Re: Limit on credit card purchase
One "excessively exercised" Visa I've since paid off and cancelled had a credit limit of more than $33,000 with a balance of nearly 2/3rds of that. While going through a divorce, I knocked the balance down to a few thousand when I had to refinance my home to get my wife's name off the title.
I had thought about keeping the card since the limit was so high (for EXTREME emergencies) but wanted my ex's name off the card (obviously). When I called to have her named removed from the account, I was given a real run around. I was more than willing to have the balance assigned to me, but they insisted on getting written consent and that they would mail me a form for her to fill out and return. When asked why I wanted her name removed from the account, I explained that I was getting a divorce.
Without taking a breath, the customer service rep replied, "Would you like us to increase your credit limit for expenses during the divorce?" My response was "NOT A CHANCE! THAT DEBT WAS THE CAUSE OF THE DIVORCE" (which is not really true). I just could not believe the response I got from them.
Needless to say, I never received the "form" to have her removed from the card. I then applied for another Visa with a $7,500 limit, transfered the debt and cancelled that card. I have no need for a card that could be used to buy a car.
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