- Centurion Member
- Posts: 3929
- Joined: Thu May 08, 2014 7:42 pm
- Location: United States
I had a thought...the usual gardening wisdom is to keep cards open (at least as long as there's no annual fee or headaches with the card)...
For some people, it's hard to get high CLs on new cards because they have a lot of cards with low CLs - so the average CL across all open accounts remains low.
Has anyone ever found a benefit to consolidating credit lines, just for the sake of having a higher average CL?
For example, say someone has an Arrival, a Sallie Mae, an Apple Visa, a Slate, an Amazon Visa, and a Freedom. Each card has a $2k limit, which is low.
But if the CLs were all consolidated onto a Sallie Mae and a Freedom*, and the other four accounts were closed, the average CL on open accounts would be $6k. AAoA would grow more slowly, and AAoOA could improve or deteriorate, but utilization would not change.
*I know there's no guarantee Chase and/or Barclaycard would allow this.*
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