closed my Chase Freedom

[longtimelurker]

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@Startome wrote:

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But closing the card does not boost any of those numbers, it is simply less for the OP to manage. Honestly I see no con to having left it open but in the sock drawer until they closed it, even then he may have gotten an auti CLI, it does happen.

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Well, as you said, one more thing to manage.  Open accounts might have fraudulent charges that you need to watch for.  Some people (wrongly IMO) worry about Closed By Creditor markings and would want to use the card from time to time to prevent closure.   

To help, what follows is the ONLY valid opinion, if you disagree you are wrong and there's little advantage in being wrong:

Truth:   The decision to close a low-value credit card is a purely personal one.   The advantage of keeping it open is very small, the advantage of closing it is also very small.  There is no point in others weighing in on decisions between two choices that have almost no impact either way.

[bribro]

OP screwed up IMO. I get the whole idea of closing cards to simplify one's life, but if the OP has any intention of applying for other Chase cards in the future, he probably just shot himself in the foot. Chase likes to see a good history on one of their cards, and the OP had exactly that until he cancelled and threw up a red flag. At least he has the Amazon card though.

[red259]

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@bribro wrote:

OP screwed up IMO. I get the whole idea of closing cards to simplify one's life, but if the OP has any intention of applying for other Chase cards in the future, he probably just shot himself in the foot. Chase likes to see a good history on one of their cards, and the OP had exactly that until he cancelled and threw up a red flag. At least he has the Amazon card though.

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OP sounded fed up with Chase, so I do not know if OP planned to go back to Chase. I agree if OP wants Chase cards in the future this was probably not a good move, but the sense I got was that OP was not happy with Chase and decided to move on. One thing I would point out is that people should never close credit cards to et back at a credit card company. Honestly the lender isn't going to lose any sleep over losing a customer here or there. Not saying this was OPs reason for closing the card, but I have noticed others on the board closing cards out of spite which is never a good basis to make credit decisions on.

[longtimelurker]

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@red259 wrote:

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@bribro wrote:

OP screwed up IMO. I get the whole idea of closing cards to simplify one's life, but if the OP has any intention of applying for other Chase cards in the future, he probably just shot himself in the foot. Chase likes to see a good history on one of their cards, and the OP had exactly that until he cancelled and threw up a red flag. At least he has the Amazon card though.

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OP sounded fed up with Chase, so I do not know if OP planned to go back to Chase. I agree if OP wants Chase cards in the future this was probably not a good move, but the sense I got was that OP was not happy with Chase and decided to move on. One thing I would point out is that people should never close credit cards to et back at a credit card company. Honestly the lender isn't going to lose any sleep over losing a customer here or there. Not saying this was OPs reason for closing the card, but I have noticed others on the board closing cards out of spite which is never a good basis to make credit decisions on.

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I agree, but it is a very human reaction!   Bribro, so you think that this closure is bad enough to be essentially blacklisted by Chase? I could understand if there is a history of applying, using just for the bonus, and then closing, but just one card?

[bribro]

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@longtimelurker wrote:

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@red259 wrote:

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@bribro wrote:

OP screwed up IMO. I get the whole idea of closing cards to simplify one's life, but if the OP has any intention of applying for other Chase cards in the future, he probably just shot himself in the foot. Chase likes to see a good history on one of their cards, and the OP had exactly that until he cancelled and threw up a red flag. At least he has the Amazon card though.

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OP sounded fed up with Chase, so I do not know if OP planned to go back to Chase. I agree if OP wants Chase cards in the future this was probably not a good move, but the sense I got was that OP was not happy with Chase and decided to move on. One thing I would point out is that people should never close credit cards to et back at a credit card company. Honestly the lender isn't going to lose any sleep over losing a customer here or there. Not saying this was OPs reason for closing the card, but I have noticed others on the board closing cards out of spite which is never a good basis to make credit decisions on.

