When Should You Request a CLD

[dfwxjer]

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@ElvisCaprice wrote:

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@dfwxjer wrote:

Persobally I feel it's terrible advice unless one has a spending problem and reducing credit lines helps prevent overspending. Even then it's bizarre. 

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     Couldn't disagree more, as we witness more and more posts on involuntary CLD's from advanced credit files due to unreasonable credit limits to spend ratios.  Let alone applicant denials for too many credit lines or total credit (be it this may not be the real reason for denial).  

A well thought out CLD can control this for the long term, yet, maintain good utilization.  More is not always better and too little is not either.  Find a healthy balance for your needs.  No more, no less.  

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Your self induced CLD doesn't affect the bank algorithm. It doesn't control anything except neutering your own credit lines. Very short sighted and misguided. It feels like you're using anecdotal evidence combined with incorrect intuition. 

Too many credit lines can certainly be a problem but giving yourself a CLD doesn't have any bearing on this. 

[ElvisCaprice]

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@dfwxjer wrote:

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Your self induced CLD doesn't affect the bank algorithm. It doesn't control anything except neutering your own credit lines. Very short sighted and misguided. It feels like you're using anecdotal evidence combined with incorrect intuition. 

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How would you know?  Give us the bank algorithm and let us all see.  What evidence do you have to support your statements?

Otherwise your not adding anything here of value to the conversation.  Just personal insults.

[dfwxjer]

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@ElvisCaprice wrote:

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@dfwxjer wrote:

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Your self induced CLD doesn't affect the bank algorithm. It doesn't control anything except neutering your own credit lines. Very short sighted and misguided. It feels like you're using anecdotal evidence combined with incorrect intuition. 

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How would you know?  Give us the bank algorithm and let us all see.  What evidence do you have to support your statements?

Otherwise your not adding anything here of value to the conversation.  Just personal insults.

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Not sure how that's insulting... Kind of like I'm not sure why you think voluntarily reducing your credit lines is a benefit unless it's a mental thing to prevent overspending. 

[bs1234]

We didn't have actual proof either, but in my mispent midlle age, when doing heavy MS, the idea was always to avoid the dreaded "eyes on the account".    So when it was time to get the next credit card that the issuers had not thought through, the goal was to get automated approval.  People did this by reducing CLs on innocent cards and/or closing others.     It worked but perhaps so would have not doing it, we don't know.

But as for "terrible" advice, that's a little too strong.   For many here, going from say $400K total credit line to $350K hardly meets a credible definition for a terrible mistake.

[Pppoolboy]

This thread got crazy real quick

[bs1234]

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@Pppoolboy wrote:

This thread got crazy real quick

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Nah, it took over a year!

[ElvisCaprice]

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@Pppoolboy wrote:

This thread got crazy real quick

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People can get uptight when you pierce the beliefs they have held for a long time.

[coldfusion]

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@bs1234 wrote:

We didn't have actual proof either, but in my mispent midlle age, when doing heavy MS, the idea was always to avoid the dreaded "eyes on the account".    So when it was time to get the next credit card that the issuers had not thought through, the goal was to get automated approval.  People did this by reducing CLs on innocent cards and/or closing others.     It worked but perhaps so would have not doing it, we don't know.

But as for "terrible" advice, that's a little too strong.   For many here, going from say $400K total credit line to $350K hardly meets a credible definition for a terrible mistake.

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Agree with your comment re: "terrible advice".  

Also, to give a specific real-world example related to the idea you reference,  before Chase implemented 5/24 and the 24 month SUB rule there was a widely circulated general recommendation for card churners*/bonus chasers to CLD existing Chase cards as necessary such that total Chase exposure was below a given threshold specifically to maximize the odds of an automated/instant approval. 

* In the more traditional sense where you'd get an approval,  earn the SUB either organically or via MS, close the card,  and then later reapply for the same card and earn another SUB.   

[dfwxjer]

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@ElvisCaprice wrote:

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@Pppoolboy wrote:

This thread got crazy real quick

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People can get uptight when you pierce the beliefs they have held for a long time.

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You sure did get uptight when your self induced CLD rumor was challenged. I'm sorry I upset you, and glad your method works for you.