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Credit Card Advice

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MadTechnologist
Frequent Contributor

Credit Card Advice

I currently have these cards:

 

Credit Card 05/14/14BalanceLimitUtilization
Amazon125.0680015.63%
Credit One Bank189.9150037.98%
Barclays699.03150046.60%
nRewards (NFCU)944.13200047.21%
Christian Financial CU496.04100049.60%
NavCheck (NFCU)050000.00%
Total2329.111080021.57%

 

All, but 1, have relatively high utilization but I'm avoiding using them and paying not only on time, but more than the minimum when I can. But now my issue is that the Credit One card is the only card with an annual fee and it's like $75 on top of a sky high interest rate. I've had it since about June of last year and want to replace it ASAP, but as my score is on the low side I'm hesitant to apply for too much right now and I've had a number of inq over the last 2/3 months.

 

So, could you guys offer some advice on what to get? I'm very interested in a walmart card, especially if it also comes with a free (and real) fico score from another credit report company. I currently have the monthly score watch from MyFIco and also a free fico from my Barclays card. So, if I got a card from walmart, would I then be able to see all 3 of my Fico scores since I think My Fico gives me my EQ score, Barclays gives me EX, and Walmart would give me my TU fico score? I'm not concerned that the walmart card is only for walmart and maybe Sam's Club as both are very close to me. I will also call Credit One and ask them to remove the AF, but if that doesn't happen I'm paying my balance and closing the card, so if it comes to that I need options. Can anyone offer some helpful advice?

Starting Score: 611 (02/28/2014 EQ MyFico) 608 (Barclays TU 03/28/14)
Current Score: 665 (05/13/16 EQ) 655 (05/13/16 TU) 672 (05/13/16 EX) Gardening since 04/30/2016
Goal Score: 740+ All Around

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Message 1 of 10
9 REPLIES 9
user5387
Valued Contributor

Re: Credit Card Advice

You can close the card without it affecting your AAoA, and you don't have to replace it with anything.

 

If you need $$$ to pay it off, then you can use your NFCU LOC.

 

Depending on the various APRs, using the LOC to pay off other cards might be worth considering.

 

Message 2 of 10
Simply827
Established Contributor

Re: Credit Card Advice

Are you sure Barclay's give you EX and not TU? 


Starting Score: 515
Current Score: EQ08 711 EX08 731 TU08 735
Goal Score: 740+

Amex BCP $25k | Discover IT $15.7k | Cap 1 QS $10k | PSECU $10k | Citi DC $9300 | Citi DP $6800 | Barclay Ring $6500 | PayPal Extras MC $5045 | DCU $5000 | Chase Slate $5000 | Barclays AA $4100 | Chase Freedom $4000 | Union Plus $1000 | Target $500
Message 3 of 10
MadTechnologist
Frequent Contributor

Re: Credit Card Advice


@Simply827 wrote:

Are you sure Barclay's give you EX and not TU? 


@Anonymous @user5387, I was definitely considering doing just that, on both accounts. I was just hesitant since I've heard that the interest on the NavChek starts as soon as you have a balance and my APR is about 16.9%. Furthermore, I wanted to replace the Credit One Bank card with something in case I needed it and didn't want to push my uti on the other cards too high, but simply closing it and not replacing it is also an option. Also, do you know if I can apply for another NFCU card such as the goRewards or the cashRewards card? And to be honest, @Simply827, I am not sure which Fico scores are associated with which company, so my Barclays may very well be TU. If someone can confirm which is which, for all 3 I would greatly appreciate it.

Starting Score: 611 (02/28/2014 EQ MyFico) 608 (Barclays TU 03/28/14)
Current Score: 665 (05/13/16 EQ) 655 (05/13/16 TU) 672 (05/13/16 EX) Gardening since 04/30/2016
Goal Score: 740+ All Around

Take the myFICO Fitness Challenge

Message 4 of 10
user5387
Valued Contributor

Re: Credit Card Advice


@MadTechnologist wrote:

@Simply827 wrote:

Are you sure Barclay's give you EX and not TU? 


