04-21-2013 10:45 AM
You have a prime card with Chase with their Amazon card so why do you even have a crap FP card? Close it ASAP and open another prime card. Discover IT and Chase Freedom would both be fine choices. I second joining a credit union. I love DCU but they have been having some bad reviews recently with their verification process. Certainly join them and get membership before applying for credit products.
04-21-2013 11:06 AM
Have had my 1st Premier for 3 years this July, asked for a credit line increase 2 months ago and got it.. My fee is 49. a year and really I don't mind paying the monthly fee. My scores went from low 500's to 780 - 795 for experian, equifax and Trans, it took 2 years but now keeping just 2 cc's I am finally able to get a decent home loan with 3.4%.
I wouldn't dump the card as it will affect your scores if your trying to build them up, ask them to bump up the card you have instead of taking the newer one. At least until you get where you want to be, once your scores build up then take the new one and dump the old one.
04-21-2013 11:17 AM
04-21-2013 11:48 AM
Getting a second Cap one would be an option. Maybe apping with Chase since you have a history with them. Your goal is to close First Premier and go on to better cards. You already have a Chase so headed in the right direction. Either Cap one or a Credit Union would do. i would say go for the Freedom if your uti is low and no baddies, low inq's. G.L.q
04-22-2013 05:29 AM
I have a basic credit card with a $300 limit that I've had for 3 years now. The same bank just sent me a letter saying I'm qualified for there platinum credit card. I don't really want to have that many credit cards. (I currently have 3). I assume the platinum card will have a higher limit, and some better benifits.
Should I close the basic $300 dollar card and open the platinum card?
PS. After a year of opening the basic card, they declined my request for a credit line increase because I didn't really have established credit history.
If you close your oldest account its possible youre going to take a hit on your credit score.
04-22-2013 06:03 AM
04-22-2013 07:25 AM
Hi MrGoat and welcome to Myfico Community Forums!
Closing a CC (credit cards) does not lower your FICO scores in and of itself. When deciding to close a CC there are two important things to consider. In the short-term, closing a CC can have an adverse affect on your UTIL percentage calculations and this in itself can definitely lower your scores. In the long-term, a closed CC in good standing (nothing derogatory reporting) with a $0 balance will generally be deleted from your CRs (credit reports) after 10 years. Once this account is deleted, you lose the history and age and this might lower your scores.
For More information on how closing credit cards can impact your FICO score, please check out the following link: Closing Credit Cards.
04-22-2013 05:45 PM