I have 3 cards 1-capital one 750 limit. 2-slate 1k limit 3-Freedom 1k limit. Question is since i got the freedom and its going to be my main used card should i combine the limit with the slate and get rid of it. My capital one is my oldest card at almost 2 years but i rarely use it and they wont remove the yearly fee so i will getr rid of it later on.
Will it lower my score? Is it a smart move?
I have NO idea, but you might want to post this is the credit card forum. You'd probably get answers there.
My only advice might be that you consider keeping the freedoms open. That will allow you to fully maximize should the time come any category that you would want to spend 4.5k in one quarter while getting the full 5 percent as opposed to only being able to spend 1.5k per quarter on those promos.
At the end of the day, all that matters is what YOU have use for. No one else. If you don't use the slate close it and move the limit over to your freedoms, but they also may only allow 500. I've heard that in the past that they need to keep 500 on the card. I don't know the validity of this statement just that I've heard it before.
At the end of the day, all that matters is what YOU have use for. No one else. If you don't use the slate close it and move the limit over to your freedoms, but they also may only allow 500. I've heard that in the past that they need to keep 500 on the card. I don't know the validity of this statement just that I've heard it before.
@KennyRS wrote:
My only advice might be that you consider keeping the freedoms open. That will allow you to fully maximize should the time come any category that you would want to spend 4.5k in one quarter while getting the full 5 percent as opposed to only being able to spend 1.5k per quarter on those promos.
At the end of the day, all that matters is what YOU have use for. No one else. If you don't use the slate close it and move the limit over to your freedoms, but they also may only allow 500. I've heard that in the past that they need to keep 500 on the card. I don't know the validity of this statement just that I've heard it before.
My understanding is that you have to maintain at least $500 CL on the Chase card you're moving credit FROM (i.e. your Slate card), IF you're going to keep that card open. If you decide to completely close your Slate card, then you can transfer the ENTIRE CL of your Slate card to the Freedom card.
This is exactly what I did with my Chase Amazon.com card. It's CL was only $1K and was not worth my effort to try to "build up" its CL, at the expense of my other cards. I called the Chase CSR with the intent to transfer this $1K CL over to myChase Sapphire card. She thought I wanted to keep my Chase Amazon.com card OPEN, and cautioned me about maintaining at least $500 on it, with the difference (only $500 in my case) being available for transfer to the Sapphire card. When I explained that I wanted to close out the Amazon card, she understood and then said it was okay to transfer the entire CL ($1K) over to the Sapphire card!
Good luck on using your Freedom card, especially after you are able to "enhance" its CL.
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