topic Advice on canceling older unused accounts and applying for Chase Sapphire Reserve in Credit Cards

Advice on canceling older unused accounts and applying for Chase Sapphire Reserve

Anonymous — Wed, 28 Sep 2016 22:52:48 GMT

So I've been working on rebuilding my credit for a few years now after totally screwing as a teenager in the height of absurdity in 2007 (I had no job and no previous credit, but was given >$2000 on two cards). Anyway, my score is up over 200 points in two years, and over 100 points in the last six months as those old cards and a couple of medical collections have come off. I started with the secured HD Visa, after a year or so upgraded to unsecured and got a Capital One unsecured. Upgraded the Cap One to a Quicksilver. Another year and I opened a Motorola finance account through Comenity (which was probably a mistake). Six months later applied for Amex BCP and Citi Double Cash, which to my surprise were both approved.

So my oldest card is the HD Visa which was always essentially useless to me in terms of benefits and was basically never used again once I got the Quicksilver. It's about ~3.5 years old. Up until today I had thought canceling an account would immediate wipe it from the average age calc. That seems to not be the case though? I'm thinking about canceling this account and the Motorola account, but I want to wait until I apply for a line increase on Amex BCP mid November. Any reason not to do this?

I also had been thinking about applying for the Chase SP for a while, and then the Reserve came out, so the plan was to wait for my score to go up a bit and my last collections to come off next year, but on a whim I decided to dispute them online and they were both deleted. My FICOs haven't updated yet but I'm assuming they'll be around 700 each. What kind of scores do you think I should have to apply for the Reserve?

Thanks!

Re: Advice on canceling older unused accounts and applying for Chase Sapphire Reserve

Anonymous — Wed, 28 Sep 2016 23:16:31 GMT

be aware that closing your accounts would decrease avail credit lines which can lower your scored... and the reverse is true.. getting a CLI can up the scores.

As for the other stuff, I'll let the ole' stand bys answer.

Re: Advice on canceling older unused accounts and applying for Chase Sapphire Reserve

Anonymous — Wed, 28 Sep 2016 23:18:01 GMT

Get the CLI and close them out. They'll be on your report for 10 years so you won't really feel the effect on your AAoA.

Re: Advice on canceling older unused accounts and applying for Chase Sapphire Reserve

Anonymous — Wed, 28 Sep 2016 23:19:38 GMT

What is it you're trying to accomplish?

You've got 4-5 revolving accounts as it stands

you say one of those was a mistake

another you don't use

You still rebuilding but it really sounds like you want to COLLECT cards...and trust me I 'get' the

marketing help to P & C you....that is the program and condition you to 'WANT'...this card and or that card

but WHY....well "replay of marketing' yada yada yada

You said "in the height of absurdity" you were 'given about $2000' in CLs' less than 8-9 years ago and you didn't like how that turned out....

So again I ask you...know WHAT you are trying to accomplish and don't let the absurdity of slick marketing GET you again, friend.

All this giberrish about chasing 'benefits' is how they are leading so many young folks to heck....your CCs should primarily be TOOLS

for you live your life more abundantly ....now they have us chasing cards by marketing 'name' like cologne smdh

No offense, you don't even have a $5k CL worthy of a basic siggy card ....there is NO REASON for you to be chasing yet another freaking card

when you're better off growing up the ones you have now.

Don't take offense, I'm trying to say I know 'why' you're chasing..b/c the marketing is freaking GOOD at what they do...I'm just trying to SHOUT you off the ledge,

don't look into their eyes, don't fall for it.

Ppl IMO can aspire to own a home...save up for a car ok but chasing a freaking CC ...c'mon now

http://www.bloomberg.com/news/features/2016-09-22/how-chase-made-the-perfect-high-for-credit-card-junkies

The boomberg title says it all using the word JUNKIES....these folks are trying to get you ppl HOOKED, like based heads on the Wire...put down the pipe

save youself

Re: Advice on canceling older unused accounts and applying for Chase Sapphire Reserve

Anonymous — Wed, 28 Sep 2016 23:48:53 GMT

@Anonymous wrote:
Get the CLI and close them out. They'll be on your report for 10 years so you won't really feel the effect on your AAoA.

