Credit Cards

[spudbro]

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!

[trumpet-205]

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.

[spudbro]

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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.

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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?

[trumpet-205]

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.

[nicholasyud]

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...

[spudbro]

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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.

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

[swpopham]

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

[Cadillac-XTS]

Congrats

[Tran92]

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

[trumpet-205]

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spudbro wrote:

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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.

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

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Do you want 5% rotating category from Freedom?