Chase CLI using Recon

[jrdenver]

I just wanted to post and say that the recon #s do really work.  I have been closing all accounts NEWER than my AAoA (trying to increase it).  I PIF my car & motorcycle.  My util is <10%, and PIF monthly.  Scores ~720ish, but with a BK in 2004.  

My chase CL was $5500, and it had been 6 months 1 day since my last CLI ($500, from $5k even).  I called, customer service said no and that I would get a letter in the mail (ugh).  I was ticked, and remembered the recon # stickied in this forum.  Called there, gave them all my info, he gave me more than twice the increase I had asked customer service for (had asked for $7500, they took me to $10k). 

When he asked WHY I wanted $10k, I told him the truth, we push $2-4k through this card monthly, and I have to make several payments (e.g. weekly) to ensure my utilization stays low.  I would like to continue to use this card for all of my purchases, but still keep my utilization in check.  I also told him I had closed several other cards and had decided to make this my primary card. We also keep about 3-4x this limit in emergency savings, and really only use this card (vs debit) for cash back.

I guess it worked =).  I don't know if HH income is/was a factor (ours is about 2.5x the median income here).

[Anonymous]

Congrats on your hard work - on your PIFing (very savvy!) and on your good scores post BK.  You're doing great! 

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jrdenver wrote:   I have been closing all accounts NEWER than my AAoA (trying to increase it). 

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I just want to comment on the above statement.  Closing accounts does not remove them from the AAofA calculations.  That means when you close an account, your AAofA will remain the same as if the account were open - for as long as the account continues to show on your credit reports.

AAofA is calculated based on all the accounts showing on your credit report (well, except collections).

Be sure to check out Closing Credit Cards for additional info.

Again - congrats on your excellent work - and on your Chase recon'd CLI!

[jrdenver]

Gotcha, beamMEup.  My mortgage guy told me to close them to increase my AAoA, and I just assumed he was right.  Good info, and I need to go re-read the guides here =)

Thanks, JR

[dchrist475]

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@Anonymous wrote:

Congrats on your hard work - on your PIFing (very savvy!) and on your good scores post BK.  You're doing great! 

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jrdenver wrote:   I have been closing all accounts NEWER than my AAoA (trying to increase it). 

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I just want to comment on the above statement.  Closing accounts does not remove them from the AAofA calculations.  That means when you close an account, your AAofA will remain the same as if the account were open - for as long as the account continues to show on your credit reports.

AAofA is calculated based on all the accounts showing on your credit report (well, except collections).

Be sure to check out Closing Credit Cards for additional info.

Again - congrats on your excellent work - and on your Chase recon'd CLI!

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I had no idea that this was true. I have been holding onto some First Premier credit cards since they are my oldest. But the fees are killing me. If closing them wont affect my AAoA, I am getting on the phone with them right now and closing both accounts.

I know that closing them wont affect my utilization, because all of my cards are currently paid off to a zero balance.

This comment just made my day! Thanks!!!!!!!

[haulingthescoreup]

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@jrdenver wrote:

Gotcha, beamMEup.  My mortgage guy told me to close them to increase my AAoA, and I just assumed he was right.  Good info, and I need to go re-read the guides here =)

Thanks, JR

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I swear. You'd think that people in the mortgage profession would know this by now. That's just sad.

Tell him that all accounts (not collections, not judgments) that are on the report are counted in, open or closed.

Bless their little hearts...

[Anonymous]

the zero balances won't help and might hurt

your scores.  Run a small balance in 1 or 2 cards

each month and pif.  Not 1st

 Premier.

[My2cents]

What is Chase recon # again.  I need to call them tonight!!

Ole my2cents.