Power
I got one of those unusual-convention-defying advice from the Rich Dad Academy.
Increase your credit limit in all your credit cards, the speaker said. Have more debt, was the unspoken advice.
The reason: having access to a huge amount of money at the time you need money (and you will need money) will open up your world to more opportunities. The unspoken caveat: use it only to further a business or for personal development (read: do not purchase duds). Again, the unspoken: pay it off before you incur interest.
If you think about it, credit cards could be great. It will give you access to money that you have 30 days to pay for. Except – it could make you overspend.
Anyway, take the advice for what it is and know the pitfalls if you do.
And here’s how to increase your credit (and get some other extras):
Call your credit card company (tip is to call early – customer service reps have a budget that gets decimated as the day wears on).
Say, “My name is ________. Sorry, what was your name?”
(my name is Shirley)
“Hi Shirley. Is it okay if I ask you a couple of questions?”
(yes)
“Would you know how much my credit limit is?”
(yes, it is $1,000)
“I was looking to make a big purchase. Is it possible for you to increase my credit limit?”
(no, not at this time, sorry)
“That is okay, Shirley. Can I ask you another question?”
(yes)
Would you also know how much my interest rate is?”
(yes, it is 19.98 percent)
“Is it possible for you to lower it?”
(hmmm…)
“Do you have programs that I could qualify for?”
(let me look. actually yes, you can qualify for our 11.99 percent annual interest rate. let me just do something… okay, it is done.”
“Thank you, Shirley. Would you also know how much annual fee I am paying?”
(you are paying $49.99.)
“Can you have that waived for me?”
(sorry, I can’t.)
“One last thing. Can I talk to your supervisor so I can tell him how awesome you are and how you helped me?”
(oh (gushes). sure. here, let me transfer you to him.)
When you talk to the supervisor, begin with —
“Hi, I am ______. I just talked to Shirley and she is awesome. She is very helpful to me. I just wanted to personally tell you that. You are running a great team.”
(that’s good to know. thank you.)
“Oh, I didn’t get your name.”
(my name is Jim.)
“Jim, is it okay if I ask you a couple of questions?”
Repeat everything.
More often than not, you will get your way because – well – he is the supervisor and he has more leeway in granting you what you want, and you just praised his team there. As I am sure you know, what they usually get on the phone is irate and irritable customers (i am trying to be nice). Heck, he might actually give you the world (not really, but you get the drift).
Try it. I did, and got great results. Am thinking of applying it to lowering my cell phone bill and etc.
See, the possibilities are limitless.