is on its way. Two mnths ago I prolly would have been approved in a heartbeat.

Times are a changin'

GlobCredit.com said...

Manatees, sorry to hear about the decline. All in good time, pal.

But congrats on the HELOC and home sale.

Shane@CB said...

What ever happened with this?

BTW I got my first AMEX app the in mail today LOL. Why would I want a charge card? That is what my debit card is for!

Don Miguel said...

Shane@CB, one reason for preferring a charge card to a debit card is the protections under the Fair Credit Billing Act; another could be rewards. Whether taking an inquiry for an Amex is such a great idea in this or any environment is another question entirely.

GlobCredit.com said...

Shane, never heard a peep today from HP. Maybe tomorrow.

And ditto on what DM said about the charge card.

Post a Comment