Currently have 5 BOA cards with a total CL of 42000. The card I'm going to cancel is a personal Alaskan Airlines card with a credit line of 18000. Just cancel? Transfer CL to other card? Usually I just cancel. Thanks for any insight.
Quote:
You'll be at greater risk of being denied for your next card if you don't lower you CL separately, before you cancel.Originally Posted by shanna135
Currently have 5 BOA cards with a total CL of 42000. The card I'm going to cancel is a personal Alaskan Airlines card with a credit line of 18000. Just cancel? Transfer CL to other card? Usually I just cancel. Thanks for any insight.
That's because CL that's lowered while you still have the card becomes available to new applications within a few months at most, while CL that stays on the card when you cancel doesn't become available to new cards for over a year!
So I'd recommend lowering the credit limit from $18k to no more than $5k. That'll free up $13k for if not your next app, the one after that. Then wait at least until you can verify the new lower CL online before cancelling, though to be safe I usually give it a week at least.
Transferring CL to another card won't help you any. You'll still have $42k with BOA, which risk your next card being approved for just $1500 CL or something like that. (Plenty of precedent for that in the Alaska Airlines card thread!
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