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Getting a CLI if i offer to close a differrent CC?

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Anonymous
Not applicable

Getting a CLI if i offer to close a differrent CC?

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 Smiley Wink

Message 1 of 8
7 REPLIES 7
Creditaddict
Legendary Contributor

Re: Getting a CLI if i offer to close a differrent CC?

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

Message 2 of 8
Anonymous
Not applicable

Re: Getting a CLI if i offer to close a differrent CC?

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

Message 3 of 8
One7
Valued Contributor

Re: Getting a CLI if i offer to close a differrent CC?

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. 

EX 810 EQ 805 TU 792 Diners WEMC 15k Chase United Club VS 15k | Hyatt VS 25k | Ritz VI 5k | Frdm VS 6k | CSP VS 5k | Mariott VS 6k | Amzn VS 16k Citi ExecAA WEMC 18k | TYP VS 7k | Costco VS 9k | Hilton Reserve VS 6k | Best Buy Visa 5k BofA Travel VS 30k | Cash VS 41k | Merrill+ VS 46k Barclay Rwds WMC 6k | Hawaiin WEMC 10k | JetBlue WEMC 8k | Aviator S WEMC 6k Amex Plat: NPSL | BCP 8k | SPG 3k WF Rwds VS 9k | Propel World Amex 25k | Dillards Amex 2k BBVA NBA Amex 10k Cap1 GM WEMC 8k | QS Visa 3k | Saks WEMC 9k NASA 30k Discover It 7k | US Bank Cash+ VS 15k | Flex Perks VS 20k ||| Total Rwds VS 12k | SG Rwds 11k | Walmrt MC 8k | Lowes 17k | Bowflex 9k | J Deere 15k | TJ Max 4k | Care 15k | HDepot 20k | Amzn 5k | PPal Extras 8k | Chvron 10k | Macys 15k | JCrew 18k | Marvel 8k | Stash VS 8k | Cabelas 10k | Statefarm 12k | Nordstrom Visa 10k \\\\Gardening since January////
Message 4 of 8
Creditaddict
Legendary Contributor

Re: Getting a CLI if i offer to close a differrent CC?


@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.

Message 5 of 8
score_building
Senior Contributor

Re: Getting a CLI if i offer to close a differrent CC?


@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.

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 6 of 8
takeshi74
Senior Contributor

Re: Getting a CLI if i offer to close a differrent CC?


@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.

Message 7 of 8
kawaiiguy
Established Member

Re: Getting a CLI if i offer to close a differrent CC?

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!


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