high credit limit

[mordylich]

What's your opinion?  My Chase United Mileage Plus visa is about to end the first free year so I was planning to cancel, but i noticed that my credit limit on it is $20k which is one of my highest for any card (besides amex cards).  Will my credit take a big hit for this one?  If yes, is it worth the annual fee to avoid that at this time?

[txtmax4]

It really depends on what kind of balances you carry..

[Chaikel]

What's your opinion?  My Chase United Mileage Plus visa is about to end the first free year so I was planning to cancel, but i noticed that my credit limit on it is $20k which is one of my highest for any card (besides amex cards).  Will my credit take a big hit for this one?  If yes, is it worth the annual fee to avoid that at this time?

What is the fee, and what percentage is the card to the total credit available to you

[Cholentfresser]

is downgrading to a free card an option?

[mordylich]

is downgrading to a free card an option?

What is the fee, and what percentage is the card to the total credit available to you

i think the fee is around $60.  Where does Amex fit into the picture in terms of total credit available?

[mordylich]

is downgrading to a free card an option?

I guess that's possible, but question then becomes what impact an open $20k line of credit will have on future card applications.  Meaning, in the past I've been turned down due to too much outstanding credit.

[mordylich]

It really depends on what kind of balances you carry..

  My balances are never anywhere near the limit.

[Cholentfresser]

I guess that's possible, but question then becomes what impact an open $20k line of credit will have on future card applications.  Meaning, in the past I've been turned down due to too much outstanding credit.

well, i guess if you apply for a card and they tell you, you have too much credit in credit lines then just offer (or they'll offer you) to take some credit off that card to apply that toward the card u are applying for, so i don't think that'll be such an issue.

[Dan]

well, i guess if you apply for a card and they tell you, you have too much credit in credit lines then just offer (or they'll offer you) to take some credit off that card to apply that toward the card u are applying for, so i don't think that'll be such an issue.

+1

[mordylich]

+1

so consensus is that I should try to maintain the credit limit but have it transferred to a new and free card?  Will that require another credit check?

And if i'm not able to transfer to a free card, close it or cough up the $60?

[Cholentfresser]

so consensus is that I should try to maintain the credit limit but have it transferred to a new and free card?  Will that require another credit check?

And if i'm not able to transfer to a free card, close it or cough up the $60?

you should always try to keep your credit lines; it's healthy for your credit score. it shouldn't require a credit check, but ask them, when you call.

[mordylich]

you should always try to keep your credit lines; it's healthy for your credit score. it shouldn't require a credit check, but ask them, when you call.

ok, thanks.  do you know where amex fits into this?  is that considered part of the total line of credit?  if yes, how about the platinum which doesn't have a set credit limit?

[Cholentfresser]

for a nice report on this from dan, see here

[txtmax4]

  My balances are never anywhere near the limit.

If you're planing to keep it this way it shouldn't be much of an issue and neither should affect your credit score
You should definitely look into downgrading your card if the option is there though.