Author Topic: Closing accounts by shifting credit line  (Read 3941 times)

Offline mawmaw

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Re: Closing accounts by shifting credit line
« Reply #30 on: August 23, 2014, 11:23:08 PM »
Have done it twice to get a new card approved. I assume you want to know about shifting between two open cards.  I  am interested in the same.
done it twice

Offline D93

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Offline @Yehuda

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Re: Closing accounts by shifting credit line
« Reply #32 on: November 23, 2014, 02:02:19 PM »
Will Chase let you shift CL from a business card to a personal card? (If it matters - this is why closing down the business card.)

Offline noturbizniss

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Re: Closing accounts by shifting credit line
« Reply #33 on: November 23, 2014, 02:08:14 PM »
Will Chase let you shift CL from a business card to a personal card? (If it matters - this is why closing down the business card.)
Not ime
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Offline MC

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Re: Closing accounts by shifting credit line
« Reply #34 on: November 23, 2014, 02:09:12 PM »

Will Chase let you shift CL from a business card to a personal card? (If it matters - this is why closing down the business card.)
If you want to rely on the word of reps, multiple ones have told me they'll do personal to business but not vice versa.

Offline Centro

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Re: Closing accounts by shifting credit line
« Reply #35 on: November 23, 2014, 02:09:20 PM »
Will Chase let you shift CL from a business card to a personal card? (If it matters - this is why closing down the business card.)
Yes ime.

Offline @Yehuda

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Re: Closing accounts by shifting credit line
« Reply #36 on: November 23, 2014, 02:51:44 PM »
Thanks guys. Good to know it's YMMV as usual. :)

Offline @Yehuda

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Re: Closing accounts by shifting credit line
« Reply #37 on: November 25, 2014, 12:17:20 PM »
AMEX just told me that to close and account and shift the CL to another card, they may pull my credit. They started asking Q's like what's my income, and I stopped them and asked if she was about to pull my credit - to which she said, "we may have to".

Is that normal? I'd rather lose the CL than have them do a pull.

Offline TimT

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Re: Closing accounts by shifting credit line
« Reply #38 on: November 25, 2014, 12:18:58 PM »
AMEX just told me that to close and account and shift the CL to another card, they may pull my credit. They started asking Q's like what's my income, and I stopped them and asked if she was about to pull my credit - to which she said, "we may have to".

Is that normal? I'd rather lose the CL than have them do a pull.
Hard pull or soft ?
Wouldn't losing the CL affect your credit more than a pull ?

Offline @Yehuda

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Re: Closing accounts by shifting credit line
« Reply #39 on: November 25, 2014, 12:36:07 PM »
Hard pull or soft ?
Wouldn't losing the CL affect your credit more than a pull ?
Not sure, but wasn't about to take a chance so I ended the call.

Well, I've been thinking about utilization ratio recently and here's my thoughts. Let's think of a random example:
Every month you let $1-2K of debt hit your statements (because you obviously pay off most of your bill before the statement date). Overall, between all your cards, you have $50K of CL. That means your utilization ratio for all your cards combined (yes I know the credit score factors in the ratio of each individual card as well) is 2-4%. If you close a card that has $5K of CL and you lose that CL, you now have $45K of CL between all your cards and you are still only letting $1-2K hit your statements each month, making your ratio 2.22-4.44%. How much of a difference is that really going to affect your credit score?

If your overall CL is $10K and you close a card and lose $3K of CL, then sure, it will make a big difference. But I assume that most of us in this game have much higher overall CLs.