Apply for new card or credit limit increase ?

Anonymous · ‎09-02-2014

I can't decide if i should just want to request a credit limit increase on my Bank America Cash Rewards or apply for Bank America Better Balance Rewards.

longtimelurker · ‎09-02-2014

Personally, I wouldn't go for a CLI on a card with an AF that I am planning (at some stage) to drop, unless the CLI could somehow cause me to keep it. On that particular card, which is nothing unusual, certainly not.

I would just close and app for BBR if that is what you want, the hit to AAoA isn't going to be that great with 14 accounts.

Anonymous · ‎09-02-2014

@longtimelurker wrote:
Personally, I wouldn't go for a CLI on a card with an AF that I am planning (at some stage) to drop, unless the CLI could somehow cause me to keep it. On that particular card, which is nothing unusual, certainly not.

I would just close and app for BBR if that is what you want, the hit to AAoA isn't going to be that great with 14 accounts.

i would get a new card , since you dont seem to happy with the current cards.

jigglypuff · ‎09-02-2014

@Anonymous wrote:
I can't decide if i should just want to request a credit limit increase on my Bank America Cash Rewards or apply for Bank America Better Balance Rewards. I was curious maybe just have a product change instead and save myself a hard inquiry but i am trying to get rid my annual fee cards. I called, emailed ... i even emailed the EO no one seems to want to remove the annual fee and changing the product from cash rewards to better balance rewards will not remove my annual fee either. Now as far my age of credit goes my Bank America Cash Rewards is almost 2 years but also the lowest so may not effect much if i cancel it in regards of my trade lines or ratio. Apparently for credit limit increases they pull TransUnion my highest score and applying for new accounts they pull Experian. So either i keep my Cash Rewards and keep paying the $39 annual fee and let it age. Take a hard inquiry for a credit limit increase or leave it alone $500. or cancel it and take a hard inquiry with better balance rewards, no annual fee and get $120 year just by having it

This year i ran $60 cash rewards - $39 annual fee ($20) so that's $100 more i could be getting if i went for the better balance rewards instead. If they just change the product they'll role over my annual fee from cash rewards and i get $120 - $39 ($90) instead the full $120.

Still with the annual fee that's $70 difference between $20 and $90 im getting now. But im more concern whether keeping the annual fee justifies my average age of credit or will it not have much impact at all and just cancel it and apply for a different card with no annual fee which i would otherwise not qualified for 2 yearrs ago.

FYI

Credit History: 3.1 years
Average Age: 1 year (exact according to myFico)
Total accounts: 14
inquires: 0 after next month

accounts i like to close or reinstate
Bank America 1.9 years <--- my lowest of all and would not remove annual fee even for a product change. $500 limit + annual fee
CapitolOne 2.5 years <---- i also want this canceled too. They upgraded Cash Rewards (green card) to QuickSilver + annual fee.
CapitolOne 3.1 years <---- this one they just upgraded it Platinum to QuickSilver) and surprisely they removed the annual fee so i'll keep this one.

why does your card have an annual fee?

keithB · ‎09-02-2014

What's with the cards in your sig line? Are those what you want or what you have? If those are what you have, how is it you have a Citi Double Cash but will have 0 inquiries in a month?

Anonymous · ‎09-02-2014

@keithB wrote:
What's with the cards in your sig line? Are those what you want or what you have? If those are what you have, how is it you have a Citi Double Cash but will have 0 inquiries in a month?

i never applied them yet. Just on my radar, cards im thinking of getting. that's why you see TBA next to them. i have inquiry september 27 last year from american express which i closed and should be removed by the end of the month.

http://ficoforums.myfico.com/t5/Credit-Cards/AMEX-FR-Curiosity/m-p/3399781/highlight/true#M942636

keithB · ‎09-02-2014

@Anonymous wrote:
@keithB wrote:
What's with the cards in your sig line? Are those what you want or what you have? If those are what you have, how is it you have a Citi Double Cash but will have 0 inquiries in a month?
i never applied them yet. Just on my radar, cards im thinking of getting. that's why you see TBA next to them. i have inquiry september 27 last year from american express which i closed and should be removed by the end of the month.

http://ficoforums.myfico.com/t5/Credit-Cards/AMEX-FR-Curiosity/m-p/3399781/highlight/true#M942636

Ah, okay... My monitor isn't high res, I couldn't make out the TBA... I just thought that was the limit

newhis · ‎09-02-2014

@jigglypuff wrote:
why does your card have an annual fee?

I guess the card started as secured. Some people are able to get the AF removed and others don't.

Anonymous · ‎09-02-2014

CLI.

Unless you're looking for more general credit to decrease utilization overall.

Anonymous · ‎09-03-2014

@Anonymous wrote:
CLI.

Unless you're looking for more general credit to decrease utilization overall.

thats what im going for but with any new cards you'll always get 0% APR intro rate thats why im looking at cards more than just to decrease utilization overall. Trying see whats the whole hype about amex everyday other than the nice looks from my caculations the most i can get back from ''ALL OTHER PURCHASES'' is 1.2%. 1.5% if i pay $95 annual fee ? but capitlOne has 1.5% cash back no annual fee and Citi Double Cash is 2% cash back. So i wouldnt want get another card i already have in terms of reward structure. Thats like getting Chase Freedom when i already have Discover IT they both are the same in their 5% catergories last month both has 5% gas.