Awesome. Thanks for confirming.

Re: Advice on canceling older unused accounts and applying for Chase Sapphire Reserve

Anonymous — Thu, 29 Sep 2016 00:03:54 GMT

@Anonymous wrote:

What is it you're trying to accomplish?
You've got 4-5 revolving accounts as it stands
you say one of those was a mistake
another you don't use

You still rebuilding but it really sounds like you want to COLLECT cards...and trust me I 'get' the
marketing help to P & C you....that is the program and condition you to 'WANT'...this card and or that card
but WHY....well "replay of marketing' yada yada yada

You said "in the height of absurdity" you were 'given about $2000' in CLs' less than 8-9 years ago and you didn't like how that turned out....

So again I ask you...know WHAT you are trying to accomplish and don't let the absurdity of slick marketing GET you again, friend.
All this giberrish about chasing 'benefits' is how they are leading so many young folks to heck....your CCs should primarily be TOOLS
for you live your life more abundantly ....now they have us chasing cards by marketing 'name' like cologne smdh

No offense, you don't even have a $5k CL worthy of a basic siggy card ....there is NO REASON for you to be chasing yet another freaking card
when you're better off growing up the ones you have now.

Don't take offense, I'm trying to say I know 'why' you're chasing..b/c the marketing is freaking GOOD at what they do...I'm just trying to SHOUT you off the ledge,
don't look into their eyes, don't fall for it.

Ppl IMO can aspire to own a home...save up for a car ok but chasing a freaking CC ...c'mon now

http://www.bloomberg.com/news/features/2016-09-22/how-chase-made-the-perfect-high-for-credit-card-junkies

The boomberg title says it all using the word JUNKIES....these folks are trying to get you ppl HOOKED, like based heads on the Wire...put down the pipe
save youself

No offense taken at all. I'm not really chasing the benefits and marketing stuff. I don't want more cards than I need. That's why I'm asking about canceling two of my 5 revolving accounts. The one was maybe a mistake, but at the time I was buying a new Motorola phone every year and getting 12 months 0% interest on them. I have since switched away from Motorola phones. It served its short-lived purpose. One thing I want is to establish some good accounts at a reasonable pace so that in 5+ years have a good average age etc. Getting 6% on groceries, 3% on gas, and 2% everywhere else is just a fun bonus. When I mention applying for another card, it's not like I'm really itching. I'm just trying to figure out the best time to do it. It really is a long game for me, but bonuses, rewards and benefits don't hurt.

And just to be clear, when I screwed up my credit as a teenager, it wasn't that I "didn't like how it turned out". The marketing didn't "get" me. It was completey on purpose. I spent the money and never paid a dime back full well knowing how it worked. I had no interest in credit. I've since grown up a bit. I pay the balance in full every month. Haven't paid a penny in interest since I started rebuilding.

Re: Advice on canceling older unused accounts and applying for Chase Sapphire Reserve

SunriseEarth — Thu, 29 Sep 2016 00:03:50 GMT

@Anonymous wrote:
@Anonymous wrote:
Get the CLI and close them out. They'll be on your report for 10 years so you won't really feel the effect on your AAoA.

Awesome. Thanks for confirming.

Of course, it could also have a negative effect on UTIL. Scores are optimized when more than half of your open CCs have a zero balance. IMHO, close them after you apply.

BTW, have you tried the Chase Pre-Qual to see what comes up?

Re: Advice on canceling older unused accounts and applying for Chase Sapphire Reserve

Anonymous — Thu, 29 Sep 2016 01:02:09 GMT

@SunriseEarth wrote:
@Anonymous wrote:
@Anonymous wrote:
Get the CLI and close them out. They'll be on your report for 10 years so you won't really feel the effect on your AAoA.

Awesome. Thanks for confirming.
Of course, it could also have a negative effect on UTIL. Scores are optimized when more than half of your open CCs have a zero balance. IMHO, close them after you apply.

BTW, have you tried the Chase Pre-Qual to see what comes up?

Do you mind expanding/clarifying a bit? Both the ones I want to close are zero balance. The other three are 5-10%. I didn't realize this zero balance on half thing. I have been purposefully keeping the others at 5-10. Once I close, should I keep two of the remaining three at zero?

