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Cancelling a Card

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Anonymous
Not applicable

Cancelling a Card

So I have this Chase Freedom Unlimited card with only a 1000 limit on it that I barely ever use because well, its a low limit. I have an Amazon Visa though with 3000. I have had both 2 years and never get automatic CLI.

Well I found out that the Unlimited card is available as a signature visa, whcih that along with a better cashback value rate than the amazon card would make me much more apt to use it. So I called Chase and apparently I dont qualify for an upgrade because the limit has to be 5000 or more. I am not willing to ask for an increase because 1. I dont want the hard pull and 2. know its been 2 years of on time, responsible use so as far as I am concerned, they should to show they want my business. 

I am considering now just closing out the unlimited card. I am never going to use it with such a low limit and it only makes up about 0.13% of of my total limits and has nothing on it right now. What does everyone think?

Message 1 of 14
13 REPLIES 13
Anonymous
Not applicable

Re: Cancelling a Card

Never make emotional decisions, sit on it for a few days. If you still feel you want to close it because you never use it, not just because of the low limit but because you have 2 other 1.5% general spending cards, go for it, the effect on scoring will be little if any.

 

Personally, I would PC it to Freedom to get some 5% rewards.

Message 2 of 14
Anonymous
Not applicable

Re: Cancelling a Card


@Anonymous wrote:

So I have this Chase Freedom Unlimited card with only a 1000 limit on it that I barely ever use because well, its a low limit. I have an Amazon Visa though with 3000. I have had both 2 years and never get automatic CLI.

Well I found out that the Unlimited card is available as a signature visa, whcih that along with a better cashback value rate than the amazon card would make me much more apt to use it. So I called Chase and apparently I dont qualify for an upgrade because the limit has to be 5000 or more. I am not willing to ask for an increase because 1. I dont want the hard pull and 2. know its been 2 years of on time, responsible use so as far as I am concerned, they should to show they want my business. 

I am considering now just closing out the unlimited card. I am never going to use it with such a low limit and it only makes up about 0.13% of of my total limits and has nothing on it right now. What does everyone think?


 

Your signature says the Chase Freedom Unlimited card had a starting limit of $2,000 but now the limit is $1,000.  Assuming your signature is accurate, what was the reason that the limit was reduced?

Message 3 of 14
SouthJamaica
Mega Contributor

Re: Cancelling a Card


@SouthJamaica wrote:

@Anonymous wrote:

So I have this Chase Freedom Unlimited card with only a 1000 limit on it that I barely ever use because well, its a low limit. I have an Amazon Visa though with 3000. I have had both 2 years and never get automatic CLI.

Well I found out that the Unlimited card is available as a signature visa, whcih that along with a better cashback value rate than the amazon card would make me much more apt to use it. So I called Chase and apparently I dont qualify for an upgrade because the limit has to be 5000 or more. I am not willing to ask for an increase because 1. I dont want the hard pull and 2. know its been 2 years of on time, responsible use so as far as I am concerned, they should to show they want my business. 

I am considering now just closing out the unlimited card. I am never going to use it with such a low limit and it only makes up about 0.13% of of my total limits and has nothing on it right now. What does everyone think?


I wouldn't close a quality card like that. I would start using it, which will eventually get you a CLI.


 


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 703 TU 704 EX 687

Message 4 of 14
Anonymous
Not applicable

Re: Cancelling a Card


@Anonymous wrote:

So I have this Chase Freedom Unlimited card with only a 1000 limit on it.... I am considering now just closing out the unlimited card. I am never going to use it with such a low limit and it only makes up about 0.13% of of my total limits and has nothing on it right now.


If a $1000 CL card is 0.13% of your total CL, then your total is about 770k.  Is it really that big?

 

 

Message 5 of 14
Anonymous
Not applicable

Re: Cancelling a Card

Oh I must need to update my sig. It was 2000 but I dropped it to 1000 by moving 1000 of it to my prime card to raise its limit a bit. I could transfer back from the Amazon over to it again but it still wouldn't be used much.
Message 6 of 14
Anonymous
Not applicable

Re: Cancelling a Card

I did the wrong number. Its 1.3% and I was doing the decimal lol
Message 7 of 14
Medic981
Valued Contributor

Re: Cancelling a Card

Do what you want, however, you are in with Chase. With the 5/24 Rule, you may have a hard time getting back in with Chase if and when you want to utilize them. Credit building is a marathon, not a sprint. Don't feel slighted because Chase doesn't give you auto CLI. Chase is a jealous CCC, and they want all of your business. I find CCC are more apt to give you auto CLI when you use the line of credit they have given you responsibly. If you are not using your credit, why would you expect Chase to give you more of what you are not using?

 

I understand the dilemma you feel. Cap1 is my first card and I am bucket limited as to my CL which is stuck at $1,100. I use them to pay my Netflix account. but I run almost $3,000 through my CCs and had to pay off my Cap1 card multiple times a month until I got my next CC.

 

If you are not paying any fees, there is no harm in letting a card sit. At some point, you might want to request a CLI or do a PC to another Chase card keeping your age of account growing. Don't make emotional decisions when it comes to your credit.







Your FICO credit scores are not just numbers, it’s a skill.
Message 8 of 14
Anonymous
Not applicable

Re: Cancelling a Card

I like Oldman's suggestion of PCing it a 5% Freedom.  I have two 5% Freedom cards in fact.  Getting 5% cashback on groceries one quarter and gas another is hard to beat, and you may find at least one more quarter with something you like.

 

The 1k CL doesn't matter when it comes to groceries and gas.

Message 9 of 14
Anonymous
Not applicable

Re: Cancelling a Card

The Amazon Prime Rewards card was my first card and I got it while on a $8,820/yr tax exempt income... as a result, my starting limit was $500... After about 2.4 years of using it, paying it off nearly twice a month, having no late payments, and 0 HPs... I finally (today, actually) called and requested an increased limit. My new limit is $1,000, I was hoping for a bit more but this is double my old limit so I'll settle with it for now...

Based on my own experience and what I've read about Chase, they very rarely do automatic increases.

Message 10 of 14
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