Need advice about closing Chase card

[snowkitty]

I have 3 cards with Chase.....BP store card, CSP & Freedom. The BP store card was my foot in the door with Chase. The limit is only 400.00 and it has sat that way since I got it in Sept. of 2012. I try to use it each month to keep it active but it's getting harder now that I have such great rewards with my CSP and Amex. I want to close the card but I wonder if I should or not. I would like to ask Chase to close it and see if they can move the 400.00 limit to my Freedom card but I'm not sure if that is something they will do. Any suggestions?

[codimom]

Just remember, it will report on your CR for 10 years as an account in good standing.  And if you move that 400 to another card, it won't lower your utilization.  In my lowly opinion, if chase will move the limit, its a win win to close it.

[bs6054]

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@codimom wrote:

Just remember, it will report on your CR for 10 years as an account in good standing.  And if you move that 400 to another card, it won't lower your utilization.  In my lowly opinion, if chase will move the limit, its a win win to close it.

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And looking at the rest of your CLs, even if Chase won't move it, losing $400 will have no great impact for you, so close it anyway!

[snowkitty]

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@codimom wrote:

Just remember, it will report on your CR for 10 years as an account in good standing.  And if you move that 400 to another card, it won't lower your utilization.  In my lowly opinion, if chase will move the limit, its a win win to close it.

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That would be great if they would do that. I don't really care about losing the 400.00 if it turns out that way but I would like to bump my freedom limit up a bit. Tomorrow is 4 months since my last auto cli on the freedom so I am going to see if they bump me again (fingers crossed) and then I will ask about moving and closing the BP card. I assume it will show on my report that it was closed by me right?

[FinStar]

Unfortunately, Chase cannot allocate the CL from a private label product to your mainline CCs, such as the CSP or Freedom.  And as bs6054 mentioned above, $400 really isn't that much of an impact that would make much of a difference as it is.

[snowkitty]

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@bs6054 wrote:

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@codimom wrote:

Just remember, it will report on your CR for 10 years as an account in good standing.  And if you move that 400 to another card, it won't lower your utilization.  In my lowly opinion, if chase will move the limit, its a win win to close it.

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And looking at the rest of your CLs, even if Chase won't move it, losing $400 will have no great impact for you, so close it anyway!

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I agree! I don't know why I am so nervous about closing a card. I actually have a few I want to close but for some reason I need to take baby steps...lol  This is my lowest limit one and now that I have all the cards/limits that I wanted, I want to concentrate on rewards!

[sunkissed]

Agreed on both previous posts.  You've got a great line-up of credit cards.  You not going to miss that BP card.  If Chase will move the CL over to your other card, great!  If not, no big loss.  Either way, you are a winner!  Good luck!

[snowkitty]

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@FinStar wrote:

Unfortunately, Chase cannot allocate the CL from a private label product to your mainline CCs, such as the CSP or Freedom.

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I didn't even think about that being a private label. My original hopes were for the BP card to be upgraded to the BP Visa but they told me a while back that I would have to apply seperately for the BP Visa. I don't need it that bad.

[snowkitty]

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@sunkissed wrote:

Agreed on both previous posts.  You've got a great line-up of credit cards.  You not going to miss that BP card.  If Chase will move the CL over to your other card, great!  If not, no big loss.  Either way, you are a winner!  Good luck!

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Thanks!! I am pretty loyal to the BP brand but Amex is especially making it hard for me now that they have the 5.00 cash back each time you use BP...lol

[FinStar]

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@snowkitty wrote:

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@FinStar wrote:

Unfortunately, Chase cannot allocate the CL from a private label product to your mainline CCs, such as the CSP or Freedom.

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I didn't even think about that being a private label. My original hopes were for the BP card to be upgraded to the BP Visa but they told me a while back that I would have to apply seperately for the BP Visa. I don't need it that bad.

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Correct, you would have to apply for the BP Visa separately - no upgrade.  Sounds like you're still on the fence?  IMO, I would close it - unless there are sentimental reasons you're attached to the $400 and the CC