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  #1  
Old 11-18-2007, 09:34 PM
IdealFugacity IdealFugacity is offline
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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?
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  #2  
Old 11-18-2007, 09:54 PM
jackblack73 jackblack73 is offline
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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.
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Old 11-18-2007, 10:19 PM
tippy tippy is offline
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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.
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Old 11-18-2007, 10:23 PM
IdealFugacity IdealFugacity is offline
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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"
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  #5  
Old 11-18-2007, 10:27 PM
vetiver vetiver is offline
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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.
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Old 11-19-2007, 12:07 AM
jackblack73 jackblack73 is offline
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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.
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  #7  
Old 11-19-2007, 01:14 AM
Ganjasaurus Rex Ganjasaurus Rex is offline
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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.
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  #8  
Old 11-19-2007, 07:57 AM
IdealFugacity IdealFugacity is offline
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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.
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  #9  
Old 11-19-2007, 12:36 PM
Ganjasaurus Rex Ganjasaurus Rex is offline
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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.
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  #10  
Old 11-19-2007, 03:46 PM
emon87 emon87 is offline
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Join Date: Aug 2004
Location: Evanston, IL.
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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.
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