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What to do with Chase CLs?

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signaturecardmember
Frequent Contributor

What to do with Chase CLs?

Hey Guys, as the title says I am trying to figure out what to do with my Chase CLs since I am about to finish the Slate BT promotion period and will be paying off the card this month. Also, Freedom 0% APR is coming to an end and unless its a 5% catagory I dont see a use for that card vs my Sapphire.

 

Slate ($8k) and Freedom ($8.5k) were both approved on 4/2014, Sapphire ($18k) and AARP ($2k) were on 1/2015.

 

I would realistically like to put all but $1k of each onto the Sapphire. I use the AARP for lots of small amounts for the 3% dine (after Discover ends this month again) and 3% Gas however I want to keep getting auto CLI's on the card since I have already gotten 1. Love UR points to save up for air travel and think id benefit from having a $32k + CL on one card?

 

My questions:

1)Do I have any advantage to just go ahead and close Slate, and possibly Freedom to take advantage of sign up offers again later? My understanding is sign up offers 24 month period goes from date they were awarded , not since account was closed so I could just leave them open, correct? When would I be eligible for bonuses/ 0% BT again?

 

2)Would future creditors rather see the big CL on an older card or a newer one? as you see neither is very old.

 

3) Am I wrong to think a single account with a $32k CL could help entice higher limits for me in the future with other issuers?

 

Thanks in advance!

Started: 4/14 Bank of America Signature $6k, 85% Utilization, 745 Fako
Currently: 6/18 Bank of America Signature $99.9k, Chase Slate $0, Chase Freedom Signature $2.5k, American Express Gold NSL, American Express Everyday $6k, Lowes GE $0 (From $35k), Discover IT $38.5k, Capital One Quicksilver $5k, Barclays US Airways $24k, DCU Platinum $30k, PenFed Promise $47k, Chase Freedom Unlimited Signature (From CSP) $50k, Chase AARP Signature $7.5k, American Express Blue Cash $7.5k, Citi American Airlines Platinum $10.5k, Capital One Venture Signature $30k, Chase Sapphire Preferred (From Reserve) $12k, Chase Ink Business Preferred $10k, Barclays Aviator Business $14k. Total Available Credit: Over $350k, Utilization 4%, AAoA 7 Years, TU Fico 799, EX Fico 727
Message 1 of 8
7 REPLIES 7
Anonymous
Not applicable

Re: What to do with Chase CLs?


@signaturecardmember wrote:

Hey Guys, as the title says I am trying to figure out what to do with my Chase CLs since I am about to finish the Slate BT promotion period and will be paying off the card this month. Also, Freedom 0% APR is coming to an end and unless its a 5% catagory I dont see a use for that card vs my Sapphire.

 

Slate ($8k) and Freedom ($8.5k) were both approved on 4/2014, Sapphire ($18k) and AARP ($2k) were on 1/2015.

 

I would realistically like to put all but $1k of each onto the Sapphire. I use the AARP for lots of small amounts for the 3% dine (after Discover ends this month again) and 3% Gas however I want to keep getting auto CLI's on the card since I have already gotten 1. Love UR points to save up for air travel and think id benefit from having a $32k + CL on one card?

 

My questions:

1)Do I have any advantage to just go ahead and close Slate, and possibly Freedom to take advantage of sign up offers again later? My understanding is sign up offers 24 month period goes from date they were awarded , not since account was closed so I could just leave them open, correct? When would I be eligible for bonuses/ 0% BT again?

 

2)Would future creditors rather see the big CL on an older card or a newer one? as you see neither is very old.

 

3) Am I wrong to think a single account with a $32k CL could help entice higher limits for me in the future with other issuers?

 

Thanks in advance!


1) You're understanding the 24-month policy correctly but do keep in mind that Chase has been extremely picky on those with 5+ new accounts of any sort in the past 24 months, likely for this exact reason to avoid churners.

 

2) I don't think it makes a difference, someone else will want to double check me here though. Certainly does not affect AAOA.

 

3) Your mileage may vary but in general, yes, more high-limit cards beget more high-limit cards, so a $32K line on one card would be a plus for you to potentially get into that range with other creditors.

