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Closing credit card to increase limit on another

  • ali
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18 Oct 2015 15:23 #275040 by ali
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!

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18 Oct 2015 15:50 #275046 by chairman
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.

Always tell someone how you feel because opportunities are lost in the blink of an eye but regret can last a lifetime.
cricketwindies.com/forum/

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18 Oct 2015 15:51 #275047 by ketchim
Credit card companies calculate risk and may have found you are high risk.

IF you close the 6K ( assuming you mean paying it off to zero)

then you would have to reapply for a recalculation of your Debt Service Ratio !

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18 Oct 2015 18:13 #275066 by chairman
He needs to pay down the debt first.  Credit card companies hate customers askin for credit car increase its a red flag

Always tell someone how you feel because opportunities are lost in the blink of an eye but regret can last a lifetime.
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