Accepting when cards will not grow

[pizza1]

So,  I closed my BOFA cash rewards $800 CL, and my Amex Blue Cash $1K CL.  These two lenders/cards have never grown since Ive had them like the others have.  This is my second time around having cards again with them because years ago, I had cards and they would never budge on the SL, and I got upset and closed them. 

This time my BOFA card Ive had now for 3 1/2 yrs, no CLI ever despite mulitple attempts.  I also do not have any accounts with them, and dont plan on it, and they are known to be relationship heavy.  Ive never burned them before either. 

Amex this time around I tried for CLI at 91 days, denied, and again at 6 months, denied.   Never burned either lender, (they were never IIB in my BK).  These two lenders just wont budge with me.  Im  9 years post DC now, so I think Ill just wait a another year or so, and then reapply to both of them with BK off reports and see if my SL would be any different. 

So instead of just sitting here staying constantly upset with these low limit non-budging cards, I just decided to close them, and accept that these lenders just arent liking my profile/BK or both.   

[FinStar]

It be like that sometimes.

Accepting the fact that despite your best efforts to rekindle the old flames, do cartwheels, put on the best make up, wear the nice outfit and all, sometimes can be more exhausting than it needs to be, so parting ways is perfectly ok. Often times, some lender relationships just turn out that way.

[pizza1]

@FinStar , yep...and then when you dont want them or need them , they come courting you again! LOL...I just think I'll have better luck after my BK is off reports. It is what it is...

[805orbust]

@pizza1 I am grappling with this myself. Closing anything with a limit under $10k...  sure is hard to buckle down tho. They were all chosen carefully during my rebuild... time to chop tho.

[805orbust]

[Anonymous]

is there a reason you have to have these cards and also with big CLs? I felt the same way in the past to try to get the biggest credit lines, but now they sit there being unutilized haha

[AverageJoesCredit]

My advice , which is average at best, based on my own experience,  is be careful when deciding to close cards based on not growing criteria or its perceivement of such.  I think it can go both ways. 

I closed my only Chase card a few years back because i thought it would never grow.  Not only did i get caught up in that feeling i closed it before a year and dont think ill ever be able to get another Chase card, not to mention 5/24. Still my biggest credit regert. 

Now on the flip side i did the same for my first Penfed card . I was given $500 sl and i had to recon just to get a 1k increase a year later. Closed it c' la vie.  Gave Penfed another shot and who would a thunk i now have $45 k in credit with them. 

Lenders can change, our profiles change, sometimes its best to wait and see. Especially if its cards we arent using alot. There are lenders who wont change , ie Boa for me that no matter what im capped at 10k in credit ( recent approval proves this to me) so just think hard before actually closing them.  Just my $0.02 .... at least i can afford that

[Anonymous]

I've been somewhat mocking of the idea that cards need to grow to be useful, but I accept that there is a lower threshold  for usefulness.

So a $500 CL unless you do a lot of recycling of the credit limit (paying several times a month) isn't going to get you lots  of rewards and may well be more pain than it's worth.

In contrast, a Chase Freedom Flex, "stuck" at say $3000, even if the rest of your cards are $20+K.....   You may feel insulted/not valued etc, by Chase, but with a $1,500 per QUARTER cap on the 5% categories, that limit is fine to get you max rewards.  Yes, you may worry about utilization, but a) you really don't need to worry about scores all the time(!) and b) if/when that is an issue, you can pay early before statement if you really need to.

So I would much more concentrate on "Does this card, at this limit, still provide value?" before closing because of a failure to grow.

[Guyatthebeach]

Pizza1,

I completely understand exactly where you are coming from. I have the same issue with Barclays and CapitalOne. My cards with them have had the same limits for years. Why haven't I closed them yet? The rewards on those cards are worth the bucketed CL's to me and I'm not closing a single card until my average age of account hits 5 years and my Fico score hits 800. Trust me they are making enough money on the swipe fees. 

I understand that I'm ten years post bankruptcy and that the creditors that I burned chose to extend credit to me.  I appreciate that , I just wish I could grow those accounts. When now I have not been able to get back into Chase or Bank of America. I'm not angry about it, I've moved on. I have enough credit cards as it is.

Just remember bucket cards are just building blocks to a stable financial background. Nothing more, nothing less. Don't worry about it, because you have recovered remarkably from your bankruptcy.  

Guyatthebeach

[kudosalert]

I have a Disco card that has been 1k for 3 years now. i put a few of my monthly subscriptions on it and pay it off every month. no CLI, no chocolates on anniversaries etc....just too lazy to close. it's kind of nice having 1 card for my monthly subs because then i can keep track of all of them separately from my normal charges.