topic Re: What do you do when your CSP AF is about to hit? in Credit Cards

What do you do when your CSP AF is about to hit?

red259 — Sun, 19 Jan 2014 22:50:42 GMT

While still about a year away and things can change I thought I would throw this out there and see what opinions are. I currently have the CSP. In the summer I intend to pick up the Chase ink plus/bold. Since those business cards would cover my ability to transfer to travel partners I would not want to keep the CSP past the first year. I also have the freedom card. The CSP is my largest current credit line (in a year it may be amex but for now its 17k). I see two options. Cancel the CSP or PC it to a CS and sock drawer it. I don't see any reason why I would use the CS once I downgrade.

Reasons to downgrade: Keeps account open for AAoAs (I understand it will stay on my record for ten years even if closed, but my revolving credit history is short), I'm not sure if Chase would let me transfer my entire credit line to Freedom or other newly aquired chase cards. Does chase require I have the card 13 months before transferring the credit line? If so I guess I would have to eat the AF for the first year at least.

Reasons to cancel: I would like to pick up some other chase cards (branded cards like marriot or hyatt, united etc) and would not want to hit my internal credit limits or get in a situation where Chase denies me for having too many chase cards (unlikely I would hit this ceiling but you never know), if I downgrade does that mean I will not be able to reapply for the CSP in the future and get the bonus again?

Re: What do you do when your CSP AF is about to hit?

-Wade- — Sun, 19 Jan 2014 23:08:35 GMT

@red259 wrote:
While still about a year away and things can change I thought I would throw this out there and see what opinions are. I currently have the CSP. In the summer I intend to pick up the Chase ink plus/bold. Since those business cards would cover my ability to transfer to travel partners I would not want to keep the CSP past the first year. I also have the freedom card. The CSP is my largest current credit line (in a year it may be amex but for now its 17k). I see two options. Cancel the CSP or PC it to a CS and sock drawer it. I don't see any reason why I would use the CS once I downgrade.

Reasons to downgrade: Keeps account open for AAoAs (I understand it will stay on my record for ten years even if closed, but my revolving credit history is short), I'm not sure if Chase would let me transfer my entire credit line to Freedom or other newly aquired chase cards. Does chase require I have the card 13 months before transferring the credit line? If so I guess I would have to eat the AF for the first year at least. I don't know the answer to this.

Reasons to cancel: I would like to pick up some other chase cards (branded cards like marriot or hyatt, united etc) and would not want to hit my internal credit limits or get in a situation where Chase denies me for having too many chase cards (unlikely I would hit this ceiling but you never know), if I downgrade does that mean I will not be able to reapply for the CSP in the future and get the bonus again? I would say NO

Howdy Red

Only 4 things that you can do!! Downgrade to the CS, PC to another card with no AF, Pay it or close the account.

Re: What do you do when your CSP AF is about to hit?

Laugh — Sun, 19 Jan 2014 23:37:08 GMT

You don't have to wait 13 months to move credit.

I moved 3k to my freedom from my united card after hitting the 3k spending.

Re: What do you do when your CSP AF is about to hit?

red259 — Mon, 20 Jan 2014 00:13:44 GMT

@Laugh wrote:
You don't have to wait 13 months to move credit.

I moved 3k to my freedom from my united card after hitting the 3k spending.

Ok. Maybe I am thinking of another lender with the 13 mont rule. That's good to know.

Re: What do you do when your CSP AF is about to hit?

-Wade- — Mon, 20 Jan 2014 00:17:00 GMT

@red259 wrote:
@Laugh wrote:
You don't have to wait 13 months to move credit.

I moved 3k to my freedom from my united card after hitting the 3k spending.
Ok. Maybe I am thinking of another lender with the 13 mont rule. That's good to know.

AMEX has the 13 month rule

Re: What do you do when your CSP AF is about to hit?

red259 — Mon, 20 Jan 2014 00:19:13 GMT

@Wade64 wrote:
@red259 wrote:
@Laugh wrote:
You don't have to wait 13 months to move credit.

