Closing Multiple Cards - Chase

[PNW_Hunter]

Hello Everybody!

I want to get the forum's input on whether or not it will hurt me to close a second card around the same date.

I did a full consolidtion of my credit line from my Chase Slate card today to my Chase Freedom card, and then closed out the Slate account. I had opened this card for the 0% APR introductory period.

My Credit Portfolio:

Amex BCP: $20,000

CapitalOne Quicksilver: $7,750

PenFed VISA Cash Rewards: $11,000

Chase Freedom: $20,000

Discover IT: $12,000

Chase Sapphire: $5,000

I am thinking of doing another full consolidation of my Chase Sapphire card into the Freedom, but am wondering if it will look bad or kill my credit score for closing two accounts in a matter of a couple days?

I really have no use for the Sapphire card, and I dont spend enough to justify upgrading it to the Preferred.

The Sapphire is a pretty mediocre card when there are others like the Double Cash out there.

My scores are in the all around 775, and the Sapphire card has been open since 2012, with my first card being opened in 2010.

Thanks!

[kdm31091]

I'd advise waiting at least a few months to do it. If your Sapphire is the non-preferred it's not costing you anything to keep open temporarily.

If you consolidate twice in such a short period and close accounts, Chase may raise an eyebrow to it. Space these things out so you don't look like you are churning cards, especially since they're all Chase cards and they have been anecdotally tightening up lately.

[PNW_Hunter]

Thanks for the advice.

That seems like a pretty logical approach. I definitely don't want to raise any eyebrows from chase or any of my other lenders!

[PNW_Hunter]

I have a follow up question to ask the forum:

I was able to product change my chase sapphire card to an additional chase freedom card, so I now have two freedom cards.

With that said, do you guys think it is worth it to keep the two freedoms, or should I continue with the plan to consolidate the freedom with the shortest history with the other freedom?

Im leaning towards consolidating them still, since I have the discover IT, but I do see the value in doubling the 5% category limit to $3k.

[taxi818]

The point kdm was trying to make clear. was chase is going for customers that are constantly closing cards. that was good advice he gave you. if you just closed one. it does not matter what kind of chase card it is. freedom sapphire or what. just keep it open. it does not cost you a thing. and down the road. another year from now. close the 2nd freedom. its not like it is weighing your wallet down or some thing . what is the rush. they are truly going after churners now. even though we can tell from your post that you are not one. but why put yourself in that position to be classified as a churner when you are not. you simple want to consolidate. understandable. but don't be in such a rush after doing it now. i could see if they the cards were from different banks. but they are all from chase. so just wait a while is good sound advice.

[Zorasmiles]

I'm inclined to agree with the previous posters.  Knowing Chase's current position and new rules in place, OP I'd suggest you maintain those two Chase Freedom accounts (as they will have different account numbers) for at least a year at minimum and two years if possible.  Place a few small charges on each monthly if you're not after the rewards, pay in full before the statement cuts and call it a day.  Chase is forum wise, just as forum members have become Chase wise with the help of the forum--their latest moves should be a huge indicator of this.   Either way at the end of the day only you know what's best for you as after you received the first round of advice you did the product change and basically returned asking the same initial question.  You can only do what you know your credit profile supports and how you would like Chase to see your CC relationship from this point forward.  Good luck with any decisions you do make moving forward.

[takeshi74]

Impact of closure is covered in this thread linked in the Helpful Threads sticky:

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

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@PNW_Hunter wrote:

I am thinking of doing another full consolidation of my Chase Sapphire card into the Freedom, but am wondering if it will look bad or kill my credit score for closing two accounts in a matter of a couple days?

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Time doesn't really matter.  See the link above.  Looking a churner could be a concern but closing by itself isn't going to cause concern.  You haven't mentioned apping for other Chase cards.

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@PNW_Hunter wrote:
With that said, do you guys think it is worth it to keep the two freedoms

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Your call to make.  Worth is always highly subjective regardless of topic.  Some people find having two of a given card to be benefiical.  Some do not.  It's your needs/wants that will determine the answer and not polling others.  Do you have enough category spend in a quarter to exceed the $1,500 cap?  Would you benefit from more UR's on that category spend?

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@PNW_Hunter wrote:
but I do see the value in doubling the 5% category limit to $3k.

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Run the numbers for your spend to help you decide.

[youngandcreditwrthy]

To each his own, but I actually closed my CSP. Wasnt very useful after the first year.