Chase to Amex Credit Line and FICO score

[zifnab]

Hi all,

I've had a Chase mastercard with 35k limit (no balance) since '01 and just received the change of terms notice. They're switching my 7.99% fixed APR to Prime + 10.99% variable. Of course I'm pissed (never been late and don't keep a balance). I want to move the credit line over to my Amex Blue card then cancel the Chase card. Do you think it will affect my FICO score much (currently just under 800) assuming Amex approves my credit line increase? Thanks for any insights.

Message Edited by zifnab on 08-03-2009 05:57 PM

[cobaltnv]

Hi zifnab, welcome to the forums. Sorry to hear about your recent ratejack. You are actually one of the lucky ones. A little reading on this site will show you that many CHase cards are being cancelled. 

   I understand that you are unhappy about the change in service to your card. Keep in mind that this will be happening to many of us prior to the enactment of the new credit card legislation. If you do not carry a balance then the APR is meaningless. If fact I could not even begin to tell you what the APRs are on my credit cards as I have not carried a balance in years.

Cheers 

[zifnab]

Yep. I can understand that aspect logically, but I feel like I need to throw my hand into the ring and close the account on principle. We shouldn't be treated this way if we haven't done anything to deserve it. I just don't want it to affect my credit score drastically.

Message Edited by zifnab on 08-03-2009 06:22 PM

[Anonymous]

I recently cancelled my BoA Bankamericard with a 25K limit due to a rate jack.  It had very little effect on my scores.  I closed the CC the last week in May.

See scores below.  Closing a CC and thus losing the CL will only hurt you if it changes your utilization.  And, the account will drop off your reports after 10 years.

[Anonymous]

Don't take it personaly the fedn has crippled the banks to contol risk which increases losses, so  they have to increase prices before the fed rules starts ,While the feds has harder to to get, thanks to congress it will make it harder to keep.

If I as A bank is told a cardholderas untouchable for first year, then one late payment and I'm shuting them down

then after that I can only increase the ir rate if they are 60 days behind, What bank would want to deeal with that

 for the record I I feel UD shouldn't be banned but fixed with an amendment to the Fair credit credit reporting act ,levying a $5,000 fine to any credit reporting any late payment to the CRA's under 30 days

Once stop creditors report false infomation , Then a late payment on a credit report would be the true sign of distress it was ment to be, good for the consumer good for the bank

[Uniqua]

I don't understand your reasoning behind wanting to close the card. If you do not revolve balances, how is this rate change going to affect you? I just received a letter too stating my APR will increase from 10.24% to 12.24% come October. Makes no sense for me to close the card since I, like you, have never carried a balance on it.

If you think Chase's rate jack is pissing you off, try revolving a balance with AmEx and see what they do to you. Neither of these two banks are customer favorites at the moment. Don't close the card unless you feel you will be revolving balances soon. Otherwise, you don't stand to lose anything at the moment. I understand the shock of getting the rate jack, but calm down. You are good with your Chase CC right now.

Btw, awesome FICO!

[creditwherecreditisdue]

The name of the game these days is CL maintenance. You may find higher CL's very hard to replace now and even harder in the future. APR's mean nothing if you don't revolve balances.