Credit Limit Increase!?

Anonymous · ‎04-22-2017

So I just recently became interested in this credit business. A friend of mine got me to download an app for credit scores and I also realized my credit card companies give me a free score. I was looking at my credit cards and notice there is a large variation in my limits ($1,900-$16,000). I got most of these cards as a freshman in college because you got a free T-shirt for filling out an application. So I filled out several. I have not gotten a new card in a long time.

I decided to convert the Citi Thank You card to the Double Cash cash and asked for a limit increase. I asked for $10,000. I am not sure if this is a reasonable amount. Also, what recommendations do you guys have for the other accounts (especially Chase Freedom)? Thank you!

Chase Freedom: $1,900

Chase Slate: $6,600

Chase Slate: $10,000

Citi Thank You Preferred: $3,300

Citi Dividend: $7,700

BankAmericard Reward World: $5,500

BankAmericard Cash Rewards Platinum Plus: $4,000

Best Buy: $16,000

American Express Blue Cash: $9,900

austinguy907 · ‎04-22-2017

If you're not planning on any BT's to Chase then you can simply combine the 2xSlate into the Freedom for ~18k limit.

Same with Citi / BOA

Creditplz · ‎04-22-2017

I'd call chase for a CLI on the freedom and tell them to leave the requested limit blank, it will cost a HP but could end up getting a nice CLI! Then I'd combine the Slates to the freedom if you aren't doing any BT's as Austin said.

Anonymous · ‎04-22-2017

@austinguy907 wrote:
If you're not planning on any BT's to Chase then you can simply combine the 2xSlate into the Freedom for ~18k limit.

Same with Citi / BOA

Thank you for the reply! Is there a benefit to combining them vs. leaving them separate vs. asking for limit increases? And disadvantages of each? Thank you!

Anonymous · ‎04-22-2017

@Creditplz wrote:
I'd call chase for a CLI on the freedom and tell them to leave the requested limit blank, it will cost a HP but could end up getting a nice CLI! Then I'd combine the Slates to the freedom if you aren't doing any BT's as Austin said.

Should I wait a while because I just requested one from Citi? Not sure if they increased it or not. They said it will take 24 hours. I don't think I have requested an increase before.

Creditplz · ‎04-22-2017

I'm saying request a CLI first cause they might be more inclined to give a CLI on the low limit freedom. Then combine them, the Slate doesn't do much if you're not BTing so you might as well combine them to the freedom and have 1 high limit card.

And I'd give them a ring now (chase), either way it doesn't matter since Citi is a different lender.

Anonymous · ‎04-22-2017

@Creditplz wrote:
I'm saying request a CLI first cause they might be more inclined to give a CLI on the low limit freedom. Then combine them, the Slate doesn't do much if you're not BTing so you might as well combine them to the freedom and have 1 high limit card.

And I'd give them a ring now (chase), either way it doesn't matter since Citi is a different lender.

OK, I'll call them!

Sorry for all the questions, but I am just wondering, why combine them? What is the benefit of one card with a high limit as compared to two cards with a lower limit?

austinguy907 · ‎04-22-2017

When you use 2K on a 10K account you're using 20% of the CL. When you use 2K on a 20K account you're only using 10%. The lower the % the better your scores. The higher the existing limit the better your new approval limits will be. Managing less accounts makes thing easier. There's really a ton of different reasons to combine several accounts with the same lender.

Anonymous · ‎04-22-2017

@austinguy907 wrote:
When you use 2K on a 10K account you're using 20% of the CL. When you use 2K on a 20K account you're only using 10%. The lower the % the better your scores. The higher the existing limit the better your new approval limits will be. Managing less accounts makes thing easier. There's really a ton of different reasons to combine several accounts with the same lender.

Got it, thank you!

Sorry just new to this. I just had credit cards, I used them, I paid them. Never thought much more about it than that. Now I'm learning about all these rewards and benefits, and also would like to put myself in a good spot for buying a house in the next few years.

Creditplz · ‎04-22-2017

No need to be sorry!! We are all here to help!