To cancel or not to cancel that is the question

[Anonymous]

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@newhis wrote:

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@Anonymous wrote:

My current lineup with Chase is as follows the Chase FU (by way of a PC) --- the CSP--- and the CSR. I've only had the CSP for 2yrs. I'm considering closing the CSP since its only 2yrs old in hopes it won't ding my credit score too much.

If I PC down to the Sapphire, I will move some of the limti to the FU and probaably sock drawer the Sapphire to age the account a little more.

I have 8 credit cards. Has anyone on here ever closed out a recently new account without adverse effects to your credit score?

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I don't think a 2 yo card is considered new anymore.

You stayed in the garden for a long time, so I guess that you don't want to app for the Freedom. If I were you, I'll PC the CSP to Freedom, to have a card with 5% instead of downgrade to Sapphire that you will never use. But maybe you changed the Freedom to Unlimited, but for me it is nice to get 5 UR points in some categories every quarter.

Closing, SD, move limit, PC, will not change your credit score. You just need to do what is best for your profile.

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I have the Freedom Unlimited by way of PC'ing. Me personally I'm not a big fan of category spending. I much would prefer to have a set cash back card on all purchases. I'm considering moving $14,300 to my FU, and closing the CSP.

Thanks for your comments.

[BronzeTrader]

I would downgrade it to an no AF card. 

[Anonymous]

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@Kevin86475391 wrote:

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@newhis wrote:

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@Anonymous wrote:

My current lineup with Chase is as follows the Chase FU (by way of a PC) --- the CSP--- and the CSR. I've only had the CSP for 2yrs. I'm considering closing the CSP since its only 2yrs old in hopes it won't ding my credit score too much.

If I PC down to the Sapphire, I will move some of the limti to the FU and probaably sock drawer the Sapphire to age the account a little more.

I have 8 credit cards. Has anyone on here ever closed out a recently new account without adverse effects to your credit score?

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I don't think a 2 yo card is considered new anymore.

You stayed in the garden for a long time, so I guess that you don't want to app for the Freedom. If I were you, I'll PC the CSP to Freedom, to have a card with 5% instead of downgrade to Sapphire that you will never use. But maybe you changed the Freedom to Unlimited, but for me it is nice to get 5 UR points in some categories every quarter.

Closing, SD, move limit, PC, will not change your credit score. You just need to do what is best for your profile.

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I agree. I got my CSP last February, purely for the signup bonus and my plan has always been to close it at just under the two year mark so I don't have to pay a second AF. I'm willing to pay the first AF this coming February, just to be careful about staying on Chase's good side and not looking like a churner to them (and I'll still be over $400 up with the signup bonus anyway), but I'm going to close before the second year mark. I think 2 years long enough for it not to look bad to Chase.

Also, I'd definitely ONLY be concerned about Chase in this case. As others have said, it will have no impact on your credit score except for the reduced available credit limit (and that's only if you close instead of PC or move the limit). My only concern would be (and actually is since I'm in a similar situation) staying on Chase's good side. I think you should be absolutely fine though (I think I'd be fine closing just before the 1 year mark on mine actually. I just want to be extra cautious) and they should definitely understand that you don't need a CSP if you have a CSR.

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I think I'll be good since I've had the card for 2 yrs. I'm not a 'churner' per se, but when the CSR came out it just blew me away lol. I don't have a need for the CSP so I feel it must go.

Thanks for your input.

[newhis]

Just a reminder about closing Chase cards.

If you card has no movement for 30+ days you can transfer all the limit, if some activity you can move all the limit but $500.

If you ask to close the card and move all the limit (no activity for 30 days), your card will report as closed with the original limit.

If you close it with $500, well, it will report closed with $500 limit.

It doesn't matter much, but for some, may be important.

[BirchBarlow]

The Sapphire has an annual fee does it not?  If so I would cancel.

A pretty basic rule of thumb.  If it has an AF, cancel it, if not sock drawer it.

[longtimelurker]

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@BirchBarlow wrote:

A pretty basic rule of thumb.  If it has an AF, cancel it, if not sock drawer it.

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Basic, but far from universal agreement!   I think that most agree that unwanted cards with an AF should be closed or PCd to no AF, absent some very special factors.

Whether to keep or close unwanted no AF cards is much more a matter of personal preference.

[Anonymous]

Agreed. Sometimes having too many accounts open is just a nightmare when it comes to dealing with fraud etc.