Reply
Valued Member
Posts: 45
Registered: ‎05-21-2012
0

App Spree & Closing Credit Card Questions

[ Edited ]

So I went on an app spree yesterday after all 3 of my secured credit cards hit the 6-7 month mark.

 

I was approved for the following:

1.) AMEX Platinum

2.) Amex Gold Cash Rewards

3.) Chase Sapphire Preferred 6k Limit

4.) Chase Freedom 5k Limit

5.) Capital One- 500 dollar Limit (LOL at capital one)

 

So my questions are the following:

 

1.) Should I call capital one and tell them I do not want the 500 dollar card?

2.) I opened a 3k secured card on 04/12 with capital one. Should I close this?

3.) I opened a 1,200 dollar secured card on 05/12 with bank of america. Should I close this?

4.) I opened a 1,200 dollar secured card on 05/12 with applied bank. Should I close this?

 

Definitely done apping for anything for a while.

 

Please let me know!

Valued Contributor
Posts: 2,505
Registered: ‎11-11-2010
0

Re: App Spree & Closing Credit Card Questions

Amex Gold Cash Rewards? I think you mean PRG.

 

1.) Should I call capital one and tell them I do not want the 500 dollar card?

You most likely applied "average credit" version of the card (which hands out low limit and high APR). Keep the card for now.

 

2.) I opened a 3k secured card on 04/12 with capital one. Should I close this?

Keep this card for now.

 

3.) I opened a 1,200 dollar secured card on 05/12 with bank of america. Should I close this?

Close this card.

 

4.) I opened a 1,200 dollar secured card on 05/12 with applied bank. Should I close this?

Close this card.

In My Wallet:
Citi Forward (12/2010) | Citi Dividend (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
BofA BBR (04/2013) | FNBO/Overstock.com (02/2014) | Barclaycard Arrival (04/2014) | FIA/Fidelity AMEX (04/2014)
Valued Member
Posts: 45
Registered: ‎05-21-2012
0

Re: App Spree & Closing Credit Card Questions


trumpet-205 wrote:

Amex Gold Cash Rewards? I think you mean PRG. Correct PRG.

 

1.) Should I call capital one and tell them I do not want the 500 dollar card?

You most likely applied "average credit" version of the card (which hands out low limit and high APR). Keep the card for now.

 

2.) I opened a 3k secured card on 04/12 with capital one. Should I close this?

Keep this card for now.

 

3.) I opened a 1,200 dollar secured card on 05/12 with bank of america. Should I close this?

Close this card.

 

4.) I opened a 1,200 dollar secured card on 05/12 with applied bank. Should I close this?

Close this card.


Thanks for the tips on the others. Curious though are you saying I should keep the capital one secured because of the limit or why?

 

Valued Contributor
Posts: 2,505
Registered: ‎11-11-2010
0

Re: App Spree & Closing Credit Card Questions

I'd keep one secured card open just so you can build more payment history as you just got 6 new card. Capital One secured is better than BofA and Applied.

In My Wallet:
Citi Forward (12/2010) | Citi Dividend (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
BofA BBR (04/2013) | FNBO/Overstock.com (02/2014) | Barclaycard Arrival (04/2014) | FIA/Fidelity AMEX (04/2014)
Valued Contributor
Posts: 1,738
Registered: ‎08-13-2012
0

Re: App Spree & Closing Credit Card Questions

To play safe : I would continue to keep the account for at a year or two then at the end of the year call those secured Credit Cards company and see if they can waive the fees . Keep everything for at least a years or two years on time payment would be always better.....just my opinion...


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

Valued Member
Posts: 45
Registered: ‎05-21-2012
0

Re: App Spree & Closing Credit Card Questions


trumpet-205 wrote:

I'd keep one secured card open just so you can build more payment history as you just got 6 new card. Capital One secured is better than BofA and Applied.


Should I ask chase to consolidate the freedom and sapphire preffered so I have 1 card (CSP) with an 11k limit?

Established Contributor
Posts: 554
Registered: ‎06-02-2012
0

Re: App Spree & Closing Credit Card Questions

I would close all the cap one cards, close the boa and keep the chase and amex cards. Leave chase separate for the benefits and tradeline
"As long as the music is playing, you've got to get up and dance," he said. "We're still dancing."---Prince CEO Citi Bank

"Money isn't the most important thing in life, but it's reasonably close to oxygen on the "gotta have it" scale". ~Zig Ziglar
Established Contributor
Posts: 1,837
Registered: ‎08-20-2012
0

Re: App Spree & Closing Credit Card Questions

Congrats

Regular Contributor
Posts: 217
Registered: ‎09-25-2012
0

Re: App Spree & Closing Credit Card Questions

[ Edited ]

Wow those are some nice cards. Congrats ! :smileyhappy: . You can try calling Cap1 for a CLI before you decide to close it.  Good luck! 

TU 746 (10/13)
GOAL: 750+






Valued Contributor
Posts: 2,505
Registered: ‎11-11-2010
0

Re: App Spree & Closing Credit Card Questions


spudbro wrote:

trumpet-205 wrote:

I'd keep one secured card open just so you can build more payment history as you just got 6 new card. Capital One secured is better than BofA and Applied.


Should I ask chase to consolidate the freedom and sapphire preffered so I have 1 card (CSP) with an 11k limit?


Do you want 5% rotating category from Freedom?

In My Wallet:
Citi Forward (12/2010) | Citi Dividend (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
BofA BBR (04/2013) | FNBO/Overstock.com (02/2014) | Barclaycard Arrival (04/2014) | FIA/Fidelity AMEX (04/2014)
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.