For all of you skeptics out there who believe that you hurt your credit (by a lot) by constantly applying for and later downgrading (preferable) or canceling cards, (like I do), I just got a letter today from Bank Of America offering to increase the credit limit on my Bank Of America Virgin Atlantic World Elite MasterCard for no reason. Don’t forget, a few weeks back, I also go a non-requested increase from Chase on my Chase Sapphire Reserve card. I hope this is the beginning of a pattern. 🙂
The letter Bank Of America sent to me states…
Dear Cindy,
Congratulations! Your excellent credit history has earned you a credit limit increase to $XXXXX.
Your new credit limit gives you more buying power — right now — for gas, groceries and the things you buy the most.
Enjoy your increase. You deserve it.
B Of A only increased my line $2,000 but this small amount will still help my overall credit score. Don’t forget, when your credit line goes up and your debt stays the same, your utilization ratio (debt to available credit) decreases. The utilization ratio makes up 30% of your score.
Thanks Bank Of America for the credit line and for helping my score.
