Chase CC Question

[BeeH11]

Hi!

Currently, I have 77% utilization (across all CCs). In a couple of weeks, I will be getting some inheritance $. By the end of November, I will have about 1-2% total utilization. I am assuming that by the end of December, this will have updated on all 3 reports.

I have 2 Chase cards right now: United Explore & Southwest. $5k limit on both. In January, it will be 2 years with the Explorer card. I just got the Southwest in August. I only applied for the Southwest card b/c I had to fly somewhere on short notice and wanted the promo (which I didn't get b/c I wasn't instantly approved). I didn't realize that the Southwest was a signature card, if I did, I would have just applied for the CSP which is what I really want. I really don't want the Southwest card. I usually fly United (but withe the CSP, I have flexibility). 

Here are my questions:

-When should I apply for a CSP?

-I plan on closing the Southwest account. Do you think that I should wait to close it until I apply for the CSP? If I do get the CSP, do you think I will be able to close the Southwest card and and transfer the credit limit to the CSP?

CR summary:

-Right now, I only know my TU score (703) b/c I get free credit score monitoring with my Capital One card. I used their credit score simulator and it estimates that once I play down the debt to the 1-2% utilization, the score shoudl raise to 745

-No lates payments or baddies ever

-Oldest card is 11 years old. Don't really know the AAoA.

-Right now I have 4 inquiries. 2 are from the 2 Chase cards. 1 is from buying a car. Not sure what the other one is from, maybe the car too? So by end of January, 2-3 of the inquiries will fall off

Your thoughts, opinions and comments are appreciated!

[mountainmom]

Don't know about moving the balance.

Have you tried the chase prequalify link to see what pops up?

Just FYI cap one is not a fico. But for me my real fico is higher!

[BeeH11]

Thanks for your response.

I didn't realize that the Capt. One was not real fico, thanks for telling me.

I have not tried the pre-qualification yet. I figured probably not worth it right now while my util. is so high. Maybe I'll try it anyway.

[mountainmom]

Doesn't hurt to check it. The offers will change as your credit report changes.. so you can see how the terms change too

[joltdude]

The fee on the CSP just went up, if your scores and report look good you might want to find a remaining 99$ offer on the CSP and apply (check your chase act for offers) ... If you apply for the CSP you'll probably not be eligible to transfer the SW for at least 9 months.. Think it requires having the card for a year but not 100%sure with chase, so someone correct me or confirm this.

[Skye12329]

I just checked the chase website and it looks like the csp fee went back down to 95

[joltdude]

You don't need 1 to 2% util, but 77% util is not so good.. Your approaching the 80%( it's somewhere in the 80s) threshold for being maxxed out. 8 to 10% is an ideal util, but even in the low teens your still alright

[BeeH11]

Thanks for all your replies. I did just do the pre-qualification on Chase's website but it came up with nothing. It said either b/c I recently took advantage of another offer or b/c I have the offers turned off. I think I must have the offers turned off. Several years ago I may have shut off the credit card offers but I can't remember for sure. Does anyone know how to turn them back on?

[mountainmom]

Optoutprescreen.com

[AvadaKedavra]

CSP fee is still advertised as $95 AF. I applied on 10/22, got approved and confirmed that it was $95.

Your UTL is way too high to app for anything. 1-10% would be ideal. Definitely don't apply for the CSP with above 10%. Chase will lay down the big ol' denial stick.

You should be able to move your Southwest CL over without an issue.