Combining CLI and Closing Cards that Cost Money...

[XxRaVeNxX1]

So, at this point of rebuilding my credit. I have about 10 credit cards...few of those are toy cards, such as Kay Jewelers. Most of these were received when I started in 2012.

And only have a balance on one of them. 11% APR on it, 4K Balance...slowly paying off.

So, now I closed the secured credit card from Capital One since it had an annual fee of $25.00 and looking to close my Chase Southwest Airline card since it has an annual fee of $99.00.

I'm looking to get the Chase Slate card, and transfer my balance to this card, while at the same time closing the Chase Southwest Airline Card.

I would also like to combine my CLI of Southwest to the Chase Slate Card.

Is this possible? Any downside?


It would be ideal to apply to those prime cards such American Express or the Discover It, but with my current Navy Federal 10K and an 11% APR....I just dont see the point, , other than prestige/ego...

[tcbofade]

I'm not certain that I'm understanding your goal here.  If you want to transfer a balance FROM a Chase issued card, you will NOT be able to transfer it TO a Chase issued card. 

Not directly anyway...

I assume that you are carrying the balance on your Southwest card.  No, you won't be able to transfer that to Slate.

If your Southwest card is NOT the one carrying a balance, then by all means, apply for Slate BEFORE you close Southwest...once you are approved for Slate, you must leave Southwest inactive for 30 days (I think), but then Chase will allow you to transfer your credit line from Southwest to Slate...but not a balance. 

Hope that helps! 

[XxRaVeNxX1]

No it will be from a NON-Chase card.

[tcbofade]

I editted. 

[XxRaVeNxX1]

It does help...Any downside to the Slate Card...Closing these cards?

[tcbofade]

The only gripe that I've heard about the Slate card is its lack of OTHER benefits.  It is an awesome BT card.  That's all it does, but it does it very well.

As for closing other cards, the only tangible downside is how that would affect your utilization ratio.  If you can close x, y, and z cards and stay under 30% utilization, I don't think that you'll have any troubles. 

[DoroLucky]

Before closing these cards, can you check with your creditors if you can get a product change?

[Anonymous]

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@XxRaVeNxX1 wrote:

So, at this point of rebuilding my credit. I have about 10 credit cards...few of those are toy cards, such as Kay Jewelers. Most of these were received when I started in 2012.

And only have a balance on one of them. 11% APR on it, 4K Balance...slowly paying off.

So, now I closed the secured credit card from Capital One since it had an annual fee of $25.00 and looking to close my Chase Southwest Airline card since it has an annual fee of $99.00.

I'm looking to get the Chase Slate card, and transfer my balance to this card, while at the same time closing the Chase Southwest Airline Card.

I would also like to combine my CLI of Southwest to the Chase Slate Card.

Is this possible? Any downside?


It would be ideal to apply to those prime cards such American Express or the Discover It, but with my current Navy Federal 10K and an 11% APR....I just dont see the point, , other than prestige/ego...

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Can I ask why you got the SW card, and why you want to get rid of it?

I assume you got the SW card because you had a need for it.  I fly SW almost exclusively, but not often enough to have to worry about my points expiring.  

You get 6000 pts on your anniversary, which is just about enough to cover a $99 flight, so I see the AF as a wash, IF you fly SW.

Just some food for thought.

[takeshi74]

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@XxRaVeNxX1 wrote:

It would be ideal to apply to those prime cards such American Express or the Discover It, but with my current Navy Federal 10K and an 11% APR....I just dont see the point, , other than prestige/ego...

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"Prime" doesn't really mean anything.  Don't use it as a selection critieria.  Prime really applies to borrrowers, not cards, despite how often it is misused.  In the context of cards, it's a bit subjective.  Regardless, it's not a useful selection criterion IMO.

Sort out your needs/wants and use that to select cards that suit you.  Don't just select a creditor like AmEx and then try to justify a product from them.  Select specific products that suit you.  The Discover it would make sense if it was a good fit for you.  If you're considering rewards cards then look at your spend.  Figure out where your money is going and find cards that get you the most rewards on where most of your money is going.