I am highly contemplating closing my chase account that was just opened two months ago because they gave me a platinum card with an 800$ limit(ridiculous), so my question is should I close it because it is embarassing and I would spend way more than that on it? I am thinking of closing it for an MBNA card, here is my current card list: amex blue: 2000 cap one: 3000 Best Buy card: 1700 amex green rewards: no pre set 18,000 6 year loan (5.9%) 4 months old discover AU 10,400 the cap one I never use but is my oldest line so I keep it open (23.99%) the amex green I charge about 700 a month on the blue I use if I have a big purchase and want the points on my amex rewards points and need to carry a balance and I want one more MC or Visa as a back up to my amex cards(provided I should cancel my chase) with a low apr and a free rewards program, any recommendations? I have a 760-780ish fico, am a fulltime student, make about 18,000 a year, oldest line is 3 years cause I am only 21 Also, yes I have called and asked them to raise the limit even before I activated it but they said they open plat accounts with as low as 200 dollar limits so basically ,"NO!"
With no annual fee, I think Chase is the kind of card you should keep for a couple of years. At this point, a short average age of accounts would probably hurt you more than too many accounts would. The best revenge would be to keep the card and use it to buy gas 2 or 3 times a year.
I agree, but I would also exercise the account. Borrow 700, keep the money in an interest bearing money market account. Make payments of about 100 a month for a few months, then pay the balance. Yes, it will cost you some money, but they will raise your limit. I have 4 Chase accounts and the lowest limit is 10,000. www.creditsense.com
embarass for what...only you know the limit, so keep the card, don't make a decision outta anger or disgust.
I had a Chase account for 3 years with an 800 limit. When the card expired, before they sent me a new one, they raised my limit $200. I was never over the limit or late, etc., I used the card, paid it off in one month, let a balance sit, tried not using it for months at a time and then charging a lot on it, I tried everything. When I saw that they raised me only $200, I called and asked for an increase - not only did they pull a hard, but they denied it. This is even though I had cards with 9500, 8000, 5500, etc. credit limits and decent scores. I cancelled them, and whenever I have cancelled a card, they always try to entice you with something to stay, but they just said "OK, I can close it for you. Bye-bye." I have vowed that no matter what, I will never go back to them. Anyway - sorry so long - thats my Chase story.
Poobybear - your story sounds a lot like mine with Crap 1. Over the course of four years, they have raised my credit line...drum roll...$50. During that time, I have doubled my income, cleaned up my credit significantly, established new credit and have never, and I mean NEVER missed a payment or went over the limit with them. I just don't understand...and what I don't understand goes into the SOCK DRAWER!!! Lisa
LOL--they just gave me another $200 (7+ years, no lates). Once my "buy and return" sticks (and hopefully I can BT what's left off of it) off to the sock drawer IT goes.
