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TU 715 No apps to 05/13 cash+ 5/13!!! 738 TU CSP April 13!!!CSP approved May 13!!!
Congrats on your approval. Chase tends to give out higher limits for additional cards compared to requesting CLIs. This works out well given their sign-up bonuses are usually quite decent.
Instead of requesting CLIs with Chase, it's usually better to apply for a new card thereby netting you a higher CL (compared to a CLI request). This way you get the signup bonus, and then can merge your CLs together and close a card before the next AF hits. You could also keep it open if you'd prefer.
@CreditScholar wrote:Congrats on your approval. Chase tends to give out higher limits for additional cards compared to requesting CLIs. This works out well given their sign-up bonuses are usually quite decent.
Instead of requesting CLIs with Chase, it's usually better to apply for a new card thereby netting you a higher CL (compared to a CLI request). This way you get the signup bonus, and then can merge your CLs together and close a card before the next AF hits. You could also keep it open if you'd prefer.
Supoose I applied for the Freedom (approved for 3k), then applied for the CSP (approved for 5k) six months down the line, I would be able to merge the 3k limit of the Chase Freedom to the CSP (making the new limit 8k)?
@WarJar101 wrote:
@CreditScholar wrote:Congrats on your approval. Chase tends to give out higher limits for additional cards compared to requesting CLIs. This works out well given their sign-up bonuses are usually quite decent.
Instead of requesting CLIs with Chase, it's usually better to apply for a new card thereby netting you a higher CL (compared to a CLI request). This way you get the signup bonus, and then can merge your CLs together and close a card before the next AF hits. You could also keep it open if you'd prefer.
Supoose I applied for the Freedom (approved for 3k), then applied for the CSP (approved for 5k) six months down the line, I would be able to merge the 3k limit of the Chase Freedom to the CSP (making the new limit 8k)?
Yes, but I think you'd lose $500 so the new CL would be $7,500.
It has to do with the way it's processed, in that they transfer the line over to the new card first and then close out the old card. Since the CL transfer happens first, a small amount needs to remain on the old card so that it can be closed afterwards.
I think you should contact them and tell them they made a mistake on the CLI.
J/K of course. Very nice CLI. They seem more mysterious than the FICO Gods
“Beware of little expenses. A small leak will sink a great ship” – Benjamin Franklin
Gardening since 3-26-15
@CreditScholar wrote:
@WarJar101 wrote:
@CreditScholar wrote:Congrats on your approval. Chase tends to give out higher limits for additional cards compared to requesting CLIs. This works out well given their sign-up bonuses are usually quite decent.
Instead of requesting CLIs with Chase, it's usually better to apply for a new card thereby netting you a higher CL (compared to a CLI request). This way you get the signup bonus, and then can merge your CLs together and close a card before the next AF hits. You could also keep it open if you'd prefer.
Supoose I applied for the Freedom (approved for 3k), then applied for the CSP (approved for 5k) six months down the line, I would be able to merge the 3k limit of the Chase Freedom to the CSP (making the new limit 8k)?
Yes, but I think you'd lose $500 so the new CL would be $7,500.
It has to do with the way it's processed, in that they transfer the line over to the new card first and then close out the old card. Since the CL transfer happens first, a small amount needs to remain on the old card so that it can be closed afterwards.
I see it sounds good, but I see one major problem with this. Your AAoA will take hits every single time you do this method, would it not?
@WarJar101 wrote:
@CreditScholar wrote:
@WarJar101 wrote:
@CreditScholar wrote:Congrats on your approval. Chase tends to give out higher limits for additional cards compared to requesting CLIs. This works out well given their sign-up bonuses are usually quite decent.
Instead of requesting CLIs with Chase, it's usually better to apply for a new card thereby netting you a higher CL (compared to a CLI request). This way you get the signup bonus, and then can merge your CLs together and close a card before the next AF hits. You could also keep it open if you'd prefer.
Supoose I applied for the Freedom (approved for 3k), then applied for the CSP (approved for 5k) six months down the line, I would be able to merge the 3k limit of the Chase Freedom to the CSP (making the new limit 8k)?
Yes, but I think you'd lose $500 so the new CL would be $7,500.
It has to do with the way it's processed, in that they transfer the line over to the new card first and then close out the old card. Since the CL transfer happens first, a small amount needs to remain on the old card so that it can be closed afterwards.
I see it sounds good, but I see one major problem with this. Your AAoA will take hits every single time you do this method, would it not?
