Reallocating Chase - Now a Slate Question

[Anonymous]

I think I'll make the Freedom $1k. I thought about leaving $1100 or $1600 but I HATE odd amount cards and when Amazon leaves, Freedom will be at the top of my screen. 

That'll make the Slate 3500+1000 (Amazon) + 5600 (Freedom) so 10,100. 4k BT wouldn't be horrible on that. 

Every BT I did before finding this site took a card to 99% util. LOL. 

ETA: I can even justify the extra $100 there. When I calculate util, I know I can calculate the util based on $10k CL and I'll always be under that % because the line will be $10.1  (things that make math geeks happy)

[kdm31091]

If you need the BT, then make that your priority, but have you checked  to make sure they won't give you a BT offer on your Freedom, etc?

I just think having the large limit long term on the Slate isn't going to prove useful unless you are constantly needing BTs (in which case you may need to examine your budgeting).

That said, you can always move the limit back, in theory anyway.

[Anonymous]

Even if they gave me a BT offer on my Freedom, the BT I want to do now would put me at a higher util. 

You're right, I was all set to close Slate a while ago, but I can see the attraction of letting it hang around for BT occasionally. I also removed DH as an AU, so it'll just hit my credit. I foolishly used to always put both of us down and now I've learned to pick and choose. It'll be nice to get a bit of balance off his credit to let it catch up to mine. 

And yeah, theoretically I can always move stuff back around. But I don't see them INCREASING Freedom's attraction in the near future, so I don't see that I'd have a need. More likely I'd want to move it elsewhere down the line. If that opportunity continues. 

[kdm31091]

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@Anonymous wrote:

Even if they gave me a BT offer on my Freedom, the BT I want to do now would put me at a higher util. 

You're right, I was all set to close Slate a while ago, but I can see the attraction of letting it hang around for BT occasionally. I also removed DH as an AU, so it'll just hit my credit. I foolishly used to always put both of us down and now I've learned to pick and choose. It'll be nice to get a bit of balance off his credit to let it catch up to mine. 

And yeah, theoretically I can always move stuff back around. But I don't see them INCREASING Freedom's attraction in the near future, so I don't see that I'd have a need. More likely I'd want to move it elsewhere down the line. If that opportunity continues. 

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Yeah, that's a good point. Freedom has certainly become less attractive lol

[takeshi74]

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@Anonymous wrote:
True about the util, but I'm not willing to part with my biggest limit.

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The big limit doesn't matter as far as your credit profile is concerned and it would only be a matter of self satisfaction.  Creditors don't just match credit limits and limits are based on what your credit and income qualify for at the time of approval or CLI.  You can reallocate back once you're done paying down the BT.  Still, your call to make based on your preferences and priorities.

[Anonymous]

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@takeshi74 wrote:

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@Anonymous wrote:
True about the util, but I'm not willing to part with my biggest limit.

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The big limit doesn't matter as far as your credit profile is concerned and it would only be a matter of self satisfaction.  Creditors don't just match credit limits and limits are based on what your credit and income qualify for at the time of approval or CLI.  You can reallocate back once you're done paying down the BT.  Still, your call to make based on your preferences and priorities.

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Self satisfaction is a pleasant way to say ego.  While I am pretty sure I'll continue to be able to move CLs with Chase, I'm not sure enough to give up my first CL with a 2 in that spot on the off chance that they change their policy. And yes, it's pretty much all ego-related. I'll own that. 

[Revelate]

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@takeshi74 wrote:

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@Anonymous wrote:
True about the util, but I'm not willing to part with my biggest limit.

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The big limit doesn't matter as far as your credit profile is concerned and it would only be a matter of self satisfaction.  Creditors don't just match credit limits and limits are based on what your credit and income qualify for at the time of approval or CLI.  You can reallocate back once you're done paying down the BT.  Still, your call to make based on your preferences and priorities.

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I think it's impossible to state that lenders don't look at your current tradelines and see what history you have on various sized lines.  I agree it doesn't make much sense but there's been way too many anecdotal reports of such things, and certainly detailed approval data over time suggesting that.  

I think like other things that's starting to loosen up, and it's all marketing at some level anyway besides the standard risk analysis, but having a large line doesn't hurt all other things being equal.  My same income even without my derogatories which would've landed me 780+ easy, even with the same 4 year solid history, if I only had 1K limits, wouldn't have generated the 4 lines 20K+ from 3 different lenders even in the current market based on what we've seen here.  Chase probably would've been at 6K, Penfed no clue, and the throwaway Cap 1 likely 10K.

Whether I need 20K lines is admittedly debatable, but without the history on near 10K lines making that jump would've been more than absurd, even for Cap 1.

[Anonymous]

Well I finally got around to doing this. I called the number on the back of my Slate card and the guy who finally picked up answered JP Morgan, so it must have gotten routed there via my phone number/RC card. He couldn't do it directly but got the lending dept on and they did it. Said it would take 5 min to show online and it did. 

BUT...Arrgh. 

It's only 6 months no interest! I was sure it was more like 12 or 15 months in the past. I mentioned on here before that until you put in a card to transfer to and an amount, it doesn't give you the terms. Pretty sneaky. So F-orget about that. Not worth it for 3% fee for 6 months. I thought that was the beauty of the Slate card was that it was always a 'useable' BT offer, assuming you had a decent enough limit to make use of it. 

Not really missing the Amazon card or the limit on the Freedom (though I figured out since I took DH off as an AU on Slate, it'll hurt his util a bit taking the CL from Freedom). But now, if it's always 6 months, I don't see utilizing this. 

Now, I'm thinking that I'll use the SM offer for 1% and totally jack the utility there. At least it's for a few more months got a smaller fee. 

Not a happy camper here. 

Anyone else have experience with Slate for a BT AFTER the first time? Is the 6 months a given? Might it be since I just moved CLs? Maybe I should call and ask?