System and method for providing a reaffirmation credit card including an increasing credit limit
First Claim
1. A method for managing a reaffirmation credit card account associated with an outstanding debt of a user, wherein the reaffirmation credit card account further includes a credit line account record and a pre-existing debt account record, and wherein the credit line account record provides an available credit up to a credit limit, said method comprising:
- transferring the outstanding debt into the pre-existing debt account record;
receiving a payment to the reaffirmation credit card account from the user;
allocating the payment between the credit line account and the pre-existing debt account based on predetermined allocation criteria; and
increasing the amount of available credit in the credit line account record, based on whether the received payment satisfies predetermined payment criteria.
1 Assignment
0 Petitions
Accused Products
Abstract
A system and method is provided to manage a reaffirmation credit card account associated with an outstanding debt of a user. The reaffirmation credit card account includes a credit line account record, providing an available credit up to a credit limit, and a pre-existing debt account record. The outstanding debt of the user is transferred to the pre-existing debt account record. When a payment to the reaffirmation credit card account is received from the user, the payment is allocated between the credit line account record and the pre-existing debt account record, based on predetermined allocation criteria. The amount of available credit in the credit line account record is increased, based on whether the received payment or series of payments satisfies predetermined payment criteria.
-
Citations
36 Claims
-
1. A method for managing a reaffirmation credit card account associated with an outstanding debt of a user, wherein the reaffirmation credit card account further includes a credit line account record and a pre-existing debt account record, and wherein the credit line account record provides an available credit up to a credit limit, said method comprising:
-
transferring the outstanding debt into the pre-existing debt account record;
receiving a payment to the reaffirmation credit card account from the user;
allocating the payment between the credit line account and the pre-existing debt account based on predetermined allocation criteria; and
increasing the amount of available credit in the credit line account record, based on whether the received payment satisfies predetermined payment criteria. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 13, 14, 15, 16, 17, 18, 19, 20, 21)
-
-
12. A computer for managing a reaffirmation credit card account, the computer comprising:
-
a memory having program instructions; and
a processor, responsive to the programming instructions, configured to;
transfer the outstanding debt into the pre-existing debt account record;
receive a payment to the reaffirmation credit card account from the user;
allocate the payment between the credit line account and the pre-existing debt account based on predetermined allocation criteria; and
increase the amount of available credit in the credit line account record, based on the whether the received payment satisfies predetermined payment criteria.
-
-
22. A system for managing a reaffirmation credit card account associated with an outstanding debt of a user, wherein the reaffirmation credit card account further includes a credit line account record and a pre-existing debt account record, and wherein the credit line account record provides an available credit up to a credit limit, said system comprising:
-
means for transferring the outstanding debt into the pre-existing debt account record;
means for receiving a payment to the reaffirmation credit card account from the user;
means for allocating the payment between the credit line account and the pre-existing debt account based on predetermined allocation criteria; and
means for increasing the amount of available credit in the credit line account record, based on the whether the received payment satisfies predetermined payment criteria. - View Dependent Claims (23, 24, 25, 26, 27, 28, 29, 30, 31)
-
-
32. A method for establishing and managing a reaffirmation credit card account associated with an outstanding debt of a user, said method comprising:
-
creating a credit line account record without any outstanding debt, the credit line account record providing an available credit up to a credit limit;
creating a pre-existing debt account record;
transferring the outstanding debt into the pre-existing debt account record;
receiving a payment to the reaffirmation credit card account from the user;
allocating the payment between the reaffirmation credit card account and the pre-existing debt account based on predetermined allocation criteria; and
increasing the amount of available credit in the credit line account record, based on whether the received payment satisfies predetermined payment criteria. - View Dependent Claims (33, 34, 35, 36)
-
Specification