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Transfering credit limits

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anybodii
New Contributor

Transfering credit limits

I've never heard of this, but Chase informed me they can transfer credit lines from one of their cards to another. Example if you have a $2,000 credit line and a $500 credit line, you can transfer $500 from the $2,000 to the $500 to make it $1500 and $1,000. Anyone heard of this? Would there be any reason for this unless you used the $500 credit line more. Would it look better or worse on a credit report if the balances were always 0?

Message 1 of 9
8 REPLIES 8
user5387
Valued Contributor

Re: Transfering credit limits

The size of a CL does not affect scoring directly.

 

However, larger CLs are useful in controlling and isolating utilization, and look better when trying to get CLIs from other lenders.

 

Message 2 of 9
anybodii
New Contributor

Re: Transfering credit limits

Yeah I didn't think the line affected credit, but wasn't sure. I figured that was the case. Thank you Smiley Happy

Message 3 of 9
megaman1
Regular Contributor

Re: Transfering credit limits

Can you transfer the entire CL (say for slate of $1000) to the freedom and then close the slate card?

Message 4 of 9
enharu
Super Contributor

Re: Transfering credit limits


@megaman1 wrote:

Can you transfer the entire CL (say for slate of $1000) to the freedom and then close the slate card?


yes

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 5 of 9
tld409
Regular Contributor

Re: Transfering credit limits


@megaman1 wrote:

Can you transfer the entire CL (say for slate of $1000) to the freedom and then close the slate card?


Yes, I tx'd entire Slate limit 3k over to CSP and closed the Slate within 1 day after I applied for it. I wanted the Slate to do a balance tx and was not happy with the limit given. About a week later, I received the Slate card in the mail which I thought was strange since I closed it. I called Chase and re-opened the card since it was sent out and I already took the HP. I am hoping that Chase will give me a cli in a few months.  

Starting Score 630 Score: Current FICO Scores: All above 725 (04/01/2015)
Sallie Mae World MC 9k; Chase Freedom 6.5k; CareCredit 13.2k; Amex BCP 21.8k;Amex PRG; BOA123 Visa Sig 20k; CapOne WMC 7.5K; CSP Visa Sig 2K; Citi Simp Visa 6.9k; CFCU Visa 17k; Discover IT 7K; JCP MC 8K; Macys Amex 7.5K/2k; PSECU Visa/PSL 20/20K; SamsClub MC 20k; Walmart 10k
Message 6 of 9
indiolatino61
Valued Contributor

Re: Transfering credit limits


@anybodii wrote:

I've never heard of this, but Chase informed me they can transfer credit lines from one of their cards to another. Example if you have a $2,000 credit line and a $500 credit line, you can transfer $500 from the $2,000 to the $500 to make it $1500 and $1,000. Anyone heard of this? Would there be any reason for this unless you used the $500 credit line more. Would it look better or worse on a credit report if the balances were always 0?


This is one of the reasons I like Chase...they transfer balances between accounts without much aggravation.

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Message 7 of 9
Gunnar419
Valued Contributor

Re: Transfering credit limits


@indiolatino61 wrote:

@anybodii wrote:

I've never heard of this, but Chase informed me they can transfer credit lines from one of their cards to another. Example if you have a $2,000 credit line and a $500 credit line, you can transfer $500 from the $2,000 to the $500 to make it $1500 and $1,000. Anyone heard of this? Would there be any reason for this unless you used the $500 credit line more. Would it look better or worse on a credit report if the balances were always 0?


This is one of the reasons I like Chase...they transfer balances between accounts without much aggravation.


+1 No aggravation at all, really. The only thing they may do is make you leave a little CL on the card you transfer from (some say $500, for me it was $100), which they may do if that card was active within the last several months. Then after a month or two, you can go back, transfer the rest of the CL and close the card if you want to.

 

A lot of people will use this technique if they've been having trouble getting a CLI from Chase. Can't get a CLI? Just app for a new Chase card. They often give higher limits on new cards when they've refused CLIs on old cards. Then you transfer the CL from the old card to the new one and close the old one.

 

Message 8 of 9
Odiseous
Frequent Contributor

Re: Transfering credit limits


@anybodii wrote:

I've never heard of this, but Chase informed me they can transfer credit lines from one of their cards to another. Example if you have a $2,000 credit line and a $500 credit line, you can transfer $500 from the $2,000 to the $500 to make it $1500 and $1,000. Anyone heard of this? Would there be any reason for this unless you used the $500 credit line more. Would it look better or worse on a credit report if the balances were always 0?


I did this with my Freedom and Slate. I didn't get enough of the CL on the Slate I needed for BT. On recon they only bumped me another $1k. So I moved all but $500 of my CL from Freedom, over to Slate.

TU98 751, EQ 766, EX 766 (Lender)

If at first you don't succeed; Garden for 6 months, then try again.

Work the system. Don't let the system work you.
Message 9 of 9
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