myFICO® Forums
Help
cancel
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for 
Search instead for 
Did you mean: 

Paid off Slate - Time to Cancel?

tag
Get Access Now
techiegirl
Regular Contributor
‎03-23-2014 05:42 PM
‎03-23-2014 05:42 PM

Paid off Slate - Time to Cancel?

Last May, we applied and we're approved for a Chase Freedom card ($7000) LOC and Slate ($9000).  We just recently paid off the slate card were able to move $8500 line to Freedom from Slate, leaving a $500 line on the slate card.

 

At this point, do I shelve the slate card or cancel it?  

FICO: EQ - 809 TU- 808 EX - 797
Message 1 of 7
0 Kudos
6 REPLIES 6
azguy13
Senior Contributor
‎03-23-2014 06:12 PM
‎03-23-2014 06:12 PM

Re: Paid off Slate - Time to Cancel?

@techiegirl wrote:

Last May, we applied and we're approved for a Chase Freedom card ($7000) LOC and Slate ($9000).  We just recently paid off the slate card were able to move $8500 line to Freedom from Slate, leaving a $500 line on the slate card.

 

At this point, do I shelve the slate card or cancel it?  

Well, that is completely up to you. If you close it, it will still be calculated into your AAoA for 10 years. However, it is a no AF card with a low credit limit. Since there is no AF, you can easily throw it in the sock drawer and never use it again. Some people think that if a lender sees a CC with a low CL on your report while you have other high limits it could be a bad thing. I do not believe that, but there are plenty who do.

 

I don't think either choice is a bad option. If it were me, I would leave it open. That is just me though

Message 2 of 7
0 Kudos
striehl8212
Frequent Contributor
‎03-23-2014 07:06 PM
‎03-23-2014 07:06 PM

Re: Paid off Slate - Time to Cancel?

@techiegirl wrote:

Last May, we applied and we're approved for a Chase Freedom card ($7000) LOC and Slate ($9000).  We just recently paid off the slate card were able to move $8500 line to Freedom from Slate, leaving a $500 line on the slate card.

 

At this point, do I shelve the slate card or cancel it?  

Since you were able to move that much of the limit over, and the card offers no rewards, along with it not even being a year old, I would just close it. Just my two cents. 

March 2014: EX 693 I EQ 672 I TU 694
September 2014: EX 721 I EQ 741 I TU 742
Message 3 of 7
0 Kudos
Kb109
Frequent Contributor
‎03-24-2014 04:36 AM
‎03-24-2014 04:36 AM

Re: Paid off Slate - Time to Cancel?

Why not just call and product change it to the Freedom??!
Filed Ch7: 6/21/17
Discharged: 10/03/17
Current FICO8 Scores as of 2/10/2019: EX 651, TU 678, EQ 679
My Cards: 1FBUSA $2,900 (survived BK7 and is my oldest account!), Fingerhut $1,100, CreditOne $900, Ollo Rewards $2,500, LendUp Arrow card $2,000, CapitalOne Platinum $3,000. GARDENING FOR THE NEXT TWO YEARS!
Message 4 of 7
0 Kudos
Kb109
Frequent Contributor
‎03-24-2014 04:37 AM
‎03-24-2014 04:37 AM

Re: Paid off Slate - Time to Cancel?

Or the Sapphire.
Filed Ch7: 6/21/17
Discharged: 10/03/17
Current FICO8 Scores as of 2/10/2019: EX 651, TU 678, EQ 679
My Cards: 1FBUSA $2,900 (survived BK7 and is my oldest account!), Fingerhut $1,100, CreditOne $900, Ollo Rewards $2,500, LendUp Arrow card $2,000, CapitalOne Platinum $3,000. GARDENING FOR THE NEXT TWO YEARS!
Message 5 of 7
0 Kudos
TiggerDat
Valued Contributor
‎03-24-2014 05:59 AM
‎03-24-2014 05:59 AM

Re: Paid off Slate - Time to Cancel?

Keep it open, and maybe PC it?

It is by will alone I set my mind in motion.....
Always follow these rules: Only take a HP for a new account. Always use the best rewards card for that reward category. Don't close a card unless you know you really should. Never use more than 35% of a credit limit. Recon as much and as best you can. Use the introductory period to the best advantage. Get the signup bonus. Whenever possible PIF or balance transfer so you pay less in interest. Never give an excellent rating when it is actually the norm. Always look for a discount as more is always better.
Always accept candy from strangers because they have the best candy or from people you know have good candy.
Message 6 of 7
0 Kudos
takeshi74
Senior Contributor
‎03-24-2014 06:03 AM
‎03-24-2014 06:03 AM

Re: Paid off Slate - Time to Cancel?

@techiegirl wrote:

At this point, do I shelve the slate card or cancel it?  

Your call to make.  I don't know if it can be PC'ed into anything else since you already have a Freedom.

Message 7 of 7
0 Kudos
† Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.