When I first applied for my 1st Premier Gold card, I was VERY interested (and looking forward to), the credit limit increase feature.
Get this: The marketing collateral says: "After 6 months of on time payments, you may be eligible for an increase". Now, before we go further, YES, I see that it says "may". And that is important. Let's move on...
I called FPB, and I asked the representative if FPB would run another credit report (in addition to the first one that was run upon initially applying for the card), to use in deciding whether I would get a limit increase. The rep said, "No, we will not be running another report." Fine. She also said that "FNB's internal records would be used to make a decision." OKaaay...
Now, anyone listening to those 2 statements (which are eluded to in their marketing materials, as well as by the well-trained tele-reps), would read that as the following: "If you make your payments on-time for 6 months or more, we will use your FPB payment history ALONE, in determining if you will get a credit limit increase." Well lady's and gent's, I am here to tell you that that is NOT the way it works.
From the beginning of my account, I intentionally made my payments $50-100 more than the minimum, so as to prepare for the credit limit increase, which I thought would come in 6-7 months.instead, this is what happened:
I requested the increase, and didn't see it reflected in my account info, so I asked again. I then received a letter stating that the reason that I was Declined at this time, was due to information in the ORIGINAL CREDIT REPORT that was run when the account was originally created. SEE WHAT HAPPENED?
Instead of telling you that YES, your credit report from TransUnion WOULD be part of the decision process, they instead SELECTIVELY tell you, that "We will not be running ANOTHER credit report to make this decision.." That's not the same as saying: "We'll use an old one instead!" Evidently, they consider your initial credit report as Internal Records - see?
Is this as close to fraud as you can get? They are using that "language/statement two-step" to make current and prospective applicants think that they have a chance for an increase, "regardless of past credit history". This is a ploy to pull people in and keep them there for at least until they learn what I did, which I didn't learn until getting to that point of expectation 6-7 months of on-time payments later.
As a side-note, my credit report has changed dramatically since I opened my FNB account (not much of this at all was to FNB's credit), SO then why would they use a report from a year ago to determine if I'll be getting an increase? To give them an excuse to NOT raise your limit - that's why.
Sometime 1/2 way through this process I opened a $1000. Secured Visa with an extremely well known "on-the-street" bank. VERY glad I did.
Good luck folks.
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