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dervrak

Hack for getting a huge credit limit on a bank issued credit card

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(Caveat: This worked when I was employed in banking ~2005, not sure if it still does)

I worked for Riggs Bank back in the early 2000's (a regional bank in DC-VA-MD that has since been bought out by a national chain). Like most financial institutions, Riggs issued credit cards to banking customers based on credit scores....however the credit limit was assigned by the cash flow into your bank accounts and was reassessed up or down annually based on increase/decrease in cash flow. Well working in the credit review department, I realized all the bank was looking at was the total amount of deposits into your account during the year, they did not look at the source of those deposits or your cash flow out, they simply assumed your "income" was the annual total amount of deposits into your account.

This gave me an idea. At the time I was making roughly $2,000 biweekly. I pulled $4,000 from my saving and started depositing it $2,000 a week into my checking account on the off weeks when I didn't get paid, then at the end of the month I would withdrawal it all and start over again the next month. So to anybody looking solely at cash flow into my account it appeared my annual income had suddenly doubled.

Sure enough after year one. My RIGGS Visa credit limit suddenly jumped from $10,000 to $25,000. So I decided to go for broke the 2nd years and do the same thing but with $8,000 instead of $4,000. Jackpot! year 2 my credit limit jumped from $25,000 to $50,000 (which was the highest limit Riggs offered at the time). Bare in mind this was on a "real" income of $57,000 a year, even though my cash flow made it look like I was making 3 times that amount.)

 

 

 

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Pre-2009 era banking and credit looked very different than today.  I would be surprised if this still worked, but it would be awesome if someone here would give it a try to see.

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