jal540 wrote:This will save several hundred dollars in interest and be faster to pay off, but I am not sure how this affects my credit rating.
It's all about how individual utilization is impacted as a BT doesn't change your overall utilization. If you're applying for a new card to BT then that will have an impact as well.
jal540 wrote:I have heard that Chase Slate sometimes gives extremely low credit limits to new customers.
Limits are not determined solely by the card or creditor. They are determined by what one's credit profile and income qualify for. Always consider your sources. Those looking to app for BT cards like the Slate typically have high utilization which constricts the limits that they would qualify for.
jal540 wrote:augiedog, thanks for the reply. It turns out that the card with the balance is 12%.
Is 12% the APR or the utilization? Give us a better idea of your credit profile and we can attempt to guess. "My credit rating is good now" doesn't really tell us what we need to know. What's your revolving utilization on the card you're looking to BT from? What's your overall revolving utilization? AAoA? Any derogs? Any idea what any of your scores are and, if so, what scoring model and CRA are each of them?
jal540 wrote:I`m not sure how much that will lower FICO.
Primary impact due to closure is the impact to revolving utilization. AAoA is not immediately impacted since closed accounts on your reports factor into AAoA.
Don't let your FICO's drive all your decisions. Certainly keep them in mind but your overall financial health matters more than your scores. If you're looking to get a mortgage then you'll want to look at your mortgage FICO's versus relying on your FICO 8's.
jal540 wrote:I`ve also heard a few bad things about their customer service.
You'll always find bad experiences with CS with any company. I'm not saying don't discard CS but be careful relying on it as a primary criterion. Also be careful relying on anecdotal evidence. This is just more anecdotal evidence but I've never had problems with Chase CS and find their cards very useful to me. YMMV.