FWIW I've added several cards in the last few months, all but the Diners are reporting, and so that is pushing down my score from the October 31 opening.
Open balances are down to $36,886 but that utilization reduction is temporarilly drown out by the INQ, new cards, and even recent card closures.
So I'm letting things sit while the balances go down even more. Will have an AMEX 3X CLI in late May where I will go for the full $27k, and some other CLI requests such as with Discover.
Currently scores are down to EQ 698 (up from 694), TU 713 (up from 703), and EX 722 (up from 710)
Prosper Lending? Yeah, I get those in the mail too.
Good update. Yes, when a CLI is easy come, it's also easy go, due to their SP monitoring.
If you were charging up near that $30k and PIF, only on that AMEX, it would probably be a different story. Likely not closed perhaps FR, but your current experiment is poking all the bears at the same time. One of them is bound to wake up.
I don't know, I don't have experience with all those banks, and your load is almost exactly balanced among all of them, so it's hard to predict the next one to crack. In my CLD days, I had multiple accounts with each of Chase, Citi, and BofA, large balances on each, and that was probably making it easier for them to panic. That may also be a reason why CapOne never did panic, only one CC ever with them. With one account at each bank, I don't know how they are going to interpret this.
All the big TBTF banks will cut you off when you need them most, I would not have but 1 card from any of them and diversfy to CUs and smaller local banks who actually are interested in helping the ones who live in their communities. Amex falls into the big TBTF category..
@gen-specific wrote:American Express just unilaterally closed the card I have with them, this was a $30,000 line, so this ironically greatly increases the ulitization of my open lines, which will lower my score further! Unless I start deleveraging ASAP, which I won't but I can see this turning into a cascading credit network failure, as now my utilization is higher and the next lender(s) may find that more risky.
Protip: American Express will not follow through when you actually need credit. So, enjoy those 3x CLI soft pulls, but they mean nothing as AMEX is not actually granting you anything but a number.
Remember guys, I voluntarily dropped by credit score 218 points in the course of 30 days. I expect the equation to rebalance upwards 218 points when I voluntarily raise my credit score. (I've done similar things in a less drastic way before, and the score recalculates back upwards, instead of gradually over time, but I'll chronicle that process here too)
If I'm going to play this game, I want to know which one of my lenders are strong, and which ones are weak. And in what order they renege on available credit. I want all those people complaining about arbitrary 6 point changes in their credit score, to know what is worthwhile and what is not.
Not surprised that Amex closed. They are really spend centric on the charge card side but conservative and react quickly when you appear to carry increaising balances elsewhere. I've put 60k on Amex which is well above all of my revolving CLs combined but I don't revolve anything. I suspect if I started to revolve elsewhere my spend ability woulld drastically shrink.
It's an interesting experiment you are doing because it will statistically look a lot like bust out fraud and a lot of large banks are monitoring those metrics. There is a non-significant possibility you could see major AA. Hopefully you will get csr/underwriter calls first rather than a shoot first response.
@gdale6 wrote:
All the big TBTF banks will cut you off when you need them most, I would not have but 1 card from any of them and diversfy to CUs and smaller local banks who actually are interested in helping the ones who live in their communities. Amex falls into the big TBTF category..
Yeah. Never view CLs as some sort of cushion against financial stress. They can evaporate quickly.