Hey everyone!
So, after jumping the gun a little too early (OOPS!), I waited out my full six months and applied for my SP Citi Double Cash CLI. It was good that I waited because I was able to factor in my raise. Woohoo!
I went from a $7600 limit up by $2K to $9600. YAY! This was comforting after the decline I got last time when I pulled the trigger too early. I love my Citi card!!!!
Some DPs, under 5% utilization, lots of swipes with this card (and my Uber). They report my FICO at 798 and others have the high 770s. Anything else, just ask.
Now, time to suck it up and give Barclays a shot. I just hate having an inquiry that I don't need. :-/
(ACHIEVED!)
OH, and one thing...
I made myself a promise that if I got at least a $500 CLI, I would close out my secured Crap1 that they won't do anything about or raise from that $500.
Question for anyone that wants to field this. Given that I am netting $1500 and my AAoA is around 9 years (3 years on the Crap 1, at least a year on most everything else, student loans of 20+ years), closing that card shouldn't really have a huge negative impact, right? It would take me down a card to free up space for when I can do Chase early next year. Don't want to have a severe knock on the score. Just want the card to go away because of how horrible they have been.
@Anonymous wrote:First, congrats on your credit limit increase. Citi typically increases limits in $1,500 increments so the fact that they gave your $2,000 is a good sign.
Closing your Capital One card in good standing will have no effect on your Average Age of Accounts or your credit score. A closed card usually continues to report, and contribute to your AAoA, for up to 10 years. So by the time it eventually falls off your credit report your other accounts will have aged sufficiently to make up the difference.
To clarify the Chase 5/24 rule; it only applies to revolving credit accounts opened in the last 24 months (2 years). Since your Capital One card is three years old, it is outside of the period where it would have been counted as one of five credit cards opened in the last 24 months. Closing it wouldn't free up any slots if you open five or more accounts in the 24 months preceding the date apply for a Chase card.
Thanks for all this information here. That's good to know about the Citi increments. My first increase with them was the $1500, then $3000, now $2000. They've really been an amazing card and I'm thrilled with my relationship with them.
I know the Crap 1 didn't count in the 5/24. However, aside from it and my Sony one, everything else is within that 24, so I have to wait. I figured that Chase would be happier seeing a card slot "open." Given that they have opened a branch in Chapel Hill, NC, I've given consideration to opening an account with them to get established before going after one of their cards. I had a BK with them about 20 years ago, so I want to get as many odds in my favor as possible.
Glad to know about the AAoA and that card. As soon as the new CLI reports from Citi, I will go ahead and close that card. I can't wait to tell them goodbye!
Congrats on your Citi CLI
Sweet, enjoy it !
Congratulations on your CLI!!!
