Credit Card Center Advertiser Disclosure†
05-27-2013 02:20 PM
Sorry for the long post, but hopefully all the background will allow everyone to give me the best advice out there.
Went on a big app spree in 2013 and added Chase Amazon (Feb), Citi ThankYou Premier (Feb), Amex SPG(May), Chase Freedom(May), Chase CSP(May), Chase United MileagePlus Explorer(May). I planned on gardening for a long time since I'm pretty happy with my wallet. I'll just slowly let the limits grow and negotiate some better terms on my older cards (Discover APR is high). I plan on getting engaged within the next 6 months so have started to the ring search. The jeweler offered zero interest for a set financing fee. The longer the financing period, the higher the financing fee. It's GE Capital, of which I don't have any accounts. 9 months = 4.75%; 12 months = 5.95%. Not really the best option, in my opinion. Even a 3% balance transfer fee would be cheaper.
My Chase Freedom has 0% financing through August 2014 so I'm thinking I can use that to my advantage. My initial CL was $7,000 and it was opened a couple weeks ago. What are the chances of me getting the limit increased to 15k in another 3-4 months? My track record with Chase is short and they've already offered a total of 37k to me in 2013. I want to take advantage of the promotional period 0%. I have a good chunk of cash to cover a lot of it, but obviously want to get the points from the purchase.
Is it too late to try and negotiate my initial CL? I would think so... Would Chase potentially give me a CLI if I request it before the 6 month mark? It's a Visa Signature, so I can always ask them to allow me to go over the limit and pay it down to under 7k, but would rather have more room as I pay down the balance through August so the card isn't labeled as 'maxed out' (i.e. 75%).
What are everyone's thoughts? Is Freedom the way to go or should I open a Citi Simplicity instead? Citi isn't the biggest fan of me so I'm not sure if that will work, plus I won't get any points for the purchase. I'm trying to not add anymore cards, but this seems like a good reason to do it so I'm not completely opposed. That's if I even get approved. Points are secondary to the 0% financing.
Thanks for the advice everyone!
05-27-2013 02:27 PM
You can always move over CL from your other chase cards to your freedom - that won't require a HP, which Chase typically does for a CLI. You can do that just by calling the number on the back of your card. I did that myself this weekend - moved 4k from my amazon to my slate to take advantage of the BT offer. Since you already have 37k cli from chase, you might also be getting closer to the max CL that chase is willing to extend to you. This way you can still take the points you earn on your freedom and transfer it to your CSP - and voila: you're closer on saving up towards a free honeymoon!
05-27-2013 02:31 PM
I thought about that. 2 follow up questions:
1) You can move credit across cards even if you haven't had the card opened for a year? I seem to remember reading somewhere (perhaps Amex) you can't move unless the account has been opened for a year.
2) How many times can you move credit around? Could I move it to my freedom for this, then move it back afterwards? I'll never need my United card to be more than 10k, so i can move 5k pretty easily. Will that have any adverse impact on potential auto CLI by Chase in the future?
05-27-2013 02:40 PM
I don't know whether it matters how long you've had the account that you want to take the CL from. I would call and ask. As far as how many times you can do this, I haven't heard anyone say anything about a maximum number but I would also imagine that most people probably don't do this every week either. I don't see why you couldn't move it back after you're done using it on the freedom. Regarding any negative impact on potential auto clis - I can't say and I don't know the rest of your profile - income, debt ratio, etc but chase isn't really known for their auto clis. And I don't know your likelihood of getting auto clis anyways particularly since you already have 37k from them. But of course, ymmv.
05-27-2013 08:56 PM
As long as your Chase Freedom has 0% on purchases, as well as balance transfers, I think you should try to move over some of the credit line from your other Chase cards. You won't get any points if you do a balance transfer. I am thinking the 13 month rule is for PC's, but Chase will need to answer for sure if they can do it. Worst case, if you can't move your limits, you could ask the jewelery store if you can make a deposit up to your credit limit, and pay it off since you said you have the cash. And then charge the balance on your Freedom, once the credit limit is released. Good luck!
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.