cancel
Showing results for 
Search instead for 
Did you mean: 

Would closing 1 card enhance CLI's with others?

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Super Contributor

Would closing 1 card enhance CLI's with others?

I have been turned down for a couple of CLI's during the past 6 months or so because of 'excessive debt obligations' or 'excessive credit limits'.

 

I'm wondering if closing a few of my fairly useless cards, which I keep around just for 'utilization padding', would enhance my ability to get CLI's on my other cards.

 

I'm not concerned with effect on FICO scores -- it won't have any effect -- and I'm not concerned with problems of 'managing too many cards' -- I have no problem managing the cards, and i'm not concerned with annual fees as these have no annual fees.

 

I have this gut feeling that it's better to have too much than too little.


Total revolving limits 719k (592500 reporting) FICO 8 scores: EQ 735 TU 782 EX 746
Message 1 of 27
26 REPLIES 26
Community Leader
Mega Contributor

Re: Would closing 1 card enhance CLI's with others?


@SouthJamaica wrote:

I have been turned down for a couple of CLI's during the past 6 months or so because of 'excessive debt obligations' or 'excessive credit limits'.

 

I'm wondering if closing a few of my fairly useless cards, which I keep around just for 'utilization padding', would enhance my ability to get CLI's on my other cards.

 

I'm not concerned with effect on FICO scores -- it won't have any effect -- and I'm not concerned with problems of 'managing too many cards' -- I have no problem managing the cards.


I'd evaluate the value of those cards compared to how much use you'd have for CLI 

 

If those cards have decent BT offers or low APR, I would not part with them. If they are nothing special, I'd close 

 

Btw, who are CUs bickering about too much credit or banks? 

EX 754 EQ 774 TU 752


Message 2 of 27
Super Contributor

Re: Would closing 1 card enhance CLI's with others?


@Remedios wrote:

@SouthJamaica wrote:

I have been turned down for a couple of CLI's during the past 6 months or so because of 'excessive debt obligations' or 'excessive credit limits'.

 

I'm wondering if closing a few of my fairly useless cards, which I keep around just for 'utilization padding', would enhance my ability to get CLI's on my other cards.

 

I'm not concerned with effect on FICO scores -- it won't have any effect -- and I'm not concerned with problems of 'managing too many cards' -- I have no problem managing the cards.


I'd evaluate the value of those cards compared to how much use you'd have for CLI 

 

Well that's easily done. The cards I'm thinking of closing are valueless, except as utilization padding. The CLI's on the other cards, on the other hand, would be of great value to me. But the question isn't that. The question is will closing the valueless cards actually enhance my ability to get CLI's with the others. If not, I wouldn't bother.

 

If those cards have decent BT offers or low APR, I would not part with them. If they are nothing special, I'd close 

 

Btw, who are CUs bickering about too much credit or banks? 

 

If my recollection serves, Vantage West, DCU, Garden Savings, Summit, and Hanscom might be among those who during the past year have given such reasons, either with respect to CLI's or with respect to new cards.


 


Total revolving limits 719k (592500 reporting) FICO 8 scores: EQ 735 TU 782 EX 746
Message 3 of 27
Community Leader
Mega Contributor

Re: Would closing 1 card enhance CLI's with others?

I dont know if it would. Recently I read a thread in which a CU asked to reduce CL by a really large amount in order to get CLI

You could close all those cards and still get nothing because they did not give you raw numerical value on what constitutes too much. 

 

If they are truly useless, close them. If you ever need utilization padding, I am pretty sure you wont have issues with future apps should there ever be a need for it. 

 

EX 754 EQ 774 TU 752


Message 4 of 27
Community Leader
Super Contributor

Re: Would closing 1 card enhance CLI's with others?

SJ, in my aversge opinion, if they are CU's stating that, closing other cards for sole purpose if getting more credit from them isnt worth it because they most likely wont want to give more either way especially if they see you not using your current limit heavily or they still see lots of avsilble credit elswhere. They will most likely be , this guy doesnt need more so why give it.

One thing ive learned in my short life with CU's , especially PF, im not going to bend over backward for them if they wont for meSmiley Wink. Good luck on your decisions Smiley Happy
#ChaseCreditCardHobby Enthusiast
Message 5 of 27
Moderator

Re: Would closing 1 card enhance CLI's with others?

