Applied for Citi® Platinum Select® Card and received $1200 CL - How to get it higher?

[Billikens]

Hey,

So I am worried I made a mistake by applying for the Citi Platinum Select Card because I only received a $1200 CL. 

I have an outstanding balance of $5,000 between 4 credit cards mainly on my Fidelity American Cash Back and my BofA Mastercard.  Both have APRs of 13%+ so I decided to transfer the balance to the Citi card (even though I didnt really want this card) for the 21 month 0% APR balance transfers. I was auto approved with only a $1,200 CL, which I dont think is even worth me holding on to this card for.  Is their any way to get the CL increased?  If not, should I just close this card right away?  I would rather not have to hold on to it if I dont have to.. and I plan on closing the card after I pay my balance transfer off.

My credit scores are 710+

Thanks

[kjm79]

You can try calling and asking for a recon on the CL.  Check the sticky on the top of the message boards for a phone number. 

Even if they don't increase the CL and the current CL might not allow you to transfer the balances you wanted to but it increased your available credit by $1200 which will have some positive impact on your UTIL.  You have already took the inquiry and new account hit.  Closing the account doesn't get rid of that.  If you choose not to transfer anything to it, sockdrawer it and at least let the CL help you. 

[Uborrow-Upay]

You already took the hit for the inquiry, so there's no point in closing the card.

Don't close any cards you already have, just stop charging them up.  From prior posts, I see you've added about $1500 in CC debt in two months.  That will not increase your score whatsoever.

If you want higher credit limits, just pay off the cards you already have. That's how to get increases. 

[Billikens]

Ugh, I know you are right.  Got hit with a $2,000 car repair bill this month

plans to pay my $5,000 off ASAP.... just would rather do it without 13+% interest

I guess I will get the card, keep it open, and request a higher CL and see what they can do. 

[Uborrow-Upay]

I hear that one. 

And, sorry about the car, it happens to all of us.  That's where the credit cards come in handy, for sure.

Don't sweat too much about how many cards, and if you can keep them paid off, you don't have to sweat the interest rate, either.  It won't matter at all!

Good luck!