Credit allocation question

[tbp1015]

I currently have the cards & limits below. I am considering requesting some of my Chase Freedom CL (5,500) be re-allocated to my Sapphire preferred (6,000). Other than my Discover, none of my credit cards have CL above 10K, so I thought if I consolidated, it would demonstrate to potential creditors in the future that I can handle large CL's. I would definitely keep the Freedom, but I primarily use the it for the quarterly reward and that's capped at 1500/quarter anyway, so I don't need a very large line on that card. My question is whether it would hurt, help, or not make a difference to have a CSP CL of 10K and a Freedom CL of 1500, as opposed to 5500 and 6000? Thanks!

Discover - 12,000 

Chase Freedom - 5,500 

Chase Ink Cash - 6,000 

Chase Sapphire Preferred - 6,000 

Chase Southwest - 5,000 

Amex Everyday - 3,000 

Amex SPG - 2,000

Amex SPG Biz - 3,000

Barclays USAirways Premier World MC - 7,500

Citi Double Cash - 3,000

Citi Hilton Hhonors Reserve - 4,900

BankAmericard - 3,500 

Barclay Arrival - 3,000 

Capital One Quicksilver - 3,500

Capital One Platinum - 750

[tbp1015]

Does anyone have thoughts on this??

[Anonymous]

I would move the limit for sure, that is me. It is thought, and I think discusses that higher limits can warrant higher limit cards in the future. If the CSP is the primary spend card, it would help with utilization too.

[Skye12329]

Well there's many factors for Credit Lines. Such as the total average of all your cards. Can your income support more credit? How much is too much credit? How's your report? Those are some factors for Credit Lines of lenders when it comes to deciding.

Now personally I wouldn't move any of the lines but that's just me. Unless of course the lines you have now aren't sufficent enough and you use 1 card more than the other then I would love lines.

[Anonymous]

@tbp1015,

Thats a good idea as large limits begets large limits.  If you already have a discover card with that limit, do you really need the Chase Freedom?  I'd move all the credit line from the freedom to the Sapphire Preffered and then close it.  It won't hurt.    Also,I'd close the CAP 1 platinum card and apply for the Venture as they are giving large limits for that particular card.  Lastly, are you using the 2 Barclay cards? If not, merge the limits into a big 1 huge line.... Just my thoughts but as always, do whats right for you.

[NRB525]

---

@tbp1015 wrote:

I currently have the cards & limits below. I am considering requesting some of my Chase Freedom CL (5,500) be re-allocated to my Sapphire preferred (6,000). Other than my Discover, none of my credit cards have CL above 10K, so I thought if I consolidated, it would demonstrate to potential creditors in the future that I can handle large CL's. I would definitely keep the Freedom, but I primarily use the it for the quarterly reward and that's capped at 1500/quarter anyway, so I don't need a very large line on that card. My question is whether it would hurt, help, or not make a difference to have a CSP CL of 10K and a Freedom CL of 1500, as opposed to 5500 and 6000? Thanks!

Discover - 12,000 

Chase Freedom - 5,500 

Chase Ink Cash - 6,000 

Chase Sapphire Preferred - 6,000 

Chase Southwest - 5,000 

Amex Everyday - 3,000 

Amex SPG - 2,000

Amex SPG Biz - 3,000

Barclays USAirways Premier World MC - 7,500

Citi Double Cash - 3,000

Citi Hilton Hhonors Reserve - 4,900

BankAmericard - 3,500 

Barclay Arrival - 3,000 

Capital One Quicksilver - 3,500

Capital One Platinum - 750

---

I would move the amounts from the Freedom to the CSP. My Freedom at $1,500 is more than adequate. I would not close the Freedom. The 5% categories can be a complement to the Discover categories because the timing of them is usually in different quarters, and the UR can transfer to the CSP of course.

Having said that, and looking at your list of cards, what is on your radar for possible future apps? There does not seem to be anything you are missing.

[Anonymous]

---

@tbp1015 wrote:

I currently have the cards & limits below. I am considering requesting some of my Chase Freedom CL (5,500) be re-allocated to my Sapphire preferred (6,000). Other than my Discover, none of my credit cards have CL above 10K, so I thought if I consolidated, it would demonstrate to potential creditors in the future that I can handle large CL's. I would definitely keep the Freedom, but I primarily use the it for the quarterly reward and that's capped at 1500/quarter anyway, so I don't need a very large line on that card. My question is whether it would hurt, help, or not make a difference to have a CSP CL of 10K and a Freedom CL of 1500, as opposed to 5500 and 6000? Thanks!

