Reply
Established Contributor
snowkitty
Posts: 985
Registered: ‎09-10-2012
0

Need advice about closing Chase card

I have 3 cards with Chase.....BP store card, CSP & Freedom. The BP store card was my foot in the door with Chase. The limit is only 400.00 and it has sat that way since I got it in Sept. of 2012. I try to use it each month to keep it active but it's getting harder now that I have such great rewards with my CSP and Amex. I want to close the card but I wonder if I should or not. I would like to ask Chase to close it and see if they can move the 400.00 limit to my Freedom card but I'm not sure if that is something they will do. Any suggestions?

TU Fico 714 | Sesame 742 | Credit Karma 762 | Wal-Mart FICO 734 | EX FICO 695 (1/28/13) | EQ 740 (3-21-13)

Amex Blue Sky 7.2k | Amex BCE 13.1k | Citi Diamond Preferred 10.2k | CSP 5k | Bofa Cash 9k | Boa Travel 10k | Discover More 3k | Chase SW 5k | Wal-Mart 3.3k | Amazon 5k | Old Navy Visa 5k | Shell 1200 | BP 400 | VS 1500 | Sam's Discover 8.5k | FNBO Amex 16k | Chase Freedom 1.3k | Home Depot 5k | Brylane Homes 1600 | BML 2820

App free since 12/11/13*
Frequent Contributor
codimom
Posts: 394
Registered: ‎09-08-2010
0

Re: Need advice about closing Chase card

Just remember, it will report on your CR for 10 years as an account in good standing.  And if you move that 400 to another card, it won't lower your utilization.  In my lowly opinion, if chase will move the limit, its a win win to close it.


Back in the garden!
App free since 23Oct2012 reset to 27Aug13 and reset again 4nov13


Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
0

Re: Need advice about closing Chase card


codimom wrote:

Just remember, it will report on your CR for 10 years as an account in good standing.  And if you move that 400 to another card, it won't lower your utilization.  In my lowly opinion, if chase will move the limit, its a win win to close it.


And looking at the rest of your CLs, even if Chase won't move it, losing $400 will have no great impact for you, so close it anyway!

Established Contributor
snowkitty
Posts: 985
Registered: ‎09-10-2012
0

Re: Need advice about closing Chase card


codimom wrote:

Just remember, it will report on your CR for 10 years as an account in good standing.  And if you move that 400 to another card, it won't lower your utilization.  In my lowly opinion, if chase will move the limit, its a win win to close it.


That would be great if they would do that. I don't really care about losing the 400.00 if it turns out that way but I would like to bump my freedom limit up a bit. Tomorrow is 4 months since my last auto cli on the freedom so I am going to see if they bump me again (fingers crossed) and then I will ask about moving and closing the BP card. I assume it will show on my report that it was closed by me right?

TU Fico 714 | Sesame 742 | Credit Karma 762 | Wal-Mart FICO 734 | EX FICO 695 (1/28/13) | EQ 740 (3-21-13)

Amex Blue Sky 7.2k | Amex BCE 13.1k | Citi Diamond Preferred 10.2k | CSP 5k | Bofa Cash 9k | Boa Travel 10k | Discover More 3k | Chase SW 5k | Wal-Mart 3.3k | Amazon 5k | Old Navy Visa 5k | Shell 1200 | BP 400 | VS 1500 | Sam's Discover 8.5k | FNBO Amex 16k | Chase Freedom 1.3k | Home Depot 5k | Brylane Homes 1600 | BML 2820

App free since 12/11/13*
Valued Contributor
FinStar
Posts: 6,008
Registered: ‎10-21-2012
0

Re: Need advice about closing Chase card

[ Edited ]

Unfortunately, Chase cannot allocate the CL from a private label product to your mainline CCs, such as the CSP or Freedom.  And as bs6054 mentioned above, $400 really isn't that much of an impact that would make much of a difference as it is.

Established Contributor
snowkitty
Posts: 985
Registered: ‎09-10-2012
0

Re: Need advice about closing Chase card


bs6054 wrote:

codimom wrote:

Just remember, it will report on your CR for 10 years as an account in good standing.  And if you move that 400 to another card, it won't lower your utilization.  In my lowly opinion, if chase will move the limit, its a win win to close it.


And looking at the rest of your CLs, even if Chase won't move it, losing $400 will have no great impact for you, so close it anyway!


