Reply
Regular Contributor
Posts: 104
Registered: ‎08-01-2008
0

Low CL, should I close it?

I have several cards that all have low CL 300-500. Even though some of them are older accounts does having a low CL hurt scores? I have a Chase card that was issued in 2004 the CL has never increased from the original 300. I recently contacted them to ask why and got a form letter apology saying sorry for the inconvenience but I would have to submit for a increase if I wanted one. I've debated closing or trying to get it increased. It has a zero balance and there is no annual fee. I'm just leery of Chase right now I had one card transferred from WaMu and the APR skyrocketed to 31.99%. Guess I could cut off an arm and send it to them as a goodwill gesture, LOL.
Valued Contributor
Posts: 1,524
Registered: ‎08-17-2008
0

Re: Low CL, should I close it?

You shouldnt close any of your cards if it doesnt cost you anything. If you get another cc with a high limit to help with your util then you could close some of your lower cc. But its good to keep them open because the length of your accounts being open matters to your fico. As far as the low limits try calling the backdoor numbers and see if a credit analyst can review your account. Also call chase to ask for a interest rate reduction.


$100K in Credit
Last Credit Card App: 11/16/13
Regular Contributor
Posts: 104
Registered: ‎08-01-2008
0

Re: Low CL, should I close it?

I've had this card for 5 years so I called today using one of the backdoor numbers and was declined for any CLI. Said I'll get a letter in 7-10 days explaining why it was declined. You'd think after all this time and never being late they would show some leeway. So now I have another hard pull with nothing to show for it.  :smileymad:
Valued Contributor
Posts: 1,524
Registered: ‎08-17-2008
0

Re: Low CL, should I close it?

Sorry to hear that Chris when the letter comes in see what it says and definitely call to recon. Yeah 5 years without a CLI I would think they would give something by now. 

$100K in Credit
Last Credit Card App: 11/16/13

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.