topic Re: Remove credit limits in General Credit Topics

Remove credit limits

FrogsRUs — Sun, 06 Feb 2022 18:44:47 GMT

How do I remove original credit limit to closed accounts with zero balance?

Re: Remove credit limits

Remedios — Sun, 06 Feb 2022 18:52:25 GMT

You don't.

If data is correct, it stays untill CRAs remove it.

You can ask OC to remove entire account (if no negatives are present) but that probably won't work.

Credit limit on closed account has no bearing on your scores or future approvals, it's just another account that does nothing but contribute to aging metrics.

Re: Remove credit limits

FireMedic1 — Sun, 06 Feb 2022 22:39:10 GMT

@FrogsRUsInquring minds want to know. Why were you asking? If they were higher limits. They would help for future apps. Just curious.

Re: Remove credit limits

FrogsRUs — Mon, 07 Feb 2022 22:00:23 GMT

Hello FireMedic1

Thank you for responding to my post so quickly. I opened a Home Depot acount three weeks ago and used it that day. I have a zero balance now and want to close it. It was mentioned that if I do it has a negative effect because of my CL is showing on my report.

Re: Remove credit limits

FinStar — Mon, 07 Feb 2022 22:10:13 GMT

@FrogsRUs - honestly, the 'damage' is already done as this new account will lower your AAoA once it reports.

Just curious, if you used the card 3 weeks ago, why do you want to close it? Was it a one time thing, like an impulse application and/or to receive a discount of some sort for opening the account?

Re: Remove credit limits

FireMedic1 — Mon, 07 Feb 2022 22:24:14 GMT

This ^^^^^^^^^^

There's no 30 day return policy in new credit accounts. Once you hit submit. Its done. Its on your reports open or closed. You took the hits. Look at it as another card for the herd.

Re: Remove credit limits

FrogsRUs — Mon, 07 Feb 2022 23:39:07 GMT

@FireMedic1 wrote:
@FrogsRUsInquring minds want to know. Why were you asking? If they were higher limits. They would help for future apps. Just curious.

Now I know a leason learned. Thank you again.

Re: Remove credit limits

FrogsRUs — Tue, 08 Feb 2022 19:44:46 GMT

Hello FinStar

It was an impules. We are remodeling the kitchen and throught it was a good idea for about 2 minutes. I thought it would raise my score by lowering my cumulative util in conjunction with paying it off every month. I took a large hit on my FICO, beside the interest rate around 26.99%

Re: Remove credit limits

FinStar — Tue, 08 Feb 2022 20:53:10 GMT

Hi @FrogsRUs - what was the approved credit limit on the Home Depot CC?

Re: Remove credit limits

FrogsRUs — Tue, 08 Feb 2022 22:10:19 GMT

Re: Remove credit limits

FinStar — Tue, 08 Feb 2022 22:30:53 GMT

@FrogsRUs wrote:
5K

That's actually not a bad SL for the Home Depot CC, IMO. Then again, I dont believe you elaborated on the actual renovation costs and/or if you were expecting something higher. Typically, they're usually pretty good on reconsidering the initial limit within 24-72 hours of approval (profile-specific of course).

That being said, the Home Depot CC can grow in a variety of cases. Some folks have limits upwards of $30K. Unfortunately, it's typically a HP when requesting a CLI, but there's also other advantages with frequent 6/12/18/24 month 0% financing options.

Re: Remove credit limits

FrogsRUs — Wed, 09 Feb 2022 20:18:51 GMT

Our renovation coast is 70k to 125k depending on a few factors. You mentioned the HP for CLI. Do you know the typical CS hit? I'm looking into 0% financing today, it's Presidents Day Sale.

Re: Remove credit limits

FinStar — Thu, 10 Feb 2022 00:45:07 GMT

@FrogsRUs wrote:
Our renovation coast is 70k to 125k depending on a few factors. You mentioned the HP for CLI. Do you know the typical CS hit? I'm looking into 0% financing today, it's Presidents Day Sale.

Home Depot typically uses Equifax to review CLIs. If a HP occurs, I would expect a minor 'ding', which can usually be from ~1-15 points, but it all depends on your overall credit profile.