topic Re: Is it wise to ask creditor to decrease avaliable credit before applying for another card in Credit Card Applications

Is it wise to ask creditor to decrease avaliable credit before applying for another card

ThriftySaver — Sun, 31 Jan 2016 21:42:11 GMT

I have two Chase personal credit card and I would like to apply for a third one, however, the credit line on both of these cards are over $20k, Would it be wise if I request Chase to decrease the credit line to less than $5k then wait a few days and apply for a Chase credit card to avoid getting denied for having too much credit? Thanks

Re: Is it wise to ask creditor to decrease avaliable credit before applying for another card

Anonymous — Sun, 31 Jan 2016 21:54:58 GMT

I would inquire about a product change. If thats not possible I would only lower the limits to at least $5k.

Xace

Re: Is it wise to ask creditor to decrease avaliable credit before applying for another card

SouthJamaica — Sun, 31 Jan 2016 22:37:43 GMT

@ThriftySaver wrote:
I have two Chase personal credit card and I would like to apply for a third one, however, the credit line on both of these cards are over $20k, Would it be wise if I request Chase to decrease the credit line to less than $5k then wait a few days and apply for a Chase credit card to avoid getting denied for having too much credit? Thanks

No, don't do that. You should let your limits grow. The higher the limit, the lower your utilization percentage.

If you don't like one of the cards, call and try to change it to another Chase product.

BTW, are you sure you want to have all your cards with one bank? Wouldn't you feel better diversifying a little?

Re: Is it wise to ask creditor to decrease avaliable credit before applying for another card

NRB525 — Sun, 31 Jan 2016 22:57:23 GMT

@ThriftySaver wrote:
I have two Chase personal credit card and I would like to apply for a third one, however, the credit line on both of these cards are over $20k, Would it be wise if I request Chase to decrease the credit line to less than $5k then wait a few days and apply for a Chase credit card to avoid getting denied for having too much credit? Thanks

Which cards do you have, how long have you had them, what are your FICO 8 scores, what is your annual income, and which card are you thinking of applying for.

If you have had the cards a year or more, your FICO score has no issues, and your annual income supports it, it is quite likely you will just be approved for the new card.

Chase can combine limits if you want to, so you do want to hang on to the existing credit limits for potential reallocation.

On the flip side, it is brutally difficult to get ANY CLI from Chase, so it is not good practice to reduce CL with Chase.

Re: Is it wise to ask creditor to decrease avaliable credit before applying for another card

ScoreOrBeScored — Mon, 01 Feb 2016 00:29:24 GMT

No, don't do this... I understand you may think your at your internal limit with them, there is still chance for

an approval. If not , I'm sure they will allow you to move limit from one card to open up the new card. I would just app

and see if it instant approval. If not ride it out. If nothing after 3 weeks, I'd call and see what the reason is and they just may

offer you to use limit from another card to open it up... That's what I would do.....

Re: Is it wise to ask creditor to decrease avaliable credit before applying for another card

ThriftySaver — Mon, 29 Feb 2016 09:26:28 GMT

Hi,

The problem is I have a lot of other crdit cards over 30 total and over 250000 in avaliable credit. I am afraid if i go thru manual review Chase might declined me because a five years ago they called me and ask me why i utilize 80% for 0% balance transfer and then they closed my other cards it wasn't until this year they unban me so that is why i want ot be safe