General Chase question
#1
Original Poster
Join Date: Jul 2007
Programs: AA Executive Platinum, Marriott Titanium, Hyatt Globalist
Posts: 283
General Chase question
All,
I have some general questions regarding my Chase cards with respect to pruning, management and 5/24.
I currently have:
United MileagePlus - 10 years old
British Airways - 7 years old
Slate - 12 years old
CSR - opened last year
In addition, I have the following business cards:
United Mileageplus - 7 years old
Southwest - 7 years old
Each card was acquired for their relevant bonuses over the past 10 years but I have not closed/combined any account due to lethargy. I would like advice regarding how best to optimize the number of Chase cards due to the possibility of more juicy reward cards in the future. While opening the CSR the Chase analyst was quite clear that he was awarding me the card very reluctantly since I already have so many cards. He also dipped into my BA card for the $10K limit leaving that card with just $2K.
My thoughts:
Cancel the BA card and combine limit with some other card. And close the Southwest card and combine with United Biz card since I am not using it and don't fly Southwest much at all.
Once that is done I would like to apply for the Chase Ink Biz card with 80K UR points. Is the whole plan feasible or can someone suggest a better plan to optimize all the cards to ensure that I don't run afoul of Chase.
I have some general questions regarding my Chase cards with respect to pruning, management and 5/24.
I currently have:
United MileagePlus - 10 years old
British Airways - 7 years old
Slate - 12 years old
CSR - opened last year
In addition, I have the following business cards:
United Mileageplus - 7 years old
Southwest - 7 years old
Each card was acquired for their relevant bonuses over the past 10 years but I have not closed/combined any account due to lethargy. I would like advice regarding how best to optimize the number of Chase cards due to the possibility of more juicy reward cards in the future. While opening the CSR the Chase analyst was quite clear that he was awarding me the card very reluctantly since I already have so many cards. He also dipped into my BA card for the $10K limit leaving that card with just $2K.
My thoughts:
Cancel the BA card and combine limit with some other card. And close the Southwest card and combine with United Biz card since I am not using it and don't fly Southwest much at all.
Once that is done I would like to apply for the Chase Ink Biz card with 80K UR points. Is the whole plan feasible or can someone suggest a better plan to optimize all the cards to ensure that I don't run afoul of Chase.
#2
Join Date: Nov 2015
Location: St. Louis, MO
Programs: Southwest Companion Pass
Posts: 790
All,
I have some general questions regarding my Chase cards with respect to pruning, management and 5/24.
I currently have:
United MileagePlus - 10 years old
British Airways - 7 years old
Slate - 12 years old
CSR - opened last year
In addition, I have the following business cards:
United Mileageplus - 7 years old
Southwest - 7 years old
Each card was acquired for their relevant bonuses over the past 10 years but I have not closed/combined any account due to lethargy. I would like advice regarding how best to optimize the number of Chase cards due to the possibility of more juicy reward cards in the future. While opening the CSR the Chase analyst was quite clear that he was awarding me the card very reluctantly since I already have so many cards. He also dipped into my BA card for the $10K limit leaving that card with just $2K.
My thoughts:
Cancel the BA card and combine limit with some other card. And close the Southwest card and combine with United Biz card since I am not using it and don't fly Southwest much at all.
Once that is done I would like to apply for the Chase Ink Biz card with 80K UR points. Is the whole plan feasible or can someone suggest a better plan to optimize all the cards to ensure that I don't run afoul of Chase.
I have some general questions regarding my Chase cards with respect to pruning, management and 5/24.
I currently have:
United MileagePlus - 10 years old
British Airways - 7 years old
Slate - 12 years old
CSR - opened last year
In addition, I have the following business cards:
United Mileageplus - 7 years old
Southwest - 7 years old
Each card was acquired for their relevant bonuses over the past 10 years but I have not closed/combined any account due to lethargy. I would like advice regarding how best to optimize the number of Chase cards due to the possibility of more juicy reward cards in the future. While opening the CSR the Chase analyst was quite clear that he was awarding me the card very reluctantly since I already have so many cards. He also dipped into my BA card for the $10K limit leaving that card with just $2K.
My thoughts:
Cancel the BA card and combine limit with some other card. And close the Southwest card and combine with United Biz card since I am not using it and don't fly Southwest much at all.
Once that is done I would like to apply for the Chase Ink Biz card with 80K UR points. Is the whole plan feasible or can someone suggest a better plan to optimize all the cards to ensure that I don't run afoul of Chase.
If you're looking for instant approval, it might be best to just close them out. Of course doing this will ding your credit because you will have a higher credit utilization, but if your balances are low and you have good credit the effect will be minimal.
#3
Original Poster
Join Date: Jul 2007
Programs: AA Executive Platinum, Marriott Titanium, Hyatt Globalist
Posts: 283
Since you already had to reallocate credit from another chase card to open the CSR, it would appear that you are already maxed out with you available credit with Chase. Transferring credit to other cards when closing them out will leave you in the same situation.
