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Chase Freedom: Sock it or cancel it???

Established Contributor

Re: Chase Freedom: Sock it or cancel it???

If I heard you correctly, this card is only 2 years old.  It's not like you will be closing a 20 year old tradeline.

 

The CC will continue to report for 10 years after you close it.

 

If you choose to keep it, you can sock drawer it while placing a recurring payment on it monthly.  Netflix or HULU come to mind.

 

More than 3 years ago, I got a Freedom with a $2,200 CL, then a CSP with the minimum $5k 2 months later.  After a while, I then asked Chase to transfer $1,700 over to my CSP and close the Freedom leaving a $500 balance on it.

 

I then applied for a Freedom Unlimited and got a $4,500 SL.

Message 11 of 23
Valued Contributor

Re: Chase Freedom: Sock it or cancel it???


BronzeTrader wrote:

Chase is known like to chase the folks with wealth and spending.  You just need to keep the card active and put on some spending on the card.  Then Chase will be impressed and give you a raise.  Good luck.


^^^word^^^  + besides having good income one has to update the portal for auto clis imo.  income is a big deal with chase imo

Message 12 of 23
Valued Contributor

Re: Chase Freedom: Sock it or cancel it???

Personally I like the card. I like their 5% quarterly deals.  The card has called DW name several times to match the Chase Ink we have for the biz but we stay inside the garden's fence.  Preapproval  was under great terms. 

Message 13 of 23
Super Contributor

Re: Chase Freedom: Sock it or cancel it???

There is never any good FICO reason to close a CC that doesn't have a AF or MF.  Also while a low CL cards may seem like nothing to keep, I know have poeple here, myself included, who had a $300 CL get them through rough times.  You never know.  Also you may have a reason to get say a auto loan or mortgage with a bank down the road so it helps to have a relationship with them already.

06/23/2018: FICO 830 EQ 827 TU 824 EX
Message 14 of 23
Highlighted
Community Leader
Super Contributor

Re: Chase Freedom: Sock it or cancel it???

Age ol'question lol. I learned early about Chase and their love for income so i bailed early. Bad choice ,maybe, but i dont lose any sleep for not having a Chase card. Dont worry about being a brat for fretting over a $500 credit limit. Many of us do. True "growing" a credit card may not be the right term or even most important but for many of us, as we continue to improve our credit through the years, we like to see that progress through better scores and larger credit lines, which to me shows more trust in our ability to manage higher credit limitsSmiley Wink.

Alot of directions you could go here. App another Chase card and move some limits, sd, or close. Best of luck with your decision!!
Message 15 of 23
Contributor

Re: Chase Freedom: Sock it or cancel it???


AverageJoesCredit wrote:
Age ol'question lol. I learned early about Chase and their love for income so i bailed early. Bad choice ,maybe, but i dont lose any sleep for not having a Chase card. Dont worry about being a brat for fretting over a $500 credit limit. Many of us do. True "growing" a credit card may not be the right term or even most important but for many of us, as we continue to improve our credit through the years, we like to see that progress through better scores and larger credit lines, which to me shows more trust in our ability to manage higher credit limitsSmiley Wink.

Alot of directions you could go here. App another Chase card and move some limits, sd, or close. Best of luck with your decision!!

Don't think I could've put it better!  I would app for another chase card but I'm in the garden until the end of this year, that's why I'm trying to grow my cards with soft pull cli's.  Plus, I'm over the 5/24 rule with Chase so I couldn't if I wanted to.  I think I'm going to give it to my kid (AU) and get him started early.

Message 16 of 23
Frequent Contributor

Re: Chase Freedom: Sock it or cancel it???

Keep the card and use it strictly for 5% bonus spending. Bonus spend is capped at $1500 per quarter so having a huge CL for the Freedom is a waste.


Into the garden on 08/26/16...

Chase Sapphire Reserved / Chase Freedom Unlimited / Chase Freedom / Barclays Rewards

04/25/18 --- TU: 832 / EQ: 832 / EX: 840
Message 17 of 23
Valued Member

Re: Chase Freedom: Sock it or cancel it???

I’m somewhat surprised by how long the responses have been. Most relevant info has been provided, but there’s a lot of added fluff. In my understanding, it’s well agreed upon on these forums that:

1) You should never close a zero AF card, for multiple reasons mentioned above
2) If you want a higher limit on a chase account, app for another chase card and move the limit, as it’s how chase prefers to provide additional credit.

Additional note: if it’s been a full 2 years since you last qualified for a chase sign up bonus, you can app for the chase freedom unlimited to get the sign up bonus & then move the limit over once you’ve earned the bonus. Otherwise, I’d recommend the slate. It’s chase’s starter/no rewards card, so it minimizes your risk of being denied/getting a low limit.
Message 18 of 23
Senior Contributor

Re: Chase Freedom: Sock it or cancel it???

Freedom is one of DW's rotating grocery cards...  this quarter, they're giving you 5% back on your cell phone bill so I took it out of her wallet and will use it to pay the phone bill for 90 days or so...

 

I vote keep it and use for the rotating categories...obviously.  Smiley Happy

Zero percent financing is where the devil lives...



Message 19 of 23
Super Contributor

Re: Chase Freedom: Sock it or cancel it???

My opinion on freedom and most cards that have no AF is to keep them open what is the harm in keeping it open , it helps your AAOA , and you can occasinally get some good value out of it if it has 5 % categories. Freedom for me is on Gas duty as well as cable, I don't even know really why its on cable duty since i have ink + for that.

 

My cell phone bill is being handled by CIP for 3x + cell phone insurance.



EX Fico 804 11/16/16 Fako 800 Credit.com 11/16/16
EQ SW bank enhanced 11/16/16 839 CK fako 822 11/16/16
TU Fico discover 10/19/16 814 Fako 819 Creditkarma 11/16/16
Message 20 of 23