04-26-2012 05:45 AM
I am jumping up and down now
I got bored this morning, came out of the garden and applied for Amex Zync, Chase Freedom, & Discover More
1. Amex Zync - Immediate approval NPSL with 1st year annual fee waived.
2. Chase Freedom - Recon and approved for 3K limit - my highest
3. Discover More - Recon and approved with 1.5 K limit
My question is I already have the cards below, should I close any one of them!!! I think I should have three credit cards and one charge card ideally. What do all of you think.
1. Wells Fargo Student Card limit 500 and opened September 2011.
2. Capital one limit 500 opened October 2011
3. BOA 1-2-3 fully Secured Credit Card for 1,000 opened March 2012.
04-26-2012 05:53 AM - edited 04-26-2012 05:56 AM
Congrats on the new cards!
Personally, I don't see much reason to close any card that doesn't have an AF (or monthly charge) unless there's something about the company that you really dislike or maybe if you're breaking into 5 digit CLs and the card is tiny by comparison (even without an AF).
Looking at what you listed, I'd keep them all open if there's no AF on any of them... I'd be partial to closing the BofA (because I'm bitter about them not CLI'ing my secured card since it graduated 3 years ago), but since it's brand new and will unsecure (I assume) in a year I guess there's no reason to even close that one right away.
04-26-2012 05:54 AM
If your current cards the only CCs you have right now, because of the dates those cards were open, I would leave them be. I guess its just me, but I like leaving CCs open for at least a year before I close them.
04-26-2012 06:02 AM
Congrats on the approvals!
You've built a nice collection. Unless you don't like the AF, you might not want to close any of the ones you mentioned (not sure what their AFs might be). The BoA will eventually graduate (if you don't mind them holding your money, I have to add that). The Cap 1 is a toss up really, and I'm guessing it has an AF (first one I'd dump if they won't give you a break on the AF, if you really want to get rid of one). They all add to your AAoA though (even if closed, they'll report for about 10 years, as I'm sure you know).
Since you've paid for Cap 1 for a year anyway (if it has an AF), you might want to hold it at least until they raise your limit (if you're on the credit steps program etc). That way at least once closed, it will show a higher credit limit (not much but won't hurt). Just my 2 cents.
04-26-2012 06:22 AM
Congrats! Nice group of cards.
Did you get a pre-approval from Discover? Did they check TU?
04-26-2012 06:24 AM
How do I know what they check, and I went to Discovers' site and it told me I was pre-approved.
04-26-2012 06:29 AM
You can find out what CRA they check If you get credit alerts and later when you get your letter from Discover.
04-26-2012 06:51 AM
Discover and Amex pulled Transunion.
04-26-2012 07:09 AM
Congrats on the new cards! Unless you're paying a fee, I'd leave all your older cards open.
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