Beware- Requesting to consolidate Chase accounts may result in review of credit profie

[tld409]

Hi Everyone,

As  planned, I closed my Slate card and moved available line over to Freedom.   Unfortunately, Chase decided to reduce my CSP from 5k to 2k in the process after reviewing my file. Their rationale is that since the Freedom and Slate card were less than 1 year old and my overall credit availability and current usage increased over a few months (since November 2014). Although my credit utilization is under 20%, they made this decision. After speaking with the rep. it appears that it would have been best to wait until 1 year after opening the Slate to close it. He didn't state this as fact but; based on the information he provided, it wasn't too hard to figure this out.  I'm sure Chase will increase it back up to 5k or more later this year as they see my utalization decrease. I did review my budget plans for the year with the rep. as well.  Just wanted to provide info# for those who may have been planning to request a consolidation within 1 year of opening accounts with chase. 

[Skye12329]

So I'm assuming you closed the slate before promo Apr ended? You could have financed something.

[tld409]

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@Skye12329 wrote:
So I'm assuming you closed the slate before promo Apr ended? You could have financed something.

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Yes, I only opened the Slate for a balance tx. Unfortunately, the limit was too low to use it as I had intended. My plan was to close it right after I paid off the balance tx. since my Freedom card has a 0% until November 2015.

[Skye12329]

That bites. Well I think other lenders would also frown upon opening a card and closing it before 1 year. Not sure why?

[Anonymous]

They generally think you're reward hunting, which costs them money, so they look down on it. 

[Anonymous]

Largely depends on profile and internal scoring with them.

Another user reported a similar experience where they only allowed them to move half their CL over before closing a card.

[CreditCuriosity]

Chase doesn't like Churning of cards so quickly just to move a CL over... It is pretty obvious this is becoming a trend to get CLI's.  Some it might not happen to, but I gurantee you are looked at more closely if you close a card out before the AF hits and MOVE the CL over with the closure as well.  Can't have the both of best worlds alot of the times.  It appears they might be seeing this trend and chaning their policies quite possibly too.

Just my 2 cents.

Sorry to hear OP.

[baller4life]

I closed my Slate same day of approval and moved limit to Freedom. No problems. Reported to credit as a closed account. Shredded card when it came in mail. Limit was too low for bt($2200).

[CreditCuriosity]

I recently moved 2500 of my Freedom over to my CSP to make my CSP 10k and freedom 1.5k (plenty for quarterly stuff) as I use the CSP alot more and I actually did get transferred to a portfolio risk analyst, but the transition went smoothly.. Not sure if this is the normal, but the difference is I didn't close the Freedom as I still have a use for it.  I called The Analyst # and was transferred to the above dept.  The computer was ok with it without a HP, she checked prior.  Curious if this is other people experience as well?  

As stated wonder if they are changing their policies, I did this about 1 or 2 weeks back and seemed strange.

[tld409]

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@CreditCuriousity wrote:

Chase doesn't like Churning of cards so quickly just to move a CL over... It is pretty obvious this is becoming a trend to get CLI's.  Some it might not happen to, but I gurantee you are looked at more closely if you close a card out before the AF hits and MOVE the CL over with the closure as well.  Can't have the both of best worlds alot of the times.  It appears they might be seeing this trend and chaning their policies quite possibly too.

Just my 2 cents.

Sorry to hear OP.

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I agree.