I have tried the pre-qual, but I get nothing because I must have opted out back when I had the old account I never paid. I've been trying to figure out how to opt back in without an active account with Chase. CreditKarma was tellig me 40 points ago that I had a "very good" chance of getting the CSP, but that may be a terrible guage.

And just to be clear, you're saying close them after I apply for the CLI, right? (As opposed to after applying for CSR, which could be a while from now)

Re: Advice on canceling older unused accounts and applying for Chase Sapphire Reserve

Anonymous — Thu, 29 Sep 2016 02:21:41 GMT

"Scores are optimized when more than half of your open CCs have a zero balance"

Interesting.. I did not now this..

Re: Advice on canceling older unused accounts and applying for Chase Sapphire Reserve

FroggieMom — Thu, 29 Sep 2016 15:18:45 GMT

@Anonymous wrote:
@SunriseEarth wrote:
@Anonymous wrote:
@Anonymous wrote:
Get the CLI and close them out. They'll be on your report for 10 years so you won't really feel the effect on your AAoA.

Awesome. Thanks for confirming.
Of course, it could also have a negative effect on UTIL. Scores are optimized when more than half of your open CCs have a zero balance. IMHO, close them after you apply.

BTW, have you tried the Chase Pre-Qual to see what comes up?

Do you mind expanding/clarifying a bit? Both the ones I want to close are zero balance. The other three are 5-10%. I didn't realize this zero balance on half thing. I have been purposefully keeping the others at 5-10. Once I close, should I keep two of the remaining three at zero?

I have tried the pre-qual, but I get nothing because I must have opted out back when I had the old account I never paid. I've been trying to figure out how to opt back in without an active account with Chase. CreditKarma was tellig me 40 points ago that I had a "very good" chance of getting the CSP, but that may be a terrible guage.

And just to be clear, you're saying close them after I apply for the CLI, right? (As opposed to after applying for CSR, which could be a while from now)

From my experience, and what I've read here on MF, Chase has a permanent memory when you've wronged them. So since you have had an unpaid card balance (I'm assuming went to collections) you should probably forget about wasting your time with Chase and focus on a different big bank first. CK doesn't analyze or know Chase's approval algorithms any more than we really do, so I hold no stock in those "approval" guides. Just my 2 cents

Re: Advice on canceling older unused accounts and applying for Chase Sapphire Reserve

Anonymous — Thu, 29 Sep 2016 22:32:14 GMT

From my experience, and what I've read here on MF, Chase has a permanent memory when you've wronged them. So since you have had an unpaid card balance (I'm assuming went to collections) you should probably forget about wasting your time with Chase and focus on a different big bank first. CK doesn't analyze or know Chase's approval algorithms any more than we really do, so I hold no stock in those "approval" guides. Just my 2 cents

Wow. That seems kind of ridiculous. I won't put all my eggs in that basket, but the account was actually Washington Mutual at the time. I don't remember the timeline of when it was taken over compared to when it went to collections. Hopefully I slipped through a permanent banishment crack. Or maybe AMEX will up their game and give them some better competition soon and I can stick with them.

Thanks for the tip.

Re: Advice on canceling older unused accounts and applying for Chase Sapphire Reserve

brother7 — Thu, 29 Sep 2016 23:03:28 GMT

General Rule of Thumb: If you have a card you'll no longer use and doesn't cost you anything to keep (ie no AF), sockdrawer it and let it age. If it closes due to inactivity, that's fine.

Other users suggest requesting periodic CLIs on the unused cards. If it's a SP, I see no problem with that and can even see the benefit of helping overall utilization, even if you don't use the card.

Re: Advice on canceling older unused accounts and applying for Chase Sapphire Reserve

Anonymous — Fri, 30 Sep 2016 01:47:42 GMT

@Anonymous wrote:
From my experience, and what I've read here on MF, Chase has a permanent memory when you've wronged them. So since you have had an unpaid card balance (I'm assuming went to collections) you should probably forget about wasting your time with Chase and focus on a different big bank first. CK doesn't analyze or know Chase's approval algorithms any more than we really do, so I hold no stock in those "approval" guides. Just my 2 cents
Wow. That seems kind of ridiculous. I won't put all my eggs in that basket, but the account was actually Washington Mutual at the time. I don't remember the timeline of when it was taken over compared to when it went to collections. Hopefully I slipped through a permanent banishment crack. Or maybe AMEX will up their game and give them some better competition soon and I can stick with them.

