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Should i close my toy limit cards, and if so when?

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wilmer007
Contributor

Re: Should i close my toy limit cards, and if so when?


@austinguy907 wrote:

I would wait until the $4200 reports in either instance.  This will factor into your opening limit with another lender most likely.  If you're already at 5/24 then your other option is AMEX Platinum for the same benefits in the meantime w/o the hassle of Chase's rules.  Plat would be a SP to app and HP if approved.  Nothing lost if you attempt at least.  Disco isn't too picky AFAIK for inquiries only being 5 or less and depending on where you are determines which CRA they pull.  Here in TX they pull EX and other places it's shown up as either EQ/TU depending on location.  The whole 5/24 rule applies to opened accounts and not the inquiries and there's a bypass option of in


@austinguy907 wrote:

I would wait until the $4200 reports in either instance.  This will factor into your opening limit with another lender most likely.  If you're already at 5/24 then your other option is AMEX Platinum for the same benefits in the meantime w/o the hassle of Chase's rules.  Plat would be a SP to app and HP if approved.  Nothing lost if you attempt at least.  Disco isn't too picky AFAIK for inquiries only being 5 or less and depending on where you are determines which CRA they pull.  Here in TX they pull EX and other places it's shown up as either EQ/TU depending on location.  The whole 5/24 rule applies to opened accounts and not the inquiries and there's a bypass option of in branch pre-approval that allows an app w/o factoring in 5/24 but, for best results I would wait until you have something reporting over 10K i.e. AMEX.


yeah i thought chase was 5 inquries luckily it's 5 opened cards.

 

CK gave my approval odds for the CSR as poor so i think i'll apply for the CSR around this time in 2017 as that will allow my BCP time to get up to 6x CLI by then, and perhaps have a $25k CL on the CSR, which should hopefully give me a nice SL on the CSR. once i have the CSR  i'll be able to get the CF in may 2018 and then i'll be done with applying for chase cards for a long time and i can then focus on Discover and Cap1 for may-june 2018 which hopefully by then i'll have very high CL to get very high SL on those two.



*****|$15,200|********|$13,500|***********|$5,000|*********|$25,000|***********|$500|
Highest Scores: Transunion 08: 821 | Equifax VantageScore 3.0: 780 | Experian 08: 804 | gardening until May 2018 or longer.
Message 21 of 26
wilmer007
Contributor

Re: Should i close my toy limit cards, and if so when?


@austinguy907 wrote:

@wilmer007 wrote:

i actually don't plan to do HPs as my plan is to let them automatically give me CLI without generating HPs so that i can use those HP to get other CCs (unless you guys tell me it's better to use HP on CLI rather than opening up more TLs). there are cards i'm looking to get such as Chase Freedom, BankAmericard Travel Rewards, CSR and then once i have these 3 i would like to get at least 1 Penfed CC (i like all 3 that Penfed offers), Discover It Cashback Card for those Soft Pull CLI, Citi Double Cash Card, Hilton HHonors CC from AMEX, Capital One Quicksilver Cash Rewards (this card is going to be the very last one to get from this list). as you can see i have a plan when it comes to opening up more TLs and taking a HP for just a CLI instead of opening up more TLs doesn't seem great to me.


When it comes this game and maxmizing your harvest it's probably best to spend 2017 working on CLI's to get your limits and age up not to mention getting rid of the inquiries in the same process.  It's good to have goals but if you rush into it you're going to end up with a ton of junk limits and that doesn't payoff when you go to use them if you're trying to get your scores up.  Spend 2017 on CLI's and then pick 2 cards for 2018 and so on and you'll be in better shape and getting the limits you want instead of what they throw you as a bone to get you as a customer but not able to use it much due to the lower limit.  Once you put in the time with AMEX and prime your file with a bigger limit the other guys will be courting you instead of you chasing them and getting slapped in the face.  

 

As for your choices in products:

Chase - 5/24 rule comes into play and they're nothing special unless you travel alot

BOA - just another big bank CC 

PF - it's alright if you can get past UW for a CC / Loan

Discover - has some real potential if you treat them right 

Citi - notorious for crap opening limits even with 800's still hard to break in with 10K+

Cap1 - more of a recovery card than a hit list card in my opion

 

If it were me out of these choices #1 would be Disco and #2 Cap1 just for the SP CLI every 4-6 months.  I like my AMEX and Disco though since they replaced the loss of a 10K store card and approved combined limits of 14.5K and have grown in a little over a year to a combined limit of 92K between the 2 of them.


i forgot to ask you about when should i ask for CLI on my BoA and CFU and how much should i ask for? i don't even care about the meineke card so no point wasting HP on that.


