Originally Posted by
theplayer
lower the credit limits that you actually need on the cards…...
Isn’t there a 30 day lag (in Chase’s system) until reduced credit becomes available for a new application?
Originally Posted by
theplayer
… Some people are enamored by a high CL on a card...
One other advantage to the “consolidate” (vs “reduce”) strategy, both of which have been discussed at length on this and the Biz application thread. With (consolidating and maintaining) high credit limits, if one is negligent in managing payments, utilization (and hence credit score) will be less affected.
Example, a Chase personal card with $50K or $5k CL and $2K balance a week prior to statement date. Intend to pay some or all prior to statement date but forget. $50K CL account will report 4% utilization and $5K account will report 40% utilization, very different effects on credit scores.