topic Re: Can I consolidate 3 Chase accounts into 1? in Credit Cards

Can I consolidate 3 Chase accounts into 1?

FICOEmpire — Fri, 14 Nov 2014 14:42:19 GMT

I have three Chase cards. A Slate opened 2/14, a Freedom opened 7/14 and I just got an Amazon Rewards card this week. They all have credit limits of $2000. It occurred to me how I would rather have just the Freedom with a $6000 limit and close the other two. I do have a balance of ~$600 on the Slate which I can pay off now (it's still interest free through 6/15) and a very small ~$5 balance on the Amazon. Should I try it? I've never done this before. Is it too soon to try with the Amazon card since I don't even have a first statement yet? I'm thinking about it and would like some opinions. Also, does Chase ever CLI these cards and if so would it be better down the road to keep them all open? I understand it's always a HP to ask for a CLI from them. Thanks.

Re: Can I consolidate 3 Chase accounts into 1?

kkapdolee — Fri, 14 Nov 2014 14:50:42 GMT

I've never done this myself but from what I read, the way it works is that you move your credit limits from your other two cards to one and then close the other two afterwards. However, Chase doesn't allow cards to have limits of less than $500 so you can only move $1500 from each card and just close the card afterwards so you'd be losing an overall limit of $1000 and end up with a Freedom of $5000.

I've never closed a Chase card before but have moved limits around a few times. I've never gone down to $500 though because all my cards are Visa Sigs and those require a minimum limit of $5000.

There may be a waiting period as to how soon you can move limits on a new card. It would be best to call and ask.

Re: Can I consolidate 3 Chase accounts into 1?

TatorTodd — Fri, 14 Nov 2014 15:16:11 GMT

I just did this last week.

I app'ed for a chase sapphire preferred(34k), and a freedom(24k).

Then, 2 days later, i secured messaged them, asking them to combine both my limits, and close the freedom. They transferred the entire limit from my freedom, to my ssapphire, making it a 58k limit. There was no questions or issues. They did this all within one hour, and it was showing immediately on my account.

So, you do not need to leave $500 on the card, unless you plan on keeping the card, and there is no time limit. I have no other Chase card, nor have I ever

Re: Can I consolidate 3 Chase accounts into 1?

FICOEmpire — Fri, 14 Nov 2014 15:16:48 GMT

Thank you. I'll call Chase to discuss options.

Re: Can I consolidate 3 Chase accounts into 1?

Ghoshida — Fri, 14 Nov 2014 15:27:00 GMT

@FICOEmpire wrote:
Thank you. I'll call Chase to discuss options.

Typical rules for Chase consolidation if you want to fully consolidate (i.e. not reduce limits but close cards)

1) No transaction on the card(s) to be closed for 30 days

2) No balance left on the card(s) to be closed.

I could completely consolidate my Slate line to my Freedom.

EDIT: They can be a little flexible about "transactions" in 30 days; will count purchases, may not count payments.

Re: Can I consolidate 3 Chase accounts into 1?

wacdenney — Fri, 14 Nov 2014 18:12:01 GMT

I was able to move my entire Amazon CL over to Freedom and close Amazon no problem.

Re: Can I consolidate 3 Chase accounts into 1?

Anonymous — Fri, 14 Nov 2014 19:05:39 GMT

@wacdenney wrote:
I was able to move my entire Amazon CL over to Freedom and close Amazon no problem.

I'm curious if you can move the CL to one, close the other, and then PC to the second.

Example: Here, your Amazon account is the oldest, so you want to maintain that age. You transfer the Freedom CL to the Amazon, close the Freedom, then PC the Amazon to a Freedom.

I'm not sure if this would work, but it seems like the best outcome if it does.

Re: Can I consolidate 3 Chase accounts into 1?

FICOEmpire — Fri, 14 Nov 2014 22:30:06 GMT

Thanks for the input. I've paid the balances. When they post I'll contact Chase. Should I call or secure message? I've seen some do both. Thanks.

Re: Can I consolidate 3 Chase accounts into 1?

FinStar — Sat, 15 Nov 2014 04:02:09 GMT

@Anonymous wrote:
@wacdenney wrote:
I was able to move my entire Amazon CL over to Freedom and close Amazon no problem.
I'm curious if you can move the CL to one, close the other, and then PC to the second.

Example: Here, your Amazon account is the oldest, so you want to maintain that age. You transfer the Freedom CL to the Amazon, close the Freedom, then PC the Amazon to a Freedom.

I'm not sure if this would work, but it seems like the best outcome if it does.

No, it will not work. AFAIK, Amazon Visa cannot be PC'd into Freedom or viceversa.

Re: Can I consolidate 3 Chase accounts into 1?

FinStar — Sat, 15 Nov 2014 04:03:42 GMT

@FICOEmpire wrote:
Thanks for the input. I've paid the balances. When they post I'll contact Chase. Should I call or secure message? I've seen some do both. Thanks.

Since you are consolidating 3 CCs, it's probably best to do it by phone. Unless your preferred method is SM. When I consolidated some of mine a while back, it took less than 10 mins via phone.