@galahad15 wrote:About 2-3 months ago, I applied and was approved for a PACU Premier Privileges Rewards MC, at the lowest available go-to APR rate of 7.50% F, with a SL of $2,000. Since my FICO scores across all 3 CRAs were either at, slightly over, or very close to the 800s, last week I figured "Why not ask now, while my scores are still at their peak?", and applied for a modest CLI of between a $5,000 - $7,000 total new CL. However, as mentioned in another recent thread, PACU declined the CLI, citing "excessive available credit" and/or very similar language as the reason for the CLI denial (I have a total CL across all cards of approximately $125k, and presently only at 6% utilization).
My question is, since PACU feels that I currently have too much credit available, I was wondering if anyone has any feedback or comments, if in order to qualify for a CLI from them later on, if I should request an intentional CLD on certain other cards I have, or possibly close certain other cards that are not very active, so that my total available credit will go down and thus increase the probability of a CLI from PACU? For example, I am not happy with my 2 Chase cards, since they have go-to APRs of 23% - 24%+ V, so if I were to close down both of them, I would automatically reduce my total available credit by $7,000? Any thoughts please? Also thanks in advance for reading!
I don't think you should close any cards, over some oddball statement like that.
Credit unions often say things like that meaning something other than what they said, e.g: (a) you're not using their card enough, (b) you've added too much credit with other lenders, or (c) you're adding too many new accounts.
But if they really do mean that, then I would just let it be. If they want you to have a small credit line, and use their card less, just let it be that way. Don't close your other cards (or reduce their limits) with more normal lenders.
I'm going to agree with SJ. I'd have a tough time eliminating my cards because of a little or large CU's UW opinion. I've seen the same verbiage depending on the lender $100,000 CLs ago. Key word's "depending on the lender". They don't all look at your file the same way.
Now if the other cards aren't useful. Then by all means close them. I'm not closing any cards on one lender's opinion. There are just too many out there that will take your money with no fuss.
You have no guarantee they'll give you anything after closing your current lines.
@Gmood1 wrote:I'm going to agree with SJ. I'd have a tough time eliminating my cards because of a little or large CU's UW opinion. I've seen the same verbiage depending on the lender $100,000 CLs ago. Key word's "depending on the lender". They don't all look at your file the same way.
Now if the other cards aren't useful. Then by all means close them. I'm not closing any cards on one lender's opinion. There are just too many out there that will take your money with no fuss.
You have no guarantee they'll give you anything after closing your current lines.
+1
Many thanks to everyone who very helpfully provided their advice and feedback. I will be sure to take everyone's excellent advice into consideration going forward with the card, again thank you for your input.
@galahad15 wrote:About 2-3 months ago, I applied and was approved for a PACU Premier Privileges Rewards MC, at the lowest available go-to APR rate of 7.50% F, with a SL of $2,000. Since my FICO scores across all 3 CRAs were either at, slightly over, or very close to the 800s, last week I figured "Why not ask now, while my scores are still at their peak?", and applied for a modest CLI of between a $5,000 - $7,000 total new CL. However, as mentioned in another recent thread, PACU declined the CLI, citing "excessive available credit" and/or very similar language as the reason for the CLI denial (I have a total CL across all cards of approximately $125k, and presently only at 6% utilization).
My question is, since PACU feels that I currently have too much credit available, I was wondering if anyone has any feedback or comments, if in order to qualify for a CLI from them later on, if I should request an intentional CLD on certain other cards I have, or possibly close certain other cards that are not very active, so that my total available credit will go down and thus increase the probability of a CLI from PACU? For example, I am not happy with my 2 Chase cards, since they have go-to APRs of 23% - 24%+ V, so if I were to close down both of them, I would automatically reduce my total available credit by $7,000? Any thoughts please? Also thanks in advance for reading!
No juding, but just go through all our brainstorming messages. I can understand why you would ask for a CLI on a card like this, fixed apr, and rewards, but think you would have had better results initially asking for more when you applied. (I think maybe you did try to recon?) I generally would not ask for an increase with a CU that early. Disco, sure. Boa, why not. Amex yes. But a random small bank would give me pause.
I just think some overall tweaking is all you need. I love your fixation on rates. You were one of the folks in the trenches that had ultra low rates get jacked like one of those hammer swinging things at a carnifal to hit the bell lol.
Favorite Cards:@ PACU Premier Privileges Rewards MC @ 7.50% F, $2k **@ BoA Cash Rewards WMC @ 9.99% F, $11.1k ** U@nify FCU Fixed-Rate VISA Gold @ 9.99% F, $7.5k *This would have been the card I would have requested an HP on for an increase, or at least just a apr decrease.*@ FNBO Amex @ 6.50% V, $16.9k the most awesome card ever created despite its MINOR limitations of acceptance due to network.
