topic Re: Fishing for big CL cards? Advise requested. in Credit Cards

Fishing for big CL cards? Advise requested.

ngerasimatos — Mon, 12 Jul 2010 21:46:22 GMT

When fishing for big CL cards, at what point do you start shutting down the small CL cards?

I have a few decent CL cards that have greater than $8k CLs, and in the future would like to keep moving in a forward direction with cards with high CL. I assume eventually I need to start killing off these lame $1000 CL cards (Crap One, HSBC, etc) in order to get new accounts with big initial CLs. The question is, at what point in time do I do such?

Re: Fishing for big CL cards? Advise requested.

Anonymous — Tue, 13 Jul 2010 08:32:38 GMT

Killing low limit cards will not help. Your score, income, high existing CL and other things on your report, that is what matters IMHO.

Re: Fishing for big CL cards? Advise requested.

austinguy907 — Tue, 13 Jul 2010 13:32:35 GMT

I think I started kill them when I had 20K in CL or something. When you start apping and getting approved w/o questions for 5K CL and approved is a good sign to be able to kill the small ones. However, DON'T kill your oldest 2 accounts as keeping them open will help age your profile and show the ability to manage your credit. Just cycle the 2 oldest accounts for a monthly bill of some sort to keep them active and not get closed on you for inactivity. Other than that I would start with annual fee, then APR, then lowest limit.

Re: Fishing for big CL cards? Advise requested.

ngerasimatos — Tue, 13 Jul 2010 17:12:45 GMT

I am just concerned that when getting approved they use avg CL as a factor is making decisions on what amounts to extend. Is that in fact not the case?

Re: Fishing for big CL cards? Advise requested.

Anonymous — Wed, 14 Jul 2010 01:39:01 GMT

How they determine CL depends on the bank. My friend just got approved for Discover More CL 5k. The only 2 cards he had on the report was cap1 500 and Citi 1k. I recently got approved for Compass 20k and USAA 25k and I still have my 500 Cap 1 on the report