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New Member
Posts: 2
Registered: ‎04-11-2011
0

Closing Credit Card if Offered a new one.

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. 

Established Contributor
Posts: 662
Registered: ‎02-20-2013
0

Re: Closing Credit Card if Offered a new one.

Close the one you have and get a secured card from BOA. DO NOT OPEN A NEW CREDITONE CARD!!!!!!!

 

Try getting in with a credit union, either one local to you or DCU. They will offer you more effective and cheaper ways to build your credit.


DCU ( pulled 3/29/13) EQ04 683 | Amex (pulled 3/28/13) EX 760 | US Bank (pulled 3/28/13) EX 753
CreditKarma (4/19/13) TU-TR 701 | TU Vantage 788 | USAA FAKO (3/31/13) EX 728, EQ 699, TU 737 |
Inquiries (4/18/13) EX 13 | EQ 13 | TU 14
Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Closing Credit Card if Offered a new one.

I don't think OP said the basic credit card was from Credit One. I'm a little confused by your post.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Mega Contributor
Posts: 15,453
Registered: ‎04-09-2011
0

Re: Closing Credit Card if Offered a new one.


epicblue wrote:

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. 


Welcome to the forums!!!

 

Who is this creditor??




EQ FICO 548 3/3/16
New Member
Posts: 2
Registered: ‎04-11-2011
0

Re: Closing Credit Card if Offered a new one.

First premier bank. I had a hard time opening up credit cards a few years ago and they were the only one who would approve me.

 

I currently have 3 cards.

 

Best Buy Visa - Capital One
Amazon Visa - Chase

First Premier Basic

Contributor
Posts: 81
Registered: ‎04-15-2013
0

Re: Closing Credit Card if Offered a new one.

I didn't think Premier would allow someone to have two cards open with them.  I can't forsee the rewards of the platinum card being worth closing a three year account.  The only thing that would lean me to closing the account is if you pay $75 annual fee and a monthly fee.  If that is the case, I would look to a different cc issuer to get platinum benefits (capital one) and then close the card.   

Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
0

Re: Closing Credit Card if Offered a new one.


epicblue wrote:

First premier bank. I had a hard time opening up credit cards a few years ago and they were the only one who would approve me.

 

I currently have 3 cards.

 

Best Buy Visa - Capital One
Amazon Visa - Chase

First Premier Basic


First Premier is too expensive.  It has high fees and is only appropriate for people with very bad credit.   I would not open a 2nd card with them.   I would close the first one some time soon.

 

  I suggest you try for a better card in the future.    A 2nd capital one card would be more appropriate.  

New Contributor
Posts: 52
Registered: ‎04-16-2013
0

Re: Closing Credit Card if Offered a new one.

I have had two cards yhru 1ST P bank and I closed one of them after they refused to take off the annual fee. a few yrs sfter I first got them I started getting better offers. As of right now I still have my 1st p card, only because it is my oldest card. They refuse to lower my apr and tbeir annual fee id outragious. They also charge x amount fee per month just to even have the card,claiming it helps establish credit. That first year I needed it, as I couldnt get approved from sny one else. But as of this moment , 1st P is my cralpiest card,because the limit (that they habe not raised in yrs) is only 300, not to mention all of the sbove, a high interest rate and high annual fee. And I now have a discover card which is my lowest interest rate card, and highest credit limit of 3,750.00 . It sctually started out as 2,or 3,000. I csnt remember and they gave me auto increases of huge amounts! I still grt offers for a second 1stP card like when I pay by phone. But when I ask for details like what my apr would be,etc... it wouldnt be any better tjsn my first card! so I just tell them sorry no way, not until you can offer me a better deal thsn my discover lol
Trying to garden again: Myfico Experian: 621, Myfico Equifax : 613, MyFico transunion: 639
Goal : 780

Established Contributor
Posts: 500
Registered: ‎05-11-2007
0

Re: Closing Credit Card if Offered a new one.


Wolf3 wrote:

epicblue wrote:

First premier bank. I had a hard time opening up credit cards a few years ago and they were the only one who would approve me.

 

I currently have 3 cards.

 

Best Buy Visa - Capital One
Amazon Visa - Chase

First Premier Basic


First Premier is too expensive.  It has high fees and is only appropriate for people with very bad credit.   I would not open a 2nd card with them.   I would close the first one some time soon.

 

  I suggest you try for a better card in the future.    A 2nd capital one card would be more appropriate.  


 

What he said. Get another cap one maybe, and after that dump f.p. they are ok if you really need them, but with three cards over a year and good payment history, it seems to me you dont need them anymore. Just my opinion.
New Visitor
Posts: 4
Registered: ‎01-28-2013
0

Re: Closing Credit Card if Offered a new one.

Pay down your existing card to zero, then just hold it....unless it has an annual fee. Ask again for a limit increase, but keep your balance under 20% of your limit. Do not close this account until you have established an account with a more "mainline" company. Establish new credit before closing the first. You should be looking a couple years to the future....your goal is to re-establish credit, not save a buck or two in the short term. Length of account history is an important factor to scoring models.

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