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Should I close my Chase Freedom card?

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GMac93
Valued Member

Should I close my Chase Freedom card?

So I have the Chase Freedom with a $300 dollar limit. I like to use it because of its rewards and so forth. It was actually PC'd from the Slate about 3 months ago. BUT Chase refuses to give me a higher limit which is very frustrating because I utilize the card a lot and wind up paying it off multiple times a month. I just got approved for the Citi DP for 6k and ive already started the balance transfer process from my Wells Fargo and Discover IT. Realistically i could use the Discover IT for the rewards because its got a similar program and a 2.7k limit. So should i close the Freedom? I opened the card in Jan 2013.

Message 1 of 9
8 REPLIES 8
Dalanar
Regular Contributor

Re: Should I close my Chase Freedom card?

I think we would need more details about your credit situation (what cards you have, what your scores are, and are you in rebuilding mode or not, what your credit goals are in terms of immediate future).  Correct me, but isn't the Freedom a no annual fee card? If so, might you be able to just keep it and benefit from a larger available credit.  Every little bit counts and allows you to utilize more without getting penalized.

 

Also, I heard that Chase likes to give exisitng customers a better limit (or just better chances with approvals) next time they apply for a higher tier Chase card.  So if know you would like to try to get another one of their cards, like the Chase Sapphire Preferred, it may be worthwhile to keep the card to maintain your relationship with Chase.

Experian: 729 Equifax: 740 Transunion: 732
Capital One Mastercard: $0.4K, Capital One Quicksilver: $5K, Chase Southwest Premier: $7.5K, Amex Blue Cash Everyday: $24.9K, Discover It: $9.4K, Chase Sapphire Preferred: $16.9K, Citi Hilton HHonors Reserve: $7.7K, Arrival+ BarclayCard MC WE: $7.5K
Message 2 of 9
GMac93
Valued Member

Re: Should I close my Chase Freedom card?

I am 21. Opened my first CC in Oct of 2011. AAOA is 1 yr. 5 months. Utilization right now is 25%. Total CC limits is 18.5k. No negatives. Wells Fargo 1.7k, Discover IT 2.7k, Chase Freedom 300, Target RED 300, Pac Sales 1.5k, Care Credit 3k, Best Buy 3k, and Citi Diamond Perferred 6k. 11 inquiries. No negatives. Short term goal is to build my credit enough to lease a car next year. Experian is a 714, Trans is 689, and idk what my Equifax is. And yes the Freedom has no annual fee as well as all of my other CC's. I have requested 2 CLI's in the past year and both have been denied. I even recon'd the last one and still got denied. Its a little insulting when you get approved for 6k from Citi and Chase wont even give you a grand. I am gardening now and will be for a couple of years.

Message 3 of 9
Dalanar
Regular Contributor

Re: Should I close my Chase Freedom card?


@GMac93 wrote:

I am 21. Opened my first CC in Oct of 2011. AAOA is 1 yr. 5 months. Utilization right now is 25%. Total CC limits is 18.5k. No negatives. Wells Fargo 1.7k, Discover IT 2.7k, Chase Freedom 300, Target RED 300, Pac Sales 1.5k, Care Credit 3k, Best Buy 3k, and Citi Diamond Perferred 6k. 11 inquiries. No negatives. Short term goal is to build my credit enough to lease a car next year. Experian is a 714, Trans is 689, and idk what my Equifax is. And yes the Freedom has no annual fee as well as all of my other CC's. I have requested 2 CLI's in the past year and both have been denied. I even recon'd the last one and still got denied. Its a little insulting when you get approved for 6k from Citi and Chase wont even give you a grand. I am gardening now and will be for a couple of years.


 

If your short term goal is to buy a car next year, I think you should keep the card for now until you have bought the car---then reassess.  I doubt it will reduce your score by much (if at all) if it's closed, but I don't think it would help you either by closing it.   

Experian: 729 Equifax: 740 Transunion: 732
Capital One Mastercard: $0.4K, Capital One Quicksilver: $5K, Chase Southwest Premier: $7.5K, Amex Blue Cash Everyday: $24.9K, Discover It: $9.4K, Chase Sapphire Preferred: $16.9K, Citi Hilton HHonors Reserve: $7.7K, Arrival+ BarclayCard MC WE: $7.5K
Message 4 of 9
tonyjones
Valued Contributor

Re: Should I close my Chase Freedom card?


@GMac93 wrote:

I am 21. Opened my first CC in Oct of 2011. AAOA is 1 yr. 5 months. Utilization right now is 25%. Total CC limits is 18.5k. No negatives. Wells Fargo 1.7k, Discover IT 2.7k, Chase Freedom 300, Target RED 300, Pac Sales 1.5k, Care Credit 3k, Best Buy 3k, and Citi Diamond Perferred 6k. 11 inquiries. No negatives. Short term goal is to build my credit enough to lease a car next year. Experian is a 714, Trans is 689, and idk what my Equifax is. And yes the Freedom has no annual fee as well as all of my other CC's. I have requested 2 CLI's in the past year and both have been denied. I even recon'd the last one and still got denied. Its a little insulting when you get approved for 6k from Citi and Chase wont even give you a grand. I am gardening now and will be for a couple of years.


