topic Re: O well i Closed my citizens Bank CC 500SL in Credit Cards

Would you guys close a new approved cc if giving a low limit ?

Anonymous — Thu, 28 Mar 2019 10:47:27 GMT

A 500 sl is Bs

Re: Would you guys close a new approved cc if giving a low limit ?

-Wright- — Thu, 28 Mar 2019 11:15:04 GMT

I personally wouldn't close the card. You've already taken the credit hit with the hard inquiry to get the card. Keep the card and it may grow over time.

Re: Would you guys close a new approved cc if giving a low limit ?

GApeachy — Thu, 28 Mar 2019 11:29:39 GMT

@Anonymous wrote:
A 500 sl is Bs

Sorry, I feel your pain. CapOne $500 sl here. I have, after 6 months, gotten an upgrade to QS and a $100 cli. As they say around here, once these have served their purpose....move on to bigger and better ones. But don't waste that hp(s)....try to give it time to grow and upgrade and by then you will probably be able to "move on". Which card did you get at that sl?

Re: Would you guys close a new approved cc if giving a low limit ?

Anonymous — Thu, 28 Mar 2019 11:32:50 GMT

Clear point Citizens bank card im not shure about it or if it will grow

Re: Would you guys close a new approved cc if giving a low limit ?

GApeachy — Thu, 28 Mar 2019 11:36:15 GMT

Yeah, don't know either. It sounds like we have bucketed cards which do serve a purpose for a little while. Just try to grow it and when you get better ones, pull the plug Nurse

Re: Would you guys close a new approved cc if giving a low limit ?

Anonymous — Thu, 28 Mar 2019 11:37:49 GMT

lol

Re: Would you guys close a new approved cc if giving a low limit ?

Anonymous — Thu, 28 Mar 2019 11:58:21 GMT

I would also consider the value of the card (which of course should be part of applying!). If I can get some good value (e.g. 5% on a category I don't have covered elsewhere) even a $500 CL can be useful. I always prioritize rewards over CL anyway.

@Anonymous wrote:
lol

Re: Would you guys close a new approved cc if giving a low limit ?

Jnbmom — Thu, 28 Mar 2019 12:05:43 GMT

Not to sound harsh but if I closed all my cards that started out with "low limits" I wpuld probably not have a lot of cards that I currently have now.

I am not sure why we think we are all entitled to "high" limits right off the bat. Some cards start out lower but with responsible use , the cards grow rather quickly .

Re: Would you guys close a new approved cc if giving a low limit ?

AverageJoesCredit — Thu, 28 Mar 2019 12:23:40 GMT

No, otherwise my $500 Navy CR would never have grown to 16.8k. I got a $150 PPMC and it now sits at $3150. Sometimes even for good profiles those pesky computers spit out weird approvals

Re: Would you guys close a new approved cc if giving a low limit ?

GApeachy — Thu, 28 Mar 2019 12:57:33 GMT

@Jnbmom wrote:
Not to sound harsh but if I closed all my cards that started out with "low limits" I wpuld probably not have a lot of cards that I currently have now.

I am not sure why we think we are all entitled to "high" limits right off the bat. Some cards start out lower but with responsible use , the cards grow rather quickly .

Not that any of us feel "entitled"(most of us know we are lucky to even be considered/reconsidered) but when we know there's a possibility that what we have is a 'bucketed' card then we know we will eventually have to move on to bigger and better cards once we have established good credit in the eyes of the beholders.

I was thrilled with my first two cards, but once I found out that these are what MyFicoers refer to as "Starter/bucketed" cards I was discouraged. Then when I found out we are not stuck forever as "bucketheads" by developing a good history with the CCC's, they will allow you to step it up a knotch and pull the plug on the "starter"...so it's all is good.

Patience, patience, and more patience. We just gotta encourage each other and help guide so we can attain better credit, thus better cards for the future.

Re: Would you guys close a new approved cc if giving a low limit ?

