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Question By
Asheranne

4 Contributions
14 People Helped
Increase Limit on Existing Credit Card(s) OR Open a New Card (if both which order)
I currently have debt on two cards ($4000 & $15,000).
I want to open the Citi Diamond preferred for the 21mo no APR, and to combine the amount rather than split payments between two.
BUT am also considering extending the limits on my current cards.
(I have lowered the limits in the past for peace of mind - who wants to risk a stolen card with a $30,000 limit)
Just weighing all factor/options; which in anyone’s experience or opinion may be of better benefit to do or do first if I go both ways. Just because I open a new card doesn’t mean I can’t still get an increase but would doing one before the other have a better benefit??
If my score is helped by the existing limit increase I may have a better limit or approval or apr rate on the new card. OR having that run first could damage my chance of opening new card; not sure – any of you know? Thanks!

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Top Contributor
785 Contributions
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$19,000 in credit card debt? You're paying an exorbitant amount of interest. If your credit score enables you to receive the Diamond card, can you afford to pay the $904 to $1000 a month to get it paid within the 21 month period?  And, not charge up amounts on other cards? 

Never spend more than you can comfortably afford to pay off every month. Paying interest is wasted money.  You should really read the articles here to educate yourself on credit.

Lowering your credit limits is not the way to increase your credit score. Every credit card website I've seen has alerts you can set up.  You can set up payment reminders, spending alerts, etc. 

Top Contributor
675 Contributions
353 People Helped

I agree with mindjazz.... I would not lower my credit limit.  That could hurt your score more then help.  You can set alerts on your cards that can let you know anytime it is used or at a certian limit.  In any case you are not liabel for any fraud. 

I would go for the credit increase first to may your utilization as good as possible before applying for new credit.  Then I would wait till that reported on the next statement and then app for the Citi card.

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