If you're looking for instant approval, it might be best to just close them out. Of course doing this will ding your credit because you will have a higher credit utilization, but if your balances are low and you have good credit the effect will be minimal.
If you're looking for instant approval, it might be best to just close them out. Of course doing this will ding your credit because you will have a higher credit utilization, but if your balances are low and you have good credit the effect will be minimal.
Also does the INK card count under 5/24?
#4
Join Date: Nov 2015
Location: St. Louis, MO
Programs: Southwest Companion Pass
Posts: 790
Also, I don't think it matters how many cards you have, only how many you have opened in the last 2 years. If you just want to increase your chances of auto-approval, you could just have them lower your credit limits and keep them open. But like I said, if you ever want to receive the sign up bonus again, you'll have to close them eventually.
#5
Join Date: Aug 2016
Programs: United
Posts: 83
Assuming you only have chase cards you're only 1/24. 5/24 counts for all credit cards not just chase. Also making assumptions that you're using the CSR as a regular spender and not using the others I would do the following
Mileageplus Personal - > Move available credit limit to CSR, then cancel
British Airways - Move available credit limit to CSR, then Cancel
Slate -> Product Change to Freedom for the 5x categories
CSR -> keep
Mileage Plus Business -> Keep this card, has decent benefits
Southwest Card -> If you dont use the benefits transfer credit limit to MP Business and cancel.
Will you take a hit? Maybe but it should be too severe since your available credit should remain relatively constant. Then open the Ink Preffered Business. They might deny you initially but when you call in for reconsideration move credit from the mileage plus business card.
Mileageplus Personal - > Move available credit limit to CSR, then cancel
British Airways - Move available credit limit to CSR, then Cancel
Slate -> Product Change to Freedom for the 5x categories
CSR -> keep
Mileage Plus Business -> Keep this card, has decent benefits
Southwest Card -> If you dont use the benefits transfer credit limit to MP Business and cancel.
Will you take a hit? Maybe but it should be too severe since your available credit should remain relatively constant. Then open the Ink Preffered Business. They might deny you initially but when you call in for reconsideration move credit from the mileage plus business card.
All,
I have some general questions regarding my Chase cards with respect to pruning, management and 5/24.
I currently have:
United MileagePlus - 10 years old
British Airways - 7 years old
Slate - 12 years old
CSR - opened last year
In addition, I have the following business cards:
United Mileageplus - 7 years old
Southwest - 7 years old
Each card was acquired for their relevant bonuses over the past 10 years but I have not closed/combined any account due to lethargy. I would like advice regarding how best to optimize the number of Chase cards due to the possibility of more juicy reward cards in the future. While opening the CSR the Chase analyst was quite clear that he was awarding me the card very reluctantly since I already have so many cards. He also dipped into my BA card for the $10K limit leaving that card with just $2K.
My thoughts:
Cancel the BA card and combine limit with some other card. And close the Southwest card and combine with United Biz card since I am not using it and don't fly Southwest much at all.
Once that is done I would like to apply for the Chase Ink Biz card with 80K UR points. Is the whole plan feasible or can someone suggest a better plan to optimize all the cards to ensure that I don't run afoul of Chase.
I have some general questions regarding my Chase cards with respect to pruning, management and 5/24.
I currently have:
United MileagePlus - 10 years old
British Airways - 7 years old
Slate - 12 years old
CSR - opened last year
In addition, I have the following business cards:
United Mileageplus - 7 years old
Southwest - 7 years old
Each card was acquired for their relevant bonuses over the past 10 years but I have not closed/combined any account due to lethargy. I would like advice regarding how best to optimize the number of Chase cards due to the possibility of more juicy reward cards in the future. While opening the CSR the Chase analyst was quite clear that he was awarding me the card very reluctantly since I already have so many cards. He also dipped into my BA card for the $10K limit leaving that card with just $2K.
My thoughts:
Cancel the BA card and combine limit with some other card. And close the Southwest card and combine with United Biz card since I am not using it and don't fly Southwest much at all.
Once that is done I would like to apply for the Chase Ink Biz card with 80K UR points. Is the whole plan feasible or can someone suggest a better plan to optimize all the cards to ensure that I don't run afoul of Chase.
#6
Moderator: Chase Ultimate Rewards
Join Date: Apr 2005
Location: SFO
Programs: UA 2P, MR LT Plat, IHG Plat, BW Dia, HH Au, Avis PC
Posts: 5,455
The real issue is ensuring you keep the single oldest card open, so that you have a very old card to count toward the Length of Credit History metric. But you only need one card for that (and maybe 1 or 2 as backups, in case your oldest card is closed out of your control).
If that 12 year old Slate is the oldest account in the entire portfolio, it probably makes sense to keep it around.
