Is it ok if I ask Chase to close my plain Sapphire WMC and Ink Bold and transfer the CLs to my Freedom card? That would give me leverage in the future for opening up new cards correct?
IME offering to close cards gives you slightly more leverage than moving over CL
Doesn't closing cards hurt your credit score while shifting credit lines doesn't?
Not so simple. It depends on your spending and utilization patterns.
Interesting, I was under the impression that shifting out the credit from the old to the new, and then the card gets closed due to no credit, is better than outright closing an account.
The more credit you have, the better your utilization tends to be, but if you have sufficient credit (in proportion to your spending), then closing a card is no big deal.If a card is closed and the entire CL is shifted to a new card, then it shouldn't affect your credit at all.
down the line it may hurt for age of accounts but that is in like 10 years
Why in 10 years? Wouldn't it instantly reduce the average age of accounts?
NO and how many times does this need to be stated?
So I should I keep all 5 Chase cards open until I decide to apply for other cards down the road? I thought I should at least get rid of the Sapphire WMC since I got approved for a SP Visa today.
I've read that here many times, but I still don't understand why. (I know that closed accounts count towards age)If I have 10 accounts open for 10 years, my average age is 10 years. If I close one, then 2 years later - (year 12) , my average age would be less than it would've been.
I've read that here many times, but I still don't understand why. (I know that closed accounts count towards age)
You answered your own question.
I thought the only years that count - after the card is closed - are the years that the card was open , is that incorrect?
