Is there an international financial crisis related to dodgy lending that has caused a global credit squeeze … or am I dreaming?
I received a letter from Citibank this week offering to increase my credit limit incrementally from $20,000 to $50,000.
“In recognition of your excellent repayment record we are delighted to offer you further periodical increases up to a pre-approved credit limit,” the bank writes.
“We would like to make it quick and easy for you to accept credit limit increases by introducing a new account feature.
“This means you no longer need to call or mail us each time you want to take up a credit limit increase in the future.”
I’ve never asked for a credit limit increase, but they have bumped it up for me a few times through written offers like this one.
It surprises me, given media reports that banks are tightening their lending procedures and credit is supposedly harder to get.
