CLI and Opening a new card

[gixx0r]

Hi all, I have two questions for this knowledgable forum and they are below.

1. My current situation is that I'd like to open a new CC with better awards, but I was wondering if I should keep my older CC to keep the credit history too. Basically my Citi AAdvantage card has been telling me to increase my credit limit for over a year now and I never did. It's been active for 3 years, but I recently stopped using the card since I was planning to cancel it due to the annual fee. They never offered to refund or cancel the annual fee after about 8 calls over the course of 6 months, but each time they did offer to convert the account to the no fee bronze level card. Well I decided to take that option just to maintain my credit history, but what I was wondering is should I just cancel the account and open the new card I plan on getting so I have more available credit for the new card?

My fico score is in the 800 range and my other cards have been around longer than this Citi AAdvantage card. Is it worth cancellling this card or should I just sock drawer it since it no longer has annual fees? I have 4 bank CC's along with a few department store CC's. I'm not sure if I'm accumulating too many CC's to just add the AAdvantage card to the sock drawer as I get another card to become my primary account.

2. I have an AMEX Costco Business card where the business is no longer active, but the usage is more than alive. I'd like to increase the CL on it since it is one of my longer standing CC's and has fairly good cash back %'s. My question is on the CLI form, it inquires about the Annual Business Revenue as well as personal annual income. Clearly lying may result in a financial review which then I wouldn't be able to prove so where does this leave me (I know the obvious answers, lie or keep my current credit limit)?

Also, does anyone know if I can take my business card and switch it over to a new business name without affecting my account history?

Thanks!

[pizzadude]

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@gixx0r wrote:

Hi all, I have two questions for this knowledgable forum and they are below.

1. My current situation is that I'd like to open a new CC with better awards, but I was wondering if I should keep my older CC to keep the credit history too. Basically my Citi AAdvantage card has been telling me to increase my credit limit for over a year now and I never did. It's been active for 3 years, but I recently stopped using the card since I was planning to cancel it due to the annual fee. They never offered to refund or cancel the annual fee after about 8 calls over the course of 6 months, but each time they did offer to convert the account to the no fee bronze level card. Well I decided to take that option just to maintain my credit history, but what I was wondering is should I just cancel the account and open the new card I plan on getting so I have more available credit for the new card?

My fico score is in the 800 range and my other cards have been around longer than this Citi AAdvantage card. Is it worth cancellling this card or should I just sock drawer it since it no longer has annual fees? I have 4 bank CC's along with a few department store CC's. I'm not sure if I'm accumulating too many CC's to just add the AAdvantage card to the sock drawer as I get another card to become my primary account.

2. I have an AMEX Costco Business card where the business is no longer active, but the usage is more than alive. I'd like to increase the CL on it since it is one of my longer standing CC's and has fairly good cash back %'s. My question is on the CLI form, it inquires about the Annual Business Revenue as well as personal annual income. Clearly lying may result in a financial review which then I wouldn't be able to prove so where does this leave me (I know the obvious answers, lie or keep my current credit limit)?

Also, does anyone know if I can take my business card and switch it over to a new business name without affecting my account history?

Thanks!

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Welcome to the forums !

Firstly, you won't lose any history or hurt your Average Age of Accounts ( AAoA ) by closing credit cards.   I generally recommend leaving cards open unless the annual fee is too much.    Take a look at this link:    http://ficoforums.myfico.com/t5/Credit-Cards/Helpful-threads/td-p/415263

You could call AMEX and ask if they can PC your Business card into a Personal card ~ also, thanks to AMEX backdating, any new AMEX card that you open should reflect your member since date, so you won't take an AAoA hit for opening a new AMEX card.

[09Lexie]

I'm not so sure if you will be able to PC to personal. From what I recall, they are two separate divisions. Also, it would depend on your business status, corporate, sole proprietor etc on whether or not they will give you the MSD on your personal account.

Others will chime I and please correct me if I'm wrong.

[FinStar]

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@09Lexie wrote:
I'm not so sure if you will be able to PC to personal. From what I recall, they are two separate divisions. Also, it would depend on your business status, corporate, sole proprietor etc on whether or not they will give you the MSD on your personal account.

Others will chime I and please correct me if I'm wrong.

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+1

Business cards cannot be PC'd into personal cards (and viceversa).  The MSD on my business card (acquired in 1999) was adjusted (or backdated) as those from my personal ones (1997).  Now, whether this policy is still in place, idk.