GApeachy — Thu, 28 Mar 2019 12:58:53 GMT

@Anonymous wrote:
I would also consider the value of the card (which of course should be part of applying!). If I can get some good value (e.g. 5% on a category I don't have covered elsewhere) even a $500 CL can be useful. I always prioritize rewards over CL anyway.

Great point, I keep forgetting about that! My newly upgraded plat to QS has already been paying off.

Re: Would you guys close a new approved cc if giving a low limit ?

Anonymous — Thu, 28 Mar 2019 12:59:15 GMT

I learned the hard way not to be too quick with closing cards that have small SLs.

Last March I went on Amex’s site and saw I was prequalified for the BCE. I submitted the app and they gave me an instant approval for $1K, 0% for 15, 18.25% ongoing.

I then turned around and checked Disco. I was also prequalified with them so I put the app in and I was given $7500, 0% for 14, 21.24% ongoing.

I turned around and called Amex and told the automated system to cancel the card. I got a notification that it was canceled and then the next day I got a notification that they mailed my card. Long story short after numerous calls to Amex I was not able to get it reactivated, it showed up on my credit report 60 days later showing two months of positive history and then closed, and I no longer prequalify for any Amex cards and was denied on a BCE app in December (and that was in addition to the pop up that I was not eligible for the SUB for a card I never actually got to use).

So I took a HP, dropped my AAoA, and got one of my three new accounts last March looking very suspicious on my credit reports.

TL;DR - Don’t close an account for a low SL, you already took the hit on your credit and you can just mess up any future relationship with that lender. That Amex would probably be $9K by now.

Re: Would you guys close a new approved cc if giving a low limit ?

GApeachy — Thu, 28 Mar 2019 13:03:32 GMT

@Anonymous wrote:
I learned the hard way not to be too quick with closing cards that have small SLs.

Last March I went on Amex’s site and saw I was prequalified for the BCE. I submitted the app and they gave me an instant approval for $1K, 0% for 15, 18.25% ongoing.

I then turned around and checked Disco. I was also prequalified with them so I put the app in and I was given $7500, 0% for 14, 21.24% ongoing.

I turned around and called Amex and told the automated system to cancel the card. I got a notification that it was canceled and then the next day I got a notification that they mailed my card. Long story short after numerous calls to Amex I was not able to get it reactivated, it showed up on my credit report 60 days later showing two months of positive history and then closed, and I no longer prequalify for any Amex cards and was denied on a BCE app in December (and that was in addition to the pop up that I was not eligible for the SUB for a card I never actually got to use).

So I took a HP, dropped my AAoA, and got one of my three new accounts last March looking very suspicious on my credit reports.

TL;DR - Don’t close an account for a low SL, you already took the hit on your credit and you can just mess up any future relationship with that lender. That Amex would probably be $9K by now.

I'm glad you said that....how do you really know your card won't grow? What would be a good timeframe to figure that out? What is a good strategy, upgrading? Getting a second card with CCC?

Re: Would you guys close a new approved cc if giving a low limit ?

Anonymous — Thu, 28 Mar 2019 13:08:20 GMT

Honestly the only way to know if a card will grow is to use it to the fullest and try for a CLI.

We all know Cap buckets and you stay there, Disco buckets as well but they seem to have some flexibility with regard to moving you around. These two are notoriously difficult to figure out.

Most other lenders have pretty straightforward CLI policies though they are all starting to tighten up their lending standards.

I would only ask for CLIs on cards you will actually use the limit on, especially since more lenders are moving to HP CLIs.

Re: Would you guys close a new approved cc if giving a low limit ?

Anonymous — Thu, 28 Mar 2019 13:08:41 GMT

Looks like you have another Citizens bank card. What is your situation with that card? Is it below 30% utilization?

Re: Would you guys close a new approved cc if giving a low limit ?

