What are the new laws about not activating or accepting the card that has a low limit

[redwalker2929]

I went on a application frenzy which worked out well, but I'm not happy with bank of Americas CL of $1000 and Chase line of $1000.  AMEX and City were much more generous.  My goal was to get prime cards and to have larger lines of credit.  These two lines of 1000 are less than I have with HSBC!! Kinda a slap in the face. I should have expressed my concern when bank of America called this morning for finial approval.  I will call them in the morning and explain the situation.

  My plan is to use my AMEX and citi for all my charges.  It just makes since to try and increase the limits on the highest cards.  I will be charging around $2500 a month.  Any suggestions? And anyone knowledgeable about the news laws in regards to turning down a card in which you were approved for?

[JM-AM]

Congrats on the approvals.

Turning down or not activating the card or closing the account will change absolutely nothing. 

Using your own words that you went on an application frenzy may have impacted their decision. Many creditors/lenders will just give you a denial for that type of activity. Your spending habit of $2500 is not small to some and is not very large to others. IMO I would keep the cards open and use them minimally unless it is beneficial for rewards for you. The cards will grow with you over time. 

Besides what will closing them out or not activating get you? 

[Anonymous]

I wouldn't call the credit lines from Chase and Citi a "slap in the face."  That sounds too personal.  They probably picked up on your application "frenzy" as you described it, figured you were worth offering credit too but they weren't sure why you sent through as many apps as you did, so they started with low CLs which will probably increase over time as they get to know you.

I might feel a bit ripped myself if I did $100k of banking a year for a decade with a bank and they offered me a card with a low CL.  But Citi and Barclay and some of the others don't know me from Adam.

[Anonymous]

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@redwalker2929 wrote:

I went on a application frenzy which worked out well, but I'm not happy with bank of Americas CL of $1000 and Chase line of $1000.  AMEX and City were much more generous.  My goal was to get prime cards and to have larger lines of credit.  These two lines of 1000 are less than I have with HSBC!! Kinda a slap in the face. I should have expressed my concern when bank of America called this morning for finial approval.  I will call them in the morning and explain the situation.

  My plan is to use my AMEX and citi for all my charges.  It just makes since to try and increase the limits on the highest cards.  I will be charging around $2500 a month.  Any suggestions? And anyone knowledgeable about the news laws in regards to turning down a card in which you were approved for?

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Do you bank (checking & savings) with BoA and Chase? If not, I wouldn't expect huge lines of credit offered out of the gate, particularly while on an app spree. But, BoA (I know from experience) can be nurtured to grow larger, and from what I've read of Chase, they can too. And, since you got larger lines from Citi and Amex, and you plan to run approx. $2500 through all your cards per month... well, you have to look at it from the lenders pov-- what do you need a lot of exceedingly large credit lines for? Unused for long periods of time, lenders can review your account and adjust them accordingly anyway.

I wouldn't keep poking at BoA. They, have been known to take customer calls as an opportunity to review and AA (CLD or close) accounts-- even new ones. If you have a need or useful desire for more credit, use the card and demonstrate to the lender that you're a) a good risk, and b) they want to retain and gain more of your business. Wait 6 to 12 months and hit the LUV button. Or, just SD the cards and use them as a back-up. Either way, they're yours now, open or closed, and on your reports for up to 10 more years. You might as well get as much good out of them as you can.

[MarineVietVet]

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@redwalker2929 wrote:

I went on a application frenzy which worked out well, but I'm not happy with bank of Americas CL of $1000 and Chase line of $1000.  AMEX and City were much more generous.  My goal was to get prime cards and to have larger lines of credit.  These two lines of 1000 are less than I have with HSBC!! Kinda a slap in the face. I should have expressed my concern when bank of America called this morning for finial approval.  I will call them in the morning and explain the situation.

  My plan is to use my AMEX and citi for all my charges.  It just makes since to try and increase the limits on the highest cards.  I will be charging around $2500 a month.  Any suggestions? And anyone knowledgeable about the news laws in regards to turning down a card in which you were approved for?

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Before the Credit Card Act 2009 was passed there was talk about including a provision that allowed a consumer to say "no thanks" to a new card if they were unhappy with the deal once they received it.

But that same provision did not make the final cut.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".