What was the reason they gave you for denial even after recon'd? There has to be a reason.

Current Fico Scores: (December 2023)
Message 5 of 9
Closingracer99
Valued Contributor

Re: Should I close my Chase Freedom card?


@GMac93 wrote:

I am 21. Opened my first CC in Oct of 2011. AAOA is 1 yr. 5 months. Utilization right now is 25%. Total CC limits is 18.5k. No negatives. Wells Fargo 1.7k, Discover IT 2.7k, Chase Freedom 300, Target RED 300, Pac Sales 1.5k, Care Credit 3k, Best Buy 3k, and Citi Diamond Perferred 6k. 11 inquiries. No negatives. Short term goal is to build my credit enough to lease a car next year. Experian is a 714, Trans is 689, and idk what my Equifax is. And yes the Freedom has no annual fee as well as all of my other CC's. I have requested 2 CLI's in the past year and both have been denied. I even recon'd the last one and still got denied. Its a little insulting when you get approved for 6k from Citi and Chase wont even give you a grand. I am gardening now and will be for a couple of years.


I still wouldn't close it .... Sock Drawer it and ask for a CLI after you get your car lease. MY opinion is Don't close any cards unless they had Fee's and or AF's 


My Cards: Amex BCE: $9,000, Amex Hilton HHonors: $2,000, Amex ED: $12,000, Barclays NFL extra points: $3,000, Bank of America MLB cash rewards: $17,000, BBVA compass NBA Amex triple double rewards: $17,000, Chase Amazon: $1,000, Chase Freedom: $9,000, Chase Sapphire: $5,000, Chase Slate: $5,000, Chase Disney: $4,000, Citi Double Cash: $5,400, Citi AA plat: $5,500, Citi Simplicity: $3,000, Citi Thank you preferred: $8,800, Capital one GM: $2,000, Capital one PlayStation: $3,000, Gamestop: $1,150, Amazon Store: $5,000, Ebay MasterCard: $5,000, American Eagle Storecard: $750, Macy's: $500
EX: 744, TU:750, EQ: 740
Message 6 of 9
BluePoodle
Valued Contributor

Re: Should I close my Chase Freedom card?


@GMac93 wrote:

So I have the Chase Freedom with a $300 dollar limit. I like to use it because of its rewards and so forth. It was actually PC'd from the Slate about 3 months ago. BUT Chase refuses to give me a higher limit which is very frustrating because I utilize the card a lot and wind up paying it off multiple times a month. I just got approved for the Citi DP for 6k and ive already started the balance transfer process from my Wells Fargo and Discover IT. Realistically i could use the Discover IT for the rewards because its got a similar program and a 2.7k limit. So should i close the Freedom? I opened the card in Jan 2013.


It's not costing you anything. Throw it is the SD and keep you relationship with Chase. Take it out every once in a while and fill up a tank of gas or something, PIF and you'll get an increase sooner or later.

CapOne $7500 | Discover $8500 | Amex ED $25K | Barclay SM $5700 | Chase Disney $500 | Chase Slate $5K | Target $3K | Hilton Amex $2K
Gardening Since 4/3/2017
Message 7 of 9
Closingracer99
Valued Contributor

Re: Should I close my Chase Freedom card?


@BluePoodle wrote:

@GMac93 wrote:

So I have the Chase Freedom with a $300 dollar limit. I like to use it because of its rewards and so forth. It was actually PC'd from the Slate about 3 months ago. BUT Chase refuses to give me a higher limit which is very frustrating because I utilize the card a lot and wind up paying it off multiple times a month. I just got approved for the Citi DP for 6k and ive already started the balance transfer process from my Wells Fargo and Discover IT. Realistically i could use the Discover IT for the rewards because its got a similar program and a 2.7k limit. So should i close the Freedom? I opened the card in Jan 2013.


It's not costing you anything. Throw it is the SD and keep you relationship with Chase. Take it out every once in a while and fill up a tank of gas or something, PIF and you'll get an increase sooner or later.


Though tbh from what I have read doesn't Chase like to see it used to give out CLI?


My Cards: Amex BCE: $9,000, Amex Hilton HHonors: $2,000, Amex ED: $12,000, Barclays NFL extra points: $3,000, Bank of America MLB cash rewards: $17,000, BBVA compass NBA Amex triple double rewards: $17,000, Chase Amazon: $1,000, Chase Freedom: $9,000, Chase Sapphire: $5,000, Chase Slate: $5,000, Chase Disney: $4,000, Citi Double Cash: $5,400, Citi AA plat: $5,500, Citi Simplicity: $3,000, Citi Thank you preferred: $8,800, Capital one GM: $2,000, Capital one PlayStation: $3,000, Gamestop: $1,150, Amazon Store: $5,000, Ebay MasterCard: $5,000, American Eagle Storecard: $750, Macy's: $500
EX: 744, TU:750, EQ: 740
Message 8 of 9
GMac93
Valued Member

Re: Should I close my Chase Freedom card?

They stated too many inquiries in the last 12 months and lack of recent installment loans.

Message 9 of 9
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