Really depends if you value the CU.. basically at one point first tech said I would have to cut a few hundred k off my credits for them to approve me as i was a liability to them and I laughed and said the only thing special about your card is pin priority and moved on.  With that said I try to cancel cards that have sub par rewards, higher aprs or lower cl's and keep rinsing and repeating.  I do understand where lenders are coming from as one can suddenly get it a spiral of debt and then a bk happens if a person goes crazy with alot of credit vs. income, etc..  So CU's are very sensitive to this along with more conservative banks such as simmons, iberia and the likes.  I have talked with a few UW of smaller banks and they said you have alot of credit, but approved me anyways for good limits, but i try to keep in mind my agreegate CL across all cards and try to trim it when possible by cancelling less desirable cards as if I was to max out even half of my credit I would be in deep crud Smiley Happy.  So I love having the 30-60k cl's and have quite a few of them I have to keep in mind also what other lender think.  So I believe it really comes down to the lender, yes it will help on some CU's if you really want, etc...Some banks dont really care atm, but if a credit crunch comes then they might.  Do what makes you feel most comfortable basically.

Chase | Citibank | Amex | BofA | PenFed | NFCU | Discover | 5/3rd | Synovus | Commerce | FNBO | Union Bank | Regions
Message 6 of 27
Established Contributor

Re: Would closing 1 card enhance CLI's with others?


@SouthJamaica wrote:

I have this gut feeling that it's better to have too much than too little.


I have a gut feeling that you have too much, and too many and it is hurting you.

FNBO 2% Cashback Visa (20k) / Bank of the West Cashback MC (20k)
US-Bank Cash+ (15k) / FNBO Travel Elite (15k) / Citi Double Cash (18k)
Ficos : 840 / AAoA : 9 yrs / AoOA : 23 Yrs / AoYA : 3
Message 7 of 27
Super Contributor

Re: Would closing 1 card enhance CLI's with others?


@CreditCuriosity wrote:

Really depends if you value the CU.. basically at one point first tech said I would have to cut a few hundred k off my credits for them to approve me as i was a liability to them and I laughed and said the only thing special about your card is pin priority and moved on.  With that said I try to cancel cards that have sub par rewards, higher aprs or lower cl's and keep rinsing and repeating.  I do understand where lenders are coming from as one can suddenly get it a spiral of debt and then a bk happens if a person goes crazy with alot of credit vs. income, etc..  So CU's are very sensitive to this along with more conservative banks such as simmons, iberia and the likes.  I have talked with a few UW of smaller banks and they said you have alot of credit, but approved me anyways for good limits, but i try to keep in mind my agreegate CL across all cards and try to trim it when possible by cancelling less desirable cards as if I was to max out even half of my credit I would be in deep crud Smiley Happy.  So I love having the 30-60k cl's and have quite a few of them I have to keep in mind also what other lender think.  So I believe it really comes down to the lender, yes it will help on some CU's if you really want, etc...Some banks dont really care atm, but if a credit crunch comes then they might.  Do what makes you feel most comfortable basically.


Yes I really value the ones that turned me down for CLI's or new cards. But I wonder if cutting out a few of the others will actually enhance my standing with those that turned me down.


Total revolving limits 719k (592500 reporting) FICO 8 scores: EQ 735 TU 782 EX 746
Message 8 of 27
Community Leader
Mega Contributor

Re: Would closing 1 card enhance CLI's with others?


@Kforce wrote:

@SouthJamaica wrote:

I have this gut feeling that it's better to have too much than too little.


I have a gut feeling that you have too much, and too many and it is hurting you.


That would depend on how much SJ is spending. 

 

For me, too much. For him, it may not be. 

I dont see why he'd open himself to utilization penalty if he's moving large amounts of money. Sometimes people are not the problem, how scoring works can be a problem, too

 

Until trended data is  being taken into consideration, padding will be a thing 

EX 754 EQ 774 TU 752


Message 9 of 27
Super Contributor

Re: Would closing 1 card enhance CLI's with others?


@Kforce wrote:

@SouthJamaica wrote:

I have this gut feeling that it's better to have too much than too little.


I have a gut feeling that you have too much, and too many and it is hurting you.


Well I guess your gut feeling is probably right. I think I'm going to go with yours.

 

 


Total revolving limits 719k (592500 reporting) FICO 8 scores: EQ 735 TU 782 EX 746
Message 10 of 27
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.