topic Does it hurt your file to show a small CL? in Credit Cards

Does it hurt your file to show a small CL?

chrisw1968uk — Sun, 01 Jun 2014 13:16:36 GMT

Hi All

I never really got much use out of my Freedom card and have just got a Slate - just for 0% x 15 Months BT, even after almost a year, I only have like 130 reward points in my Freedom account.

Chase told me that I can transfer all but $500 of my CL from my Freedom to Slate

This would give me a decent limit on my Slate - but reflect just a $500 CL on my reports for my Freedom - would this small CL actually look bad to future lenders? I don't need this $500 for Util reasons - would I be better to just close it out altogether?

Im thinking - Slate will have a $7500 CL, use it for the 0% for the next 15 months or so, then apply for the CS or CSP - and then transfer $7000 of the Slate CL to CS or CSP - sound like a good idea??

Thanks all

Re: Does it hurt your file to show a small CL?

Creditaddict — Sun, 01 Jun 2014 14:33:42 GMT

@chrisw1968uk wrote:
Hi All

I never really got much use out of my Freedom card and have just got a Slate - just for 0% x 15 Months BT, even after almost a year, I only have like 130 reward points in my Freedom account.

Chase told me that I can transfer all but $500 of my CL from my Freedom to Slate

This would give me a decent limit on my Slate - but reflect just a $500 CL on my reports for my Freedom - would this small CL actually look bad to future lenders? I don't need this $500 for Util reasons - would I be better to just close it out altogether?

Im thinking - Slate will have a $7500 CL, use it for the 0% for the next 15 months or so, then apply for the CS or CSP - and then transfer $7000 of the Slate CL to CS or CSP - sound like a good idea??

Thanks all

No, you are much better of taking the CL and moving to slate and then later to CS as you stated... many of us do this.

CL is only important based on your use of that card and the util so a paid off closed $500 line will not look bad.

Re: Does it hurt your file to show a small CL?

chrisw1968uk — Sun, 01 Jun 2014 14:39:22 GMT

Thanks - I appreciate it

Re: Does it hurt your file to show a small CL?

E150GT — Sun, 01 Jun 2014 14:49:12 GMT

once you have the csp the freedom will be more valuable. You can combine the points from the freedom 5% categories with the CSP.