topic Re: CHASE ACCOUNT QUESTION in General Credit Topics

CHASE ACCOUNT QUESTION

2wheel — Sun, 15 Mar 2009 17:40:05 GMT

I noticed that my chase card dosent have a credit limit and that equifax is not putting this card in my total ultization. Ive had the card since 99 It was explained to me that it is a signature card and has no credit line.

My question is should I keep the card since its has a lifetime apr of 4.99% or should I ask for a product change.

Its kinda weird I am not getting any points for this card on Fico. Maybe I am wrong but I have been looking at the ultization for the last 3 months and its only adding up my 3 other cards. And this card is my longest active card and most avalible credit. any advise??????

Re: CHASE ACCOUNT QUESTION

Anonymous — Sun, 15 Mar 2009 18:13:11 GMT

Call Chase's customer service department and ask to have the card changed to the non-Signature version. Or, if there is another Chase card that appeals to you, ask for a product change to the non-Signature version of that card. A non-Signature account will report a credit limit.

Our forum members have had very good luck with Chase when requesting a product change from Signature to non-Signature.

EDIT: I forgot to address the lifetime 4.99% APR. I assume you're carrying a balance at that rate. In the past, Chase never made any changes to existing APRs when converting from Signature to non-Signature. However, given the current economic climate, this policy might have changed. You'd have to ask the Chase customer service representative what would happen to the 4.99% APR.

Message Edited by psychic on 03-15-2009 02:13 PM

Re: CHASE ACCOUNT QUESTION

moondog7324 — Sun, 15 Mar 2009 18:11:27 GMT

Do NOT mess with this card. In today's credit climate- keep it- the age is helping you. Don't worry about it not reporting a limit You should work on getting the other 3 cards down to 10 % utilization.

4.99 Thats awesome-

Re: CHASE ACCOUNT QUESTION

moondog7324 — Sun, 15 Mar 2009 18:12:56 GMT

Will they keep it at 4.9% and will the age stay? if it goes to non sig.

Re: CHASE ACCOUNT QUESTION

2wheel — Sun, 15 Mar 2009 18:22:07 GMT

age will stay but rate wont

Re: CHASE ACCOUNT QUESTION

moondog7324 — Sun, 15 Mar 2009 18:26:39 GMT

Thats a sweet rate- tough decision. I guess if you pay in full evrymonth interest rate doesn't matter- but you get mega bragging rights for having a 4.9% card.

Re: CHASE ACCOUNT QUESTION

Anonymous — Sun, 15 Mar 2009 18:27:15 GMT

Is this a lifetime of the balance promotional rate, or is the 4.99% your purchase APR?

Re: CHASE ACCOUNT QUESTION

2wheel — Sun, 15 Mar 2009 18:37:12 GMT

its been 4.99% since 1999 they said as long as i have card it will stay the same

Re: CHASE ACCOUNT QUESTION

Anonymous — Sun, 15 Mar 2009 18:42:44 GMT

Do you generally carry a balance on this card?

Re: CHASE ACCOUNT QUESTION

2wheel — Sun, 15 Mar 2009 19:57:18 GMT

sometimes... usually pay off before billing cycle but the last 2 months i have carried a balance

but most of the time I pay the card in full what in your opinion is the best card to have from chase (rewards)

I am thinking they might let me keep the original date that card was issued becase it does help with AAOA

If I dont it would mess that up and I would lose about 2 years of AAOA... Was looking at the perfect card

wont have any problems getting any card fico scores in high 700

Message Edited by 2wheel on 03-15-2009 12:57 PM

Re: CHASE ACCOUNT QUESTION

Anonymous — Sun, 15 Mar 2009 19:58:43 GMT

Would your utilization decrease significantly if this card's credit limit was included in this calculation?

