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My Citi Premier application last week was the first time Citi told me that even with moving credit from an existing card, my overall credit with them was at a level that a senior manager needed to approve the application. The application was approved several days later, $2,000 in new credit plus moving some from an existing card.
I have built up a Citi collection of little-used credit:
- Prestige: $35,000
- ThankYou Premier: $10,300 (new)
- ThankYou Preferred 1: $10,000
- ThankYou Preferred 2: $10,000
- ThankYou Preferred 3: $10,000
- Dividend 1: $18,000
- Dividend 2: $10,000
- Dividend 3: $5,000
- AA Platinum: $10,700
- AT&T Access: $12,500 (recent downgrade from AA Executive)
The conventional wisdom is to not give up credit unless to trade for a new account, however when hitting limits it may be savvy to proactively reduce. I have done this for Barclaycard (no success for new approvals) and BofA (mixed results).
I realize there are many factors such as utilization, income, etc so no two cases are alike. With that caveat, I am interested in hearing others’ experiences with Citi credit limits.
One recommendation I heard was to put cards at $5,000 each which is a common baseline for cards such as those that are Visa Signature so it doesn’t look too small or too large.
Should I reduce and to what levels per card?