cancel
Showing results for 
Search instead for 
Did you mean: 

Advice on credit actions to take before end of 2014

tag
Anonymous
Not applicable

Re: Advice on credit actions to take before end of 2014

Ask your personal banker for a waiver maybe
Message 21 of 34
red259
Super Contributor

Re: Advice on credit actions to take before end of 2014


@NRB525 wrote:

@red259 wrote:

 

 


I said the balance will be paid off when its due. I never said, nor am I, carrying a balance on the card. Just that a statement cut with the balance on it. I don't need this card to use the points since I already have an ink card. I don't need balance transfers. My question is what is the chase policy of moving credit lines from one card to another , not moving balances. 


Ok, fair enough.

 

However, as another point of clarification, the Chase Sapphire Preferred is a standard "extra points" credit card in that, to get the higher points earning rate, you must pay the AF. If your strategy is to find an "extra points" travel related card that is going to reward you like the CSP without the CSP AF, let us know, because I don't think it exists. Even the free Hotel cards that look like they are giving large points amounts, when you start calculating back to what that is worth on a really comparable basis, are all in the $0.01 range for the rewards, except if you are buying directly from that hotel chain.

 

Good luck!


I don't agree that hotel cards are all $0.01 range, since the valuations are more complex than that. The signup bonus on some hotel cards alone is two free nights and hotel status. I am not looking to avoid all AFs. I have the ink bold card so the CSP AF is repetitive, since I can use my points to programs still with my biz card. Since the 7% dividend is going away for the CSP the only value added that it is really offering me is the 2x on restaurant spend and on travel. I am looking for another restaurant spend card (for at least one quarter I can use the freedom for 5x). My travel expenses are not that great, so paying the AF for that is a loss. What I am trying to do is keep the credit line for purposes of overall util by moving it over to my freedom card which I am keeping long term. If I didn't have the ink card then keep the CSP would be a no-brainer.  

;
Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 828 5/2018, Last App 8/5/17
Goal Score: 800 (Achieved!) In garden until Sepetember 2019
Message 22 of 34
red259
Super Contributor

Re: Advice on credit actions to take before end of 2014


@NRB525 wrote:

There is a saying in engineering:

You can have this with more features (higher quality), you can get it delivered faster, or you can get it cheaper.

Pick any two.

 

In the credit card world, it goes:

You can get no AF, you can keep your credit line, or you can get oodles of points.

Pick any two.


You posted this before I had a chance to complete the above post, so if you read through that post I think it will clarify why an AF makes no sense in my position. Again I don't mind paying AFs, but it would be foolish to blindly pay AFs if the benefits derived will not surpass the value of the AF. 

;
Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 828 5/2018, Last App 8/5/17
Goal Score: 800 (Achieved!) In garden until Sepetember 2019
Message 23 of 34
red259
Super Contributor

Re: Advice on credit actions to take before end of 2014


@Anonymous wrote:
Ask your personal banker for a waiver maybe

I would love an AF waiver, but looking into it Chase seems to be kinda stingy with AF waivers and retention offers at least when it comes to the CSP. 

;
Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 828 5/2018, Last App 8/5/17
Goal Score: 800 (Achieved!) In garden until Sepetember 2019
Message 24 of 34
longtimelurker
Epic Contributor

Re: Advice on credit actions to take before end of 2014

Chase is very good (the best in my experience) at transferring lines between cards.  No HP.   If you don't want to close the card you will need to keep a small part of the CL there.

 

But don't give up on the possibility of downgrading to the CS, might still be possible.

 

I need to do something with mine, as I am just not using it!

 

And to answer another of your questions, the Citi Premier gives 3x on dining.  If you can use the TYP partners.

Message 25 of 34
NRB525
Super Contributor

Re: Advice on credit actions to take before end of 2014


@red259 wrote:

@NRB525 wrote:

There is a saying in engineering:

You can have this with more features (higher quality), you can get it delivered faster, or you can get it cheaper.

Pick any two.

 

In the credit card world, it goes:

You can get no AF, you can keep your credit line, or you can get oodles of points.