Other Favorites:@ Citi DC WMC @ 9.49% V, $7.52k super cool**@ Cap1 No Hassle Miles Ultra Platinum MC @ 10.15% V, $1.5k **@ FNBO BucksBack VS @ 11.25% V, $16k *another great card here.*@ Discover IT @ 10.24% V, $14.4k(what a great rate and limit, basically a 4.99% line here) ** Other cards... [EQ: 791] [TU: 805] [EX: 777]
I think you would benefit greatly by taking a single HP for an increase on your travel rewards and cash rewards. Then attempt to PC the travel rewards to a BBR, but definitely apply for a BBR as well as open $300 free savings. Then move limits around as desired. Your capital one buy power cards need to go if you dont plan on ever using them for GM purchases. That would possibly help you get a rise on your beloved c1 NHM which is basically a no fee Venture with a great rate, but locked into travel only.
The 2 diamond preferred cards you have are a tossup. I'd entertain shuffling away or paying off whatever remaining balances you have on them and moving CL to the Fab rate DC..... but keep one DP as they can be quite awesome. Frequent 5% off $500 random category mailers all the time, apr reductions, etc etc.
I still think its a waste to keep the NHM if you cant get a substantial CLI in the next 18 months after closing both of your buy power cards. It is equal to the DC and to the bucks back........but unrestricted.
I see so much potential, and not that you need it, but grow those BOA limits, try to break out of our comfort zone a little bit, and try something different. The unify can also be closed in 18 months if it does not grow over time and get rate reduced.
Chase cards I would maks sure you absolutely cannot get the CSP in branch because you may want to move limits from the old cards to the CSP. Enjoy a 50-70k bonus and no annual fee, then downgrade to no af CS then FU.
I mean if I were you, and in case you don't know this, (i hate to pick favs), you are one of my closer members on here), I would be bowing down to FNBO and BOA whenever possible and just gradually diversify and refine as you go on. I think opening 2 diamond preferreds was a little odd, but you did what you needed to do. I don't see any reason why you couldnt pay them off, try for SP increases on both DPs, maybe even HP on one, and aim high. You should have some cards with limits above 20k esp if they have these low rates. Your scores would flourish even more because you would have fewer balances scattered on cards ( i know most of yours dont have balances just saying it would result in so many cards).
And like I said to you earlier privately, I have seen 7.x rate on a cash rewards card. Who is to say that you wouldnt be able to get your boa CR Apr reduced?? Anything is possible. And if not, you have backups.
I would also explore viewing savings instead of solely awesome balance carrying flexibility, but some passive income or sign on bonuses..........you have the scores, why not....
@kdm31091 wrote:Most CUs are very conservative with lending. They see you have many open cards/limits, so they're reluctant to extend more credit because you could charge up a whole lot more than you could actually afford to pay back.
You could certainly lower some limits especially on seldom used cards, and in the future only pursue new cards or CLIs that really suit you, rather than just to buffer utilization.
Also, with a starting limit of 2k, it was likely a rather borderline approval so time and history will be your friend. I wouldn't expect any large CLI at the moment (as another poster said you are asking for triple your limit). Give it some time and maybe reduce some other limits.
We have to realize that each person is different. I do look up to you because you are conservative and try to balance some of the more progressive users here. 4 cards and strictly used for rewards. But.....We should see the list of some of the rates Galahad15 used to have before things changed 8 years ago. Low interest is also a savings especially if you are making more money elsewhere. Also, Its mind blowing. 6pct util on 125 is excellent IMO.
And actually, the starting limit of 2k was not borderline whatsoever my friend, it is what the OP requested at time of application. I do think it was a little soon to be asking for an increase on this card, by 2-3 months.
In response to jfriend's post above: first of all, please allow me to express many thanks and much appreciation for your outstanding advice and also for the very kind compliments! 
To try to reply to your questions and feedback:
(1) The Unify card is definitely on my to-do list for CLI and rate reductions. The only reason I didn't ask for a CLI and APR reduction on it at the time I asked for the PACU CLI was, Unify had told me earlier that I need my FICO Score 2 to be in the 740-750 range to qualify for their lowest rate of 8.99% F, and that I also need a minimum CL of $11k or $14k (sorry it's been a while since I last talked to them and so I forgot the exact figure). But my Score 2 FICO has been stuck at 735, just under what I need to reach the 740 min. score needed for the lower rate, for the last 3-4 months. The substantial CLIs I got a while back on my FNBO, Citi, and Discover cards did not seem to help bump up the Score 2 value, even though I got a near $30k total CLI across all of the cards. (According to the positive and negative factors from my CR that I bought most recently on myfico, Score 2 appears to be a lot tougher than Score 8, on new accounts added and new inquiries, in comparing the score factors for it vs. Score 8.)
