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Tuesday, June 11, 2013

American Express refused to increase my credit card limit

I had a few things going on right now. I am seriously job/contract searching. My taxes are about to be done and completed by the end of the week (the time limit is June 15th for self-employed). So among the way, while getting a few things done, I told myself that it would be nice to have my credit limit increase for my American Express since I have a 0% offer on it available for 6 months. Great idea isn't? Yes, a very good idea!

During my lunch break, I gave a call to American Express. The phone ring, an American Express customer service representative answered. I explain what I was looking to do and... my request was declined.


Its at that time that I learn I had too much credit for the salary I have. It wasn't a matter of having a good or bad credit, its just I have too much of it.

But is that true? Do I really hold too much credit?

Let see...

X Visa: $4 500
X Visa: $11 300
X credit line: $10 000
X Visa: $16 000
X line of credit: $15 000
American Express: $2 600
X credit card: $500
X MasterCard: $5 000
X line of credit: $5 000
X credit card: $500

I don't think I have miss anything....

And the total is: $70 400

That's what I have available in term of credit. And have about the same amount in debt.

How much do I earn after tax in a one year salary?

Less then 40k, that's for sure...

So do I have too much credit in regard of my salary?


I won't answer that question or I will soon hit strip club and swing on.

Why it cannot be in regard of the bitch that I am instead?



Anonymous said...

don't blame American express, but you do have way too much debt for your salary! just to go to any bank and ask for a personal line credit or mortgage and see how much you qualify for... you will be surprised that you will only probably qualify for a small loan amount!

Anonymous said...

That's a fairly hefty limit and if your debt is close to that limit, you should be focusing some time and effort to reducing it. It would be interesting to know how much of the debt can be attributed to investing... I would assume all the Credit card debt is consumer debt, which is really the worst kind :(

Anonymous said...

That's too bad, you're going to need credit to cover a margin call if there's further market corrections. Did you see where Telus closed at? ;)

Anonymous said...

How about we all vote whether Sunny should get that stripper job:)..Hey in this depression we have to do what we can to survive..and that includes not making any overly rash investment decisions..We should take care of our most pressing needs first.


Anonymous said...

Yes, Mark. I agree Sunny should get a stripper job. So many painted houses in Quebec and somebody needs to put on the overalls, climb the ladder and get them ready to be repainted. Pay is great and you get to work outside with sexy sunflowers.


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