@Anonymous wrote:
So if I have a CSP and freedom and love the combo. Not too fond of the AF next year. If they don't wave it and I want to move my limit from the CSP to the freedom what will that do the the trade line?
For example I currently have like 24 trade lines. If I move limits and cancel the card will I still have 24 or will it go down to 23?
Also if it stays will my CSP be listed as $5k? Or will it be listed as $0 since I moved the limit to the freedom which is currently only at $2k.
And will my freedom update to show $7k or will it not update?
Thanks!
If you move the CSP's limit to the Freedom and close the CSP, you will then have 23 open and 1 closed credit line. The closed one will stay on your credit report for up to 10 years.
I my case, I had a Freedom at $6000 and a CSP at $11,900. My Freedom is now $17,900. The CSP lists as being closed, and limit is still $11,900.
@Anonymous wrote:
So if I have a CSP and freedom and love the combo. Not too fond of the AF next year. If they don't wave it and I want to move my limit from the CSP to the freedom what will that do the the trade line?
For example I currently have like 24 trade lines. If I move limits and cancel the card will I still have 24 or will it go down to 23?
Also if it stays will my CSP be listed as $5k? Or will it be listed as $0 since I moved the limit to the freedom which is currently only at $2k.
And will my freedom update to show $7k or will it not update?
Thanks!
1. You'll still have 24, but 1 will report as closed. It'll count for your history for another 10 years for AAOA, manual review, total accounts, payment history, etc. but the only difference is it won't count toward your utilization. But, Chase is very flexible with moving lines and will let you transfer all or almost all of it to Freedom so your utilization won't be affected as you'll keep most of the $5K active. So, no net change for 10 years.
2. It will show closed at $500 or $0, whatever they leave it at after transferring. Chase has a requirement where any activity within the last 30 or something days needs $500 to be left on the account. TU will show a CL history such as $5K from xx until 5/15, $500 from 6/15 onward. EX won't. I haven't checked EQ for a long time so I don't know their practice. Either way, this doesn't matter because the account will stay in good standing.
3. Your Freedom will show $7K on your reports.
A lot of detail for what boils down to - if you decide it's not for you, closing it won't affect your credit history at all for 10 years.
@CarbonCard wrote:I would move all of it to freedom, Then reapply to CSP if there's a good sign up bonus (after the AF hits, reapply in about a year?). And if you move all of your limits, then it'll go down to 23. Hmm I haven't moved a limit before, but I think the CSP will show as closed, and freedom $7k.
Correct me guys.
You'll have to wait 24 months with Chase before reapplying for another signup bonus for the same product.