Closed my Barclay Rewards Card......

Anonymous · ‎07-04-2015

Back in January I got the Barclay Ring because it is 8% APR. In April I applied for and got the Barclay Rewards card and used it quite a bit. I was able to move all but $500 from the Ring to the Rewards and had $7k CL. Fast forward to July 2, I knew I was going back to the garden for a LONG time, but the Sallie Mae WMC was on my list anyway, so I figured what the heck. I was expecting the worst because of many INQs since 2015 started. They gave me a $2,500 CL and after the intro 0% APR, it is only 13.9%. Someone mentioned to me in another thread recently about moving the CL from the Rewards and moving it to Sallie because SM is a much better card. I didn't really want to close a card that is only a couple months old, but then realized that if I didn't PIF that card (I PIF all cards) - that the APR will be 24.9%......as soon as that sunk in, it was easy to call today and he gladly moved the CL. I actually asked to put $500 to my Ring to make that $1k CL and now I have a $9k SM WMC when it arrives.

I sure hope I made the right decision today and not regret it later. I think the bottom line for me was that high APR on the Reward card. The guy at Barclay was nice and I asked if Barclay will look negatively on me for closing the card and he said no way. Hope he's right! Will be interesting to see how my FICO scores change over the next few weeks. New Lowes card on 6/24; new SM on 7/2, 4 total HPs since 6/26, and AMEX will be reporting a CLI of $4k. Might be a bumpy ride for a couple of months.

baller4life · ‎07-04-2015

I did the same thing. It's all good.

Anonymous · ‎07-04-2015

@baller4life wrote:
I did the same thing. It's all good.

Were you the one who recommended to me the other day to consider doing what I finally did this afternoon? I know you like your SM a lot, so I hope it works out for me. The CL is going to be nice with it, considering when I got it on 7/2, the initial CL was $2,500

Imperfectfuture · ‎07-04-2015

@Vulcan1600 wrote:
@baller4life wrote:
I did the same thing. It's all good.
Were you the one who recommended to me the other day to consider doing what I finally did this afternoon? I know you like your SM a lot, so I hope it works out for me. The CL is going to be nice with it, considering when I got it on 7/2, the initial CL was $2,500

I think several of us did. . Good job.

Signature needs updating

baller4life · ‎07-04-2015

I and others suggested the closure. The Rewards card is more of their entry card. So there comes a time when it's time to move it's limit and close it! I love my SM and Ring. I closed Rewards and US Airways and moved their limits to Ring.

Anonymous · ‎07-04-2015

@baller4life wrote:
I and others suggested the closure. The Rewards card is more of their entry card. So there comes a time when it's time to move it's limit and close it! I love my SM and Ring. I closed Rewards and US Airways and moved their limits to Ring.

Even though I'm not using the Ring much I really don't want to close it. Can't beat that 8% APR. One day it could come in handy down the road. That's why I had them put on another $500 to the Ring to make it $1k. I'm going to use that card for my monthly CCT purchase for my FICO reports.

Anonymous · ‎07-04-2015

@Imperfectfuture wrote:
@Vulcan1600 wrote:
@baller4life wrote:
I did the same thing. It's all good.
Were you the one who recommended to me the other day to consider doing what I finally did this afternoon? I know you like your SM a lot, so I hope it works out for me. The CL is going to be nice with it, considering when I got it on 7/2, the initial CL was $2,500
I think several of us did. . Good job.

Imperfect - yes, I remember now lol...wait until you're 55

Imperfectfuture · ‎07-04-2015

@Vulcan1600 wrote:
@Imperfectfuture wrote:
@Vulcan1600 wrote:
@baller4life wrote:
I did the same thing. It's all good.
Were you the one who recommended to me the other day to consider doing what I finally did this afternoon? I know you like your SM a lot, so I hope it works out for me. The CL is going to be nice with it, considering when I got it on 7/2, the initial CL was $2,500
I think several of us did. . Good job.
Imperfect - yes, I remember now lol...wait until you're 55

LOL, I am. 56 in October.

Signature needs updating

Anonymous · ‎07-04-2015

@Imperfectfuture wrote:
@Vulcan1600 wrote:
@Imperfectfuture wrote:
@Vulcan1600 wrote:
@baller4life wrote:
I did the same thing. It's all good.
Were you the one who recommended to me the other day to consider doing what I finally did this afternoon? I know you like your SM a lot, so I hope it works out for me. The CL is going to be nice with it, considering when I got it on 7/2, the initial CL was $2,500
I think several of us did. . Good job.
Imperfect - yes, I remember now lol...wait until you're 55
LOL, I am. 56 in October.

I'll be 55 on 10/17!

Imperfectfuture · ‎07-04-2015

@Vulcan1600 wrote:
@Imperfectfuture wrote:
@Vulcan1600 wrote:
@Imperfectfuture wrote:
@Vulcan1600 wrote:
@baller4life wrote:
I did the same thing. It's all good.
Were you the one who recommended to me the other day to consider doing what I finally did this afternoon? I know you like your SM a lot, so I hope it works out for me. The CL is going to be nice with it, considering when I got it on 7/2, the initial CL was $2,500
I think several of us did. . Good job.
Imperfect - yes, I remember now lol...wait until you're 55
LOL, I am. 56 in October.
I'll be 55 on 10/17!

Day before.

Signature needs updating