@Anonymous wrote:
One thing to be careful about when deciding whether to ask for APR reductions. My husband has 810 FICO, never any negatives in all of his 30 years of credit, and very high credit limits on all of his major cc's. I helped him call around to ask for APR reduction, and Citi and one other bank (maybe BoA?) REDUCED his credit limit because they felt he had too much available credit. That's an awful thing to do to someone who has a squeaky clean history, just because they saw that the other credit grantors had given him super high limits (guess their attitude was, let the other lenders take the risk).
He's had all of the cards for many years and had a great relationship with all of the lenders, so he doesn't even have any inquiries or new apps. Nothing like that at all. Never a late payment either.
He was really upset and I was sorry that I had even suggested trying to get his APR reduced because he was such a great customer. And he has a 30 year positive credit history. Just something to keep in mind that it could come back to bite you. Think about it before deciding.
I doubt the APR reduction in and of itself had anything to do with the CLD -- perhaps it simply caused a review of accounts and they noticed the huge limits.
One has to be careful with CLIs for this reason. You want to have a useable limit, yes. You want to be able to show low util. But do not go crazy with CLIs. Credit vs income is always a factor and some people ignore it. That's why I think the folks shooting for "the 100k club" are misguided, but that's just my opinion. You should not be shooting for some arbitrary high limit. You need what you need. Your income only allows you to spend so much each month, beyond which point additional CLIs are not only unecessary but can cause your account to be reviewed more often (larger limit = larger risk).
My BCE for example is at 15k as is my Discover. Could I probably get them increased? Sure. But in no way shape or form do I need additional credit on them, and the larger they get, the more likely I am to be closely watched; my income does not justify me needing larger limits (really, they could be 10k or 8k and I'd be fine!). I know the mantra here is often CLI CLI CLI but be careful.
Anyway, sorry to hear about what happened.
if you "need" them then you're screwing yourself