@axledobe wrote:
@SomeGuyOnTheWeb wrote:
Those are the credit limits I have on my three cards. The first is from Discover, the second is Cap1 and the last is from Fifth Third.
I recently tried to raise the credit limit on my Fifth Third account only to be denied because of "insufficient satisfactory credit obligations" (no idea what this means) and "too many inquiries last 12 months" (there are, with this inquiry, a grand total of THREE inquires on my Equifax report). I'll be honest; I'm a bit miffed. 10 years and I can't even get a CLI???
It's like they don't want me to use the card at all.To me, this is the same as Experian's blurb of "too few accounts currently paid as agreed", which basically means a thin file. I'm in agreement that you should probably open another card or two and close them. That's just obnoxious.
If your reports are app ready, I'd go for a couple of good cards and tell them to shove their $300.
EDITED: spelling
Yup, thin file.
In this instance I'd open up 2 more accounts before I closed the Fifth-Third but it's pretty clear the card isn't necessary nor is it likely used either.
It means you dont have enough open accounts for them to make a solid decision.
You closing that account will make it even worst for another creditor to review. Leave it alone and ADD (NOT CLOSE) more tradelines to your file.
If it were me, I would app for 2 solid cards and do the shopping cart trick for another (since they are stating you have several INQ already).
@SomeGuyOnTheWeb wrote:
Those are the credit limits I have on my three cards. The first is from Discover, the second is Cap1 and the last is from Fifth Third.
I recently tried to raise the credit limit on my Fifth Third account only to be denied because of "insufficient satisfactory credit obligations" (no idea what this means) and "too many inquiries last 12 months" (there are, with this inquiry, a grand total of THREE inquires on my Equifax report). I'll be honest; I'm a bit miffed. 10 years and I can't even get a CLI???
It's like they don't want me to use the card at all.
I agree with everyone who says to nuke the card. They obviously don't want your money, so don't give it to them. I'd go for an AMEX or Barcaycard Arrival or Sallie Mae, unless you want a low APR, in which case, go for the Ring. You could also look at the Citi Dividend or Chase Freedom for additional 5% category coverage. Bank of America also has some decent cards too (like the Better Balance card which is a free $120/year, and the Cash Rewards, which is similar to the AMEX BCE).
Cut that $300 card up, put in an envelope and send it to them with a letter that says "BYE".
@blk8 wrote:It means you dont have enough open accounts for them to make a solid decision.
You closing that account will make it even worst for another creditor to review. Leave it alone and ADD (NOT CLOSE) more tradelines to your file.
If it were me, I would app for 2 solid cards and do the shopping cart trick for another (since they are stating you have several INQ already).
This. As good as it will make you feel to feed the card to the shredder or your pet piranha, closing the account isn't the right thing at this time.
blk8's idea of 2-3 more cards sounds good.
1) Pay off and set 5/3 aside for 6-12 months
2) Find a card or two you like and that your scores suggest will be promising, and
3) look at the shopping cart thread to see if any store cards are likely to be of use to you and go for one or two of those (there are some Visa/MC in there but they're not as easy to get--only one I've been offered is Sportsmans Visa)
Run some normal spending through the new cards, pay in full, and enjoy the increases.
Then in 6-12 months after you've gardened those tradelines, go back and close out 5/3. Only reason not to keep it at $0 balance is if you have any fees on it.
That's what I'd do (and in fact, pretty much what I'm doing with a major bank's card that got made useless this year).
EDIT: If you have a good banking relationship with them (i.e. could go in to a branch and talk to someone), maybe follow up for a personal recon. If not, carry on as above. 
