To transfer CL from Freedom to CSP? or not?

JamesKnox · ‎01-30-2017

Hey, so within the past week, I was approved for $15k CL with Chase Sapphire Preferred and a $9k CL with Chase Freedom. Yay Me!

My question is, as the Freedom is really only valuable up to $1500. I was thinking of transferring $5k of my Freedom onto my CSP making it a $20k limit.

Does this make sense? Would you do it? Any con to this?

Starting Score: (FICO)(August 29, 2013) 502(EQ) 568(EX) 549(TU)
Current Score: (FICO) (January 28, 2017) 712(EQ) 720(EX) 720(TU)
Goal Score: 720(EQ) 720(EX) 720(TU)
Amex Business Platinum NPSL | Chase Sapphire Preferred $15,000 | Chase Freedom $9000 | Amex ED $1,000 | BofACash Rewards $3100 | Amazon Store Card $4000

noobody · ‎01-30-2017

That's i would do. Can see any con

Also, if your freedom is VS, it will still be a VS even if you only have 4K CL left.

EX819 1HP|TU797 1HP| EQ(Fico8 BankCard)841

longtimelurker · ‎01-30-2017

@JamesKnox wrote:
Hey, so within the past week, I was approved for $15k CL with Chase Sapphire Preferred and a $9k CL with Chase Freedom. Yay Me!
My question is, as the Freedom is really only valuable up to $1500. I was thinking of transferring $5k of my Freedom onto my CSP making it a $20k limit.

Does this make sense? Would you do it? Any con to this?

While no great down side, is there an upside? Yes, there is no need for large CLs on Chase Freedom, but is $15K on the CSP not enough anyway, i.e. what would be better making it $20K?

There certainly could be a need if you put lots of travel spend, but just wondering if there really is!

Many people here have "big" CLs, and continue to ask for CLIs or move limits around. I often think this is "just because I can" rather than any great need....

DeeBee78 · ‎01-30-2017

@JamesKnox wrote:
Hey, so within the past week, I was approved for $15k CL with Chase Sapphire Preferred and a $9k CL with Chase Freedom. Yay Me!
My question is, as the Freedom is really only valuable up to $1500. I was thinking of transferring $5k of my Freedom onto my CSP making it a $20k limit.

Does this make sense? Would you do it? Any con to this?

I would be tempted to make both of them $12K lines, but that's just me. I would never put more than 4K on my CSP, because it would take me a couple of months to pay it off.

awp317 · ‎01-30-2017

As I recall dont accounts have to be 12 months old to take limits from them or move limits to them?

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mongstradamus · ‎01-30-2017

I am not sure what rules are for that but i did move most of my credit limit from Freedom to CSR recent'y. I have freedom for 3 or 4 years i think and obviously CSR is brand new.

EX Fico 804 11/16/16 Fako 800 Credit.com 11/16/16
EQ SW bank enhanced 11/16/16 839 CK fako 822 11/16/16
TU Fico discover 10/19/16 814 Fako 819 Creditkarma 11/16/16

Anonymous · ‎01-30-2017

@DeeBee78 wrote:

I would be tempted to make both of them $12K lines, but that's just me.

From what I've read and as was mentioned above, there's really no need for a Freedom to have a high CL as most use it for the 5% CB categories which are capped out at $1500/quarter or whatever.

To the person who asked about Chase making customers wait a year to transfer limits, I was told that limits can be transferred almost immediately upon opening 2 accounts with them; people have reported within 2-3 days having transferred limits between two new Chase products.

Anonymous · ‎01-30-2017

I've had both of mine for 2 years. Recently transferred my Freedom line over to my CSP and closed the Freedom. Might sound backwards with the AF on the CSP but I need at least one impressive card in my wallet. Seems as though your strategy is to get a $20k CC. They'll expect you to use it alot to keep that kind of credit line.

red259 · ‎01-30-2017

@JamesKnox wrote:
Hey, so within the past week, I was approved for $15k CL with Chase Sapphire Preferred and a $9k CL with Chase Freedom. Yay Me!
My question is, as the Freedom is really only valuable up to $1500. I was thinking of transferring $5k of my Freedom onto my CSP making it a $20k limit.

Does this make sense? Would you do it? Any con to this?

Unless you need that high of a credit line on the CSP I don't see a point to this. 20 is just a number. Its all mental. In terms of downsides I guess there is a slight risk that in the future you may want to close the CSP if the AF is no longer worth it to you. Maybe in the future they will not let people PC to a non-AF card or transfer CL who knows. With the freedom card since it does not have an AF you likely will be keeping that long term. If you are using most your CSP credit line though then yes it makes sense to move some more money over to give yourself some breathing room. The counter argument to that would be maybe you want to show chase heavy use on the CSP to see if they give you an auto-CLI instead.

;
Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 828 5/2018, Last App 8/5/17
Goal Score: 800 (Achieved!) In garden until Sepetember 2019

JamesKnox · ‎01-30-2017

Great point Red!

Starting Score: (FICO)(August 29, 2013) 502(EQ) 568(EX) 549(TU)
Current Score: (FICO) (January 28, 2017) 712(EQ) 720(EX) 720(TU)
Goal Score: 720(EQ) 720(EX) 720(TU)
Amex Business Platinum NPSL | Chase Sapphire Preferred $15,000 | Chase Freedom $9000 | Amex ED $1,000 | BofACash Rewards $3100 | Amazon Store Card $4000