Discover - 12,000 

Chase Freedom - 5,500 

Chase Ink Cash - 6,000 

Chase Sapphire Preferred - 6,000 

Chase Southwest - 5,000 

Amex Everyday - 3,000 

Amex SPG - 2,000

Amex SPG Biz - 3,000

Barclays USAirways Premier World MC - 7,500

Citi Double Cash - 3,000

Citi Hilton Hhonors Reserve - 4,900

BankAmericard - 3,500 

Barclay Arrival - 3,000 

Capital One Quicksilver - 3,500

Capital One Platinum - 750

---

Thank you for asking this. I had the same question earlier and didn't get any responses. Anyway, I have the CSP and Freedom, 7k each. They are my only personal card accounts, so do you think it would be a good idea in my situation? Also wondering how difficult it would be to move it then move it back if I ever needed more on the other card.

[Anonymous]

---

@Anonymous wrote:

@tbp1015,

Thats a good idea as large limits begets large limits.  If you already have a discover card with that limit, do you really need the Chase Freedom?  I'd move all the credit line from the freedom to the Sapphire Preffered and then close it.  It won't hurt.    Also,I'd close the CAP 1 platinum card and apply for the Venture as they are giving large limits for that particular card.  Lastly, are you using the 2 Barclay cards? If not, merge the limits into a big 1 huge line.... Just my thoughts but as always, do whats right for you.

---

+1 on Barclay consolidation. 

[tbp1015]

Thanks everyone. 

MstrPTato - that was my thought too. As for utilization, I PIF before the statements, except for 1 card with 0% APR. Since my util is about 3-4% overall, that's not a big concern for me.

Skye12329 - I have a few lates from 4+ years ago and 105K income, but the issue doesn't seem to be whether people will give me total credit line; it's just how much on a single line. I have prime lenders willing to give me multiple trade lines within a few months of each other, but none with higher limits. I do use the Sapphire more than I use the Freedom and would probably use it more if I increased the limit. 

YesItsMe - I know that larger limits beget larger limits, but having the Discover higher CL doesn't seem to be sufficient to persuade other lenders. Other than the two Capital One accounts (~7 years old), it was my first card of the group about a year ago. As for closing the Cap One cards, they're my only cards over a year old, so unfortunately I'm stuck with the puny limits. I've tried to have them increased with no luck, so I continue to put small charges to keep them active, but that's it. As for the two Barclays, I've opened quite a few cards in the past year, most of them approximately 10 months ago, but 4 in the past 6 months, so I don't want to give Barclays a reason to get spooked. I've heard they're notoriously bad with that. At some point, I might combine those two, but not just yet. 

NRB525 - I agree regarding the Freedom and keeping it open for the quarterly rewards and their transferrability with the CSP. That's exactly my thought. And yes, the Discover categories are all different, except for restaurants (Q2) and that's a category that I could max out on and have a use for both. Closing it is definitely not one of the things I'm considering. I'm gardening for at least the next 6-9 months, but as for future cards, Chase Ink Plus (for the forex fees), Citi AAdvantage, and Club Carlson at some point. 

[Anonymous]

---

@tbp1015 wrote:

Thanks everyone. 

MstrPTato - that was my thought too. As for utilization, I PIF before the statements, except for 1 card with 0% APR. Since my util is about 3-4% overall, that's not a big concern for me.

Skye12329 - I have a few lates from 4+ years ago and 105K income, but the issue doesn't seem to be whether people will give me total credit line; it's just how much on a single line. I have prime lenders willing to give me multiple trade lines within a few months of each other, but none with higher limits. I do use the Sapphire more than I use the Freedom and would probably use it more if I increased the limit. 

YesItsMe - I know that larger limits beget larger limits, but having the Discover higher CL doesn't seem to be sufficient to persuade other lenders. Other than the two Capital One accounts (~7 years old), it was my first card of the group about a year ago. As for closing the Cap One cards, they're my only cards over a year old, so unfortunately I'm stuck with the puny limits. I've tried to have them increased with no luck, so I continue to put small charges to keep them active, but that's it. As for the two Barclays, I've opened quite a few cards in the past year, most of them approximately 10 months ago, but 4 in the past 6 months, so I don't want to give Barclays a reason to get spooked. I've heard they're notoriously bad with that. At some point, I might combine those two, but not just yet. 

NRB525 - I agree regarding the Freedom and keeping it open for the quarterly rewards and their transferrability with the CSP. That's exactly my thought. And yes, the Discover categories are all different, except for restaurants (Q2) and that's a category that I could max out on and have a use for both. Closing it is definitely not one of the things I'm considering. I'm gardening for at least the next 6-9 months, but as for future cards, Chase Ink Plus (for the forex fees), Citi AAdvantage, and Club Carlson at some point. 

---

Depending on how many lates you had and how long your history is with the creditor, you could dispute the lates and they may remove them. At least, that's what I heard here http://ficoforums.myfico.com/t5/Credit-Cards/Ask-A-Back-Office-CC-Company-Employee-ANYTHING/td-p/381...