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Closing CSP but in the middle of house buying...

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Anonymous
Not applicable

Closing CSP but in the middle of house buying...

Good Morning MyFICO,

I'm not sure if this is a credit card question or mortgage loan question since it's a bit of both.

Anyways, I currently have both a Ritz and CSP card with Chase. I use the Ritz card A LOT more than my CSP card (I know point value is better on CSP, but I prefer the Ritz card due to vacation bundles and the card itself is an achievement for me as weird as it sounds, it has an intrinsic for a lot of the hard work I have put it school and work. I know it's weird but to each their own.)

My AF is coming up on CSP and I think I'm going to close the card and keep open my Ritz.

Questions:
- Can I move my entire CL to my Ritz card? That would be fantastic as it would increase my limit to about 20k.
- I am in the process of buying a house. Would closing the card be a bad thing to do now? I know I should not open up one, but what about closing?

Any tips would be appreciated.

Thanks.

(Sorry for any typos, posting from mobile.)
Message 1 of 6
5 REPLIES 5
Anonymous
Not applicable

Re: Closing CSP but in the middle of house buying...


@Anonymous wrote:
Good Morning MyFICO,

I'm not sure if this is a credit card question or mortgage loan question since it's a bit of both.

Anyways, I currently have both a Ritz and CSP card with Chase. I use the Ritz card A LOT more than my CSP card (I know point value is better on CSP, but I prefer the Ritz card due to vacation bundles and the card itself is an achievement for me as weird as it sounds, it has an intrinsic for a lot of the hard work I have put it school and work. I know it's weird but to each their own.)

My AF is coming up on CSP and I think I'm going to close the card and keep open my Ritz.

Questions:
- Can I move my entire CL to my Ritz card? That would be fantastic as it would increase my limit to about 20k.
- I am in the process of buying a house. Would closing the card be a bad thing to do now? I know I should not open up one, but what about closing?

Any tips would be appreciated.

Thanks.

(Sorry for any typos, posting from mobile.)

Yes you can move the entire limit afaik and it won't affect your home buying.  If it were me I'd seriously consider keeping both cards.  CSP is one of the best cards out there and you would be closing out any way of eRning UR points.  Given that it might be a long time before you can get any UR earning card I'd suggest keeping at least one.

Message 2 of 6
rlx01
Established Contributor

Re: Closing CSP but in the middle of house buying...

Or downgrade the CSP to a Freedom...
Message 3 of 6
Anonymous
Not applicable

Re: Closing CSP but in the middle of house buying...

Keep the CSP & use it sparingly.  Give it a while before you decide if you really want to close it down.  It's a darn good card to have. Smiley Wink

Message 4 of 6
MoreRewards
Established Contributor

Re: Closing CSP but in the middle of house buying...


@rlx01 wrote:
Or downgrade the CSP to a Freedom...

I was told by Chase that this is no longer possible. Though I did downgrade to non preferred version. 

EQ 773 * EX 786 * TU 797
Message 5 of 6
Anonymous
Not applicable

Re: Closing CSP but in the middle of house buying...

Closing the card or for that matter PCing (provided there is no HP to do so) will have zero impact on your mortgage app. I say that as an ex underwriter for a major national mortgage lender, so I promise I'm correct :-)
Message 6 of 6
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