About a year ago I applied for the Chase slate card. I was accepted with an extremely low limit of $400. Just last month I applied for the Chase Sapphire Preferred and was approved for $5,000. Today I called to see if Chase would up the limit on my slate card, using the sapphire application as reference. They said the only way they could increase the limit on my Slate card is to do a hard pull, which I'd like to avoid.
I never really use the card, it's balance is $0.00. Should I just throw it in the sock drawer or should I close it out? I know it seems silly, I just hate logging in to my chase.com account and seeing that little $400, it's taunting me! 
Since it's only $400 I don't really think it will help with my utilization but then again, it doesn't hurt to just keep it open.
What would you do?
@Anonymous wrote:About a year ago I applied for the Chase slate card. I was accepted with an extremely low limit of $400. Just last month I applied for the Chase Sapphire Preferred and was approved for $5,000. Today I called to see if Chase would up the limit on my slate card, using the sapphire application as reference. They said the only way they could increase the limit on my Slate card is to do a hard pull, which I'd like to avoid.
I never really use the card, it's balance is $0.00. Should I just throw it in the sock drawer or should I close it out? I know it seems silly, I just hate logging in to my chase.com account and seeing that little $400, it's taunting me!
Since it's only $400 I don't really think it will help with my utilization but then again, it doesn't hurt to just keep it open.
What would you do?
Personally I would keep it open... unless your goal is to get rid of low limit cards. Why not remove it from your online login? May help you not be reminded of that low limit every time you log in
@Anonymous wrote:About a year ago I applied for the Chase slate card. I was accepted with an extremely low limit of $400. Just last month I applied for the Chase Sapphire Preferred and was approved for $5,000. Today I called to see if Chase would up the limit on my slate card, using the sapphire application as reference. They said the only way they could increase the limit on my Slate card is to do a hard pull, which I'd like to avoid.
I never really use the card, it's balance is $0.00. Should I just throw it in the sock drawer or should I close it out? I know it seems silly, I just hate logging in to my chase.com account and seeing that little $400, it's taunting me!
Since it's only $400 I don't really think it will help with my utilization but then again, it doesn't hurt to just keep it open.
What would you do?
It really depends what you have in the rest of your report. Absolutely you don't need it, but as you stated: it doesn't hurt to keep it open either.
In this case the Slate is a useful card, with a low APR (and BT offers as I recall) and 0 AF. Eventually you'll get to a point where another inquiry isn't going to matter (if you're not applying for a car or mortgage in the next two years, or any other significant card why not do it?)
If you have lots of cards already, then losing the tradeline isn't going to make a material difference, but if you're sitting on 3-6, then it might in six months to a year. With a $0 AF though, while it's true it's not going to help your utilization much, it's still beneficial for payment history and your average age of accounts the longer it's open, the more it's going to help you. Worst case if you decide to get rid of it, just let it sit idle in the proverbial sock drawer and wait till Chase gets around to closing it as inactive for you.
Personally I'd just use it occasionally and keep it open, though my theory of inquiries is to just apply for several things at once and let them all age together (YMMV) so I'd just eat the HP to get the CL up to something more useful since I already took the ding on the CSP.
Congrats on that CSP though, it is a sweet card
@Anonymous wrote:About a year ago I applied for the Chase slate card. I was accepted with an extremely low limit of $400. Just last month I applied for the Chase Sapphire Preferred and was approved for $5,000. Today I called to see if Chase would up the limit on my slate card, using the sapphire application as reference. They said the only way they could increase the limit on my Slate card is to do a hard pull, which I'd like to avoid.
I never really use the card, it's balance is $0.00. Should I just throw it in the sock drawer or should I close it out? I know it seems silly, I just hate logging in to my chase.com account and seeing that little $400, it's taunting me!
Since it's only $400 I don't really think it will help with my utilization but then again, it doesn't hurt to just keep it open.
What would you do?
I'd SD it and run a small charge on it every now and then.
@FrugalRican wrote:I'd just sockdrawer it. Or maybe put it in a nice little picture frame on the nightstand. Or use it as a coaster.
