topic Re: Close or leave open in Credit Cards

Close or leave open

inthewoods — Mon, 24 Jun 2013 03:00:40 GMT

I applied and received a Chase Sapphire in November ($10k CL), and CSP in May ($30k CL). I also have an $18k Amex BCP from August. I am an authorized user on some older cards and have a mortgage. AAoA is about 2.5 years.

I really have no need for both CS and CSP, but I chose to apply for a new account rather than upgrade the old one for the signing bonus. I contacted Chase to ask about reassigning some CL from CS to CSP and they said that they could move up to $9500 from CS to CSP and then optionally close the old account.

What should I do? Should I move as much as possible to the CSP and close, or should I keep it open with a $500–1500 limit? If I don’t use it significantly, what are the changes that Chase will forcibly close it on me? How much better is it to close it myself than to have the bank close it?

Re: Close or leave open

Creditaddict — Mon, 24 Jun 2013 04:15:33 GMT

@inthewoods wrote:
I applied and received a Chase Sapphire in November ($10k CL), and CSP in May ($30k CL). I also have an $18k Amex BCP from August. I am an authorized user on some older cards and have a mortgage. AAoA is about 2.5 years.

I really have no need for both CS and CSP, but I chose to apply for a new account rather than upgrade the old one for the signing bonus. I contacted Chase to ask about reassigning some CL from CS to CSP and they said that they could move up to $9500 from CS to CSP and then optionally close the old account.

What should I do? Should I move as much as possible to the CSP and close, or should I keep it open with a $500–1500 limit? If I don’t use it significantly, what are the changes that Chase will forcibly close it on me? How much better is it to close it myself than to have the bank close it?

Id move all you can and leave open... If you don't use it for 12+ months most likely they will close it... If you use it just 1 every 4-6 months you should be able to keep open if you want... and WOW on the opening CL on the CSP!

Re: Close or leave open

Anonymous — Mon, 24 Jun 2013 05:20:09 GMT

+1.

Re: Close or leave open

inthewoods — Mon, 24 Jun 2013 06:28:46 GMT

Thanks! I’ll give them a call and follow your advice.

Re: Close or leave open

oscar_actuary — Mon, 24 Jun 2013 07:05:08 GMT

Does it take an income over $250k to get that open CL and total limits from Chase, especially in light of the lite AAoA and I presume lack of history.

Feel free to ignore the prying question. I may just be jealous

Re: Close or leave open

inthewoods — Mon, 24 Jun 2013 07:12:50 GMT

Yes, I have plenty of income but limited credit history (young and moved to this country as an adult).

Re: Close or leave open

MrCredit — Mon, 24 Jun 2013 07:39:23 GMT

I would move the CL to the card without the annual fee. Chase allows combination of limits. I just did it recently. Once my free year is up on my Marriott Rewards I plan on moving the $17,000 to my Chase Sapphire to total a $36,000 CL. This would be the highest CL I have ever had. Right now Chase has a combo CLs of $36k with is the highest to BOA with I have lots of credit with.