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Chase Slate

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Anonymous
Not applicable

Chase Slate

So I got married this summer and unfortunetelly, the wedding costed me more than i had saved up in my and her savings account lol

Out of fear that that might happen i had apped and was aproved for slate earlier in the spring which then i used for my remaining wedding expenses which i put on my 18 months zero apr, the card has a limit of 5.5k and my balance is around 4.5k now, this is the only card i currently have a balance on, it does not look good on my reports as this credit card is over 80% utilized and i keep getting alerts about it, I'm probably taking a big hit because of it,

Do you think chase itself cares too much if i keep this balance on this card and try to pay it off before promotional period ends or should i split up this balance on other cards? I like the fact that i'm not paying any interest on it and i still use my other cards and PIF each month, but before i obtained this balance my TU score was 764 and now its alot lower Smiley Sad I'm okay with that as i know it'll go up as my balance decresses, but will chase get frightened of having one of their cards almost maxed out even though the other 4 are at 0 balance? 

Message 1 of 6
5 REPLIES 5
Anonymous
Not applicable

Re: Chase Slate


@Anonymous wrote:

So I got married this summer and unfortunetelly, the wedding costed me more than i had saved up in my and her savings account lol

Out of fear that that might happen i had apped and was aproved for slate earlier in the spring which then i used for my remaining wedding expenses which i put on my 18 months zero apr, the card has a limit of 5.5k and my balance is around 4.5k now, this is the only card i currently have a balance on, it does not look good on my reports as this credit card is over 80% utilized and i keep getting alerts about it, I'm probably taking a big hit because of it,

Do you think chase itself cares too much if i keep this balance on this card and try to pay it off before promotional period ends or should i split up this balance on other cards? I like the fact that i'm not paying any interest on it and i still use my other cards and PIF each month, but before i obtained this balance my TU score was 764 and now its alot lower Smiley Sad I'm okay with that as i know it'll go up as my balance decresses, but will chase get frightened of having one of their cards almost maxed out even though the other 4 are at 0 balance? 


So you have about 10 months worth of interest free? I'd get it down below 70% ASAP if at all possible and then just pay it down before promo interest ends.

Message 2 of 6
joedtx
Valued Contributor

Re: Chase Slate


@Anonymous wrote:

So I got married this summer and unfortunetelly, the wedding costed me more than i had saved up in my and her savings account lol

Out of fear that that might happen i had apped and was aproved for slate earlier in the spring which then i used for my remaining wedding expenses which i put on my 18 months zero apr, the card has a limit of 5.5k and my balance is around 4.5k now, this is the only card i currently have a balance on, it does not look good on my reports as this credit card is over 80% utilized and i keep getting alerts about it, I'm probably taking a big hit because of it,

Do you think chase itself cares too much if i keep this balance on this card and try to pay it off before promotional period ends or should i split up this balance on other cards? I like the fact that i'm not paying any interest on it and i still use my other cards and PIF each month, but before i obtained this balance my TU score was 764 and now its alot lower Smiley Sad I'm okay with that as i know it'll go up as my balance decresses, but will chase get frightened of having one of their cards almost maxed out even though the other 4 are at 0 balance? 


I realize you are taking advantage of the BT feature on this card but would it be possible to transfer at least 50% of this balance to another card so you could balance out your utilization..... just a thought.

Message 3 of 6
Anonymous
Not applicable

Re: Chase Slate

Utilization effects you in two ways. First, your overall utilization can drag down your credit score (utilization across all revolving accounts). Second, your individual utilization for a given revolving account can hurt your score. From a credit score perspective, getting your utilization on all cards below 10% is optimal. However, other factors need to be considered. 

 

If you don't plan on taking a major loan soon (home loan and maybe car loan), you don't need to worry about optimal scores. You just need to keep your credit profile in the safe range where lenders don't CLD you or close accounts. A maxed out card is a risk to lenders and they are more likely to CLD or close accounts with maxed cards. You should get your balance lower, preferrably under 50% as soon as possible. Barclaycard's Ring website has a blog (against rules of this forum to post, so I cannot post the link) where one of the community manager's discussed the reasons why lenders CLD or close accounts with high debt balances. Basically, their statistics show that those with high balances are an increased risk. Each bank has its own formula and each debtor's file modifies where this "risk" zone falls. But the easy to remember rule is that higher balances on a card increases the chance of AAs like CLDs or closed accounts. 

 

If you have other cards with Chase and if this is a small portion of your overall credit with Chase, you should look into moving some of your free credit line from your other Chase cards to the Slate. If not, you could contact Chase and see if they will give you a CLI. If neither works, you should consider paying down or transferring out some of the balance to another card. A second BT card might be a decent choice given your overall scores. 

 

 

High utilization on one card is not the end of the world. If your overall credit file is well established, Chase might overlook it. However, it's better to play it safe. You should look into getting the balance below 50% (or at least below 70-80%). 

Message 4 of 6
Anonymous
Not applicable

Re: Chase Slate

If it matters at all, I have only been paying this card and have not made any purchases so my balance was always going down, since this is the only balance on a card that i have, my overall utilization is extremely small as you can see that i have a lot of available crdit limit combined with all my cards.

I don't think i should ask for a CLI since i don't want to trigger anything by asking for a CLI when the account isn't that old and has a high balance on it.

Does chase HP if i ask to move some CL from one card to another?

Message 5 of 6
takeshi74
Senior Contributor

Re: Chase Slate


@Anonymous wrote:

Do you think chase itself cares too much


All creditors care about utilization as it is the second biggest factor (Amounts Owed)

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

 

Short term (e.g. a few months) high utilization isn't a big deal but prolonged high utilization can lead to adverse action.  You'll definitely want to work on getting it under 50%  and then under 30% as quickly as possible.

 


@Anonymous wrote:

Does chase HP if i ask to move some CL from one card to another?


Nope.

Message 6 of 6
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