Closing Accounts

[Anonymous]

Hi,

So I'm asking this for my SO she has 2 accounts currently with Chase.

Account 1 - Chase Freedom card Pros 5% Bonus categories Cons 23.24% APR opened when CS was 660

Account 2 - Chase Slate card Pros No Interest through May 2017 Cons 18% APR opened when CS was 695

We are considering moving all of her credit line from the freedom to the Slate (as soon as we get up to a cash out amount in the rewards) and closing the Freedom Card possibly to open the Discover It card or no card at all for the time being (she currently has a good amount of debt on other cards 8k).

So I wanted to ask will this effect her AAOA? The freedom card is not her oldest account.

Also will chase allow you to move the full line to the one card and close the account? (Maybe apply with them later again once she hits 750+ because I've read they will not recon for a lower APR).

[rmduhon]

Closing an account in good standing won't affect the AAoA because they'll stay on the reports for another 10 years.

[Anonymous]

Would they let her move her Chase Freedom CL to her Slate card and close the Freedom or the limit dies with the card?

Also do you think it's wise to reapply with them later when scores are 750+ or are they not that good?

[rmduhon]

I don't have very much experience with Chase, just a small card my mom has so I have no idea what the answer for those questions are.

[Anonymous]

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@Anonymous wrote:
Hi,

So I'm asking this for my SO she has 2 accounts currently with Chase.

Account 1 - Chase Freedom card Pros 5% Bonus categories Cons 23.24% APR opened when CS was 660

Account 2 - Chase Slate card Pros No Interest through May 2017 Cons 18% APR opened when CS was 695

We are considering moving all of her credit line from the freedom to the Slate (as soon as we get up to a cash out amount in the rewards) and closing the Freedom Card possibly to open the Discover It card or no card at all for the time being (she currently has a good amount of debt on other cards 8k).

So I wanted to ask will this effect her AAOA? The freedom card is not her oldest account.

Also will chase allow you to move the full line to the one card and close the account? (Maybe apply with them later again once she hits 750+ because I've read they will not recon for a lower APR).

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I would not close accounts unless they have annual fees. Just let them lay fallow and put a small charge on them (and PIF) every 6 months to keep them open. If there are no balances carried month to month on the cards the APR is not relevant...

[Anonymous]

But she would eventually like to open another card with Chase with a better APR they gave her a really hard time opening the Slate card saying that she already had a credit card with them.

[Anonymous]

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@Anonymous wrote:
Would they let her move her Chase Freedom CL to her Slate card and close the Freedom or the limit dies with the card?

Also do you think it's wise to reapply with them later when scores are 750+ or are they not that good?

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Yes Chase will allow her to transfer her cl from the Freedom to the Slate if they try to tell you that you have to leave a 500.00 limit on the Freedom ask to be transferred to their account consolidation department. Yes if she waits until her scores are in the mid 700's she will receive their best rate and it is the only way for her to lower her APR on a Freedom card.