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Advice Needed! Do I take the new card or keep my current one?

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Valued Member

Advice Needed! Do I take the new card or keep my current one?

Hello All!

 

I'll cut to the chase. I called to request a CLI on my Credit Union credit card that has a $2000 limit. They said that it was an old card that they dont issue any longer and could not raise the limit on it but could see what else I might be eligible for. Knowing that my Credit Union does a HP for everything, I allowed them to do it and she same back and said that I was approved for all of their cards and could get me a card with a $6000 limit but would have to close my current card and it would be a new account. 

 

I really just wanted to get a CLI on my current card and not have to close an account and open a new one but that is not an option. So my question is: Do I take the new card with the higher limit and close the other card and take whatever potential credit hit that comes with it or just  keep my current card with the $2000 limit?

 

A few things to note:

 

I don't use this card often. It is really just there to help my utilization, which is why I wanted the CLI to begin with. My current overall utililization is at 11%, which is low, but I want to keep it that way. Even lower would be better. I have two cards with limits way over $6000. One that is $9300 and another, my new CSR, that is at $17,400. I don't NEED this new card with the higher credit line, I just want it to help with my overall utilization ratio. I also don't want to spook Chase by getting a new card just a month after getting my CSR. 

 

So, what do I do?? Do I just keep the current card with the $2000 limit or take the new card with the $6000 limit?

 

Thank you for any and all advice!

5 REPLIES 5
Senior Contributor

Re: Advice Needed! Do I take the new card or keep my current one?

How old is the CU card?

Is it your oldest card?

When did you get the CSR approval?
Message 2 of 6
Valued Member

Re: Advice Needed! Do I take the new card or keep my current one?

It is not my oldest card. It’s less than a year old. My CSR was approved at the end of July.
Message 3 of 6
Senior Contributor

Re: Advice Needed! Do I take the new card or keep my current one?

Tough choice. You took a hard pull inquiry.

I would pass on the new CU card. Keep the old CU card. Chase is sensative to "credit seeking" behavior.
Message 4 of 6
Senior Contributor

Re: Advice Needed! Do I take the new card or keep my current one?

Is there a way you can product change the old card to the new product? No way to keep the old account details?
Message 5 of 6
Moderator

Re: Advice Needed! Do I take the new card or keep my current one?


@jnoir17 wrote:
It is not my oldest card. It’s less than a year old. My CSR was approved at the end of July.

Then its irrelevant in the grand scheme of things. You say utilization is more important to you so I would close it and get the new card. Chase is not going to be spooked unless you are carrying near max on all your cards, use them all responsibly and there is no AA. Way too much emphasis is placed on AA on these boards. AA happens when they see you as a risk dont give em a reason to see that. Just be sure to take one you can actually use as CUs usually do not retain the original opening dates when moving up in a card. Good luck Smiley Happy

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Message 6 of 6
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