Page 81 - Winning The Credit Game Bundle (CK Patrick)

IMPROVING YOUR EXISTING ACCOUNTS 69

HIGHER CREDIT LIMIT TELEPHONE SCRIPT

YOU: Hello, I’d like to increase the limit on my credit card, please.
CREDIT CARD REP: May I ask why?
YOU: I’ve been a loyal customer to you for X years. Also, I’ve paid
my bill in full and on time for the past few months/years. I’ve been
offered cards with higher limits by some of your competitors, and I
would hate for a low credit limit to drive me away from your service.
CREDIT CARD REP: Hmm. Let me check…Ms. Patrick, I just
discovered that I am able to lower your rate from $5,000 to $10,000.
Will this work?
It’s common that during uncertain economic times, credit card
companies may automatically lower the credit card limits of many
users. The companies may become concerned about losing money if
many users start using them as an emergency fund and can’t pay them
back.
This happened at the start of the COVID-19 pandemic, when many
credit card companies became concerned that large numbers of their
customers may soon face job loss or huge medical bills. To reduce the
risk to the company, these credit card companies cut many users’ credit
limits.
When this happens, it is not because the cardholder has done some-
thing wrong—it is a systemic measure taken to reduce risk to the
company. The company will usually also offer to increase the users’
credit limits again once the crisis has passed and the economy is
looking up. If your credit limit was cut by your credit card company in
2020 and you have been faithfully paying your bills for the last few
months or years, there is a good chance you can now get your credit
limit raised back up to its former glory or beyond with a phone call.

IMPROVING LOANS AND MORTGAGES

Other types of credit lines, such as loans and mortgages, can also be
improved from their original terms as you learn more about credit and
become more creditworthy. These changes tend to be very complex