Should I shift my credit lines?

[Anonymous]

Hi everyone,

I currently have 2 Chase cards along with a handful of other cards from different lenders. In a year or so, my plan is to apply for the CSP and I understand that it has a minimum credit line of 5K. 

My total aggregate credit limit with Chase is currently $6,500 - 3.4K on my Freedom and 3.1K on my CFU. My question is, should I shift some credit line from my Freedom over to my CFU and make it a Visa Signature? Would having a Visa Signature product from Chase be looked on favorably when they review my account for the Sapphire? If I shift my credit limits, the Freedom would end up with 1.5K and CFU would have 5K. I talked to Chase and they said they are willing to upgrade me to the Visa Siggy if the credit lines are shifted in the way I described above.

Do you think it's worth it? I just want to make sure my application for the CSP is looked upon favorably when I apply (after gardening for a year or so). I don't want to be declined for too many accounts with Chase or too much limit. Please let me know what the best choice is here!

[FinStar]

Well, it's not just internally that would make that final determination. It's the overall profile as a whole, income, etc.

There's been several reported data points with CSP approvals and individuals having current Chase CCs and/or history well below the $5K threshold.

Keep in mind that a lot of these decisions are performed behind the scenes, unless something in your profile triggers a manual review.

While it doesn't hurt to shift CLs to ~$5K, it's fairly possible you would get approved for CSP without much shifting around provided your profile/DTI are in check.

[Anonymous]

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@FinStar wrote:
Well, it's not just internally that would make that final determination. It's the overall profile as a whole, income, etc.

There's been several reported data points with CSP approvals and individuals having current Chase CCs and/or history well below the $5K threshold.

Keep in mind that a lot of these decisions are performed behind the scenes, unless something in your profile triggers a manual review.

While it doesn't hurt to shift CLs to ~$5K, it's fairly possible you would get approved for CSP without much shifting around provided your profile/DTI are in check.

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Thank you. Yes, it's definitely my whole credit profile that will be taken into account so this will have little effect on approval. Do you think it is worth it just in general? I don't have any high util and frequently pay my cards off so the low CL on the Freedom wouldn't bother me too much, yet I don't see myself using Visa Signature perks. 

[FinStar]

No harm in getting it done. The CL reallocation process is fairly simple and seamless.

Once it's completed, you can check to see if the donor card can be upgraded to Visa Signature and then be issued a replacement CC.

[wasCB14]

1. Visa Signature is generally overrated. People on here often talk about wanting or getting one, but hardly anyone ever mentions actually using one of the benefits.

2. I don't see "too much existing Chase credit" being an issue unless your income is under $35k. If it's under $20k it could very well be a cause for concern.

[Anonymous]

Stated income is around 16K as of now because I'm in college, but should go up to 50K after graduation (next year) if I find a solid entry level job. I probably won't apply for the CSP unless my income increases and I'm also able to dish out 4K in 3 months for the bonus.