5

I have a credit card with a limit of 6k, have another with a limit of 1500$. I asked to raise my limit on the 1500$ card (at least three times) but it was always denied. So, I'm thinking on closing the 6k card and once closed, ask again for a raise on the 1500$ card.

Do you think closing the 6k card will help with my request for a higher limit on the other card?

Thanks!

Edit: Thanks for the answers. The cards are with different banks.

  • 1
    Are your two credit cards with the same bank, or different banks? When you were denied the credit limit increase, did they give you a reason? – Ben Miller - Reinstate Monica Oct 18 '15 at 4:20
  • Closing 6K card does not automatically mean the Bank will grant you increase in Credit. They are not directly related. – Dheer Oct 18 '15 at 5:22
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If the cards are with different banks, this is likely to make things worse instead of better, because it will cause your total card utilization to go up and alter the average age of open accounts.

If your cards are with the same bank, you might be able to call them and request a credit line consolidation, where you move some of that total credit limit from the $6K card to the $1500 card, and maybe flip their limits.

1

Closing the $6K card will likely be a disservice to yourself.

Just assuming for a minute you have $1K of current credit card debt, and your total revolving credit is $7500, you are only using 13% of your credit limit. If you close the $6K account, your debt-to-credit ratio jumps up to 66%!

Call the $6K credit card company and ask them for better terms.

If you have very little debt and can 'afford' to close the $1500 account, you can call to cancel the card, get transferred to account retention, tell them your reason for closing, and they might be able to work with you.

If you can't pay off $1500 credit card immediately, you can still close the account and continue to make payments on the balance (preferably at significantly more than the minimum payment amount); This will be recorded on your credit report as "Account closed per customer"

  • Thanks Scott. I would like to cancel to 6k card because I rarely use it (except for big purchases). I wanted an increase on my limit on the 1500$ card is because its rewards system is much much better than the 6k one. – Bristol Palin Oct 21 '15 at 23:42
  • Many card companies will let you jump between rewards programs. Call the 6k card and see what they can convert your account into – Scott DV Oct 21 '15 at 23:46

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