topic Re: Consolidating Chase Cards in Credit Cards

Consolidating Chase Cards

jawbrkr — Sat, 26 Sep 2015 02:29:56 GMT

Is there a minimum amount of time I need to have a chase card before closing and moving the CL to another card? I have a freedom that I want to eventually close and move to the CSP. To me Discover and Freedom are redundant. They pretty much offer the same benefits.

Re: Consolidating Chase Cards

Anonymous — Sat, 26 Sep 2015 00:15:09 GMT

Actually - Freedom has better rewards when it has the 5x bonus categories. - Think amazon for xmas. And if you have CSP and Freedom you can transfer the UR points to CSP and then use them for the travel benefits. I would app CSP with the 40k bonus if you can afford the spend and keep the Freedom. But That way you can take advantage of the Freedom bonus categories AND use the points for the CSP travel benefits.

Just my .02 of a dollar.

Take care,

George

Re: Consolidating Chase Cards

Anonymous — Sat, 26 Sep 2015 00:21:21 GMT

Is there a minimum amount of time I need to have a chase card before closing and moving the CL to another card? - No, you can move credit lines around whenever you like.

Personally, I agree with you. There was nothing about Freedom that beat Discover for me when I had both. But I will add that some people usually find Freedom + CSP a useful combo bc of point transfer options and travel. If thats been of no benefit to you so far then transfer the line and close it.

Re: Consolidating Chase Cards

jawbrkr — Sat, 26 Sep 2015 02:30:13 GMT

Not sure if this is true or not. I heard this rumor floating around somewhere on the forum. Do scores drop for closing an account? In my case my CL wouldnt change since I am moving from one card to another without affecting utilization.

Re: Consolidating Chase Cards

Anonymous — Sat, 26 Sep 2015 02:49:01 GMT

I have yet to see any score decrease as a result of closed accounts and Ive closed quite a few in the last year. Your utilization wont change after consolidating so your fine.

Re: Consolidating Chase Cards

B335is — Sat, 26 Sep 2015 06:24:51 GMT

I never ran into an issue moving around limits with Chase. It's been about a year since the last time but definitely not as strict as Amex.

Re: Consolidating Chase Cards

kdm31091 — Sat, 26 Sep 2015 10:58:44 GMT

You can move limits pretty much whenever with Chase and your score will probably not even change, considering your overall util will be the same. You're just shifting from one to another.

You have to do what's right for you. If you find Freedom redundant with Discover (which I agree, and Discover often has the broader categories anyway), then close it. You lose the benefit of transferring the Freedom points to CSP, yes, but it doesn't matter much if Freedom's earning categories don't appeal to you.

Re: Consolidating Chase Cards

Anonymous — Sat, 26 Sep 2015 12:31:28 GMT

I will be combining the limits on DH's Slate cards soon so please come back and update thread with your thoughts on the process. Good luck and thanks in advance for your help!

Re: Consolidating Chase Cards

Anonymous — Sat, 26 Sep 2015 13:19:10 GMT

@jawbrkr wrote:
Not sure if this is true or not. I heard this rumor floating around somewhere on the forum. Do scores drop for closing an account? In my case my CL wouldnt change since I am moving from one card to another without affecting utilization.

In your case I'd say likely not or a very small drop, though as with anything "it depends". Most of the time a score drop will be because your util drops, which doesn't apply to you (hopefully). Remember that the account will fall off your CR 10 years after you close it, but hopefully by then you'll have an even more seasoned credit profile that it won't matter.

What are your limits on the CSP and the Freedom? I ask because while Chase does tend to consolidate limits without issue, from my personal experience they do not always let you keep 100% of limits. I previously had the Marriott and United cards totalling $45K but I cancelled Marriott and they only bumped me to $35K on the United. I'm not sure if they did this because they wanted to leave room open for me to apply for a new card, or if I could have overriden it by calling the recon line and/or doing a HP ($35K was enough for me so I didn't feel like bothering). With that said I feel like I'm the exception here.

