General Credit Topics

[psychic]

Would your utilization decrease significantly if this card's credit limit was included in this calculation?

[psychic]

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2wheel wrote:

...what in your opinion is the best card to have from chase (rewards)

I am thinking they might let me keep the original date that card was issued becase it does help with AAOA

If I dont it would mess that up and I would lose about 2 years of AAOA... Was looking at the perfect card

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Most of us like our Chase Freedom cards.  There are 2 versions:  The "Plus" version offers better rewards than the regular Freedom card.  However, the Plus card has an annual $30 program fee (a nice term for annual fee).   You can see them here:

https://www.chase.com/ccpmweb/card_servicing/document/credit-cards-at-chase.html

You decide what rewards card works best for your spending habits--if the Perfect card looks attractive, then go for it. 

Make certain to ask about any changes in APRs before making any product changes.  Also, do ask if your history will be transferred over to the new card--usually, this is never an issue, unless you apply for a new card.  But, it's always good to ask.

[2wheel]

well my other 2 cards are not big cards

1 has a cl of 1000 and the other has cl of 500

currenty my ultization is around 20 percent

alot because i pay more on the chase card than the other 2

the cl on chase card is around 35k but it dosent report.

yes it would make my ultization go down alot since I have only 700 on chase card

[psychic]

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2wheel wrote:

well my other 2 cards are not big cards

1 has a cl of 1000 and the other has cl of 500

currenty my ultization is around 20 percent

alot because i pay more on the chase card than the other 2

the cl on chase card is around 35K but it dosent report.

yes it would make my ultization go down alot since I have only 700 on chase card

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Even if you change this card to one that reports a credit limit, you're going to run into another problem:  There is a threshold where certain high credit limit cards stop reporting as "revolving credit."  We're a little uncertain of the exact cut off point.  A few years ago, I was informed that any card with a $29,000+ credit limit would be exempt from revolving calculations by Experian and TransUnion. 

What this means is that EX and TU would not be including that $35,000 credit limit card when calculating utilization.  EQ would include that credit line. 

[2wheel]

I was wondering that too that is why I was going to ask for a credit line decrese to 20k since I dont need the 35 k

high balance on card was last year at 18k but use card pretty much all the time since I travel alot

Message Edited by 2wheel on 03-15-2009 01:48 PM

[psychic]

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2wheel wrote:

I was wondering that too that is why I was going to ask for a credit line decrese to 20k since I dont need the 35 k

high balance on card was last year at 18k but use card pretty much all the time since I travel alot

Message Edited by 2wheel on 03-15-2009 01:48 PM

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Don't decrease the limit to $20,000!  That's a little too drastic.  If you're going to request a credit line decrease, reduce it to about $28,000.  After that, check your credit reports monthly for a while, to see what occurs.  You may or may not need to decrease your credit line slightly after that.

You might want to look at this thread about high credit limit cards:

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=32063

Message Edited by psychic on 03-15-2009 04:58 PM

[2wheel]

I wll try that

[2wheel]

Now that was real easy did product trade to non signature card moved credit line to 27,500. Chase is my friend for the day..

[psychic]

I'm glad that things worked out for you! 

I don't think that you should have any problems with credit line reporting issues now.  It's unfortunate that we can no longer see how our actions affect our Experian scores, though.

[2wheel]

I know hope to get a little push now that it should report witht the extra 27.5k in revolving and ulti down to 4 percent.