I moved 3k to my freedom from my united card after hitting the 3k spending.
Ok. Maybe I am thinking of another lender with the 13 mont rule. That's good to know.
AMEX has the 13 month rule

That's what it was.

Re: What do you do when your CSP AF is about to hit?

Anonymous — Mon, 20 Jan 2014 06:34:18 GMT

move your 17k to the freedom and the new ink youre gonna get.

then call it a day.

Re: What do you do when your CSP AF is about to hit?

red259 — Mon, 20 Jan 2014 06:38:20 GMT

@Anonymous wrote:
move your 17k to the freedom and the new ink youre gonna get.

then call it a day.

Can't move it from personal to business card. Will chase let me move whole credit line to freedom?

Re: What do you do when your CSP AF is about to hit?

wHiTeSoL — Mon, 20 Jan 2014 06:41:47 GMT

@red259 wrote:
@Anonymous wrote:
move your 17k to the freedom and the new ink youre gonna get.

then call it a day.
Can't move it from personal to business card. Will chase let me move whole credit line to freedom?

I think you can move everything but $500

Re: What do you do when your CSP AF is about to hit?

Open123 — Mon, 20 Jan 2014 06:42:19 GMT

@red259 wrote:
Can't move it from personal to business card. Will chase let me move whole credit line to freedom?

Yes, all but $500. There was a reason for keeping the $500, but I can't seem to recall it. Maybe someone else will remember?

Re: What do you do when your CSP AF is about to hit?

CreditScholar — Mon, 20 Jan 2014 06:44:14 GMT

@Open123 wrote:
@red259 wrote:
Can't move it from personal to business card. Will chase let me move whole credit line to freedom?
Yes, all but $500. There was a reason for keeping the $500, but I can't seem to recall it. Maybe someone else will remember?

That's the minimum amount to keep the account open. They transfer as much as possible first, leaving both accounts open. Then they close the account with $500 left on it.

Re: What do you do when your CSP AF is about to hit?

Anonymous — Mon, 20 Jan 2014 06:54:24 GMT

@CreditScholar wrote:
@Open123 wrote:
@red259 wrote:
Can't move it from personal to business card. Will chase let me move whole credit line to freedom?
Yes, all but $500. There was a reason for keeping the $500, but I can't seem to recall it. Maybe someone else will remember?
That's the minimum amount to keep the account open. They transfer as much as possible first, leaving both accounts open. Then they close the account with $500 left on it.

If I am not wrong, the CSP has a 5k minimum CL requirement to keep the account open.... Not sure how that's going to work out if he's planning to close the CSP anyways. Maybe they'll transfer 12k first, and then 5k later on?

Re: What do you do when your CSP AF is about to hit?

CreditScholar — Mon, 20 Jan 2014 06:58:37 GMT

@Anonymous wrote:
@CreditScholar wrote:
@Open123 wrote:
@red259 wrote:
Can't move it from personal to business card. Will chase let me move whole credit line to freedom?
Yes, all but $500. There was a reason for keeping the $500, but I can't seem to recall it. Maybe someone else will remember?
That's the minimum amount to keep the account open. They transfer as much as possible first, leaving both accounts open. Then they close the account with $500 left on it.
If I am not wrong, the CSP has a 5k minimum CL requirement to keep the account open.... Not sure how that's going to work out if he's planning to close the CSP anyways. Maybe they'll transfer 12k first, and then 5k later on?

I'm not sure about the exact proceedures, but that's how it was explained to me one time. Granted that was on a card that came in a non-signature version, so it didn't have a 5k minimum. This one might be different, but I'm not 100% sure.

Re: What do you do when your CSP AF is about to hit?

