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Hey guys i wanted to know if someone has tried to offer cancelling one of their lower credit lines with a different bank to get a CLI with the bank you are trying to get the CLI with? if so does it work? I have 8 cards right now and i really just want 4 or 5 cards in total and am willing to cancel off the low CL cards only. basically i only want to keep the cards with $2k CL or higher and ditch the low CL ones.
Let me know and thanks in advance
No and no in my opinion.
So lets just talk about the cards you car about and what the limits are and how long you have had them
I care about Discover it, Chase Freedom, Marriott Rewards, Wells Fargo, Home Depot. the other ones are basically junk to me and all the cards are new and less then 1 month old. my oldest cards are discover 1.7yrs and chase freedom 7months
I got denied by Amex once and they said in the letter because I had a low limit sub prime lender. I closed my Credit One card and long story short... within 3 months I now own 3 Amexs. I knows it's ymmv but that was my scenario.
@Anonymous wrote:I care about Discover it, Chase Freedom, Marriott Rewards, Wells Fargo, Home Depot. the other ones are basically junk to me and all the cards are new and less then 1 month old. my oldest cards are discover 1.7yrs and chase freedom 7months
did you recon the home depot limit already?
if all the cards are new then not much you can do until 90 days for discover and 6 months for chase, and wells.
@Anonymous wrote:I care about Discover it, Chase Freedom, Marriott Rewards, Wells Fargo, Home Depot. the other ones are basically junk to me and all the cards are new and less then 1 month old. my oldest cards are discover 1.7yrs and chase freedom 7months
Honestly, you don't have any junk cards in sig (except possibly We Fee), the ones you say you dont care about either have signifcant growth potential, nice benes (e.g. FREE monthly FICO) or both. An offer to close another lenders low limit card to try to negotiate a CLI would be unlikely to gain much traction generally speaking. As a separate but related matter, this is not to say that 'sufficient credit' isn't a possible response to a CLI request.
@Anonymous wrote:Hey guys i wanted to know if someone has tried to offer cancelling one of their lower credit lines with a different bank to get a CLI with the bank you are trying to get the CLI with? if so does it work?
Everyone's credit isn't identical so what works for one may not for the next. It would only work if closing the smal CL card woud improve one's odds with a given creditor and you'd have to speak with an underwriter and/or recon to find out. I'd guess it would be unlikely. Request the CLI and see what the reason(s) for denial are.
bankroll wrote:
Hey guys i wanted to know if someone has tried to offer cancelling one of their lower credit lines with a different bank to get a CLI with the bank you are trying to get the CLI with? if so does it work?
If all of your cards are of a lower limit it sends the message that no one trusts you with high limits yet so the bank backs off handing out the $$$. if you have just a couple of lower limit cards amongst a bunch of higher limit cards the message is not so bad and has less impact. Closing accounts that you have had for a while can bring down your age of accounts so beware of that too. Also, is closing those accounts going to increase your balance to limit ratio? if so that is a bad idea too. Neither of these will help you get better cards so be careful of that.
I would imagine only when you are talking one on one with an analyst and are talking about opening or closing accounts over 5k would they consider opening an account for you if you close another. I had an interesting account rep at chase when talking about my sapphire at opening. they low balled me at 5k and i called the back door number and asked for more and nice lady came on and started asking me about my individual balances on accounts and why i had them and how i planned to pay them, etc. but after i explained to her that they were all bal transfers and being paid off and closed she conceded and gave me another 2500 on the 5k.
Never be in a rush when growing a garden... things need TIME to grow, there is little getting around that... Good luck!