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Is it possible/wise to move new credit?

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Supernatural
Valued Member

Is it possible/wise to move new credit?

I just got a citi Hilton HHonors card with $3,500 credit limit.  After some thinking and reviewing, I no longer want this card.  The credit limit Yes, the Hilton HHonors no.  I have only stayed at a Hilton brand hotel once in the past four years and more than likely I am not going to do so for some time.  I would like to move the credit limit to another card maybe the new cash back twice or Thank you but I am new to the whole credit game and I am not sure if that is something that I should/could do.  I went on a large app spree and now have seven new accounts I also don't won't to rock the boat with Citi.  

 

Should I wait a few months and ask them to change the card or should I do it now?  And how do I explain my reason for switching...Sorry I was just so happy about being approved for other credit cards that I just started appling for anything.  Would doing this require a hard inquire because obviously my credit score has gone down a little since I was approved.

 

Thanks for any help

Message 1 of 7
6 REPLIES 6
colinstu
Regular Contributor

Re: Is it possible/wise to move new credit?

Do you have any other Citi cards? 

 

I heard that Citi wasn't letting anyone PC to the new DoubleCash card (yet). You would have to wait. You could possibly PC it to another one of their cards. Their TYP card is pretty weak, especially when it comes to the returns you get while redeeming points.

 

You could app for another one of their cards and then transfer the CL from the HHonors card over to the new one. But with a large app spree completed... I'd suggest waiting here too.

 

Really for now, just SD (sock drawer, put it away and not use it) it for awhile. Six months from now where the point value drop caused by the HPs goes away, maybe try taking care of things then. Citi also does have time requirements between apping/transferring/PCing cards etc (pretty sure of that anyways. I know there's a 6mo soft CLI requirement, CLIs can be done in less time with a HP however. even if they don't have such a limit, like you said, you don't want to rock the boat with them). 

 

What other cards do you have? 

FICOs: TU 775 | EQ 784 | EX 773
Amex BCE $15,000 | Discover IT $11,600 | Chase Freedom $7,000 (Visa Sig) | Citi DoubleCash $6,000 (WEMC) | Chase AARP $6,000 | Barclaycard CashForward $4,000 | Barclaycard Rewards $2,000 | Capital One Quicksilver $1,750
Message 2 of 7
FinStar
Moderator Emeritus

Re: Is it possible/wise to move new credit?


@Supernatural wrote:

I just got a citi Hilton HHonors card with $3,500 credit limit.  After some thinking and reviewing, I no longer want this card.  The credit limit Yes, the Hilton HHonors no.  I have only stayed at a Hilton brand hotel once in the past four years and more than likely I am not going to do so for some time.  I would like to move the credit limit to another card maybe the new cash back twice or Thank you but I am new to the whole credit game and I am not sure if that is something that I should/could do.  I went on a large app spree and now have seven new accounts I also don't won't to rock the boat with Citi.  

 

Should I wait a few months and ask them to change the card or should I do it now?  And how do I explain my reason for switching...Sorry I was just so happy about being approved for other credit cards that I just started appling for anything.  Would doing this require a hard inquire because obviously my credit score has gone down a little since I was approved.

 

Thanks for any help


At this stage, the damage is done.  The card cannot be PC'd since it's a brand new account (needs about 12 months before it's elegible to be reviewed for PC).  This is why researching is important so as not to end up with something that is not beneficial in the long run.  If you apply for the Double Cash, your odds are not good with the recent flurry of new accounts and inquiries, not to mention any possible drop in your scores.  Do you have any other Citi cards?  It's possible that you may be able to reallocate the CL to another card but it can be a daunting task sometimes.

Message 3 of 7
hyp0luxa
Regular Contributor

Re: Is it possible/wise to move new credit?

I was under the impression that Citi does not reallocate limits.


Last TL/HP 7/29/2015 | Gardening till December 2015 at least...
AMEX PRG - NPSL | NASA Cash Rewards - 30k | NFCU Cash Rewards VS - 25k | AMEX Everyday - 18k |
Chase CSP 16.8k | BOA 3-2-1 VS - 12k | Fidelity AMEX - 12k | Citi Dividend - 11.3k | Barclays Sallie Mae WMC - 10k | PayPal Extras MC - 7.5k | WalMart MC- 7.5k | Cap1 QS One - 6k | Barclays Apple Visa - 5.7k | Chase Freedom VS - 5k
Message 4 of 7
FinStar
Moderator Emeritus

Re: Is it possible/wise to move new credit?


@hyp0luxa wrote:

I was under the impression that Citi does not reallocate limits.


They can, but it's not something they do all the time, some folks have to resort to the EO to accomplish this task.  Plus, accounts need to have some established history to be elegible.

Message 5 of 7
Anonymous
Not applicable

Re: Is it possible/wise to move new credit?

I think you'll have a  hard time getting it PCd or reallocated. My opinion is at least make the minimum spend (if you can) so at the very least you have sone thing to show for the HP then put it away until a time Citi will let you PC. I know you said you don't stay at Hilton but if you have the points then maybe it gives you an incentive. 

Message 6 of 7
Supernatural
Valued Member

Re: Is it possible/wise to move new credit?

New cards 

Amex Every day

Discover it

Chase Amazon

Chase Freedon

Citi Hilton HHonors

Barclay's

Target store cards

 

Older cards 

Amazon store card

Capital one Quicksliver

Capital one platium secured

US Bank secured

 

Thanks for your advice.  I really don't want to add any new HP at the moment I currently have 10 which I think is way too many.  I will just keep it and use it every now and then to keep it open at least it will add to my utilization.

Message 7 of 7
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