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initiate a CLD?

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MyLoFICO
Valued Contributor

Re: initiate a CLD?


@Anonymous wrote:

I agree with baller4 that this is not a good idea. Don't do it. There have also been situations where a myfico member voluntarily requested a CLD on a card and then was not successful at bring able to get a CLI on that card again when they needed it in the future. Smiley Happy


I agree with this. If its a card you use, I wouldn't. I want it made clear I only did it because I truly was never going to use those cards. 


Experian: 677 (28) | TransUnion: 697 (27) | Equifax: 684 (6)
Gardening as of: 1-23-2018
Updated 1-25-18
Message 11 of 18
Anonymous
Not applicable

Re: initiate a CLD?

I initiated a CLD on my old navy $3.5k - $1k, and my Gap card $5k - $2k.  The reason is because I already had high utilization on these cards and didn't want to be temped to use them anymore.  Moreover, both cards can be used interchangeably at both stores and they were not Visa or MC so there was no need to have them both so high. However had I been reading this forum before hand I might not have done so.  I paid down both cards to zero, however now when you look at the high limit vs the actual credit limit it looks like I was irresponsible and  had my limits lowered because of that.  Also I didn't know about how utilization affects fico scores so my scores dropped as a result.  I was able to rebound though being approved for CSP $11k and MCU $10k last month.  So no I wouldn't do that again. Hope that helps Smiley Happy

Message 12 of 18
Anonymous
Not applicable

Re: initiate a CLD?


@baller4life wrote:
I personally wouldn't suggest a self initiated cld. It could backfire on you when other lenders sp your reports and see a lowered credit limit. They have no way of knowing if you or the creditor did it.

No need to be spooked by the stories. Just keep your inqs,new accounts and util low and you shouldn't have any issues. Smiley Happy

I completely agree.

Message 13 of 18
Discover2016
Valued Contributor

Re: initiate a CLD?

Look at this way, if for example three different people post that they had AA with BofA in one week, that seems like BofA is shutting down all accounts and people panic but there are about 80 million BofA credit card accounts in this country (as of Q4 2014). Chase has around 94 million and Citi has an astounding 110 million accounts. As long as you keep your head low by keeping utilization and inquiries under control and paying on time, you literally get lost in the crowdWoman Very Happy

Gardening until September 2025
Next app: Mortgage in September 2025
Message 14 of 18
longtimelurker
Epic Contributor

Re: initiate a CLD?

This is fairly frequently discussed here. A good legitimate use is to maximize the chance of auto approval from a lender (important for chutneys and MS types)
Message 15 of 18
longtimelurker
Epic Contributor

Re: initiate a CLD?

Should be churners!
Message 16 of 18
Anonymous
Not applicable

Re: initiate a CLD?


@longtimelurker wrote:
Should be churners!

I'm sorry, but I had a (well needed) good laugh at that.  Thanks for that. Smiley Wink

 

And personally, I like the idea of finding a use for "chutneys".

 

 

Message 17 of 18
jamesdwi
Valued Contributor

Re: initiate a CLD?

Hit the garden, don't app, fly under the radar.  

 

I personally have 33 open cards,  41 in total including closed cards, over 200k in credit. Keep your UTL, and INQ's low and no new cards and you will be fine, if they do AA or CLD you, if you have low UTL, low INQ, go apply for a card to replace what ever card they close, and you will be approved.  marketing departments of credit card companies want to give you more credit. Make your self attractive to them, and they will give you limits that more than replace what BOA or other Bank takes away. 

 

People here have over 500k some even are approaching 700k in credit. BOA is not the end all or be all of credit cards, if they don't want your bussiness, oh well there loss. 

 

 

Cards: Chase Southwest 20k & CSR 17k & CSP 10k & FNBO 30k Oregon Duck 5k, & AMEX BCP 32.5k & Amex Magnet 15k&amg; Hilton Surpass 7.5k & Delta Gold 12k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 20k, Paypal Extras MC 10k, Paypal Credit 7.25k CapOne Venture 15k, QS 2.5k, QS 750, Amazon 10k, Walmart 10k, Citi Simplicity 18k, Discover IT 23k and a nice stack of store cards.
Landmarkcu Personal Loan 10k
Message 18 of 18
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