Close Cards/CLI Questions

[ray8806]

(**Signature cards and scores have been outdated for years***)

Hi everyone, it's been a long time since I've posted on here but I'm looking for some advice on two things: which cards to maybe cancel, and what to do for CLI for some cards/is it worth it?

Current Cards

-AMEX Gold

-AMEX Delta Reserve- $10,000 (just got it, working on that sign on bonus)

-AmEx Marriot Bonvoy- $30,000 (I don't know what kind, they changed over the old SPG card to this).

-Chase Sapphire Reserve: $20,000

-Chase Freedom Unlimited: $4,400***
-Citi Rewards+: $21,150

-Citi AA Executive: $22,240

-Merrill+ (now serviced through BoA): $18,000

-CapitalOne Quicksilver: $3,000***

-BMW (serviced through Elan): $14,000

-Space Coast Credit Union: $20,000

I have about $2,000 on the delta reserve card, and that's it, I don't keep high balances. The oldest card that I have is the CapitalOne card, but I only bring it out once a year to keep some sort of activity on it. It has such a low limit that I'd be maxing it out every other month (and I can't always pay the balances off before the statement). 

My second oldest is the Chase Freedom card, so I'd like to keep that one too. I called Chase to ask for a CLI last week, but they denied me. My scores are in the 760s, no derogatory marks. 

I kinda feel like I have too many- I don't know why but they feel a bit overwhelming. So, I'd like to close 1-3, but I'm not sure which ones. Some, like the Merrill+ card, I keep because it simply isn't offered anymore, and since it doesn't have an annual fee, I'm not inclined to close it. 

Also, I'd like to have everyone's advice on the CapitalOne and Chase Freedom cards. These limits are a bit too low for me to actually use as daily spenders, and I can't ever seem to get an increase from either Chase or CapitalOne. 

[NoHardLimits]

Chase and Amex typically allow credit limit reallocations.  If you are not using your Marriott or Sapphire Reserve cards, you could consider moving most of their limits over to Delta and Freedom Unlimited.

[SouthJamaica]

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@ray8806 wrote:

(**Signature cards and scores have been outdated for years***)

Hi everyone, it's been a long time since I've posted on here but I'm looking for some advice on two things: which cards to maybe cancel, and what to do for CLI for some cards/is it worth it?

Current Cards

-AMEX Gold

-AMEX Delta Reserve- $10,000 (just got it, working on that sign on bonus)

-AmEx Marriot Bonvoy- $30,000 (I don't know what kind, they changed over the old SPG card to this).

-Chase Sapphire Reserve: $20,000

-Chase Freedom Unlimited: $4,400***
-Citi Rewards+: $21,150

-Citi AA Executive: $22,240

-Merrill+ (now serviced through BoA): $18,000

-CapitalOne Quicksilver: $3,000***

-BMW (serviced through Elan): $14,000

-Space Coast Credit Union: $20,000

I have about $2,000 on the delta reserve card, and that's it, I don't keep high balances. The oldest card that I have is the CapitalOne card, but I only bring it out once a year to keep some sort of activity on it. It has such a low limit that I'd be maxing it out every other month (and I can't always pay the balances off before the statement). 

My second oldest is the Chase Freedom card, so I'd like to keep that one too. I called Chase to ask for a CLI last week, but they denied me. My scores are in the 760s, no derogatory marks. 

I kinda feel like I have too many- I don't know why but they feel a bit overwhelming. So, I'd like to close 1-3, but I'm not sure which ones. Some, like the Merrill+ card, I keep because it simply isn't offered anymore, and since it doesn't have an annual fee, I'm not inclined to close it. 

Also, I'd like to have everyone's advice on the CapitalOne and Chase Freedom cards. These limits are a bit too low for me to actually use as daily spenders, and I can't ever seem to get an increase from either Chase or CapitalOne. 

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I'm no help at all.  I would find it hard to close either, Capital One because it is the oldest, and the Chase Freedom Unlimited because it's your 2nd oldest,  it's a good card, and it works well in conjunction with your Sapphire.  It's easy to transfer some of your Sapphire limit to the CFU, if that helps.

[xveganrox]

You've got a bunch of awesome cards, you don't need the QS. Maybe you can PC it for a no annual fee SavorOne, which would grow faster and at least be useful sometimes. Alternatively let it die on its own. You can do better than 1.5% but you don't need to cancel it, just shred it. More AAoA = better

[coldfusion]

Dump the Quicksilver.

Ask for CLIs on the Merrill+ and whichever Citi card you'd prefer as both issuers use soft pulls for CLI requests.  BoA uses boilerplate language than infers there may be a HP but CLI requests are exclusively soft pulls.  Citibank should specifically tell you up front before you submit the request that no inquiry will be made.

Reallocate just enough CL from the CSR to the Freedom Unlimited to make it more useful.   If doing so would drop the CSR's limit below $10K that's OK as that threshold is only for approvals.  Chase allows the limit on an existing CSR to be dropped below $10K if you're transferring limit to another card.

Longer term I would consider PCing the Merrill+ to a Customized Cash Rewards card as that's a supported conversion.  The Merrill+ had a generous SUB and was a good looking card but it is a mediocre earner and the earnings on the CCR are equal or better.