Thinking of closing a card, How big an impact?

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websteth
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Thinking of closing a card, How big an impact?

Postby websteth » Wed Apr 17, 2013 7:07 pm

Ok, I am currently looking for some advice. Due to my current bank begining to charge fees for things that used to be free such as mobile banking and personal payments, I am reducing my relationship with them and moving my Checking and Savings over to another institution.

Here is where the question comes in that I'm looking for advice. I also have a card with my current bank that I don't use but, it's been open since 2009. My oldest card on file is 2001 and the youngest on the file is 2012.

Between all of my accounts, I have a total Credit limit of ~$100k.

How much impact to my credit score should I expect to see by dropping this card with a $15k limit? I currently use between 1% and 2% of my total available credit according to Credit Karma and most of my charges hit my American Express.

Appreciate any thoughts. I don't mind just keeping it dorment as a way to stick to the bank but, it never gets used so why keep it open.

Thanks
American Express: Platinum, Zync, Platinum Delta SkyMiles, Blue, Starwood Preferred Guest
Barclaycard US: iTunes Reward Visa, US Airways Premier World MasterCard
Chase: Sapphire Preferred Visa Signature, Freedom Visa
Citi Bank: Hilton HHonors Visa Signature, AAdvantage Platinum Select World Elite MasterCard
Bank of America Virgin Atlantic World Elite MasterCard
Discover: Discover it
Other:Macy's Star Rewards, Target REDCard


nvtech
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Postby nvtech » Wed Apr 17, 2013 8:12 pm

Since you already have an AMEX, why not try the 3x CLI option ?
With AMEX you can request a CLI up to 3x once in every 60 days... (This does not mean you can request way beyond)
The good thing about CLI with AMEX is your are not hit with an HP.
Also the worst you can expect is the automated computer might not accept your request but would counter offer you something lower than what you requested.

Recently I have sucessfully used the CLI option for both me and my wife. I went from 10k to 19k and my wife 6k to 12k.,.both with no HP.


In your situation, if you are able to succeed in getting a min CLI of 15k on any existing account or get a 15k min limit by opening any new account, I guess closing your current account might lead to a max 4 to 6 point drop.

All the best !

websteth
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Location: Florida

Postby websteth » Wed Apr 17, 2013 8:32 pm

nvtech wrote:Since you already have an AMEX, why not try the 3x CLI option ?
With AMEX you can request a CLI up to 3x once in every 60 days... (This does not mean you can request way beyond)
The good thing about CLI with AMEX is your are not hit with an HP.
Also the worst you can expect is the automated computer might not accept your request but would counter offer you something lower than what you requested.

Recently I have sucessfully used the CLI option for both me and my wife. I went from 10k to 19k and my wife 6k to 12k.,.both with no HP.


In your situation, if you are able to succeed in getting a min CLI of 15k on any existing account or get a 15k min limit by opening any new account, I guess closing your current account might lead to a max 4 to 6 point drop.

All the best !


Thanks. I recently closed my Starwood AMEX so I'm waiting until Friday before I can request an increase on my Delta card. If it's only a less than 10 point drop to close it, I might just do that and still request the increase as well. I'll ponder it for a bit more though.
American Express: Platinum, Zync, Platinum Delta SkyMiles, Blue, Starwood Preferred Guest
Barclaycard US: iTunes Reward Visa, US Airways Premier World MasterCard
Chase: Sapphire Preferred Visa Signature, Freedom Visa
Citi Bank: Hilton HHonors Visa Signature, AAdvantage Platinum Select World Elite MasterCard
Bank of America Virgin Atlantic World Elite MasterCard
Discover: Discover it
Other:Macy's Star Rewards, Target REDCard

nvtech
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Postby nvtech » Wed Apr 17, 2013 8:55 pm

Forgot to say about how I did the CLI.

Call the 1800 number back of the card, option 5 CLI increase (I guess), enter the number you want to increase and BAMM...its either a congratulations message with approval of the requested amount or a counter offer with an other amount by the automated system.

This has been the case for me, my wife and an other friend of mine.

websteth
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Posts: 279
Joined: Sun Dec 05, 2010 10:40 am
Location: Florida

Postby websteth » Wed Apr 17, 2013 8:57 pm

Good to know. Thanks.

nvtech wrote:Forgot to say about how I did the CLI.

Call the 1800 number back of the card, option 5 CLI increase (I guess), enter the number you want to increase and BAMM...its either a congratulations message with approval of the requested amount or a counter offer with an other amount by the automated system.

This has been the case for me, my wife and an other friend of mine.
American Express: Platinum, Zync, Platinum Delta SkyMiles, Blue, Starwood Preferred Guest
Barclaycard US: iTunes Reward Visa, US Airways Premier World MasterCard
Chase: Sapphire Preferred Visa Signature, Freedom Visa
Citi Bank: Hilton HHonors Visa Signature, AAdvantage Platinum Select World Elite MasterCard
Bank of America Virgin Atlantic World Elite MasterCard
Discover: Discover it
Other:Macy's Star Rewards, Target REDCard

tigerowl06
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Postby tigerowl06 » Thu Apr 18, 2013 12:29 am

I'm pretty sure the 3X CLI from Amex is only available after 60 days the first time. After that it's 180 days between CLIs, counting across all cards.
Chase Freedom ($2.5K, 10/2009)
Discover it ($6.6K; 03/2011)
Amex BCE ($19.5K; 02/2013 - 2011 BD)
USAA Limitless 2.5% (22.5K; 08/2017)



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