Since Fall of 2015 I have applied and been approved for 8 cards. And today makes number 9. In addition I closed on my home in November and bought a new car in November as well. This is not an anecdote about being spread too thin; I've learned that lesson as outline in previous posts. This is just me sharing that today marked my last app for a while. What happened? Today I applied and was approved for Citi's American Airlines Citi Advantage Executive Card. My portfolio with Citi consist of Pretige with a $13k limit and an American Airlines Platinum Select with an $8k limit. I've had the Platinum Select for a year and the Prestige since April. My plan was to close the Platinum Select upon approval of the Executive. I applied online and got the message that I needed to call and reference the application number. I called and after verifying some information was told that I am approved for $7k. What? For a card with that kind of AF? She came back with another option which was to move $6K from the Platinum Select and make the limit $13900. I agreed because it's redundant to have two American Airline Cards with AFs. And I was going to close it anyway. We got that sorted. I call Citi to cancel the card. I explained that the limit had to be reduced to accommodate the Executive card, and I wasn't interested in a card with a $2k limit. It's not a MasterCard Elite at that limit. After speaking with retention he urged me to speak to credit analysis representative. I reluctantly agreed. Well to keep me they gave me 7500 miles and put my limit back at $8k.
I will leave well enough alone and take this as a sign to slow down with the apps. I've never had to go through this much for an approval. Fortunately there was no HP for neither cards.
My oldest credit card is 26 years. With my new apps my AAoC is 9 years. My total credit lines $119k. My mortgage is financed with a 3% rate and the car is financed with a 2.5% rate. My scores have taken hits from the inquiries and new accounts. I've gone from 780s FICO to now resting at 720s to 740s. I am now opening the gate to the garden, and I will let these age. I have to say it has been a rewarding year and a half!
Congrats on your success with citi. When I called to cancel my prestige it was "ok sorry to hear that let me put you on a brief hold" and she came back and said "your account has been closed have a good day" I guess citi was glad to be rid of me haha.
Thanks for sharing this. I think tht this is where most are trying to get to. Feeling secure about our creditworthiness and obtaining the goods we desire...at least that is where I want to be. There is hope!!! Thanks!!
I'm certain they missed out on a great customer with you. I'm certain the reason they attempt to retain is that this time of year slows for spending and credit apping. January, February, July, and August seem to be the times I've had success for asking and getting what I want. These are the slowest selling and spending time of year. However in some parts of the South, Back to School season is July and August so this is another prime time to ask and receive.
Although not a scientific theory, but having worked with expanding consumer spending through credit applications has been my experience for 25 years now.
Interesting tidbit of information. While not scientific, I'm sure there's plenty of anecdotal evidence to support your theory. Credit card companies obviously do there research and conduct statistical analysis and market there products accordingly.