Closed accounts remain on your CR for 10 years. Yes your AAoA will decrease, but this occurs by opening new accounts and therefore you add in an extra 0 when calculating the mathematical average. Once closed, it will continue to report for a decade, which keeps your AAoA higher than it would be otherwise. You won't notice a drop in AAoA from closing that account until after those 10 years have passed.
@CreditScholar wrote:
@WarJar101 wrote:
@CreditScholar wrote:
@WarJar101 wrote:
@CreditScholar wrote:Congrats on your approval. Chase tends to give out higher limits for additional cards compared to requesting CLIs. This works out well given their sign-up bonuses are usually quite decent.
Instead of requesting CLIs with Chase, it's usually better to apply for a new card thereby netting you a higher CL (compared to a CLI request). This way you get the signup bonus, and then can merge your CLs together and close a card before the next AF hits. You could also keep it open if you'd prefer.
Supoose I applied for the Freedom (approved for 3k), then applied for the CSP (approved for 5k) six months down the line, I would be able to merge the 3k limit of the Chase Freedom to the CSP (making the new limit 8k)?
Yes, but I think you'd lose $500 so the new CL would be $7,500.
It has to do with the way it's processed, in that they transfer the line over to the new card first and then close out the old card. Since the CL transfer happens first, a small amount needs to remain on the old card so that it can be closed afterwards.
I see it sounds good, but I see one major problem with this. Your AAoA will take hits every single time you do this method, would it not?
Closed accounts remain on your CR for 10 years. Yes your AAoA will decrease, but this occurs by opening new accounts and therefore you add in an extra 0 when calculating the mathematical average. Once closed, it will continue to report for a decade, which keeps your AAoA higher than it would be otherwise. You won't notice a drop in AAoA from closing that account until after those 10 years have passed.
So basically, if a person was concerned about his AAoA for the immediate future, not 10 yrs later this wouldn't be a good method then for a CLI (every 6 months)? I mean yeah you could manufacture higher CLs this way, but do you think it would be worth the hit each time?
@WarJar101 wrote:
@CreditScholar wrote:
@WarJar101 wrote:
@CreditScholar wrote:
@WarJar101 wrote:
@CreditScholar wrote:Congrats on your approval. Chase tends to give out higher limits for additional cards compared to requesting CLIs. This works out well given their sign-up bonuses are usually quite decent.
Instead of requesting CLIs with Chase, it's usually better to apply for a new card thereby netting you a higher CL (compared to a CLI request). This way you get the signup bonus, and then can merge your CLs together and close a card before the next AF hits. You could also keep it open if you'd prefer.
Supoose I applied for the Freedom (approved for 3k), then applied for the CSP (approved for 5k) six months down the line, I would be able to merge the 3k limit of the Chase Freedom to the CSP (making the new limit 8k)?
Yes, but I think you'd lose $500 so the new CL would be $7,500.
It has to do with the way it's processed, in that they transfer the line over to the new card first and then close out the old card. Since the CL transfer happens first, a small amount needs to remain on the old card so that it can be closed afterwards.
I see it sounds good, but I see one major problem with this. Your AAoA will take hits every single time you do this method, would it not?
Closed accounts remain on your CR for 10 years. Yes your AAoA will decrease, but this occurs by opening new accounts and therefore you add in an extra 0 when calculating the mathematical average. Once closed, it will continue to report for a decade, which keeps your AAoA higher than it would be otherwise. You won't notice a drop in AAoA from closing that account until after those 10 years have passed.
So basically, if a person was concerned about his AAoA for the immediate future, not 10 yrs later this wouldn't be a good method then for a CLI (every 6 months)? I mean yeah you could manufacture higher CLs this way, but do you think it would be worth the hit each time?
It can be good when used strategically, but not constantly due to the AAoA hit you'll incur.
The other issue is that at some point, any lender will deny you for additional cards as you hit their internal exposure limit. I'm personally not a fan of growing CLs simply for their own sake, but instead view things through the lens of everything should have a purpose. If there's a new card you want, if it has a signup bonus that is important to you, if you could benefit from higher overall limits, and if you think there's a decent chance you'll be approved, then it might be worth a try.
The other thing to keep in mind is that some lenders value longer relationships and heavy spending (Amex and Chase mostly). If you apply for a 2nd card after 6 months, you'll probably get a smaller CL than if you apply for the same card after 2 years of good history with them. Applying for new cards and merging them will build your CLs, but this combined patience inbetween applications and good spending/payment history will usually result in even higher CLs.