@Anonymous @user5387, I was definitely considering doing just that, on both accounts. I was just hesitant since I've heard that the interest on the NavChek starts as soon as you have a balance and my APR is about 16.9%. Furthermore, I wanted to replace the Credit One Bank card with something in case I needed it and didn't want to push my uti on the other cards too high, but simply closing it and not replacing it is also an option. Also, do you know if I can apply for another NFCU card such as the goRewards or the cashRewards card? And to be honest, @Simply827, I am not sure which Fico scores are associated with which company, so my Barclays may very well be TU. If someone can confirm which is which, for all 3 I would greatly appreciate it.


Interest on LOCs starts immediately when used.

 

However, if you're carrying a balance on any of your CCs, it's likely you will have lost the grace period, and you're in the same boat.

 

You said that the Credit One has a very high APR.  If you're not carrying a balance this is moot, and if you are, then I don't see how switching to your LOC would make things any worse.

 

If I was in this situation, I'd close the CC unless I could get the AF waived, and then I'd probably shift several smaller balances to the LOC.

 

Based on the listed scores, I'd probably not apply for anything else at the moment, but instead, try to tidy things up as best I could.  Once I did so, I'd hit the NFCU angle really hard, and try to get CLIs or additional CCs from them.

 

Message 5 of 10
MadTechnologist
Frequent Contributor

Re: Credit Card Advice


@user5387 wrote:

@MadTechnologist wrote:

@Simply827 wrote:

Are you sure Barclay's give you EX and not TU? 


@Anonymous @user5387, I was definitely considering doing just that, on both accounts. I was just hesitant since I've heard that the interest on the NavChek starts as soon as you have a balance and my APR is about 16.9%. Furthermore, I wanted to replace the Credit One Bank card with something in case I needed it and didn't want to push my uti on the other cards too high, but simply closing it and not replacing it is also an option. Also, do you know if I can apply for another NFCU card such as the goRewards or the cashRewards card? And to be honest, @Simply827, I am not sure which Fico scores are associated with which company, so my Barclays may very well be TU. If someone can confirm which is which, for all 3 I would greatly appreciate it.


Interest on LOCs starts immediately when used.

 

However, if you're carrying a balance on any of your CCs, it's likely you will have lost the grace period, and you're in the same boat.

 

You said that the Credit One has a very high APR.  If you're not carrying a balance this is moot, and if you are, then I don't see how switching to your LOC would make things any worse.

 

If I was in this situation, I'd close the CC unless I could get the AF waived, and then I'd probably shift several smaller balances to the LOC.

 

Based on the listed scores, I'd probably not apply for anything else at the moment, but instead, try to tidy things up as best I could.  Once I did so, I'd hit the NFCU angle really hard, and try to get CLIs or additional CCs from them.

 


Thanks @user5387 that is pretty much what I was thinking, but alas I was hoping there was a good solution that didn't involve having patience and waiting. I know that is by far the best option, but I'm currently on a somewhat fixed income, so paying off debt on CCs and not using them really sucks right now. I'm hope that as long as I keep knocking my uti down that I can get at least 650 on all 3 reports within 6 months. Guess I'll have to start gardening until then, but I really appreciate the feedback from you and @Simply827. This is by far 1 of the best forums I've ever been on.

Starting Score: 611 (02/28/2014 EQ MyFico) 608 (Barclays TU 03/28/14)
Current Score: 665 (05/13/16 EQ) 655 (05/13/16 TU) 672 (05/13/16 EX) Gardening since 04/30/2016
Goal Score: 740+ All Around

Take the myFICO Fitness Challenge

Message 6 of 10
user5387
Valued Contributor

Re: Credit Card Advice

One further point here.

 

FICO utilization scoring looks both at overall utilization and individual utilization of cards.

 

This means, for example, that:

 

   450 / 500

 

   0 / 5000

 

Is probably worse than:

 

   0 / 500

 

  450 / 5000

 

even though the overall utilization is identical.

