@Creditaddict wrote:
@Anonymous wrote:
@Anonymous wrote:
Gotcha. Is that technique (applying for a co-branded card, moving the limit, and closing it immediately) frowned upon or adverse to your credit given that it will obviously appear as a closed account? I'm sure the companies know people just do that as a backdoor way to increase CLs, no?
I would not advise opening a card, moving the entire limit immediately, and closing the card you just opened. I don't think that will set you out on the right foot with the lender, even if you have an established relationship with them. Others may have a different opinion.
Chase does this very often and because the account is brand new they don't even send you through lending to do the consolidation like they do for many of us later on.
I know MANY people who have done this with no issues what so ever.
Plus OP wants to put $12k on chases books if they can obtain the CL needed... I think chase would like that!
Perhaps some people have done this without issue, but that doesn't mean it's the right first impression to make on a lender with whom you are getting a brand new credit card.
Also, no one has addressed with the OP his high utilization, increasing and substantial overall debt, a long-term strategy for reducing that, and perhaps addressing that as part of the overall strategy rather than just angling for CLI's or new cards.