Thanks for the tip.

Ok, a few points

1) Somebody mention the 50% of cards and balance this n that...don't get so concerned with all the nuisances...that us 'old' credit nerds

might speak of with regards to optimizing every possible scenario....it's NOT that serious, you've got a LIFE to live

Afew eggs are going to be broken making breakfast, don't worry about the small stuff.

@2) @brother7's General Rule of Thumb stuff is RIGHT on point...if they don't cost you an AF, let 'em ride till 'they' close 'em for non-activity

The longer they ride the further you push back that decade of good credit account drop off...the more 'scored' accounts the better, for internal scoring,

if it doesn't cost you anything allow them to hang out with socks.

3) Your mindset is great, however young folks sometimes go a 'bit' too far in 'smelling themselves' (jk)

As, I mentioned to you earlier you barely have 'real' CLs....you ain't in the position to 'punk' anybody into steppin' their game UP

"...maybe AMEX will up their game and give them some better competition soon and I can stick with them."

Oh, so now you're a PRIZE and 'they' better what 'fight' for YOUR profile

Of course I'm just ribbin' ya ...but really...play your position, kid....you're a mid 600 Fico file with a spotty past

You said before that decided to WALK OUT on your debts prior (basically stealing) so if a vendor be it Chase, AmEx or that 1st baby Momma you left

they might not EVER want to play 'nice' with you again or at least wait a LOOOOONG time before you give you the time of day.

But THAT'S OK...it's a big ocean plenty of water and other fish...it is NOT "ridiculous. " it's call freewill and they deserve it just like we can decide

"I'm NEVER doing business with ______' as we please....it's a great country! No lender OWES any of us a 2nd chance if THEY choose not...the quicker

more ppl accept that, the less stressful lives, we can enjoy.

Think of it like this...if a guy mess up with a girl (and I have, more than once btw) no matter have much 'better' of a guy you become FOR her...it's still

'screw you'...ok that's fine....it's country of 300M ....she can live a great life w/o ...and you can live a great life w/o her or Chase...it doesn't NEED to make sense,

why she/Chase won't let you back in....all relationships are 2 way streets...'they' decide if they want to mess with you again ...if it's no, it's no, move on...you'll be fine with or w/o

Keep on the grind, and you'll be fine...you've got some nice 'girls' on your arm anyway...AmEx, Citi, even Cap-1 aren't chop liver....you're cooking with grease

Re: Advice on canceling older unused accounts and applying for Chase Sapphire Reserve

elim — Fri, 30 Sep 2016 01:58:37 GMT

@Anonymous wrote:
@SunriseEarth wrote:
@Anonymous wrote:
@Anonymous wrote:
Get the CLI and close them out. They'll be on your report for 10 years so you won't really feel the effect on your AAoA.

Awesome. Thanks for confirming.
Of course, it could also have a negative effect on UTIL. Scores are optimized when more than half of your open CCs have a zero balance. IMHO, close them after you apply.

BTW, have you tried the Chase Pre-Qual to see what comes up?

Do you mind expanding/clarifying a bit? Both the ones I want to close are zero balance. The other three are 5-10%. I didn't realize this zero balance on half thing. I have been purposefully keeping the others at 5-10. Once I close, should I keep two of the remaining three at zero?

I have tried the pre-qual, but I get nothing because I must have opted out back when I had the old account I never paid. I've been trying to figure out how to opt back in without an active account with Chase. CreditKarma was tellig me 40 points ago that I had a "very good" chance of getting the CSP, but that may be a terrible guage.

And just to be clear, you're saying close them after I apply for the CLI, right? (As opposed to after applying for CSR, which could be a while from now)

https://www.optoutprescreen.com/opt_form.cgi

Re: Advice on canceling older unused accounts and applying for Chase Sapphire Reserve

Anonymous — Fri, 30 Sep 2016 03:05:26 GMT

@Anonymous wrote:
Ok, a few points

1) Somebody mention the 50% of cards and balance this n that...don't get so concerned with all the nuisances...that us 'old' credit nerds
might speak of with regards to optimizing every possible scenario....it's NOT that serious, you've got a LIFE to live
Afew eggs are going to be broken making breakfast, don't worry about the small stuff.