GeneralCucumbre — Mon, 20 Jan 2014 09:39:53 GMT

@CreditScholar wrote:
@Anonymous wrote:
@CreditScholar wrote:
@Open123 wrote:
@red259 wrote:
Can't move it from personal to business card. Will chase let me move whole credit line to freedom?
Yes, all but $500. There was a reason for keeping the $500, but I can't seem to recall it. Maybe someone else will remember?
That's the minimum amount to keep the account open. They transfer as much as possible first, leaving both accounts open. Then they close the account with $500 left on it.
If I am not wrong, the CSP has a 5k minimum CL requirement to keep the account open.... Not sure how that's going to work out if he's planning to close the CSP anyways. Maybe they'll transfer 12k first, and then 5k later on?

I'm not sure about the exact proceedures, but that's how it was explained to me one time. Granted that was on a card that came in a non-signature version, so it didn't have a 5k minimum. This one might be different, but I'm not 100% sure.

I just recently did this with my CSP. I transferred my entire credit line, except for $500, on the CSP to my Freedom and Slate cards and closed the CSP. As far as I know, Chase will not keep the account open on a CSP if it has a credit limit less than $5,000 (Visa Signature and World MasterCard regulations I'm assuming) but they will allow you to transfer the entire limit minus $500. Also, there is no requirement that you keep the account open for a certain period of time before moving credit limits around. In fact, Chase seems happy and eager to do it at times. However, I cannot speak for moving credit limits between personal and business cards as I have never had a business credit card with Chase...but I want to say I do remember someone moving a limit from one of their personal accounts to a business account.

Re: What do you do when your CSP AF is about to hit?

DigitalArk — Mon, 20 Jan 2014 09:51:09 GMT

@GeneralCucumbre wrote:
I just recently did this with my CSP. I transferred my entire credit line, except for $500, on the CSP to my Freedom and Slate cards and closed the CSP. As far as I know, Chase will not keep the account open on a CSP if it has a credit limit less than $5,000 (Visa Signature and World MasterCard regulations I'm assuming) but they will allow you to transfer the entire limit minus $500. Also, there is no requirement that you keep the account open for a certain period of time before moving credit limits around. In fact, Chase seems happy and eager to do it at times. However, I cannot speak for moving credit limits between personal and business cards as I have never had a business credit card with Chase...but I want to say I do remember someone moving a limit from one of their personal accounts to a business account.

Does it make any differences if I transfer my CL on the CSP 3 months after opening or 11 months after to my Freedom? If so, how would the differences impact my credit reports or credit scores?

Re: What do you do when your CSP AF is about to hit?

Anonymous — Mon, 20 Jan 2014 09:55:40 GMT

@digital, if you have 0 balances on both cards,
It will not affect anything. If you have balances on one or both of them, it will affect your utilization.

Other than that, credit reports do keep note of your CLs. Whenever you get a CLI or CLD, experian, and maybe others, will keep a note under account details about your previous and current CL. Doesn't matter much at all. It may just seem as if you got a huge CLI on your freedom, and AA / CLD on your CSP. If ever asked about it, a simple explanation to anyone will easily resolve any misunderstandings.

Re: What do you do when your CSP AF is about to hit?

DigitalArk — Mon, 20 Jan 2014 10:05:12 GMT

@enharu

Thank you for the detailed explanation!

Re: What do you do when your CSP AF is about to hit?

DigitalArk — Tue, 21 Jan 2014 06:04:42 GMT

Is it better to transfer the CL on CSP to Freedom than downgrading it to CS without AF?

Re: What do you do when your CSP AF is about to hit?

Revelate — Tue, 21 Jan 2014 06:47:56 GMT

@DigitalArk wrote:
Is it better to transfer the CL on CSP to Freedom than downgrading it to CS without AF?

Looking at your signature line probably; CS doesn't offer you much you don't have already covered.

Re: What do you do when your CSP AF is about to hit?

DigitalArk — Tue, 21 Jan 2014 10:31:44 GMT

@Revelate wrote:
@DigitalArk wrote:
Is it better to transfer the CL on CSP to Freedom than downgrading it to CS without AF?
Looking at your signature line probably; CS doesn't offer you much you don't have already covered.

Thank you Revelate!