*****|$15,200|********|$13,500|***********|$5,000|*********|$25,000|***********|$500|
Highest Scores: Transunion 08: 821 | Equifax VantageScore 3.0: 780 | Experian 08: 804 | gardening until May 2018 or longer.
Message 22 of 26
austinguy907
Valued Contributor

Re: Should i close my toy limit cards, and if so when?

AFAIK neither of them specify an amoount.  If you don't like what they give you though then a phone call might be very worthwhile to recon the amount.  It might cost another HP though to counter their offer.  Might be best to call them for the CLI and see if you can work them up or shoot for the moon and see if they counter.  

Message 23 of 26
wilmer007
Contributor

Re: Should i close my toy limit cards, and if so when?


@austinguy907 wrote:

AFAIK neither of them specify an amoount.  If you don't like what they give you though then a phone call might be very worthwhile to recon the amount.  It might cost another HP though to counter their offer.  Might be best to call them for the CLI and see if you can work them up or shoot for the moon and see if they counter.  


ok i'll wait for my BCP to have the new CL reporting and then ask for CLI on BoA and CFU through their sites and then call in if anything. i'm thinking of trying for $10k on each one. go big or go home. i'll also try to PC to the Americard TR while i'm at it if they see if they now willing to PC me.


*****|$15,200|********|$13,500|***********|$5,000|*********|$25,000|***********|$500|
Highest Scores: Transunion 08: 821 | Equifax VantageScore 3.0: 780 | Experian 08: 804 | gardening until May 2018 or longer.
Message 24 of 26
SouthJamaica
Mega Contributor

Re: Should i close my toy limit cards, and if so when?


@wilmer007 wrote:

i currently have 4 open TL:

 

BoA Americard Platinum = $500 CL, $0 AF (partially secured, no deposit given) = opened May 2016 (toy limit card i would like to close if they don't CLI and PC it for a rewards card)

 

Meineke Credit Card = $700 CL, $0 AF never use it = Opened May 2016 (toy limit card that i would like to close eventually because i never use it)

 

Chase Freedom Unlimited = $700 CL, $0 AF = Opened May 2016 (i use this as my everything card minus groceries or gas)

 

AMEX BCP = $4,200 CL, $95 AF (got the 3x CLI yesterday, this is my gas and grocery card on top of my highest CL card)= Opened October 2016, Definately will not be closing this

 

 

 

here's the thing i know i just got my BCP CLI so the other lenders cannot see that CLI just yet. what i would like to know is when do they see it so that i can have an idea if they will match my BCP CL. this way i can call chase and say "hey if you don't match my BCP you'll be getting less business from me" and then when i call BoA and Meineke i can tell them "if you don't match my BCP i will close down the card and take my spending elsewhere".

 

i PIF my CCs multiple times a month so i can afford to close down the cards i don't use without effecting my Ultilization as i usually stay at <5% Ultilization every month so with the CLI from my BCP my Ultilization will now be even lower that i don't need to have 2 open TL just for Ultilization.

 

 

the main reason i would like to close down the toy limit cards that i do not use is because since i don't use them the fact that they are toy limits hurts my "credit profile" which should make it harder to get higher CL on cards i plan to get (like the CSR in the next 1-2 years). i also plan on getting another AMEX card in a few years if i don't continue to get CLI on my BCP. I also plan on getting a travel card such as the BankAmericard Travel Rewards CC since that card has $0 AF and no FTF.


I would advise you not to close any of them, except possibly the Meineke card.

 

And I would advise you to seek credit limit increases only in the usual way, and without hard pulls, and without threatening to deprive them of your business.... you would be wasting your breath.

 

With Amex you should wait 6 months, & then apply again. It will be a soft pull.

 

I don't know how Chase & Bank of America handle CLI's.

 

 


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 25 of 26
wilmer007
Contributor

Re: Should i close my toy limit cards, and if so when?

So i went into a chase bank today and apparently im preapproved for the CSR. Now im left thinking if i should wait till next year or now.

*****|$15,200|********|$13,500|***********|$5,000|*********|$25,000|***********|$500|
Highest Scores: Transunion 08: 821 | Equifax VantageScore 3.0: 780 | Experian 08: 804 | gardening until May 2018 or longer.
Message 26 of 26
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