Moving Limits Between Cards

[-HighScoringGame-]

Can anyone advise as to how moving limits between cards affects your scores? I moved $5500 from my Slate to my Freedom (wanted to move the entire $6000 limit and close the Slate but they wouldn't go for it). The limit on my Freedom is now $10,500 (I use it mostly for balance transfers, which it's great for). Any thoughts? Thanks. :-)

[Ghoshida]

My understanding on CL is this:

If you've closed Slate already, you're down by $500 in overall CL (which is not that much, from what I infer about your CLs). Also the account will keep reporting so AAoA shouldn't get impacted.

With the utilization, both overall utilization and card-wise utilization matter. Hopefully your overall utilization remains the same (or based on your action, it drops). Assuming you won't use Slate at all, your utilization on Freedom will get lower. 

If all else remains the same, your credit score is going to improve (worst case, will not go south). 

PS. My understanding was that Slate was better than Freedom with BT, but I might be wrong.

[azguy13]

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@Ghoshida wrote:

My understanding on CL is this:

If you've closed Slate already, you're down by $500 in overall CL (which is not that much, from what I infer about your CLs). Also the account will keep reporting so AAoA shouldn't get impacted.

With the utilization, both overall utilization and card-wise utilization matter. Hopefully your overall utilization remains the same (or based on your action, it drops). Assuming you won't use Slate at all, your utilization on Freedom will get lower. 

If all else remains the same, your credit score is going to improve (worst case, will not go south). 

PS. My understanding was that Slate was better than Freedom with BT, but I might be wrong.

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I have closed and moved both my old Slate and SWA cc's. Both of those cards report as closed by consumer. However, they will still be averaged into my AAoA for 10 years  

Slate is one of the best BT cards out there. 

[-HighScoringGame-]

Wow, I had no idea. I haven't gotten a single BT offer for the Slate since I opened it almost a year ago. I get offers for the Freedom all the time and, since it's one of my oldest tradelines, I thought to boost its limit instead. I may wait awhile and see how it all shakes out. My overall utilization stays well under 20%.

[-HighScoringGame-]

Also, the Slate is still open with a $500 limit. May never use it but it's there.

[azguy13]

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@-HighScoringGame- wrote:
Also, the Slate is still open with a $500 limit. May never use it but it's there.

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Yea, there isn't much you can do with a $500 CL on a BT card, lol. 

[Ghoshida]

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@-HighScoringGame- wrote:
Wow, I had no idea. I haven't gotten a single BT offer for the Slate since I opened it almost a year ago. I get offers for the Freedom all the time and, since it's one of my oldest tradelines, I thought to boost its limit instead. I may wait awhile and see how it all shakes out. My overall utilization stays well under 20%.

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Strange, because Slate generally starts with a 12-month (or more) 0% APR and zero BT fee for the first 2 months. I have put some bit of balance on that and plan to pay it down over 8 months or so, then move the limit over to Freedom. 

[-HighScoringGame-]

Yep, that was the opening offer. Makes sense now why I wouldn't get any additional offers during the first 12 months (duh!). What you plan to do is what I did, although I didn't put very much on the card, not as much as I thought I would. I think I'm okay then. :-)