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Are 3 hp's too many??

Frequent Contributor

Are 3 hp's too many??

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? 

Message 1 of 16
15 REPLIES
Established Contributor

Re: Are 3 hp's too many??

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.


Starting Score: Jan 2012: EQ - 659, TU08 - 670, EX - ???
Current Score:April 2014: EQ - 772, TU08 - 782, EX - 754
Last App:3/21/14

Message 2 of 16
Valued Contributor

Re: Are 3 hp's too many??

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

 


In my wallet: AMEX Gold; Freedom $1.5k; CSP $5k; Chase United $5k; Discover $2k
Last HP: 4/30
Message 3 of 16
Established Contributor

Re: Are 3 hp's too many??

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.

 

BOA: 8.9k
CSP: 5k
Discover: 5k
Citi TY Preferd: 5k
Wally: 5k
JCP: 4.9k
citiForward: 4.7k
ChaseFreedom: 4.5k
DFS: 2k
Message 4 of 16
Frequent Contributor

Re: Are 3 hp's too many??

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.

Message 5 of 16
Valued Contributor

Re: Are 3 hp's too many??

Closing this account will not affect your AAOA. It will continue to report for the next 10 years as a positive tradeline. However I would be more worried about losing the 5k limit which could affect your reported util. If you don't carry balances then it won't be a problem but if you do it would be easier for a higher util to report. Is the apr lower than your other cards you mentioned?
NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Message 6 of 16
Frequent Contributor

Re: Are 3 hp's too many??

It's my second lowest APR. Currently, it had a zero balance and the AF will be billed in Febuary 2013.

Message 7 of 16
Senior Contributor

Re: Are 3 hp's too many??

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?

Message 8 of 16
Frequent Contributor

Re: Are 3 hp's too many??

It has no rewards, the fact that they do 3 hp's for all CLI's and the CLI's are never automatic! Smiley Mad

Message 9 of 16
Valued Contributor

Re: Are 3 hp's too many??

I would just leave it be then. Run a charge through it every now and then to keep it active and leave it alone. Are eligible for increases on your other accounts?
NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Message 10 of 16