Message 2 of 8
Anonymous
Not applicable

Re: What to do with Chase CLs?

Though not relevant to your main question, here's a couple of tangential points related to your post: why not get an AMEX (get the 6% groceries and 3% gas on the BCP) and after the 60 days go for the storied 3x initial limit CLI? Seems they would likely give you a good starting CL. Just a thought...
Message 3 of 8
signaturecardmember
Frequent Contributor

Re: What to do with Chase CLs?


@Anonymous wrote:
Though not relevant to your main question, here's a couple of tangential points related to your post: why not get an AMEX (get the 6% groceries and 3% gas on the BCP) and after the 60 days go for the storied 3x initial limit CLI? Seems they would likely give you a good starting CL. Just a thought...

Thanks guys, hope the responses keep coming. Smiley Happy

 

I see you are new here FIcoman or maybe you are on mobile version so my signature doesnt show but I already have the BCP and am gardening for a while. Long story short I meant to apply for Blue Cash regular no annual fee and accidentally apped BCP. They said I could PC but havent had a chance to call yet. I do not really shop at grocery stores so the 6% groceries isnt of much use for me and as you see I already have AARP so I get 3% Gas when others are not 5%. I was limiting my exposure with AMEX to apply for more cards to take advantage of backdating. Now that it is out of the question for the time being I dont really have any reason to do any more business with AMEX other then my existing cards. I do appreciate the suggestion though! Smiley Happy

 

I will probably wait until 6th statement has posted for CSP before I move limits around, I Have had a a lot of luck with Auto CLIs from Chase before and at the 6 month mark.

Started: 4/14 Bank of America Signature $6k, 85% Utilization, 745 Fako
Currently: 6/18 Bank of America Signature $99.9k, Chase Slate $0, Chase Freedom Signature $2.5k, American Express Gold NSL, American Express Everyday $6k, Lowes GE $0 (From $35k), Discover IT $38.5k, Capital One Quicksilver $5k, Barclays US Airways $24k, DCU Platinum $30k, PenFed Promise $47k, Chase Freedom Unlimited Signature (From CSP) $50k, Chase AARP Signature $7.5k, American Express Blue Cash $7.5k, Citi American Airlines Platinum $10.5k, Capital One Venture Signature $30k, Chase Sapphire Preferred (From Reserve) $12k, Chase Ink Business Preferred $10k, Barclays Aviator Business $14k. Total Available Credit: Over $350k, Utilization 4%, AAoA 7 Years, TU Fico 799, EX Fico 727
Message 4 of 8
Anonymous
Not applicable

Re: What to do with Chase CLs?

Yes, I am on mobile so I couldn't see your cards, and yes I am new also! You obviously didn't need my suggestion. I've lurked a long time though, and posts have universally indicated (haven't seen proof) that larger limits on cards help beget larger limits on other cards.
Message 5 of 8
Anonymous
Not applicable

Re: What to do with Chase CLs?

BTW, re Amex backdating; my understanding is that on a new card Amex doesn't report the MSD to the CRAs anymore. They only print the MSD on the new card.
Message 6 of 8
Anonymous
Not applicable

Re: What to do with Chase CLs?

Combine combine combine. Leave $500 per account and put the cl into the one account you use the most!!! Only way other creditors will grant you higher limits
Message 7 of 8
takeshi74
Senior Contributor

Re: What to do with Chase CLs?


@signaturecardmember wrote:

Would future creditors rather see the big CL on an older card or a newer one? as you see neither is very old.


Doesn't really matter.  Revolving utilization and AAoA both matter but they're not tied like you're thinking.  As for what particular creditors are looking for we can't answer such questions.  We don't know the spefiic underwriting criteria for the various creditors and they are not all identical.

 


@signaturecardmember wrote:

Am I wrong to think a single account with a $32k CL could help entice higher limits for me in the future with other issuers?


There is no such direct and simple relationship.  The limits you qualify for all depend on your credit and income versus a creditor's underwriting critiera.  You cannot assume that creditors simply match credit limits.  If that was the case then my last seveal approvals would have been 30K instead of 5K.

 

Allocate limits based on your needs/wants versus assumptions on future approvals.

Message 8 of 8
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