Credit Cards

[roscoe]

I want to thank all of you for your help so far.  Now I've come up against more frustration.  I'm canceling one card and replaced it with another.  The new card has a lower limit than the one I'm replacing so I asked to increase the new card limit.  I  was told they would increase it but they want to pull my credit report again even tho they just checked it to give me the new card!  I wanted to increase the limit to increase my score but my score will go down if they check my report.  Any thoughts?

[whitewitch23]

well just from what i have read on here it would be best if you wait 6 months to get the credit limit increased on that card so they don't pull your report again so soon. Why did you change cards and cancel the old one also from what i have seen that lengthens your credit history and shows you can manage debt long term. not an expert i am new here too its just somethings i have read

[roscoe]

Hi whitewitch23,

I'm canceling the card because of a $48/year fee.  I've called them repeatedly and even written letters and they won't work with me.  Now I'm just trying to keep the damage to my score the least I can. 

[fused]

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roscoe wrote:

I want to thank all of you for your help so far.  Now I've come up against more frustration.  I'm canceling one card and replaced it with another.  The new card has a lower limit than the one I'm replacing so I asked to increase the new card limit.  I  was told they would increase it but they want to pull my credit report again even tho they just checked it to give me the new card!  I wanted to increase the limit to increase my score but my score will go down if they check my report.  Any thoughts?

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Can you list all of your CCs CLs and balances? Do you know your FICO scores? And how many inqs you have on each credit report?

[roscoe]

My credit score was 802, after applying for the new card it's 794.  Don't know my other ones right now.

My limits are:

Macy's $8,000-0 balance

Capital one $6,000-$600 balance which will be paid off.  I always pay the balance when it's due and then I'll cancel this one.

Home depot $4500-0 balance. this is the new card.

Marybeth

[fused]

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roscoe wrote:

My credit score was 802, after applying for the new card it's 794.  Don't know my other ones right now.

My limits are:

Macy's $8,000-0 balance

Capital one $6,000-$600 balance which will be paid off.  I always pay the balance when it's due and then I'll cancel this one.

Home depot $4500-0 balance. this is the new card.

Marybeth

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This 802 score, is it a FICO score and which CRA? Just curious, nice score! If you pay off the CAP1 I don't see any problems. Just remember closed CC TLs (tradelines) with zero balances do not factor in util% calculations. FYI, for max FICO points it's best to have 1-9% util of total CL (credit limit) on all CCs reporting on your CRs (credit reports). Also, it's common for your FICO scores to get dinged with a new inq and new account especially for folks with high scores. If you need a bigger CL then go for it, your score alone should get you the financing required to purchase the Dow Jones Industrial!