Partially approved
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| Thu, 03-19-2009 - 8:15am |
I guess its a sign of the times. I have an Amex that I've had for years which I rarely use. If I do, I pay the balance off in full every month. I got it when I was a student (I think because they had an airmiles promotion). Anyways, they were constantly upping my limit (when I was a student remember) and it ended up with a 12,500.00 limit.
When I went to buy my house I had to reduce my limits. From what I can tell, Canadian banks look at things differently then US. The banks were concerned with how much I owed ($0 at the time) but ALSO with how much credit was available to me. They didn't want me getting a loan and then running up the balance on new furniture I guess. So I called Amex and had it reduced to $1000.00.
Fast forward. Last week I put the fee for the course on my Amex. I decided to use my Amex for all business expenses to make it easier to do taxes next year (I'm learning Marie! You should see the books I have on the subject, lol). So

I think that is how I am going through life right now.....partially approved. LOL! When I got divorced it was like starting over with building up credit. I think its better now than it was but having this much unsecured debt with no assets obviously not all that great for the ol rating.
Your credit will get better as you go along. I bet in six months you could ask for another increase if it would be something you wanted.
It is really scary how much credit is given to students. We all know how quickly it can be abused and how long and painful it can be and take to get out of debt. I wish these companies would have more care for our youth instead of concentrating on the bottom line.
Good luck Bex.
Yes, it is an amazing sign of the times, isn't it.