Closing Credit Card Scenario... Chase Slate

[Anonymous]

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@Stylez wrote:

The Chase Slate card has no annual fee. I don't see the advantage of closing it.

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It also has NO rewards to speak of. I see an advantage in doing a roll and close.

[takeshi74]

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@PNW_Hunter wrote:

I currently am paying off the remaining balance on my Chase Slate card, and am wondering if you guys would caution against closing the credit card once the balance is paid in full 

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A lot of myFICO'ers will tell you to keep anything without an AF open.  However, you need to use the info in this thread, linked in the Helpful Threads sticky and your own needs/wants/priorities/preferences to determine whether or not you close it.

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=117125&jump=true

[Creditaddict]

I think the difference when talking about closing just any card with no AF vs. talking about closing a Chase card is that with another bank that you can't roll the CL over into another card you would be loosing all that CL but in this case you would be gaining a MUCH higher limit card which in most credit review eyes will help with future higher limit credit cards... this is a no brainer, Move the CL and CLOSE SLATE!

[PNW_Hunter]

Thanks for the additional comments, everyone.

Takeshi74: Thanks for the link! My interpretation would be that doing a "roll" onto my Freedom card and then closeing the Slate would be a good option since I am avoiding the negatives about losing the credit limit/utilization, but then again I would be losing an account history (after 10 years).

At this point, I think I am leaning with closing the account after full payment and moving the credit limit around - although I am cautious because I've never closed an account before, so I fear one day I'll look at my discover TU Fico and see a 30 point dip

[Creditaddict]

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@PNW_Hunter wrote:

Thanks for the additional comments, everyone.

Takeshi74: Thanks for the link! My interpretation would be that doing a "roll" onto my Freedom card and then closeing the Slate would be a good option since I am avoiding the negatives about losing the credit limit/utilization, but then again I would be losing an account history (after 10 years).

At this point, I think I am leaning with closing the account after full payment and moving the credit limit around - although I am cautious because I've never closed an account before, so I fear one day I'll look at my discover TU Fico and see a 30 point dip

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it won't be from closing this card since you will be loosing zero history and zero CL

[PNW_Hunter]

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@Creditaddict wrote:

I think the difference when talking about closing just any card with no AF vs. talking about closing a Chase card is that with another bank that you can't roll the CL over into another card you would be loosing all that CL but in this case you would be gaining a MUCH higher limit card which in most credit review eyes will help with future higher limit credit cards... this is a no brainer, Move the CL and CLOSE SLATE!

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Thanks for the reply!

I've been working hard to get my limits up on my first two cards - CapOne QS and Discover IT, but they have been incredibly conservative! I do understand that I am not using hard pulls to get increases (I generally don't like doing that - I'd much rather add a new card to use a hard pull, generally) and have a limited length of history, though...

[PNW_Hunter]

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@Creditaddict wrote:

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@PNW_Hunter wrote:

Thanks for the additional comments, everyone.

Takeshi74: Thanks for the link! My interpretation would be that doing a "roll" onto my Freedom card and then closeing the Slate would be a good option since I am avoiding the negatives about losing the credit limit/utilization, but then again I would be losing an account history (after 10 years).

At this point, I think I am leaning with closing the account after full payment and moving the credit limit around - although I am cautious because I've never closed an account before, so I fear one day I'll look at my discover TU Fico and see a 30 point dip

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it won't be from closing this card since you will be loosing zero history and zero CL

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This is comforting for sure - now if I could only find a way to get more use out of my Sapphire card now that the new Citi Double Cash card is out... makes 2% on just restaurants look lousy..

[baller4life]

Why not get AARP? Great card!

[PNW_Hunter]

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@baller4life wrote:
Why not get AARP? Great card!

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I don't think I want to open an additional account right now, and Chase has repeatedly told me I cannot product change to anything but a Freedom or Slate, both of which I already have.

3% is nice, though!

[Anonymous]

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@Closingracer99 wrote:

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@Anonymous wrote:

If you're going for 800's then leave the card open for at least 1 year or even 2. The card is only showing 6 months of history. It's actually viewed as a negative account until it attains 1 year of history.  If it were me I'd leave it open until it started impacting my approvals. Payment history is one subject that is always overlooked here. 

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Meh I have closed a card I got in June last month and no damage to my reports 

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Unless you have 850's across the board you have "negative" info on your report. Not negative in the traditional sense as latest or collections. Add a new account leave it open for 3 months and close it. Is your score going to be the same? I doubt it.