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I agree, but it is a very human reaction!   Bribro, so you think that this closure is bad enough to be essentially blacklisted by Chase? I could understand if there is a history of applying, using just for the bonus, and then closing, but just one card?

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Getting blacklisted is very unlikely IMO, but if he doesn't get an instant approval on a future Chase CC app, he'll have a harder time on recon. Chase in particular really likes it when you use their cards, and having one with a good history makes it that much easier with future apps. Chase arguably has the best sign-up bonuses today, so I think it was a short-sighted emotional reaction on the OPs part. Getting upset because of no CLI when it hasn't even been 6 months is a little over the top.

[Fico2Go]

With a good payment history I don't think it's going to make any difference with approval probability in the future.   We have people that defaulted on Chase loans and even filed BK on them and yet Chase still gave them a second chance.  

No reason to lose sleep over this. 

[Pat94108]

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@Fico2Go wrote:

With a good payment history I don't think it's going to make any difference with approval probability in the future.   We have people that defaulted on Chase loans and even filed BK on them and yet Chase still gave them a second chance.  

No reason to lose sleep over this. 

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+1 He is not going to be blacklisted. I had a chase freedom last year for a few months with a credit limit of 5k closed it after three months if I am not mistaken. I recently applied for a Chase Sapphire and got approved. I don't think that's going to affect his probability to be approved in the future as long as he didn't default. 

[madmann26]

The account was not defaulted on. I closed it with a $0 balance and it was in good standing the entire time.

[eagle2013]

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@09Lexie wrote:

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@red259 wrote:

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@Fico2Go wrote:
sometimes I wonder and think the entire credit account industry is a joke. How can one bank approve 500. And another at 22.5k?

no algorithm can be this off and be differefent
that much.

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A high limit from a credit union is not the same thing has a high limit from a credit card company. There are much different underwriting standards and formulas therefore the lenders consider applicants differently. Credit unions are much more likely to give high credit lines, but I think they look more throughly into applicants then credit card companies usually do. At least that is my understanding.   

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If you take away the CU CL, the $500 CL is not that far off. 

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+ 1 Doesn't really matter at this point what I have to say but from what I'm seeing, besides the CU accounts the OP doesn't have any accounts from a major credit card where they are the invidual owner before apping for AMEX. I happen to be a believer that any unsecured account with a decent limit, especially enough for a nice car (20k) is prime, but I don't think a major bank like Chase would consider a CU file within their decision for increase. Perhaps in another two months with the BCE reporting Chase would have been more amenable to a CLI particularly as AMEX and Chase compete. I personally would have waited it out for AMEX to marinate and then reassess, but kudos to the OP for trimming where necessary.

[drkaje]

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@jamesdwi wrote:

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@drkaje wrote:

Why should someone keep a $500 limit Freedom (that is unlikely to grow well through regular use) when they have a NFCU membership and $27K in limits betwen two cards?

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The Freedom card offers 5% catagories and 10% back for some purchases via online, and has no AF, Rewards are far better and worse case it can sit in a sock drawer the card, 5 months of history is too soon to expect a CLI on  card that was a border line approval in the first place. $500 CL from prime lenders are a sign sure we will give you a card but we really don't trust you.

They should give you an option before you get a $500 card, A. Take a $500 card with a strong possibility of a long slow road to a decent CL in a couple years, or B. don't take the card, wait 6 months to a year and get no baddies and no more INQ's and have a chance for a decent limit that will grow when you apply again.

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Based upon the other cards OP has, Freedom wasn't good for his current file. Chase isn't going to thrown limits at people with thin files.

I started rebuilding with a $500 limit card from 5th/3rd bank, LOL! Some of us know how difficult it is to work a $500 limit and not apply for every shiny new card that comes along.

My Chase has been stuck at $3K nearly three years. Looking back: I applied too soon. Had I waited 3 months the report would have looked much better because one of the last 'baddies' would have gone away. It's one of those Live and learn situations, LOL!

In a year or two, He'll be positioned for a really good limit from Chase.