Wow, all these years paying my credit card on time and it looks like it’s finally starting to pay off. I have now been trying to build my credit for about 3 years now, consistently checking my credit report and making sure to meet my payments each month and finally, my bank decides that they can “trust” me with a credit card with 25,000.00 dollar limit. Woot!
My first credit card had a limit of 2,000 dollars and back then, that was a lot for me. I was really happy to know that I was worthy of being offered a credit card with that high limit. Ever since then, I’ve always been trying to see how much of an increase I can get by calling and asking every 3 months. So I guess in a way, that was one of my motives for wanting to increase my credit score, so that one day I can have a credit card with limit that’s over 20,000.00 dollars. And now that I finally got this limit, I hate to say it but I think I’m going to have to decline it.
So you’re asking why decline the offer I’ve been working so hard for? Well there are plenty of reasons I guess. Here are 5 reasons:
- Accepting this credit card with 25,000.00 might lower my credit score. Although my initial reason to build my credit was to have an enormous credit limit, now I’m looking in to buying a house within the next four years. I need to keep my credit score up so that it will help me get the necessary amount for down payment for the house.
- I already have 3 credit cards and another one is not necessary, especially since I am in the process of getting out of debt from my previous credit cards. Accepting this credit now would be really stupid move for someone whose trying to get out of debt.
- Having high credit limit is not always a good thing. One, it can lower your credit score, and also what if your wallet gets stolen? Then what? The higher the limits your credit cards has, the more damage the person who finds it can do.
- Having that high credit card might just influence me to go out and use that card. Not a good thing.
- I really don’t have the use for it. I’m just happy that I got offered
Anyways, on top of my credit card offer which was going for the rate of 12.15%,I was also offered an auto loan for 50,000.00 at 6.24% and also a personal loan for 3,000.00 at the rate of 11.5%. In total, it comes to a nice grand total of $78,000.00! And although it’s very tempting, I’m not accepting any of this.




I just can’t wait until I become debt free. Once I get out of debt, I will be so happy and relieved. I don’t think you can ever know what the stress feels like of being in debt, worrying day and night over how much you can payoff that week, until you actually experience it.
card paid off. Looking at my current situation, I think I will be able to beat my clock counter and be able to have it paid off sometime in Mid February. How did I do it? Well, there were some unexpected income that I will receive within the next month. I will get a refund check from my school that will be at around 1450 and my tax refund will be somewhere around 2500 to 3000. Aaaand, my friend who owed me about 1300 will be able to pay me off with his tax refund. So I think I should be in good shape for now.