topic Re: Should I cancel my Chase Slate? in Credit Cards

Should I cancel my Chase Slate?

Anonymous — Fri, 25 Apr 2014 03:26:18 GMT

I've had the card for about 13 months. I requested an increase about a week ago and got denied. I always carried a low limit and paid on time. My limit is only $300 on it so its pretty useless to me. Should i just go ahead and cancel it? My oldest credit card is coming up on 3yrs. Im wondering it if will hurt my score though. Any suggestions?

Re: Should I cancel my Chase Slate?

nursepower — Fri, 25 Apr 2014 03:28:53 GMT

See if you can PC it.

Re: Should I cancel my Chase Slate?

Anonymous — Fri, 25 Apr 2014 03:36:19 GMT

Sorry im very green on the terms here. Just joined. What does PC mean?

Re: Should I cancel my Chase Slate?

johnpalley — Fri, 25 Apr 2014 03:38:01 GMT

product change

Re: Should I cancel my Chase Slate?

Anonymous — Fri, 25 Apr 2014 03:39:53 GMT

How does that work?

Re: Should I cancel my Chase Slate?

johnpalley — Fri, 25 Apr 2014 03:41:09 GMT

you ask if you can switch to another card and have your same history follow over. this means your not starting a new account

Re: Should I cancel my Chase Slate?

Anonymous — Fri, 25 Apr 2014 03:45:44 GMT

For example if i applied for the Chase Freedom and got approved they could transfer over the info and credit from the Slate?

Re: Should I cancel my Chase Slate?

johnpalley — Fri, 25 Apr 2014 03:49:45 GMT

no that would be opening a new account. you have to call customer service and ask them to do it. it might not be possible though im not sure

Re: Should I cancel my Chase Slate?

C24Webb — Fri, 25 Apr 2014 03:56:02 GMT

I agree... PC if you can.

What other cards/limits do you have? Does a Freedom interest you?

Had experience with a PC this past week: http://ficoforums.myfico.com/t5/Credit-Cards/Successful-Chase-Slate-to-Freedom-PC/td-p/3035080

However, if your main issue is the limit then that needs to be addressed. What were the reasons given for the denial? If you PC, those reasons will remain the same and you won't get a CLI on the new card until you work on what's holding you back with Chase.

*edited for clarity

Re: Should I cancel my Chase Slate?

Anonymous — Fri, 25 Apr 2014 04:04:18 GMT

I see. Thats the only card i have with Chase. Ive got a best buy and care credit with limits of 3k each. Wells fargo with 1.7k. discover it 1.7k. target with 300, and a ge capt with 1.5k. The freedom card does seem to be a good card.

Re: Should I cancel my Chase Slate?

blondy250 — Fri, 25 Apr 2014 04:07:06 GMT

Product change it, if possible. However if not don't close it.

Re: Should I cancel my Chase Slate?

Anonymous — Fri, 25 Apr 2014 04:10:47 GMT

they said too many inquires on the last 12 months, lack of recent installment loan info, length of time accounts have been established, and balances on revolving accounts are too high compared to credit limits.

Note* i just paid off 3 credit card. I also got a couple of increases which dropped my util down to 35%.

Re: Should I cancel my Chase Slate?

koalablue — Fri, 25 Apr 2014 04:15:32 GMT

Even if you can't product change right now, I would still hang onto it. Its not costing anything and they might raise your limit at some point.

Re: Should I cancel my Chase Slate?

Anonymous — Fri, 25 Apr 2014 04:45:06 GMT

Just got off the phone with a Chase CSR. She informed me my account is not eligible for any PC's but that i could apply for the Freedom. I said no thanks and will be trying with a different CSR. I just checked my account online and i have had the account for 16 months.

Re: Should I cancel my Chase Slate?

Anonymous — Fri, 25 Apr 2014 04:48:22 GMT

Just spoke to another CSR and he informed me the Slate is not eligible for upgrades or anything of that sort. Anybody have any other suggestions or possibly an EO # or email?

Re: Should I cancel my Chase Slate?

Chris679 — Fri, 25 Apr 2014 04:53:09 GMT

Don't listen to them, it is eligible. Try the EO.

Re: Should I cancel my Chase Slate?

Anonymous — Fri, 25 Apr 2014 05:06:27 GMT

@Chris679 wrote:
Don't listen to them, it is eligible. Try the EO.

Not all accounts are eligible. Although the OP can and should try again, there are accounts they are restricted from upgrades.

Re: Should I cancel my Chase Slate?

Anonymous — Fri, 25 Apr 2014 05:16:33 GMT

I will give them a call tomorrow morning as they are closed right now. I'll keep you guys updated on what happens after that.

Re: Should I cancel my Chase Slate?

takeshi74 — Fri, 25 Apr 2014 12:36:19 GMT

@Anonymous wrote:
Should i just go ahead and cancel it? My oldest credit card is coming up on 3yrs. Im wondering it if will hurt my score though. Any suggestions?

Take a look at the Closing Credit Cards sticky:

http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/m-p/347190?jump=true

I'd also +1 the PC suggestion though it may or may not be possible as mentioned above.

@Anonymous wrote:

Note* i just paid off 3 credit card. I also got a couple of increases which dropped my util down to 35%.

Keep in mind that 30% utilization is generally the recommended max. It's possible to get approvals above that max but you'll be in much better shape the lower you keep your utilization. That said, other factors matter as well. If they're also concerned about age of accounts then it's just going to take time and responsible management to address that.

@blondy250 wrote:
However if not don't close it.

OP needs to make this call after reading up and considering the OP's situation, goals, preferences and the potential effects of keeping it open versus closing. My Slate was useless and I decided to close it. It's not a one-size-fits-all matter.

Re: Should I cancel my Chase Slate?

Anonymous — Fri, 25 Apr 2014 17:33:34 GMT

Just got off the phone with EO. She said the same thing. The account is not eligible. Ive gotten the same answers from the 3 CSR's i've talked to. So i will take it that they do not offer the PC anymore. I did send an email to the EO but i assume i will get the same response in return. So for now, i am stuck with this useless card. Should i apply for the freedom or sapphire and then close my slate?