Pick any two.


You posted this before I had a chance to complete the above post, so if you read through that post I think it will clarify why an AF makes no sense in my position. Again I don't mind paying AFs, but it would be foolish to blindly pay AFs if the benefits derived will not surpass the value of the AF. 


I understand you don't want to pay an AF. What I'm trying to clarify is, you can't get everything you want. Even those free hotel nights? What are the conditions around those, they have to be extended from a paid night or two, right? So you have to go to the hotel and pay them something, then get the free nights in a hotel where, if they didn't sell that ngiht, they would get no revenue anyway. But they already got a night or two you paid for. Now, that's perfect if you were going there anyway, but it isn't free.

 

And, if you don't see value in maintaining the card by paying the AF, then cancel the card. But it sounds like you are getting benefits from the card, in the form of existing CL at least, where you do get some benefits if you kept paying the AF. It's just an explicit cost you'd rather not have to say you paid Smiley Happy because then you'd be paying interest or too much AF to a bank, and that's not cool Smiley Happy

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 26 of 34
longtimelurker
Epic Contributor

Re: Advice on credit actions to take before end of 2014


@NRB525 wrote:

@red259 wrote:

@NRB525 wrote:

There is a saying in engineering:

You can have this with more features (higher quality), you can get it delivered faster, or you can get it cheaper.

Pick any two.

 

In the credit card world, it goes:

You can get no AF, you can keep your credit line, or you can get oodles of points.

Pick any two.


You posted this before I had a chance to complete the above post, so if you read through that post I think it will clarify why an AF makes no sense in my position. Again I don't mind paying AFs, but it would be foolish to blindly pay AFs if the benefits derived will not surpass the value of the AF. 


I understand you don't want to pay an AF. What I'm trying to clarify is, you can't get everything you want. Even those free hotel nights? What are the conditions around those, they have to be extended from a paid night or two, right? So you have to go to the hotel and pay them something, then get the free nights in a hotel where, if they didn't sell that ngiht, they would get no revenue anyway. But they already got a night or two you paid for. Now, that's perfect if you were going there anyway, but it isn't free.

 

And, if you don't see value in maintaining the card by paying the AF, then cancel the card. But it sounds like you are getting benefits from the card, in the form of existing CL at least, where you do get some benefits if you kept paying the AF. It's just an explicit cost you'd rather not have to say you paid Smiley Happy because then you'd be paying interest or too much AF to a bank, and that's not cool Smiley Happy


In this case, he could get everything he wanted if the CS card is available for downgrade.   The only advantage he gets from the CSP, not covered by the Ink, is the 2x on dining (as he isn't doing much travel) and if he could still get that for free, then that is fine.    Now if that is no longer possible, then the search begins,...

Message 27 of 34
red259
Super Contributor

Re: Advice on credit actions to take before end of 2014


@NRB525 wrote:

@red259 wrote:

@NRB525 wrote:

There is a saying in engineering:

You can have this with more features (higher quality), you can get it delivered faster, or you can get it cheaper.

Pick any two.

 

In the credit card world, it goes:

You can get no AF, you can keep your credit line, or you can get oodles of points.

Pick any two.


You posted this before I had a chance to complete the above post, so if you read through that post I think it will clarify why an AF makes no sense in my position. Again I don't mind paying AFs, but it would be foolish to blindly pay AFs if the benefits derived will not surpass the value of the AF. 


I understand you don't want to pay an AF. What I'm trying to clarify is, you can't get everything you want. Even those free hotel nights? What are the conditions around those, they have to be extended from a paid night or two, right? So you have to go to the hotel and pay them something, then get the free nights in a hotel where, if they didn't sell that ngiht, they would get no revenue anyway. But they already got a night or two you paid for. Now, that's perfect if you were going there anyway, but it isn't free.

