Disney VISA Credit Limit

[disneysteve]

Well, we got our Disney VISA cards the other day. I guess Disney doesn't want us to earn too many reward points. They gave us a credit limit of $500. What a joke! I've got 2 other VISA cards, both of which happen to be Bank One issued cards. My credit limits on those are $27,500 and $32,500.

I'm curious if Disney gave everyone such a ridiculously low limit. I may call and complain but I'd like to know how others fared.

Steve

 

[hellow]

Ours was $14K, but I did hear of one much higher.

 

[SuzyQue]

Ours is 13,500. We also have another Visa card with Bank One. ~~

 

[cvallee]

We were given a credit limit of around $7000, which is about where my other credit card limits are. Something may be wrong with their system!! I would give them a call and ask them what they based such a low limit on! Maybe something showed up in your credit.

 

[Tigger1]

I applied several weeks ago. I have not heard anything yet. How long did it take everyone else??

 

[Julia M]

we got a limit of 28K. My guess is it would have been higher, but it's in my name, not dh's.

Julia

 

[Bottlejet]

Hi there! I got my Disney Visa Card and they gave me a credit limit of $42,000. I called them right away and had it lowered to $5,000! I hope you know that if you ever apply for a loan that all your credit card "limits" are considered as outstanding debts even if you pay off your card every month. High credit limits are not at all desirable! Don't ever carry a credit "limit" that you couldn't pay off in cash the next day if needed. And, of course, you should always have cash up front!

 

[Pete W.]

If a lending institution runs a credit check on you, how would they find out what your credit limit is on your credit cards? I've seen copies of my credit report in the past and don't remember seeing credit limits.

 

[DNSDisney]

Our limit was 14500. They give you a limit based on what your credit rating is.

Pete W.-Your credit limits for all CC are on your credit report along with anything 30, 60 or 90 day or more late. Any address you have ever had. Any name changes. You can basically tell your entire financal history with your credit report. Also for anyone who doesn't know this already if you are ever denied credit you can get a free copy of your credit report to see what your problems are. There are two major credit reporting companies Equifax (who I worked for many moons ago) and TRW.

 

[disneysteve]

Thanks for all the replies. I know for a fact that we have a very high credit rating - we just refinanced our house and recently bought a car so I've seen our credit report and FICO score a couple of times this year. We have no credit card debt - just mortgage and student loans, so usually the credit card companies are anxious to grant us more credit. I have no idea how Disney came up with the low limit they gave us. At that limit, we couldn't possibly earn enough reward points to make having the card worthwhile. I'll definitely give them a call and try to have it increased.

Thanks again,
Steve

By the way, Pete W., when a credit check is run on you, they definitely can tell how much credit you have access to. That's how they judge your risk of getting overextended.

 

[SuzEm]

Disneysteve: If you have other Bank One cards, you can choose to close one and they will move your available credit over to your Disney Visa. When I got my Disney Card, I called to close my other BankOne Visa account, and they asked if I wanted to move the available credit over to the Disney card. I said thanks, but no thanks - I had $15,000 on each and I sure didn't need $30,000 on one. If you have two others with high available credit, that may be why they only gave you $500 on the Disney Visa.

 

[jilljill]

Originally posted by disneysteve
Thanks for all the replies. I know for a fact that we have a very high credit rating - we just refinanced our house and recently bought a car so I've seen our credit report and FICO score a couple of times this year. We have no credit card debt - just mortgage and student loans, so usually the credit card companies are anxious to grant us more credit. I have no idea how Disney came up with the low limit they gave us. At that limit, we couldn't possibly earn enough reward points to make having the card worthwhile. I'll definitely give them a call and try to have it increased.

Thanks again,
Steve

By the way, Pete W., when a credit check is run on you, they definitely can tell how much credit you have access to. That's how they judge your risk of getting overextended.

Most likely the reason your limit is so low is because of all the activity on your credit repot recently. Lenders do not like to see lots of activity on your report. You say you do not have credit card debt, but you have very high limits on the cards you do have, which in turn is a 'debt' to them.

 

[disneysteve]

Originally posted by SuzEm
If you have other Bank One cards, you can choose to close one and they will move your available credit over to your Disney Visa. When I got my Disney Card, I called to close my other BankOne Visa account, and they asked if I wanted to move the available credit over to the Disney card. I said thanks, but no thanks - I had $15,000 on each and I sure didn't need $30,000 on one.

Thanks SuzEm. I don't want to close my other BankOne cards because I want the rewards I get from them (Marriott and AOL), but maybe they'll transfer some of the credit limit to the Disney card. I don't need it all on one card and that way I could earn more Disney points.

Steve

 

[Aisling]

I got a $6500 limit even though on the application I put 0 income, unemployed, and no bank account. Figure that one out!

 

[gepetto]

I would suggest calling Bank one and lowering your credit limit on the other two cards. A lot. Then they will likely raise the limit on your Disney Visa. 60K limit on two cards is way too high especially since you carry any credit card debt.

 

[DebbieB]

I got $10,000, which is about what I have on 3 or 4 other cards. I cancel cards I no longer use, I heard they can hurt your credit because they look at them as available limits even though you aren't using them.

 

[emmagata]

They gave me $18000. This is the highest one we have. The others (3 or 4) range from 6000-12000. I applied for this card in my name only. The only debt we have is a mortgage and an occasional CC bill which is usually paid off right away unless we get a zero interest deal for 6 months or the like.

Go figure.

 

[DisneyHumbug]

I have a SouthWest Visa, which is also with Bank One. After I applied for the Disney card, they called me and asked how much of my SouthWest credit line (it's very high) I wanted transferred over to Disney. I'm surprised they didn't call and ask you.

 

[natp]

What are some of the advantages of the Disney Visa, would you get a discount on your room, ect? We are staying at the BCV in the fall, how would I know if there is a discount, ect??? I did apply but I want to know what to look for, ect? Also, first trip to Disney in 12 years with our twin boys age 9, should I be calling Disney to catch a discount on the room??? Thanks, so many questions!!!

 

[disneysteve]

Originally posted by natp
What are some of the advantages of the Disney Visa, would you get a discount on your room, ect? We are staying at the BCV in the fall, how would I know if there is a discount, ect???

The main draw of the Disney Visa is that your purchases earn 1% back in the form of Disney reward dollars. So for every $2000 you charge, you can get a $20 reward certificate good at WDW, Disneyland, Disney Stores, etc. The cardmember info also states that there will be various bonus offers such as a $50 ship credit if you charge a Disney cruise to the card. I imagine they will also do specials with the hotels but they haven't given any details yet that I'm aware of.

Steve