I respectfully disagree in full.
Originally Posted by
Happy
1) There is no need to "keep/maintain" a CL - that is an outdated workbook for at least 2 years. These days the strategy is to leave "upward room" of the total exposure with any bank so you can get approval instantly without having to call recon for CL reallocation. And in Chase current situation, you may NOT be able to reallocate CL at all.
Based on OP's situation, the good news is OP has a Cap 1 account that has a long history. The bad news all others accounts are very new and possibly small CLs (no bank will approve big CL at first).
You might be correct that you may have to call recon every time to get approval. But in most of the case, banks will still approve the application from spitting CL or account. Once you dump everything, as you have said, banks may not be able to approve the accounts at all.
Beside - a decent existing CL helps improving credit scores (as it will improve debt/credit ratio).
It may be outdated in your book only, not to this world we are in.
Originally Posted by
Happy
2) You must have not keep up with Chase new policy on the UR cards and even the Slate card - basically all Chase In-House cards - dont count on it you can get your CSP back if you cancel it now. Besides, what is the point to maintain an UR account when you are stuck, unable to transfer the pts to the partners?! Totally dont get this logic. Most importantly, you may want to read the STICKY in Chase forum and fresh up your knowledge base because what you suggest would only HARM OP instead of helping him.
I am fully aware of the so-called new policy.
Regardless what I have said - if the 5 cards are opened within 2 years, OP was burnt way before OP asked this question. So what I have suggested could not even harm OP at all.
Also - most of OP's cards have AFs. As OP indicates the AF has to be justified to keep the card, so it will be a question on how OP values UR and CSP.
Last but not the least - OP can do whatever OP wants. So it does not matter my advice is best of the world or worst from hell. OP always has the final say.
My final response to you is - no matter what you have said, and no matter my advice is good or bad, ask yourself, "What have you done?"