 

And, if you don't see value in maintaining the card by paying the AF, then cancel the card. But it sounds like you are getting benefits from the card, in the form of existing CL at least, where you do get some benefits if you kept paying the AF. It's just an explicit cost you'd rather not have to say you paid Smiley Happy because then you'd be paying interest or too much AF to a bank, and that's not cool Smiley Happy


No. Not even remotely close to accurate. The signup is two free nights. There is no requirement to pay for a room. You have to make the initial spend, but its money I am spending anyway, so its free hotel nights. The question I was asking is what is the procedure for transferring a credit line from one chase card to another. The card is of limited benefit to me and I can't see paying an AF for it and most of the value in the card is the credit line. If I can move the credit line to another card then I can pretty much get everything I want without paying an AF. If you read all my prior posts you will see I have no problem paying AFs that I derive a benefit from in fact the Ink card is an AF card. Its not a matter of being cherap. Its a matter of not paying fees to bank at a loss.

;
Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 828 5/2018, Last App 8/5/17
Goal Score: 800 (Achieved!) In garden until Sepetember 2019
Message 28 of 34
red259
Super Contributor

Re: Advice on credit actions to take before end of 2014


@longtimelurker wrote:

@NRB525 wrote:

@red259 wrote:

@NRB525 wrote:

There is a saying in engineering:

You can have this with more features (higher quality), you can get it delivered faster, or you can get it cheaper.

Pick any two.

 

In the credit card world, it goes:

You can get no AF, you can keep your credit line, or you can get oodles of points.

Pick any two.


You posted this before I had a chance to complete the above post, so if you read through that post I think it will clarify why an AF makes no sense in my position. Again I don't mind paying AFs, but it would be foolish to blindly pay AFs if the benefits derived will not surpass the value of the AF. 


I understand you don't want to pay an AF. What I'm trying to clarify is, you can't get everything you want. Even those free hotel nights? What are the conditions around those, they have to be extended from a paid night or two, right? So you have to go to the hotel and pay them something, then get the free nights in a hotel where, if they didn't sell that ngiht, they would get no revenue anyway. But they already got a night or two you paid for. Now, that's perfect if you were going there anyway, but it isn't free.

 

And, if you don't see value in maintaining the card by paying the AF, then cancel the card. But it sounds like you are getting benefits from the card, in the form of existing CL at least, where you do get some benefits if you kept paying the AF. It's just an explicit cost you'd rather not have to say you paid Smiley Happy because then you'd be paying interest or too much AF to a bank, and that's not cool Smiley Happy


In this case, he could get everything he wanted if the CS card is available for downgrade.   The only advantage he gets from the CSP, not covered by the Ink, is the 2x on dining (as he isn't doing much travel) and if he could still get that for free, then that is fine.    Now if that is no longer possible, then the search begins,...


+1

;
Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 828 5/2018, Last App 8/5/17
Goal Score: 800 (Achieved!) In garden until Sepetember 2019
Message 29 of 34
NRB525
Super Contributor

Re: Advice on credit actions to take before end of 2014


@red259 wrote:

No. Not even remotely close to accurate. The signup is two free nights. There is no requirement to pay for a room. You have to make the initial spend, but its money I am spending anyway, so its free hotel nights. The question I was asking is what is the procedure for transferring a credit line from one chase card to another. The card is of limited benefit to me and I can't see paying an AF for it and most of the value in the card is the credit line. If I can move the credit line to another card then I can pretty much get everything I want without paying an AF. If you read all my prior posts you will see I have no problem paying AFs that I derive a benefit from in fact the Ink card is an AF card. Its not a matter of being cherap. Its a matter of not paying fees to bank at a loss.


Ok, except for the Ink, you seem to derive no benefit from any AF, so that gives the impression of wanting to avoid them. My bad.

 

Ok, so I went through and, yes, you sidled into mentioning you had a Freedom card.

AFAIK, you pay the card with the CL you want to move down to zero, they may want it to sit for 30 days to ensure no new charges appear, you call Chase, ask them to move the CL to the new card, and leave $1k or $500 on the old card as CL.

 

btw, there is a Search box up there. If you have some key words like Chase Transfer Credit Limit (just a suggestion) you can often find discussions from the last several years (or September 7 2014) with useful background. Looks like you have to leave $500 on the donor card.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 30 of 34
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.