 

Scoring also looks at proportion of cards with balances.

 

 

Message 7 of 10
MadTechnologist
Frequent Contributor

Re: Credit Card Advice


@user5387 wrote:

One further point here.

 

FICO utilization scoring looks both at overall utilization and individual utilization of cards.

 

This means, for example, that:

 

   450 / 500

 

   0 / 5000

 

Is probably worse than:

 

   0 / 500

 

  450 / 5000

 

even though the overall utilization is identical.

 

Scoring also looks at proportion of cards with balances.

 

 


Ok, you've convinced me @user5387. I'm going to use somewhere between $500-$1000 to pay down those other balances and try to get them as low as I can right now. I figure I might as well pif the Amazon and Credit One cards and then start on the Christian Financial Card since it's uit is so high unless someone has a better idea. I also called Credit One talked to a rep and even a manager and they both claim I can't get rid of the annual fee that kicks in next month. Well, time to get rid of that as soon as my balance is gone and before my next statement. I would've canceled it right after I talked to the manager, but I didn't want them getting creative with the bill before I paid it. So, thanks again for all the great advice, and I'm looking forward to getting a great credit score and loans and CCs with great perks, APRs, and CLs!

Starting Score: 611 (02/28/2014 EQ MyFico) 608 (Barclays TU 03/28/14)
Current Score: 665 (05/13/16 EQ) 655 (05/13/16 TU) 672 (05/13/16 EX) Gardening since 04/30/2016
Goal Score: 740+ All Around

Take the myFICO Fitness Challenge

Message 8 of 10
SunriseEarth
Moderator Emeritus

Re: Credit Card Advice

CreditOne will sometimes waive the AF for a set time period, if it's being billed monthly.   With the APR on that CC, I think it's better to pay it off and close it.

 

Good luck with your plan!



Start: 619 (TU08, 9/2013) | Current: 809 (TU08, 3/05/24)
BofA CCR WMC $75000 | AMEX Cash Magnet $64000 | Discover IT $46000 | Disney Premier VS $43600 | Venmo VS $30000 | NFCU More Rewards AMEX $25000 | Macy's AMEX $25000 Store $25000 | Cash+ VS $25000 | Altitude Go VS $25000 | Synchrony Premier $24,200 | Sony Card VS $23750 | GS Apple Card WEMC $22000 | WF Active Cash VS $18,000 | Jared Gold Card $16000 | FNBO Evergreen VS $15000 | Citi Custom Cash MC $14600 | Target MC $14500 | BMO Harris Cash Back MC $14000 | Amazon VS $12000 | Freedom Flex WEMC $10000 | Belk MC $10000 | Wayfair MC $4500 ~~
Message 9 of 10
MadTechnologist
Frequent Contributor

Re: Credit Card Advice


@SunriseEarth wrote:

CreditOne will sometimes waive the AF for a set time period, if it's being billed monthly.   With the APR on that CC, I think it's better to pay it off and close it.

 

Good luck with your plan!


Yeah, that's exactly what I was thinking. The rep offered me a lower APR, but for only 6 months, while the manager offered me nothing except an empty response of I agreed to pay the fee when I signed up for the card, so no help at all. Anyway, I have cards that are far better so I know I can get more in the future. I appreciate the fact that they were my 1st card after my BK and I would love for them to grow with me, but I'm not going to just give them more money via high APRs and dismal CLs so I don't feel sorry at all for closing the card especially when they're not willing to try to meet me anywhere near halfway. 

 

Anyway, thanks again for all the help and advice. These forums are awesome!

Starting Score: 611 (02/28/2014 EQ MyFico) 608 (Barclays TU 03/28/14)
Current Score: 665 (05/13/16 EQ) 655 (05/13/16 TU) 672 (05/13/16 EX) Gardening since 04/30/2016
Goal Score: 740+ All Around

Take the myFICO Fitness Challenge

Message 10 of 10
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