I closed 3 CC and read why!!

[redwalker2929]

I closed 3 CC this afternoon.

Capital One....$750 CL......Open for 3 years....Refused to lower APR....will NOT Increase CL

Citi forward....$1500.........open 1 year...Lowered my CL 3 months after opening.  They refuse to increase CL

B of A...........$1000.........open 1 year....refuse to increase CL

 AMEX-Blue cash- raised my CL by 1500 to a totall of 3500 on the same day others said no!!

Discover more- opened on same day and recieved initial CL of 4000!!(highest one yet)

Credit score is 700 across the board(fico) and experian.

14 credit inquiries on experien

6 on equifax

6 on transunion.

Feel free to send any questions or comments!!

[Anonymous]

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@redwalker2929 wrote:

I closed 3 CC this afternoon.

Capital One....$750 CL......Open for 3 years....Refused to lower APR....will NOT Increase CL

Citi forward....$1500.........open 1 year...Lowered my CL 3 months after opening.  They refuse to increase CL

B of A...........$1000.........open 1 year....refuse to increase CL

 AMEX-Blue cash- raised my CL by 1500 to a totall of 3500 on the same day others said no!!

Discover more- opened on same day and recieved initial CL of 4000!!(highest one yet)

Credit score is 700 across the board(fico) and experian.

14 credit inquiries on experien

6 on equifax

6 on transunion.

Feel free to send any questions or comments!!

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I can see closing the Crap1 card, it will never grow.

I think you should have left the other two open, those are cards that can grow with you in time, maybe Citi and BoA just wanted to see more history with you.

But that's just my opinion.

Best of Luck!!

[Smug]

Would have close cap 1 and SD the others.

[teenastie]

I agree with OP. Cap1 can be a dead end for some people and a savior for others. I wouldn't have close an acct just because you said "jump" and the CCC said "not yet"  10 years from now when those cards fall off your report you and your AAoA could suffer and the possibility of those card's credit limits could have been easily in the 5 digit range! Oh well! you have an awesome card in Amex but don't get upset if they freeze your account for a FR. They also have a history of giving some CLDs. Congrats on your impressive card portfolio!!!

[redwalker2929]

I read that having accounts with low credit limits lowers your score!!  I hope I made an ok decision. Just applied for the AMEX gold Delta card!! Hope I get it!!

[AndySoCal]

Regarding the denials of a CLI request in todays environment 1 year is not is not a long credit history. So it does not surprise me that you might not be sucessful. With the number of inquiries you have on your credit report whicyh represent the pursuit of new credit might give some lenders pause before granting additional credit.  AMEX  you need to be careful with your card and your credit overall with them. At the first hint of trouble percieved by AMEX they will take action from the different posts and articles I have read.  After today I would consider "gardening mode" for quite  while till most if not all the inquires you fall off your report.

[drkaje]

I stress out over 6 inquiries, LOL!

It doesn't seem CLIs are automatic, easy, or an exact measure of how the banks perceive creditworthiness these days. From reading here; I've come to believe some companies never graduate some consumers to better tiers, regardless of any score improvement.

Building credit takes more patience now.

[llecs]

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@redwalker2929 wrote:

I read that having accounts with low credit limits lowers your score!!  

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Not true per FICO scoring.  It's how you use the CLs that counts

[redwalker2929]

Update- Just recieved word that I was approved for AMEX- Delta Gold Sky miles!!! It took them about 15 minutes to process my application.  They check experian which has 13 credit inquiries!!

[teenastie]

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@redwalker2929 wrote:

I read that having accounts with low credit limits lowers your score!!  I hope I made an ok decision. Just applied for the AMEX gold Delta card!! Hope I get it!!

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Accounts with low credit limits do not effect your score. Utilization does! I understand your concern... If you only have 1 card with a 300 dollar limit and make a 250 dollar purchase your uti is near the maximun negatively effecting a huge part of your score. However, if thoese limits are reporting on your credit report as under 10% you are in optimal territory. If you have a card with a $1000 limit just don't go over $100 on that specific card at any given time and always PIF.