7 Replies Latest reply on Nov 19, 2014 12:27 PM by neilph

    is the gadget cashout (divided by 24 months) included as part of the credit limit?

    yes!

      My current plan is 599 all unli, with credit limit of 1500. I was able to secure an iPhone 6 for 24 months charged to bill. the iPhone itself will cost 1615 monthly - does this eat into my credit limit? do i need to increase it to 1500+1615 so around 3K? Or can I keep my CL of 1500? My goal is to cap my monthly usage to max 1500, but only on calls net and texts, not including the gadget.

        • Re: is the gadget cashout (divided by 24 months) included as part of the credit limit?
          fervish

          You said you were able to secure an iPhone already? Does that mean it was approved and now you are in possession of the iPhone? If yes, then there is no need to apply for a credit limit increase.

           

          Otherwise, if you pre-ordered, you might wanna check the status by calling 211 or 027301300 for recontracting.

           

          But for info: Your credit limit is 1500 with Plan 599. The handset cost is 1615 per month. 1500-599 = 901. 901 can be used for cash out. However, 901 - 1615 = -714. So you need to request for an increase of at least 714. Meaning from 1500, it needs to be increased up to 2214. (Please correct me if i am wrong.)

            • Re: is the gadget cashout (divided by 24 months) included as part of the credit limit?
              yes!

              Yup the phone is with me already. I didn't have to increase my credit limit when i applied for it but based on your info, looks like i need to. I wonder why this isnt flagged during the whole application process. Its a problem waiting to happen!

               

              Thanks for the help!

                • Re: is the gadget cashout (divided by 24 months) included as part of the credit limit?
                  fervish

                  Well, since you are using the phone already,no need to request for an increase, Baka naka increased na.

                  • Re: is the gadget cashout (divided by 24 months) included as part of the credit limit?
                    chefpoy

                    Hi! May i know what exactly have you passed as proof of income para maavail yang credit limit na pwedeng charged-to-bill yung cashout ng iphone 6 thanks. Baka pwedeng gayahin ko nalang hehe

                    • Re: is the gadget cashout (divided by 24 months) included as part of the credit limit?
                      neilph

                      @/yes!/u/api/core/v3/people/68510/  the fact that you were allowed for CTB means you have a good credit standing.  But if Globe will not auto increase your credit, you may not have enough "revolving credit" for your usage every month. The deferred gadget cashout will be charged to your bill comes your cut off and if your credit limit will not be increased, then you need to pay religiously on or before your due date to avoid service interruption.

                       

                      As what has been suggested, you may request for a higher credit limit yourself but definitely you will be required to submit financial documents to support your request. You can request for a max of 2x your existing credit limit.

                       

                      Another way is to upgrade your plan but you just have been re-contracted so I am not sure of the actual repercussions if you want to do this and it may be more complicated.

                      1 of 1 people found this helpful
                        • Re: is the gadget cashout (divided by 24 months) included as part of the credit limit?
                          yes!

                          Hi neilph thanks for the info! The way I understand it, since my bill is auto-charged to my credit card, I always end up "paying religiously" at least in the eyes of Globe, and therefore it seems since the gadget charge comes after the cut-off, then i won't have an issue with the credit limit (as long as my Globe charges fall below my credit limit of 1500).

                           

                          In any as suggested i have requested to have my credit limit increased just to avoid issues during emergencies! Don't want to upgrade my plan as I'm happy with All Unli 599, I have access to wifi most of the time and when I need data, i just go for the 5PHP/15 mins rate, a lot cheaper

                           

                          chefpoy to answer your question I initially submitted ITR but they asked for additional docs, so I submitted a latest payslip and they processed it. Globe gave me a table below to show how much CL i can get, but the max change i can get is 2x of my current CL.

                           

                          Gross Monthly Income (GMI) Range (PHP)

                           

                          Credit Limit Assignment

                          10,000 to 11,999

                          700

                          12,000 to 12,499

                          1,100

                          12,500 to 14,999

                          1,796

                          15,000 to 19,999

                          2,000

                          20,000 to 24,999

                          2,300

                          25,000 to 29,999

                          2,700

                          30,000 to 34,999

                          3,000

                          35,000 to 39,999

                          3,500

                          40,000 to 44,999

                          4,000

                          45,000 to 49,999

                          4,500

                          50,000 and above

                          GMI x .10 rounded to the lower 1,000 multiple

                           

                          Thanks guys for the help! Hope this helps others too.