@2) @brother7's General Rule of Thumb stuff is RIGHT on point...if they don't cost you an AF, let 'em ride till 'they' close 'em for non-activity
The longer they ride the further you push back that decade of good credit account drop off...the more 'scored' accounts the better, for internal scoring,
if it doesn't cost you anything allow them to hang out with socks.

3) Your mindset is great, however young folks sometimes go a 'bit' too far in 'smelling themselves' (jk)
As, I mentioned to you earlier you barely have 'real' CLs....you ain't in the position to 'punk' anybody into steppin' their game UP

"...maybe AMEX will up their game and give them some better competition soon and I can stick with them."

Oh, so now you're a PRIZE and 'they' better what 'fight' for YOUR profile

Of course I'm just ribbin' ya ...but really...play your position, kid....you're a mid 600 Fico file with a spotty past
You said before that decided to WALK OUT on your debts prior (basically stealing) so if a vendor be it Chase, AmEx or that 1st baby Momma you left
they might not EVER want to play 'nice' with you again or at least wait a LOOOOONG time before you give you the time of day.

But THAT'S OK...it's a big ocean plenty of water and other fish...it is NOT "ridiculous. " it's call freewill and they deserve it just like we can decide
"I'm NEVER doing business with ______' as we please....it's a great country! No lender OWES any of us a 2nd chance if THEY choose not...the quicker
more ppl accept that, the less stressful lives, we can enjoy.

Think of it like this...if a guy mess up with a girl (and I have, more than once btw) no matter have much 'better' of a guy you become FOR her...it's still
'screw you'...ok that's fine....it's country of 300M ....she can live a great life w/o ...and you can live a great life w/o her or Chase...it doesn't NEED to make sense,
why she/Chase won't let you back in....all relationships are 2 way streets...'they' decide if they want to mess with you again ...if it's no, it's no, move on...you'll be fine with or w/o

Keep on the grind, and you'll be fine...you've got some nice 'girls' on your arm anyway...AmEx, Citi, even Cap-1 aren't chop liver....you're cooking with grease

Uh, ok. I appreciate you taking the time to respond but I'm not really sure you're grasping my sentiments or attitude all that well. While I'm not taking offense because this really isn't all that serious, you're ridiculously condescending. A few points of my own:

1) Honestly I don't even know what you're talking about saying I'm trying to "punk" anyone into stepping up their game. I may be actively building my credit, but I don't need to have great credit scores to have a brain and be able to compare two different products. It has nothing to do with me. American Express is currently not competitive with Chase's new card. That's just a fact.

2) My spotty past, in terms of my credit file, is gone. My FICOs are updating and TU just came in at 725. That's not fantastic or terrible. It just is what it is. Believe me, I'm way beyond measuring my self worth by a number assigned to me by financial institutions. That said, I'm a customer with an improving credit score. If I'm going to apply for a credit card, I'm going to try to get the best one I can in the category I'm looking in. So, yeah, I hope AMEX does improve their offerings.

3) I'm aware that it's their right. I'm not complaining, and certainly not on the basis of fairness. My assessment as "kind of ridiculous" is based on my personal reality. I was a **bleep**ty customer. Now I'm not. If they don't give second chances I understand the risk strategy, and that's fine, but someone else is going to get my business, and if they were to use the measurement created for this purpose (credit score!) instead of holding a permanent grudge regardless, they could potentially have one more customer to make money off of. Whenever it is that my credit meets their approval standards, of course.

4) Not paying back a credit card is absolutely, positively, 100% not stealing. It's an unsecured loan. They take a risk based on their own criteria, and they'll write off any losses. While I am now in a position in life where I don't need to do that in order to get by, I have zero sympathy for a giant bank making the wrong gamble.

5) Whatever that weird anology thing at the end there was is just too painful to even read.

Disagreements and criticisms aside, seriously, thanks for taking the time to offer your thoughts and opinions.