- Centurion Member
- Posts: 3929
- Joined: Thu May 08, 2014 7:42 pm
- Location: United States
When I had a fairly limited credit history and just a few cards, every dollar of my total credit limits felt important. I didn’t push hard for CLIs, but I’d have felt uneasy about closing a no-AF card, or moving a CL in such a way that I couldn’t save all of it.
When I got a SL of $7,500 on my CSP, I had a pretty clear realization that between CSP and my NPSL PRG, I had enough credit to meet my spending needs as a PIFer. Up until then it was a valid concern, since my wallet was Discover/Amex-heavy and limited acceptance was a concern. I did at least have a $4,500 Sallie Mae, but wasn’t thrilled about just earning 1% cash on major transactions. I didn't need to carry balances, so wasn't worried about utilization.
I’ve kept most of my cards open, but if/when I close more, I see preserving my existing CLs as a pretty low priority. I’m certainly not concerned about losing $500 or $2000 in credit due to some bank’s particular rules about moving CLs. Banks can take away CLs at any time, and it’s generally not hard for someone with a decent profile to get new “replacement” credit after an old card is closed…especially when a bank is pushing a card with a nice bonus.
How do others feel? Who's carefree about losing total CL, and who tries to hold on to every dollar?
Keeping indefinitely: IHG, SchwabPlat, CSP, Discover, Freedom, ED, BCE, Hyatt
May close or PC: Prestige, Arrival, BrooksBros
AA Platinum converting into Costco
Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech
Letting new accounts cool off since May