Here is a good discussion from myfico on short/long-term effects of closing accounts: http://ficoforums.myfico.com/t5/Cred...7190?jump=true
#7
Original Poster
Join Date: Jul 2007
Programs: AA Executive Platinum, Marriott Titanium, Hyatt Globalist
Posts: 283
Thanks
Assuming you only have chase cards you're only 1/24. 5/24 counts for all credit cards not just chase. Also making assumptions that you're using the CSR as a regular spender and not using the others I would do the following
Mileageplus Personal - > Move available credit limit to CSR, then cancel
British Airways - Move available credit limit to CSR, then Cancel
Slate -> Product Change to Freedom for the 5x categories
CSR -> keep
Mileage Plus Business -> Keep this card, has decent benefits
Southwest Card -> If you dont use the benefits transfer credit limit to MP Business and cancel.
Will you take a hit? Maybe but it should be too severe since your available credit should remain relatively constant. Then open the Ink Preffered Business. They might deny you initially but when you call in for reconsideration move credit from the mileage plus business card.
Mileageplus Personal - > Move available credit limit to CSR, then cancel
British Airways - Move available credit limit to CSR, then Cancel
Slate -> Product Change to Freedom for the 5x categories
CSR -> keep
Mileage Plus Business -> Keep this card, has decent benefits
Southwest Card -> If you dont use the benefits transfer credit limit to MP Business and cancel.
Will you take a hit? Maybe but it should be too severe since your available credit should remain relatively constant. Then open the Ink Preffered Business. They might deny you initially but when you call in for reconsideration move credit from the mileage plus business card.
#8
Original Poster
Join Date: Jul 2007
Programs: AA Executive Platinum, Marriott Titanium, Hyatt Globalist
Posts: 283
Average Age of Accounts includes closed accounts, as well as open, as long as they still appear on the report - generally 7-10 years after you close them.
The real issue is ensuring you keep the single oldest card open, so that you have a very old card to count toward the Length of Credit History metric. But you only need one card for that (and maybe 1 or 2 as backups, in case your oldest card is closed out of your control).
If that 12 year old Slate is the oldest account in the entire portfolio, it probably makes sense to keep it around.
Here is a good discussion from myfico on short/long-term effects of closing accounts: http://ficoforums.myfico.com/t5/Cred...7190?jump=true
The real issue is ensuring you keep the single oldest card open, so that you have a very old card to count toward the Length of Credit History metric. But you only need one card for that (and maybe 1 or 2 as backups, in case your oldest card is closed out of your control).
If that 12 year old Slate is the oldest account in the entire portfolio, it probably makes sense to keep it around.
Here is a good discussion from myfico on short/long-term effects of closing accounts: http://ficoforums.myfico.com/t5/Cred...7190?jump=true
Levi
Last edited by levistrauss; Feb 25, 2017 at 6:45 am Reason: Thanking the poster.
#9
Join Date: Jul 2016
Posts: 495
What do you think is better? A FICO score of 800 with just 5 credit cards or the identical score with 25 cards?
#10
Join Date: Jul 2016
Posts: 495
Average Age of Accounts includes closed accounts, as well as open, as long as they still appear on the report - generally 7-10 years after you close them.
The real issue is ensuring you keep the single oldest card open, so that you have a very old card to count toward the Length of Credit History metric. But you only need one card for that (and maybe 1 or 2 as backups, in case your oldest card is closed out of your control).
If that 12 year old Slate is the oldest account in the entire portfolio, it probably makes sense to keep it around.
Here is a good discussion from myfico on short/long-term effects of closing accounts: http://ficoforums.myfico.com/t5/Cred...7190?jump=true
The real issue is ensuring you keep the single oldest card open, so that you have a very old card to count toward the Length of Credit History metric. But you only need one card for that (and maybe 1 or 2 as backups, in case your oldest card is closed out of your control).
If that 12 year old Slate is the oldest account in the entire portfolio, it probably makes sense to keep it around.
Here is a good discussion from myfico on short/long-term effects of closing accounts: http://ficoforums.myfico.com/t5/Cred...7190?jump=true
As you said, retaining the oldest card is MOST important, + the second oldest card as a back-up. Everything else can be dumped.
#11
Original Poster
Join Date: Jul 2007
Programs: AA Executive Platinum, Marriott Titanium, Hyatt Globalist
Posts: 283
If you have 30 cards and Slate is not the oldest, I recommend that you cancel all you Chase cards except for the CSR, which as you admit is the only Chase card you use. With 30 cards, canceling your portfolio of Chase cards will have little effect on your credit score because your available credit on all your other cards must still be high (and credit utilization low). You need to make your life less complicated. Keep things SIMPLE.
What do you think is better? A FICO score of 800 with just 5 credit cards or the identical score with 25 cards?
What do you think is better? A FICO score of 800 with just 5 credit cards or the identical score with 25 cards?
I personally place a great value on diversity and texture of credit. I have cards from all major issuers (plus USAA) and a bunch of great Credit Unions like Penfed and Nave Fed. I have a bunch of business cards that don't show up on my report and that enables me to run up large balances and pay them off without any impact on my credit. Is 30 the right number? Who knows. But I am not sure 5 can give you adequate coverage in case of adverse action from one or two issuers especially since the big banks act in tandem as seen in 2008.
I do agree with you about cancelling Chase cards that I don't use since that allows me to wait for the next juicy card and get approved without too much hassle.