@p- wrote:My credit goals for this year include a Chase Sapphire Preferred card. This is one of the few cards whose rewards pay off positive for me based on my spending patterns. Plus, it's a signature card.
One of the things that has held me back in manual and credit analyst reviews was recent accounts. They seem nervous to lend freely when there are new credit card accounts less than a year old. Given that, plus the smaller effect of AAOA on my score, I would like to do my best to avoid any new credit card accounts at all.
Ideally, I would never add another card again; just PC to what I want, keeping the old history, opened date, etc. Then any new card would show as positive for years, not as a new account. I have had exceptional success with Capital One product changes... and I know Amex will backdate to my member since date. That part of my wallet will definitely grow with me. But tied for highest CL is my Chase Freedom Card.
I would like to PC my Chase Freedom into a CSP card. I know that I lose the waived first year fee and 400 dollar signup bonus, but what's 400 dollars compared to a quarter point on a home loan next year? On a 400k loan, that's literally 40 thousand dollars in extra interest. Why risk it?
Considering all of that, has anyone here had success Product Changing into a CSP? Did they give you any bonus or fee waiver? Please share your stories, scores, etc.
Thanks...
Let me just share my general thoughts, but mind that it's a pure IMHO and I've probably never been in your shoes before as I've never bought a home, so nothing to compare with...
I would still say that trying to PC from Freedom to CSP is generally not a really good idea for several reasons. Some pretty obvious ones are already mentioned - loosing nice sign-up bonuses, probably loosing a fee waived etc., but I would easily add another one - loosing a very nice card with rotating categories (Freedom) that can potentially help you to save some decent money.
I also think (but here I'm not absolutely sure) that PCing from Freedom to CSP will anyway lead to a new TL reporting with a new account number and old TL reported closed. I highly doubt that number ranges assigned for different products and even product classes can be interchangeable, so if it the case, your AAoA will still be hit and the only difference will be the lack of HP.
Forgive me also for some speculation (I'm by no means trying to manage your wallet :-)), but as long as you are planning to buy a house next year, I have some doubts that extensive travel is really on your agenda for the next 9-12 months (unless you travel a lot for work and can be reimbursed for it). Given that travel is a kind of spending that is rewarded most using CSP, I'd rather question the whole idea of having this card at all from the pure economic perspective, at least before you close on your new house.
As an alternative I would probably go for CSP (if you really want it and need it) right now. I don't know your scores, but given you have 10k CL on Freedom, I see it as almost 100% win case, as even if you are denied automatically, you'll most likely be able to recon it and in the worst case scenario just to ask to redistribute your 10k from Freedom to 5k+5k. If you do it right now and buy a house in more than a year I doubt that this HP would really matter.
So, it's obviously up to you, but I really see many cons for PCing Freedom to CSP and don't see much of the benefit from doing so apart from saving 1 hp. Is it worth it? Have no idea. And just to end it - I don't think that comparing possible benefits with possible loss of "thousands of dollars over 30 years" is worthwile - mortgages can be refinanced, and depending on economic conditions (who knows, maybe we'll see a huge rise of the economy over next 5-6 years with interest rates falling down etc) it might make sense regardless of your initial APR...
These are just my 2 cents in general. I might of course be completely wrong, as always 
@flowfaster wrote:Even though I don't agree that 1 app now in JAN will hurt you that much in 2014, Chase is usually very good about PC from one card to another(except Amazon).
I would at least call first and complain that the Freedom card is not right for you and threaten to close. They will most likely give you a retention bonus of like $50 in UR points. Then after you secure the retention bonus ask to PC to the CSP. Good Luck.
@OP, I would app now and it won't hurt you that much in 2014.
@p- wrote:My credit goals for this year include a Chase Sapphire Preferred card. This is one of the few cards whose rewards pay off positive for me based on my spending patterns. Plus, it's a signature card.
One of the things that has held me back in manual and credit analyst reviews was recent accounts. They seem nervous to lend freely when there are new credit card accounts less than a year old. Given that, plus the smaller effect of AAOA on my score, I would like to do my best to avoid any new credit card accounts at all.
Ideally, I would never add another card again; just PC to what I want, keeping the old history, opened date, etc. Then any new card would show as positive for years, not as a new account. I have had exceptional success with Capital One product changes... and I know Amex will backdate to my member since date. That part of my wallet will definitely grow with me. But tied for highest CL is my Chase Freedom Card.
I would like to PC my Chase Freedom into a CSP card. I know that I lose the waived first year fee and 400 dollar signup bonus, but what's 400 dollars compared to a quarter point on a home loan next year? On a 400k loan, that's literally 40 thousand dollars in extra interest. Why risk it?
Considering all of that, has anyone here had success Product Changing into a CSP? Did they give you any bonus or fee waiver? Please share your stories, scores, etc.
Thanks...
I know this is a very old post but can anybody let me know the meaning of this? "Plus its a signature card", what is a signature card?
Sorry for my less knowledge and thank you for your time.
I guess i am confused , I don't know why you would want to do pc from freedom to CSP. You are missing out on huge signup bonus, and you will be missing out on using 5% from freedom to transfer to CSP UR account. Am i missing something.
@mongstradamus wrote:I guess i am confused , I don't know why you would want to do pc from freedom to CSP. You are missing out on huge signup bonus, and you will be missing out on using 5% from freedom to transfer to CSP UR account. Am i missing something.
Wouldn’t the new CSP increase the AAoA? A PC wouldn’t increase that but IMO, I would also just create a new app not considering the AAoA, coz 40k points is not something less and as you mentioned, the 5% is also something gr8.