Questions about credit limit transfers

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guitarlifter
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Questions about credit limit transfers

Postby guitarlifter » Fri Apr 18, 2014 7:30 pm

I have multiple questions about credit limit transfers.

1. Will companies do them. If so, which ones? I have cards from Chase, PNC, BoA, FIA Card Service (which is also BoA, I suppose), Discover, and GE. I'm most interested in knowing about BoA's policies on this.

2. When applying for a card and calling recon, will offering to pull part or all (thus closing that card) of a credit limit from another card from the same company that one might have already opened in order to help get the card approved?

3. When discussing with a credit analyst one's starting credit limit on a recently approved card, can one offer to transfer part or all of a credit limit from another card (thus closing that other card) in order to increase the credit limit of the new card? Like, say I am offered a $5,000 CL on a new card, and I offer to transfer and close the full $5,000 CL from another card, would some banks go for that?
Whats's in the wallet: Discover It - $3,800 (5% rotating, ShopDiscover), Sallie Mae Rewards MC - $1,000 (5% on gas, groceries, and Amazon), Chase Freedom Visa - $1,200 (5% rotating + 10% extra w/ Chase Total Checking), PayPal Extras MC (1.66% on PayPal, 2.5% on Restaurants- $3,000, Bank of America Cash Rewards Visa Signature - $5,000 (Signature benefits), PNC CashBuilder Visa - $1,000 (Don't use), Fidelity Investment Rewards Amex - $5,000 (2% on everything)

. . . and some store credit/charge cards.

Future cards:

-US Bank Cash+ (for the 5% categories)
-1-2 0% APR cards for some big purchases I'll be making within the year


MemberSince99
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Postby MemberSince99 » Fri Apr 18, 2014 8:21 pm

1. Chase will, without a hard pull. BoA will, with a hard pull. (FIA is as you said BoA). I don't know about the rest.


2. Chase will. The rest I don't know about.


3. Chase requires you to leave 500 on the old card. I don't know if BoA will let you transfer the whole thing and close the other card.


You might as well call them directly and ask.

guitarlifter
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Postby guitarlifter » Fri Apr 18, 2014 10:12 pm

MemberSince99 wrote:1. Chase will, without a hard pull. BoA will, with a hard pull. (FIA is as you said BoA). I don't know about the rest.


2. Chase will. The rest I don't know about.


3. Chase requires you to leave 500 on the old card. I don't know if BoA will let you transfer the whole thing and close the other card.


You might as well call them directly and ask.


Thanks for the info. I'll have to call BoA to figure that out.

Got another question. I've seen people talking about changing their cards from one type to another. I'm sure I could potentially get that done with one of my cards, but would I be able to get promotional offers to tag along with them like 0% APR on purchases and whatnot?
Whats's in the wallet: Discover It - $3,800 (5% rotating, ShopDiscover), Sallie Mae Rewards MC - $1,000 (5% on gas, groceries, and Amazon), Chase Freedom Visa - $1,200 (5% rotating + 10% extra w/ Chase Total Checking), PayPal Extras MC (1.66% on PayPal, 2.5% on Restaurants- $3,000, Bank of America Cash Rewards Visa Signature - $5,000 (Signature benefits), PNC CashBuilder Visa - $1,000 (Don't use), Fidelity Investment Rewards Amex - $5,000 (2% on everything)



. . . and some store credit/charge cards.



Future cards:



-US Bank Cash+ (for the 5% categories)

-1-2 0% APR cards for some big purchases I'll be making within the year

benhollberg
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Postby benhollberg » Fri Apr 18, 2014 11:21 pm

I'll chime in on my experience with Chase, they will do this when calling recon line. I already had the Marriott Premier card so when I applied for the CSP it went to recon. I called and they said I would be approved for CSP if I cut my limit on the Marriott card. I said yes that's fine, it's been almost a year now and my limit on the Marriott card hasn't been cut down at all, and I was approved for CSP. So Chase will do this if you need to, maybe you'll get lucky like I did.
American Express Platinum Card
American Express TrueEarnings Card from Costco
Marriott Rewards Premier Visa Signature Card
Chase Sapphire Preferred World MasterCard
Discover It

JoDa
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Postby JoDa » Sat Apr 19, 2014 10:03 am

Chase indicated to me that they could transfer my whole UMP line to the CSP, but maybe they just didn't get into the weeds of leaving $500 since it was just a question, I wasn't actually doing it yet.

Generally, if you do a product transfer (switch one card for another from the same bank) you won't get the new customer bonuses. If you really want those, I'd say apply, and if it goes to recon call and ask about transferring lines around.
CSP $19K
BOA $4K
UMP $11.5K
Target Visa $1.5K

guitarlifter
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Postby guitarlifter » Sat Apr 19, 2014 11:20 pm

JoDa wrote:Chase indicated to me that they could transfer my whole UMP line to the CSP, but maybe they just didn't get into the weeds of leaving $500 since it was just a question, I wasn't actually doing it yet.

Generally, if you do a product transfer (switch one card for another from the same bank) you won't get the new customer bonuses. If you really want those, I'd say apply, and if it goes to recon call and ask about transferring lines around.


Ok, so if I want the new customer bonuses, then I can apply for the card, call recon, and then ask for moving CLs around?

Speaking of new customer, let's say I want to apply for the Bank of America Better Balance Rewards credit card with the promotional 0% APR on purchases for 12 months. Would the fact that I already have a Cash Rewards card from BoA prevent me from getting the promotional 12 months 0% APR?
Whats's in the wallet: Discover It - $3,800 (5% rotating, ShopDiscover), Sallie Mae Rewards MC - $1,000 (5% on gas, groceries, and Amazon), Chase Freedom Visa - $1,200 (5% rotating + 10% extra w/ Chase Total Checking), PayPal Extras MC (1.66% on PayPal, 2.5% on Restaurants- $3,000, Bank of America Cash Rewards Visa Signature - $5,000 (Signature benefits), PNC CashBuilder Visa - $1,000 (Don't use), Fidelity Investment Rewards Amex - $5,000 (2% on everything)



. . . and some store credit/charge cards.



Future cards:



-US Bank Cash+ (for the 5% categories)

-1-2 0% APR cards for some big purchases I'll be making within the year

JoDa
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Postby JoDa » Sat Apr 19, 2014 11:25 pm

Generally sign-up bonuses are card-specific, but you might want to call them and ask. I got my bonus points for the CSP despite already holding the UMP, but that doesn't mean all banks will do that.
CSP $19K
BOA $4K
UMP $11.5K
Target Visa $1.5K



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