Wisdom of Requesting Credit Line Transfer vs Keeping Card for "Age of Accounts" Score

[Anonymous]

I recently got a slew of new credit cards (once again, thanks to myFICO for helping me figure out how) and so my credit score is "moderately impacted" by age of accounts.  My Chase Slate card is over 4 years old, so actually one of my older cards.  I just got the Freedom and Freedom Unlimited cards.

Using the Slate occassionally in order to insure it stays active seems like a possible strategy, but it's an annoyance I'm tempted to avoid.  If I ask Chase to transfer it's credit limit to one of the "Freedom" cards, do they have to do a hard pull?  Any other upsides or downsides I'm missing?

Thx in advance, Jon

[Kevin86475391]

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@Anonymous wrote:

I recently got a slew of new credit cards (once again, thanks to myFICO for helping me figure out how) and so my credit score is "moderately impacted" by age of accounts.  My Chase Slate card is over 4 years old, so actually one of my older cards.  I just got the Freedom and Freedom Unlimited cards.

Using the Slate occassionally in order to insure it stays active seems like a possible strategy, but it's an annoyance I'm tempted to avoid.  If I ask Chase to transfer it's credit limit to one of the "Freedom" cards, do they have to do a hard pull?  Any other upsides or downsides I'm missing?

Thx in advance, Jon

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Chase is pretty easy to work with for credit line transfers and product changes. They shouldn't require a hard pull for this.

[Anonymous]

It will not be a HP to transfer some or all of the limit from your Slate

[newhis]

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@Anonymous wrote:

I recently got a slew of new credit cards (once again, thanks to myFICO for helping me figure out how) and so my credit score is "moderately impacted" by age of accounts.  My Chase Slate card is over 4 years old, so actually one of my older cards.  I just got the Freedom and Freedom Unlimited cards.

Using the Slate occassionally in order to insure it stays active seems like a possible strategy, but it's an annoyance I'm tempted to avoid.  If I ask Chase to transfer it's credit limit to one of the "Freedom" cards, do they have to do a hard pull?  Any other upsides or downsides I'm missing?

Thx in advance, Jon

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The Slate will still report for 10 years after closing.

You can PC the Slate to Freedom.

You can wait a few months, close the new Freedom and transfer the limit to the other cards (if you want the 4 years on it).

You can call or SM to transfer limits/close accounts.

As today, no HP for PC or transfer limits. Even Chase bankers say is better to get a new card then transfer the limit down the road (2 years ago, I have seen better HP CLI lately).

[Anonymous]

Thanks.

Do you happen to know if you do a product change, whether the "Age of Account" stays the same, or is it "reset" to date that the change happens?

[Anonymous]

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@Anonymous wrote:

Thanks.

Do you happen to know if you do a product change, whether the "Age of Account" stays the same, or is it "reset" to date that the change happens?

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All the stats transfer. CRAs wouldn't even know you changed products besides the acct number changing.

[Anonymous]

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@Anonymous wrote:

I recently got a slew of new credit cards (once again, thanks to myFICO for helping me figure out how) and so my credit score is "moderately impacted" by age of accounts.  My Chase Slate card is over 4 years old, so actually one of my older cards.  I just got the Freedom and Freedom Unlimited cards.

Using the Slate occassionally in order to insure it stays active seems like a possible strategy, but it's an annoyance I'm tempted to avoid.  If I ask Chase to transfer it's credit limit to one of the "Freedom" cards, do they have to do a hard pull?  Any other upsides or downsides I'm missing?

Thx in advance, Jon

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no HP and upside is more CL to use the 0% for 15 months.  just do it.  If you leave 500 on it and close it you can reopen it I think up to 6 months later.  Take it to 0 and you cannot reopen it.

[Anonymous]

Please come back and update your thread with the outcome.

[Anonymous]

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@Anonymous wrote:

Thanks.

Do you happen to know if you do a product change, whether the "Age of Account" stays the same, or is it "reset" to date that the change happens?

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Yes it stays the same. The account number stays the same as well as the APR on the card. The only thing that changes are the benefits of the card. I changed an old Slate to a CFU and the CFU still reports the same age as the original Slate card (opened in 2000). They even printed the member since year of 2000 on my new to me CFU card.

I would do what newhis said. PC the Slate to a Freedom, then later close your other freedom that has a newer open date. Or keep both open if you can maximize the $1500 spend/quarter rewards.

[Anonymous]

As an update, I just got off the phone with Chase and just took 2 minutes to change the card over.  Amazingly hassle free...

I assume the idea of waiting a bit before asking them to combine the credit limit with my newer Chase Freedom card is just so as not to annoy them too much, so I'll follow that recommendation.