I also agree with the others that the Freedom and CSP is a killer combo, as the Freedom will give you some 5x category earnings that CSP won't, and it doesn't cost you anything to keep Freedom. Of course that's up to you, but if it were me I'd keep both.

Re: Consolidating Chase Cards

Anonymous — Sat, 26 Sep 2015 13:25:53 GMT

I kind of assumed that the Freedom + CSP combo wasn't particularly useful to OP since they stated they already have CSP. But I may have misinterpreted the post. Agree with kdm though. If you've realized the combination isn't useful to you then its meaningless regardless of the value it might have for others.

Re: Consolidating Chase Cards

jawbrkr — Sat, 26 Sep 2015 19:03:30 GMT

@Anonymous wrote:
@jawbrkr wrote:
Not sure if this is true or not. I heard this rumor floating around somewhere on the forum. Do scores drop for closing an account? In my case my CL wouldnt change since I am moving from one card to another without affecting utilization.
In your case I'd say likely not or a very small drop, though as with anything "it depends". Most of the time a score drop will be because your util drops, which doesn't apply to you (hopefully). Remember that the account will fall off your CR 10 years after you close it, but hopefully by then you'll have an even more seasoned credit profile that it won't matter.

What are your limits on the CSP and the Freedom? I ask because while Chase does tend to consolidate limits without issue, from my personal experience they do not always let you keep 100% of limits. I previously had the Marriott and United cards totalling $45K but I cancelled Marriott and they only bumped me to $35K on the United. I'm not sure if they did this because they wanted to leave room open for me to apply for a new card, or if I could have overriden it by calling the recon line and/or doing a HP ($35K was enough for me so I didn't feel like bothering). With that said I feel like I'm the exception here.

I also agree with the others that the Freedom and CSP is a killer combo, as the Freedom will give you some 5x category earnings that CSP won't, and it doesn't cost you anything to keep Freedom. Of course that's up to you, but if it were me I'd keep both.

I have $5000 on the CSP and $3500 on the Freedom.

Re: Consolidating Chase Cards

jawbrkr — Sat, 26 Sep 2015 19:10:24 GMT

@Anonymous wrote:
I kind of assumed that the Freedom + CSP combo wasn't particularly useful to OP since they stated they already have CSP. But I may have misinterpreted the post. Agree with kdm though. If you've realized the combination isn't useful to you then its meaningless regardless of the value it might have for others.

Honestly, I got the Freedom to pair it up with the CSP and then eventually realized they offer, almost exactly, the same benefits as Discover. While I can pair the Freedom with the CSP, I find only one of those quarterly categories to my liking. I couldnt care less about Kohls or Amazon or whatever else. I barely shop at those spots. So I dont want to keep a card that benefits me in one out of only 4 quarters. I can say the same about discover. but I would rather keep that card just so it gives me a different trade line. If only Discover had more variety in cards they offer. The need to up their game a little.

Re: Consolidating Chase Cards

Anonymous — Sat, 26 Sep 2015 20:00:32 GMT

@Anonymous wrote:
What are your limits on the CSP and the Freedom? I ask because while Chase does tend to consolidate limits without issue, from my personal experience they do not always let you keep 100% of limits. I previously had the Marriott and United cards totalling $45K but I cancelled Marriott and they only bumped me to $35K on the United. I'm not sure if they did this because they wanted to leave room open for me to apply for a new card, or if I could have overriden it by calling the recon line and/or doing a HP ($35K was enough for me so I didn't feel like bothering). With that said I feel like I'm the exception here.

They won't let you move the minimum CL of the card, even if you are closing it. Since the Marriott is a Visa Sig you have to give up 5k in CL to close it.

I've also heard Chase requires manager approval and a hardpull to push a limit over 35k, but I was able to increase my Freedom from 27k to 37k without either, so (as always) YMMV.