I have a cc i've since 2010 with a $5k limit, it began with a $2,400 CL. The card and bank have been good to me but its a very basic no thrills credit card. No cash back, no points, no rewards. The good thing about this card is that the APR is 13.25% (I think that is decent in today's environment). My issue is it has a $39 AF and CLI's are never given automatically. To get a CLI, I must complete a new application and the card insurers pull all 3 credit reports and scores...OUCH!!! I do have other cards with $5k limits but they are fairly new accounts. My question is, should I close this account?
I personally would not agree to 3 HP for any type of CLI. It's just not worth it to me. I'm sure that I feel that way because of multiple inquiries I had/still have, and there's no way to get them off except wait for two years. I know the score impact is minimized with time, but 3 for any reason (here's to you, Cap1) is not acceptable unless we're talking a mortgage.
As far as annual fees go, that's up to you. I see a lot of talk on here about not paying annual fees, but I personally have 3 cards with AFs and I don't have a problem with it - the rewards outweigh the AF, in my opinion.
sounds like cap1 to me. why not try another bank/card and only use one? get a better card. whats you profile look like maybe we can help
Yes 3 hp's for a cli is to many. Although this sounds like Cap One, they don't HP cli's. If it's your longest TL and can deal with the AF keep it. If not, use your other cards. In fact you have other cards at the 5k level so it defenitely won't hurt to ax it, GL.
It's not a Crap1 card. The card is issued through a local community bank. I do have other $5k limit cards from my (1) CU and a CSP and Southwest Premier Visa from Chase. I too think 3 hp's is too excessive when seeking a CLI. I'm just concerned about my AAoA since this is one of my oldest accounts. Thank you all for your input.
IMO, 3 HP is not a big deal. Certaintly not a good reason to close a card that you think is decent. Why do you want to close the card?