Two Plus Two Newer Archives  

Go Back   Two Plus Two Newer Archives > Other Topics > Business, Finance, and Investing

Reply
 
Thread Tools Display Modes
  #1  
Old 11-18-2007, 09:34 PM
IdealFugacity IdealFugacity is offline
Senior Member
 
Join Date: Apr 2006
Posts: 363
Default Too good to be true credit card decision?

i have two credit cards, never paid anything less than the full statement, auto-debited online:

1) No-rewards chase card, got just before college started. regular increases have resulted in a credit limit of $4900.
2) Chase PerfectCard. 3% on gas (up to $500 worth of gas, for $15 cap), 1% on everything else (no cap). 6 months old, just got the credit limit increased yesterday from $2000 to $2500.

Call up Chase a few minutes ago, punch in the info for Card number 1, and speak to a rep:
"hi, I've had this card for about 6 years now, and have consistently made payments. i was wondering if i could change it into a Rewards card, and not lose my credit history?"

"sure, just let me know what rewards card you want"


I am planning on going with the same card; Chase Perfectcard. that way i'll have a total of about $7500 limit with the same rewards.

Anyone think this is too risky, in terms of losing my credit history?
Reply With Quote
  #2  
Old 11-18-2007, 09:54 PM
jackblack73 jackblack73 is offline
Senior Member
 
Join Date: Apr 2005
Location: Las Vegas
Posts: 179
Default Re: Too good to be true credit card decision?

I've done that before. I don't see how it would affect your credit history at all. The bank is reporting that you have a credit card with them, but nothing about the type of card.
Reply With Quote
  #3  
Old 11-18-2007, 10:19 PM
tippy tippy is offline
Senior Member
 
Join Date: Jun 2005
Posts: 272
Default Re: Too good to be true credit card decision?

If it were that easy to wipe out your credit history, people with bad histories would do it. You history won't change.
Reply With Quote
  #4  
Old 11-18-2007, 10:23 PM
IdealFugacity IdealFugacity is offline
Senior Member
 
Join Date: Apr 2006
Posts: 363
Default Re: Too good to be true credit card decision?

to be more specific, i am wondering about its effect on my FICO score:
"15% — length of credit history"
Reply With Quote
  #5  
Old 11-18-2007, 10:27 PM
vetiver vetiver is offline
Senior Member
 
Join Date: Jul 2007
Posts: 212
Default Re: Too good to be true credit card decision?

I don't think there's any risk here. You just take the benefits they offer. The rewards aren't reported on your credit report and even if they were I don't think people would look unfavorably on someone who tries to maximize profit.

The only damage done might be if they have to recheck your credit history to upgrade, but that seems rather trivial.

About 18 months ago before I had any credit I got a no-fee chase card w/ $200 line (enough to go out to dinner twice before having to pay the bill). I just got approved for a >$5000 credit line through another bank, so I called up chase asking that they raise my line of credit. The woman asked how much I wanted and I just said however much your computer system will give me... you know there's a computer that inputs all of your info and outputs max credit allowed. Well, she said I had to request a specific # and see if it's accepted. I thought I'd play it safe and said $2500, she's like "Hmm, nope sorry you've been denied." GG my dignity and sense of self-worth. In retaliation I canceled the Chase card and vow never to knowingly do business with again.
Reply With Quote
  #6  
Old 11-19-2007, 12:07 AM
jackblack73 jackblack73 is offline
Senior Member
 
Join Date: Apr 2005
Location: Las Vegas
Posts: 179
Default Re: Too good to be true credit card decision?

[ QUOTE ]
to be more specific, i am wondering about its effect on my FICO score:
"15% — length of credit history"

[/ QUOTE ]Zip. Zero. Nada.
Reply With Quote
  #7  
Old 11-19-2007, 01:14 AM
Ganjasaurus Rex Ganjasaurus Rex is offline
Senior Member
 
Join Date: Sep 2007
Posts: 336
Default Re: Too good to be true credit card decision?

[ QUOTE ]
[ QUOTE ]
to be more specific, i am wondering about its effect on my FICO score:
"15% — length of credit history"

[/ QUOTE ]Zip. Zero. Nada.

[/ QUOTE ]
Wouldn't it actually improve his credit score since now the difference between his debt and max credit limit has increased? I was under the impression that this ratio mattered (debt:max limit), and the lower the better.
Reply With Quote
  #8  
Old 11-19-2007, 07:57 AM
IdealFugacity IdealFugacity is offline
Senior Member
 
Join Date: Apr 2006
Posts: 363
Default Re: Too good to be true credit card decision?

my debt:max limit will not be changing in this case. but yes, you are correct.
Reply With Quote
  #9  
Old 11-19-2007, 12:36 PM
Ganjasaurus Rex Ganjasaurus Rex is offline
Senior Member
 
Join Date: Sep 2007
Posts: 336
Default Re: Too good to be true credit card decision?

My bad. I misread your post and thought you had just increased your credit limit as well.
Reply With Quote
  #10  
Old 11-19-2007, 03:46 PM
emon87 emon87 is offline
Senior Member
 
Join Date: Aug 2004
Location: Evanston, IL.
Posts: 3,826
Default Re: Too good to be true credit card decision?

[ QUOTE ]
I don't think there's any risk here. You just take the benefits they offer. The rewards aren't reported on your credit report and even if they were I don't think people would look unfavorably on someone who tries to maximize profit.

The only damage done might be if they have to recheck your credit history to upgrade, but that seems rather trivial.

About 18 months ago before I had any credit I got a no-fee chase card w/ $200 line (enough to go out to dinner twice before having to pay the bill). I just got approved for a >$5000 credit line through another bank, so I called up chase asking that they raise my line of credit. The woman asked how much I wanted and I just said however much your computer system will give me... you know there's a computer that inputs all of your info and outputs max credit allowed. Well, she said I had to request a specific # and see if it's accepted. I thought I'd play it safe and said $2500, she's like "Hmm, nope sorry you've been denied." GG my dignity and sense of self-worth. In retaliation I canceled the Chase card and vow never to knowingly do business with again.

[/ QUOTE ]

Damn chase sucks - I got a $1000 limit from USBank the day I turned 18.
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -4. The time now is 10:22 AM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.