Consolidating Available Credit

[Anonymous]

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@Anonymous wrote:
@Anonymous I would transfer over your limit from the ritz to the Marriott, but leave $500 on the ritz. Wait until the annual fee is up and then close it imo. This way chase won't look oddly at the closing whatsoever just to be safe. You can also have more time to max out the ritz travel credit unless you have already done so.

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Awesome, thank you very much.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:
@Anonymous I would transfer over your limit from the ritz to the Marriott, but leave $500 on the ritz. Wait until the annual fee is up and then close it imo. This way chase won't look oddly at the closing whatsoever just to be safe. You can also have more time to max out the ritz travel credit unless you have already done so.

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Awesome, thank you very much.

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You're welcome. Happy to help. 

[Kenro]

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@Anonymous wrote:
@Anonymous I would transfer over your limit from the ritz to the Marriott, but leave $500 on the ritz. Wait until the annual fee is up and then close it imo. This way chase won't look oddly at the closing whatsoever just to be safe. You can also have more time to max out the ritz travel credit unless you have already done so.

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Ritz and Marriot are both Visa Signature. If I remember right, the lowest possible amount to keep a Visa Sig open is 5 000$ not 500$.

[Anonymous]

Not quite correct. The lowest VS approval amount with Chase is usually 5k. Once you have the card it remains a VS regardless of the CL amount.

[Anonymous]

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@Kenro wrote:

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@Anonymous wrote:
@Anonymous I would transfer over your limit from the ritz to the Marriott, but leave $500 on the ritz. Wait until the annual fee is up and then close it imo. This way chase won't look oddly at the closing whatsoever just to be safe. You can also have more time to max out the ritz travel credit unless you have already done so.

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Ritz and Marriot are both Visa Signature. If I remember right, the lowest possible amount to keep a Visa Sig open is 5 000$ not 500$.

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Chase allows you to lower limits past the minimum required CL for a visa siggy. The minimum limit Chase enforces to keep it open is $500 if i'm not mistaken. 

[anm688]

So is FICO at all effected by average age of open accounts? Or is it only average age of all accounts?

[Anonymous]

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@anm688 wrote:
So is FICO at all effected by average age of open accounts? Or is it only average age of all accounts?

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All accounts. If you close an account it still shows up on FICO for 10 years.

[Anonymous]

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@anm688 wrote:
So is FICO at all effected by average age of open accounts? Or is it only average age of all accounts?

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FICO scoring includes closed accounts for calculating your average age of accounts. Closed accounts remain on your report for ten years. 

[Anonymous]

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@Anonymous wrote:

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@anm688 wrote:
So is FICO at all effected by average age of open accounts? Or is it only average age of all accounts?

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All accounts. If you close an account it still shows up on FICO for 10 years.

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Beat me to it lol

[Kenro]

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@Anonymous wrote:

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@Kenro wrote:

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@Anonymous wrote:
@Anonymous I would transfer over your limit from the ritz to the Marriott, but leave $500 on the ritz. Wait until the annual fee is up and then close it imo. This way chase won't look oddly at the closing whatsoever just to be safe. You can also have more time to max out the ritz travel credit unless you have already done so.

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Ritz and Marriot are both Visa Signature. If I remember right, the lowest possible amount to keep a Visa Sig open is 5 000$ not 500$.

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Chase allows you to lower limits past the minimum required CL for a visa siggy. The minimum limit Chase enforces to keep it open is $500 if i'm not mistaken. 

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That is a pretty neat thing.... I shall use this, I always assumed that 5 000 was the lowest bound.