The wiki states this above:
Q: I already have several Chase cards with a substantial aggregate line of credit. Will it improve my odds if I close an existing account (or lower its credit line) before applying for another?
A: Yes.
In the past, the conventional wisdom among FTers was that you were more likely to hurt your chances by closing an account or reducing CL unilaterally. However, substantial evidence from 2014 onward strongly indicates that Chase is increasingly likely to reject applications (or at least not auto-approve them) where an applicant has an existing total credit line that is high compared to his/her income & spending patterns. (For many members, the threshold appears to be in the $45K-60K range, but that is highly speculative.)
Recent reports suggest that closing accounts and/or voluntarily reducing credit lines increases the odds of auto-approval or in-branch pre-approval...
Is this "collective wisdom" up-to-date, and is there anything like a consensus around this?
I do indeed have quite a few Chase cards, and with a fairly large total combined credit line (in fact, around the upper end of the range referenced in the wiki). I'm very tempted to open a new card (I have not opened a Chase card in more than 2 years, I'm currently at 4/24). I have a card I'm not using much which has a fairly large CL, I'm thinking about closing that card or (more likely) reducing the CL substantially (by maybe $10K to 15K) or perhaps doing a product change later. But I'd like to open a new card first. My hope is to get auto-approval for the new card, and looking to optimize my chances of that...so pondering reducing that lightly-used card's CL first.
Any recent experiences to suggest that lowering another cards CL is a good way (or not) to help set up approval? Thanks.