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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.
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.
@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??
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
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.
@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 - ChaseFirst 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.
@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 - ChaseFirst 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.
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.