(2) Yes I am also quite fond of the FNBO Amex card and the Discover card as well, thanks again for the very nice comments and feedback I do plan at some near-future point to use the Discover BT promo rate of 4.99% with no BT fee, am just waiting for some of my current multiple 0% promos to expire before doing so. Thanks also for the advice on the DPs -- I have been able to obtain multiple permanent APR reductions on them and get a lot of 0% promo rate offers, some of which were actually useful and which I took them up on. For the NHM, after literally years of trying, I *finally* was able to convince them to grant me a small $500 SP CLI a month or so ago, and so I am going to try asking again after I have reached the 6-mo, window needed for a new SP CLI request. If they deny the CLI again or if they grant it and I feel that it's too small, then I just might consider closing it, but ideally I'd like to try to go for at least one more CLI with them first. Trying to convert the BoA Travel Rewards card to a BBR is certainly on the table if BoA is open to it. Apping for a new BBR sounds very tempting as well, I will have to see but if there is any likely probability that doing so could cause my current card issuers to take AA on my existing cards, I should maybe proceed most cautiously, with that and any new apps? While getting higher CLs on the BoA cards would also be nice, I have tended to lean more on FNBO, Citi, and Discover for SP CLIs, rather than BoA which normally requires HPs.
(3) Thank you as well for your advice on the Chase cards, and on looking at possible rate reductions on my BoA card. The only reason I am just a tad reluctant to ask BoA for an APR reduction on that card was b/c when I did so about 3 or so years ago, they ended up giving me a CLD from originally $16.5k down to ~$9k...not exactly eager to have a repeat of that exp. if you know what I mean, lol. But I guess now that my scores are much higher than they were then, maybe it couldn't hurt to try?
Again, thanks for all of the wonderful advice and for the very nice compliments, also for all of your helpful feedback and guidance over PM as well; your input is always deeply appreciated my friend
ETA: edits/adds
@Anonymous wrote:
Too much available credit is often too many accounts before it is the overall credit number most banks would not mind seeing 4 or 5 Strong hi limit cards
Even if I were to close down as many as 8-9 existing cards that are not as competitive as the the most preferred and most used ones in my card collecton, I would still an estimated 10-11 cards left over, whose APRs and/or cashback benefits are too important for me to want to close. So I guess I would still have more than double the maximum 4-5 suggested cards left over?
List of the cards that I would prefer to keep, due to the above-mentioned reasons, sorted by APR from lowest to highest:
@1. FNBO Amex @ 6.50% V, $16.9k
@2. PACU Premier Privileges Rewards MC @ 7.50% F, $2k
@3. Citi DC WMC @ 9.49% V, $7.52k
@4. BoA Cash Rewards WMC @ 9.99% F, $11.1k
@5. Unify CU Fixed-Rate VISA Gold @ 9.99% F, $7.5k
@6. Cap1 No Hassle Miles Ultra Platinum MC @ 10.15% V, $1.5k
@7. Discover IT @ 10.24% V, $14.4k
@8. FNBO BucksBack VS @ 11.25% V, $16k
@9. BoA BBR MC @ 14.24% V, $8k
@Anonymous. US Bank Cash+ Platinum VISA @ 19.24% V, $500
@Anonymous. Blispay VISA @ 19.99% F, $5k
Cards that I would be willing to consider closing and/or combining limits into the cards listed above that I will be keeping:
@1. Barclay Ring MC @ 8.25% V, $1.9k (potential close, PACU MC makes having this card redundant)
@2. BoA Travel Rewards VS (NPSL) @ 9.49% V, $8.4k (trying to combine into CL of BoA Cash Rewards WMC above, and then close)
@3. Citi DP VISA @ 15.24% V, $3.8k (trying to combine into CL of Citi DC WMC above, and then close)
@4. Citi DP VISA @ 15.24% V, $3.2k (trying to combine into CL of Citi DC WMC above, and then close)
@5. Cap1 BuyPower WEMC (NPSL) @ 20.15% V, $6.125k (potential close)
@6. Citi Simplicity MC @ 21.24% V, $3.1k (trying to combine into CL of Citi DC WMC above, and then close)
@7. Chase Slate VISA @ 23.24% V, $3k (potential close, not happy with go-to APR)
@8. Chase Freedom VISA @ 23.24% V, $4k (potential close, not happy with go-to APR)