Re: CHASE ACCOUNT QUESTION

Anonymous — Sun, 15 Mar 2009 20:16:55 GMT

@2wheel wrote:
...what in your opinion is the best card to have from chase (rewards)

I am thinking they might let me keep the original date that card was issued becase it does help with AAOA
If I dont it would mess that up and I would lose about 2 years of AAOA... Was looking at the perfect card

Most of us like our Chase Freedom cards. There are 2 versions: The "Plus" version offers better rewards than the regular Freedom card. However, the Plus card has an annual $30 program fee (a nice term for annual fee). You can see them here:

https://www.chase.com/ccpmweb/card_servicing/document/credit-cards-at-chase.html

You decide what rewards card works best for your spending habits--if the Perfect card looks attractive, then go for it.

Make certain to ask about any changes in APRs before making any product changes. Also, do ask if your history will be transferred over to the new card--usually, this is never an issue, unless you apply for a new card. But, it's always good to ask.

Re: CHASE ACCOUNT QUESTION

2wheel — Sun, 15 Mar 2009 20:28:13 GMT

well my other 2 cards are not big cards

1 has a cl of 1000 and the other has cl of 500

currenty my ultization is around 20 percent

alot because i pay more on the chase card than the other 2

the cl on chase card is around 35k but it dosent report.

yes it would make my ultization go down alot since I have only 700 on chase card

Re: CHASE ACCOUNT QUESTION

Anonymous — Sun, 15 Mar 2009 20:41:56 GMT

@2wheel wrote:
well my other 2 cards are not big cards
1 has a cl of 1000 and the other has cl of 500
currenty my ultization is around 20 percent
alot because i pay more on the chase card than the other 2
the cl on chase card is around 35K but it dosent report.
yes it would make my ultization go down alot since I have only 700 on chase card

Even if you change this card to one that reports a credit limit, you're going to run into another problem: There is a threshold where certain high credit limit cards stop reporting as "revolving credit." We're a little uncertain of the exact cut off point. A few years ago, I was informed that any card with a $29,000+ credit limit would be exempt from revolving calculations by Experian and TransUnion.

What this means is that EX and TU would not be including that $35,000 credit limit card when calculating utilization. EQ would include that credit line.

Re: CHASE ACCOUNT QUESTION

2wheel — Sun, 15 Mar 2009 20:48:06 GMT

I was wondering that too that is why I was going to ask for a credit line decrese to 20k since I dont need the 35 k

high balance on card was last year at 18k but use card pretty much all the time since I travel alot

Message Edited by 2wheel on 03-15-2009 01:48 PM

Re: CHASE ACCOUNT QUESTION

Anonymous — Sun, 15 Mar 2009 20:58:05 GMT

@2wheel wrote:
I was wondering that too that is why I was going to ask for a credit line decrese to 20k since I dont need the 35 k
high balance on card was last year at 18k but use card pretty much all the time since I travel alot
Message Edited by 2wheel on 03-15-2009 01:48 PM

Don't decrease the limit to $20,000! That's a little too drastic. If you're going to request a credit line decrease, reduce it to about $28,000. After that, check your credit reports monthly for a while, to see what occurs. You may or may not need to decrease your credit line slightly after that.

You might want to look at this thread about high credit limit cards:

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=32063

Message Edited by psychic on 03-15-2009 04:58 PM

Re: CHASE ACCOUNT QUESTION

2wheel — Sun, 15 Mar 2009 23:06:45 GMT

I wll try that

Re: CHASE ACCOUNT QUESTION

2wheel — Mon, 16 Mar 2009 20:28:48 GMT

Now that was real easy did product trade to non signature card moved credit line to 27,500. Chase is my friend for the day..

Re: CHASE ACCOUNT QUESTION

Anonymous — Tue, 17 Mar 2009 18:10:12 GMT

I'm glad that things worked out for you!

I don't think that you should have any problems with credit line reporting issues now. It's unfortunate that we can no longer see how our actions affect our Experian scores, though.

Re: CHASE ACCOUNT QUESTION

2wheel — Tue, 17 Mar 2009 19:21:31 GMT

I know hope to get a little push now that it should report witht the extra 27.5k in revolving and ulti down to 4 percent.