Hi all,
I have credit cards open with 3 different banks, and a pretty good credit score, but I seem to be bumping up against my limit when it comes to credit increases (perhaps based on my income?) I was wondering if closing a card with one bank (let’s say it has a 10k credit limit) would then cause one of the other banks to be willing to increase my credit limit up to that amount (or something at all) – I know that hurts my credit score, just wondering if my credit cap is per-bank or total.
Thanks!!!
I’d advise against closing a line. You may inadvertently cause your limit to be lowered on another line. Lower score is (somewhat) correlated with higher risk. In my experience, I found that banks will typically assess their risk across all lines of credit for a customer (loans, heloc, revolving accounts) and adjust offerings accordingly. I’ve been told as much in a request to increase a credit line with my primary bank. You may not actually be able to increase your credit line with a bank due to income or some unknown (to you) factor. Unless your utilization is high, simply having additional lines of credit with other institutions is probably not a deciding factor in their calculations.
Every bank is going to have their own rules on their individual risk profiles for applicants and card holders. Closing one line isn’t likely to have another bank move their line just because of that.
Banks typically have entirely different guidelines and limits. They don’t generally care what other banks have extended.
Nope, most decent banks don’t care how much credit you have with other banks. All that matters is how much credit you have with one particular bank. Are all 3 of your accounts with the same bank?
With credit limits you just have to go slow and work your way up. Also depending on which accounts you have that could be a factor. Capital One will for example always take into account your credit history when you first got a particular account and sometimes that will leave you stuck with some account that won’t grow past $5k or so.
Higher limits beget higher limits. If you can bump up your limit on existing accounts, keep reported balance low (a few accounts reporting $0 helps) you might get better approval on some account. Let new accounts and inquiries age and then go for a new account.
I’ve found Amex and BoA to be pretty generous.
Yes, your income will influence how much credit limit a bank is willing to give you. Reducing the amount of credit you have through other banks might cause you to qualify for a credit limit increase, or it might not, it depends on the bank’s policies.
There is no arbitrary “credit cap” – each bank decides how much to lend, and to whom.
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