Author Topic: closing a charge card (Read 8633 times)

Avid Reader · « **Reply #20 on:** November 17, 2011, 05:51:31 PM »

Quote from: confused on November 17, 2011, 05:45:15 PM

thanks for the reply. if your supposed to keep them open how do you churn?

You change the card type to another card type (e.g. from Starwood to Blue Cash). With Citi, keeping the cards open hasn't been a problem. If that's not possible, then close.

123ablack · « **Reply #21 on:** November 17, 2011, 05:52:10 PM »

Quote from: AJK on November 17, 2011, 02:48:51 PM

Credit utilization.

Quote from: Avid Reader on November 17, 2011, 02:56:03 PM

Better to keep them open and try to get the fees waived, since when you close an account it will give you a temporary credit hit from the lost credit limit. But if you have to close, then closing should only hurt temporarily.

Are we sure that the same applies to a charge card where no Credit Limit is reported to either Credit Bureau?

Avid Reader · « **Reply #22 on:** November 17, 2011, 05:53:56 PM »

Quote from: 123ablack on November 17, 2011, 05:52:10 PM

Are we sure that the same applies to a charge card where no Credit Limit is reported to either Credit Bureau?

No. I was replying to the post I quoted which is talking about cards in general.

123ablack · « **Reply #23 on:** November 17, 2011, 06:02:13 PM »

Quote from: Avid Reader on November 17, 2011, 05:53:56 PM

No. I was replying to the post I quoted which is talking about cards in general.

the subject of this thread is closing a charge card and that's what I'm referring to

Fan of Dan · « **Reply #24 on:** November 17, 2011, 08:30:14 PM »

Quote from: AJK on November 17, 2011, 02:48:51 PM

Credit utilization.

On a charge card doesn't utilization depend on what the highest amount you spent on the card is? If is a lot then I would agree with you.

AJK · « **Reply #25 on:** November 17, 2011, 08:31:17 PM »

Quote from: Fan of Dan on November 17, 2011, 08:30:14 PM

On a charge card doesn't utilization depend on what the highest amount you spent on the card is? If is a lot then I would agree with you.

Thankfully! I was worried you wouldn't agree.

Fan of Dan · « **Reply #26 on:** November 17, 2011, 08:44:05 PM »

Quote from: AJK on November 17, 2011, 08:31:17 PM

Thankfully! I was worried you wouldn't agree.

I know right!!

gevaldig · « **Reply #27 on:** November 17, 2011, 11:58:09 PM »

Quote from: Avid Reader on November 17, 2011, 05:51:31 PM

You change the card type to another card type (e.g. from Starwood to Blue Cash). With Citi, keeping the cards open hasn't been a problem. If that's not possible, then close.

can i downgrade a chase sapphire preferred, to chase sapphire, and then reapply for chase sapphire preferred? would it work by chase?

AsherO · « **Reply #28 on:** November 18, 2011, 12:00:33 AM »

Quote from: gevaldig on November 17, 2011, 11:58:09 PM

can i downgrade a chase sapphire preferred, to chase sapphire, and then reapply for chase sapphire preferred? would it work by chase?

AFAIK you'll have problems getting approved for a SP if you already have a Sapphire...

gevaldig · « **Reply #29 on:** November 18, 2011, 12:03:01 AM »

Quote from: AsherO on November 18, 2011, 12:00:33 AM

AFAIK you'll have problems getting approved for a SP if you already have a Sapphire...

any other way around? there must be some way cuz i see you got 2 SPG cards

AsherO · « **Reply #30 on:** November 18, 2011, 12:05:33 AM »

Quote from: gevaldig on November 18, 2011, 12:03:01 AM

any other way around? there must be some way cuz i see you got 2 SPG cards

Chase isn't Amex, multiple Amex SPGs (especially business ones) were never a problem for me.

gevaldig · « **Reply #31 on:** November 18, 2011, 12:09:12 AM »

so better to close sapphire preferred, put the CL on freedom card, and reapply for sapphire preferred?.

AsherO · « **Reply #32 on:** November 18, 2011, 12:11:34 AM »

Quote from: gevaldig on November 18, 2011, 12:09:12 AM

so better to close sapphire preferred, put the CL on freedom card, and reapply for sapphire preferred?.

Or switch SP to a different card (if they'll do that for you).

gevaldig · « **Reply #33 on:** November 18, 2011, 12:14:55 AM »

Quote from: AsherO on November 18, 2011, 12:11:34 AM

Or switch SP to a different card (if they'll do that for you).

does switch include putting over CL on different card? am i correct?

AsherO · « **Reply #34 on:** November 18, 2011, 12:23:43 AM »

Quote from: gevaldig on November 18, 2011, 12:14:55 AM

does switch include putting over CL on different card? am i correct?

If you switch to a different card you can offer to close that card as leverage for pushing though the new SP app.

gevaldig · « **Reply #35 on:** November 18, 2011, 12:27:18 AM »

Quote from: AsherO on November 18, 2011, 12:23:43 AM

If you switch to a different card you can offer to close that card as leverage for pushing though the new SP app.

as i understand i should apply for a different card, then close old sapphire preferred, reapply for CSP and use the other card as leverage.

AsherO · « **Reply #36 on:** November 18, 2011, 12:35:09 AM »

Quote from: gevaldig on November 18, 2011, 12:27:18 AM

as i understand i should apply for a different card, then close old sapphire preferred, reapply for CSP and use the other card as leverage.

That might not work, and would be another hit.

If they let you switch your current SP to a different card type (without a new app, just a product switch), then it's your best bet.

gevaldig · « **Reply #37 on:** November 18, 2011, 12:43:38 AM »

so gotta asked them for product switch, do they normally do it?

AsherO · « **Reply #38 on:** November 18, 2011, 12:47:05 AM »

Quote from: gevaldig on November 18, 2011, 12:43:38 AM

so gotta asked them for product switch, do they normally do it?

They've always done it, but recently they've been giving issues if you've had the SP for less than a year, in which case closing it and shifting over the credit is your best option.

gevaldig · « **Reply #39 on:** November 18, 2011, 12:50:35 AM »

thanks for your wonderful advice,