I agree! I don't know why I am so nervous about closing a card. I actually have a few I want to close but for some reason I need to take baby steps...lol  This is my lowest limit one and now that I have all the cards/limits that I wanted, I want to concentrate on rewards! :catvery-happy:

TU Fico 714 | Sesame 742 | Credit Karma 762 | Wal-Mart FICO 734 | EX FICO 695 (1/28/13) | EQ 740 (3-21-13)

Amex Blue Sky 7.2k | Amex BCE 13.1k | Citi Diamond Preferred 10.2k | CSP 5k | Bofa Cash 9k | Boa Travel 10k | Discover More 3k | Chase SW 5k | Wal-Mart 3.3k | Amazon 5k | Old Navy Visa 5k | Shell 1200 | BP 400 | VS 1500 | Sam's Discover 8.5k | FNBO Amex 16k | Chase Freedom 1.3k | Home Depot 5k | Brylane Homes 1600 | BML 2820

App free since 12/11/13*
Regular Contributor
sunkissed
Posts: 201
Registered: ‎09-19-2013
0

Re: Need advice about closing Chase card

Agreed on both previous posts.  You've got a great line-up of credit cards.  You not going to miss that BP card.  If Chase will move the CL over to your other card, great!  If not, no big loss.  Either way, you are a winner!  Good luck!

Starting score: Apr2012 – 635 EX
Current scores (USAA): EX-700, EQ-736, TU-687 (Walmart/Discover) TU-709
NFCU Flagship $22,000 | DiscoverIT $19,500 | SECU Visa $10,000 | CSP $5,000 | Chase Marriott $6,500 | Chase SW $15,000 | Chase Freedom $7,500 | AMEX SPG $11,000 | AMEX Hilton Surpass $5,000 | USAA AMEX $6,000 | Cap1QS $5,000 | Fuel Rewards $8,000 | BofA Visa $400 | JCP $4,600 | Lord&Taylor $4,000 | Walmart $5,000 | Kohl’s $1,500 | VS $1,630 | Lowes $6,000 | Loft MC $5,750 | Macy’s $2,800 | BR $5,000 | Target $300
Established Contributor
snowkitty
Posts: 985
Registered: ‎09-10-2012
0

Re: Need advice about closing Chase card


FinStar wrote:

Unfortunately, Chase cannot allocate the CL from a private label product to your mainline CCs, such as the CSP or Freedom.


I didn't even think about that being a private label. My original hopes were for the BP card to be upgraded to the BP Visa but they told me a while back that I would have to apply seperately for the BP Visa. I don't need it that bad.

TU Fico 714 | Sesame 742 | Credit Karma 762 | Wal-Mart FICO 734 | EX FICO 695 (1/28/13) | EQ 740 (3-21-13)

Amex Blue Sky 7.2k | Amex BCE 13.1k | Citi Diamond Preferred 10.2k | CSP 5k | Bofa Cash 9k | Boa Travel 10k | Discover More 3k | Chase SW 5k | Wal-Mart 3.3k | Amazon 5k | Old Navy Visa 5k | Shell 1200 | BP 400 | VS 1500 | Sam's Discover 8.5k | FNBO Amex 16k | Chase Freedom 1.3k | Home Depot 5k | Brylane Homes 1600 | BML 2820

App free since 12/11/13*
Established Contributor
snowkitty
Posts: 985
Registered: ‎09-10-2012
0

Re: Need advice about closing Chase card


sunkissed wrote:

Agreed on both previous posts.  You've got a great line-up of credit cards.  You not going to miss that BP card.  If Chase will move the CL over to your other card, great!  If not, no big loss.  Either way, you are a winner!  Good luck!


Thanks!! I am pretty loyal to the BP brand but Amex is especially making it hard for me now that they have the 5.00 cash back each time you use BP...lol

TU Fico 714 | Sesame 742 | Credit Karma 762 | Wal-Mart FICO 734 | EX FICO 695 (1/28/13) | EQ 740 (3-21-13)

Amex Blue Sky 7.2k | Amex BCE 13.1k | Citi Diamond Preferred 10.2k | CSP 5k | Bofa Cash 9k | Boa Travel 10k | Discover More 3k | Chase SW 5k | Wal-Mart 3.3k | Amazon 5k | Old Navy Visa 5k | Shell 1200 | BP 400 | VS 1500 | Sam's Discover 8.5k | FNBO Amex 16k | Chase Freedom 1.3k | Home Depot 5k | Brylane Homes 1600 | BML 2820

App free since 12/11/13*
Valued Contributor
FinStar
Posts: 6,008
Registered: ‎10-21-2012
0

Re: Need advice about closing Chase card


snowkitty wrote:

FinStar wrote:

Unfortunately, Chase cannot allocate the CL from a private label product to your mainline CCs, such as the CSP or Freedom.


I didn't even think about that being a private label. My original hopes were for the BP card to be upgraded to the BP Visa but they told me a while back that I would have to apply seperately for the BP Visa. I don't need it that bad.


Correct, you would have to apply for the BP Visa separately - no upgrade.  Sounds like you're still on the fence?  IMO, I would close it - unless there are sentimental reasons you're attached to the $400 and the CC  :smileywink:


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}