Anonymous — Thu, 28 Mar 2019 13:35:51 GMT

I closed my Cap 1 card at 6 months and Kohls card at 5 months. If the card has some value to you or the bank has other products that appeal to you I wouldn't close it. A year and half ago I got approved for two Amex cards both at 1k each. Now I have 87k in limits with Amex. So it depends on the bank. And if it helps your profile or gives you rewards.

Re: Would you guys close a new approved cc if giving a low limit ?

AverageJoesCredit — Thu, 28 Mar 2019 13:38:50 GMT

Lol @ bucketheads

Another way to know if you card is bucketed is to just know which card you are applying for and the general feel of it. Just by being on myFico, many of us know Capitol One often helps out rebuilding profiles but will also bucket certain cards to however your profile was at time. Research first

Re: Would you guys close a new approved cc if giving a low limit ?

pinkandgrey — Thu, 28 Mar 2019 13:45:01 GMT

Before you close it, at least TRY to grow it. Use it heavily and pay often and see if you can get a CLI after 6 months. If not, then close it. Good luck!

Re: Would you guys close a new approved cc if giving a low limit ?

Jnbmom — Thu, 28 Mar 2019 14:00:27 GMT

@GApeachy wrote:
@Jnbmom wrote:
Not to sound harsh but if I closed all my cards that started out with "low limits" I wpuld probably not have a lot of cards that I currently have now.

I am not sure why we think we are all entitled to "high" limits right off the bat. Some cards start out lower but with responsible use , the cards grow rather quickly .
Not that any of us feel "entitled"(most of us know we are lucky to even be considered/reconsidered) but when we know there's a possibility that what we have is a 'bucketed' card then we know we will eventually have to move on to bigger and better cards once we have established good credit in the eyes of the beholders.

I was thrilled with my first two cards, but once I found out that these are what MyFicoers refer to as "Starter/bucketed" cards I was discouraged. Then when I found out we are not stuck forever as "bucketheads" by developing a good history with the CCC's, they will allow you to step it up a knotch and pull the plug on the "starter"...so it's all is good.

Patience, patience, and more patience. We just gotta encourage each other and help guide so we can attain better credit, thus better cards for the future.

Oh I agree, most do feel lucky but there are others that feel insulted at their intial line (not stating this is the OP by any means of course) but there are people that do feel that way and take it personally. I have let my emotions take over on a few occasions and then try to remember it's not personal, just business! !

Re: Would you guys close a new approved cc if giving a low limit ?

GApeachy — Thu, 28 Mar 2019 14:06:13 GMT

@Jnbmom wrote:
@GApeachy wrote:
@Jnbmom wrote:
Not to sound harsh but if I closed all my cards that started out with "low limits" I wpuld probably not have a lot of cards that I currently have now.

I am not sure why we think we are all entitled to "high" limits right off the bat. Some cards start out lower but with responsible use , the cards grow rather quickly .
Not that any of us feel "entitled"(most of us know we are lucky to even be considered/reconsidered) but when we know there's a possibility that what we have is a 'bucketed' card then we know we will eventually have to move on to bigger and better cards once we have established good credit in the eyes of the beholders.

I was thrilled with my first two cards, but once I found out that these are what MyFicoers refer to as "Starter/bucketed" cards I was discouraged. Then when I found out we are not stuck forever as "bucketheads" by developing a good history with the CCC's, they will allow you to step it up a knotch and pull the plug on the "starter"...so it's all is good.

Patience, patience, and more patience. We just gotta encourage each other and help guide so we can attain better credit, thus better cards for the future.

Oh I agree, most do feel lucky but there are others that feel insulted at their intial line (not stating this is the OP by any means of course) but there are people that do feel that way and take it personally. I have let my emotions take over on a few occasions and then try to remember it's not personal, just business! !

Yeah, I knew what you meant. And you're right, I have read posts too about others taking it personally. I too have had the up's and down's about the very same thing....like, now what?!? Patience is not my forte but I'm learning. Just hope others don't get too discouraged and keep reading that low sl's are not the ending but the beginning. Take care