cancel
Showing results for 
Search instead for 
Did you mean: 

Great cards to app for and important question!

tag
babymixer
Regular Contributor

Great cards to app for and important question!

I currently have a BofA Cash rewards 6K limit - no annual fee, a Citi Diamond Preferred 4.7K limit - no af and a Capital One Cash Rewards $500 limit and a $39 AF. 

 

BofA is my oldest account.  Citi and Cap One was opened in January '12. 

To the credit guru's, now that I have decent limits on my 2 other cards, do you think I'm doing the right thing by closing out my Cap One before the annual fee is due?  I tried for  an increase with them but was denied... I have a feeling that it's unlikely to grow with me.

 

I would rather have cards that I would really use.  What do you guys suggest would be a good addition to my card portfolio?  I would love one that offers a zero foreign transaction fee only because it seems like that would be the wisest way to go.  Thoughts?

cc's copy
Message 1 of 9
8 REPLIES 8
john398
Senior Contributor

Re: Great cards to app for and important question!

Discover or Chase Freedom would be a good card to add IMO

Message 2 of 9
Cdnewmanpac
Established Contributor

Re: Great cards to app for and important question!

before you close cap 1, why not try executive office? I got my af permanently removed, limit bumped to 5k and rewards bumped to 1.5%. many others have had equal success. since it has no ftfs, what do you lose by trying?
In wallet: Ink Plus 10k, AMEX TE 25k. In bag: CSP 16k, USAA WMC 15k, Hyatt 13k, United MPE 12k, AMEX HHonors 3k. In SD: Cap 1 QS 5k, Discover IT 7k. FICO 08 says my EQ is now 844, was 510 in 2010.
Message 3 of 9
daybreakgonesXe
Valued Contributor

Re: Great cards to app for and important question!


@babymixer wrote:

I currently have a BofA Cash rewards 6K limit - no annual fee, a Citi Diamond Preferred 4.7K limit - no af and a Capital One Cash Rewards $500 limit and a $39 AF. 

 

BofA is my oldest account.  Citi and Cap One was opened in January '12. 

To the credit guru's, now that I have decent limits on my 2 other cards, do you think I'm doing the right thing by closing out my Cap One before the annual fee is due?  I tried for  an increase with them but was denied... I have a feeling that it's unlikely to grow with me.

 

I would rather have cards that I would really use.  What do you guys suggest would be a good addition to my card portfolio?  I would love one that offers a zero foreign transaction fee only because it seems like that would be the wisest way to go.  Thoughts?


If you don't mind a $95 annual fee (though oftentimes the rewards you earn will more than counteract it), Chase Sapphire Preferred is one in the best in the market! Pair that with a chase checking and chase freedom, and you can maximize rewards! CSP also has no foriegn transaction fee. If you want to risk another card with Cap One, try for Venture or VentureOne. 2x or 1.25x for every dollar spent, choose your rewards (travel, cash back, merch, etc.), and you're more than likely to get a very generous CL based on your other cards. However, they may not grow with you, so you could get a 3K limit and be stuck there forever. If you don't mind that though, then no AF and no FTF combo is fantastic!

 

Closing out that low limit Cap One may be your best option. You're more than ready for cards that will offer you great starting limits and will actually grow with you! I would recommend though applying for your new cards first before closing it out!

 

Message 4 of 9
bettercreditguy1
Established Contributor

Re: Great cards to app for and important question!

I use my Cap One card for internet shopping since it has a lower limit. Less problems if it gets hacked. I use my AMEX, FREEDOM, and CHASE AIRLINE cards for rewards or air travel points as needed.

Updated scores 3/7/21 TU 849, EQ 829, Ex 818 (all Fico scores) Remember the Three P's: Pay early in Full, Pay on Time, Patience
Message 5 of 9
babymixer
Regular Contributor

Re: Great cards to app for and important question!

Great options guys, thanks.

 

Do you think that holding onto the Cap One card will stop me from getting better limits if i were to app for other cards?

 

cc's copy
Message 6 of 9
SnackTrader
Valued Contributor

Re: Great cards to app for and important question!


@babymixer wrote:

Great options guys, thanks.

 

Do you think that holding onto the Cap One card will stop me from getting better limits if i were to app for other cards?

 


I don't think so, but that's a YMMV thing.  It shows that you started with a low limit (as most of us do), used it responsibly, and were rewarded with more trust by lenders in the form of higher limits.  As long as you don't abuse those limits, other lends should continue to reward you (to an extent - income makes a difference)  Do with it whatever you choose, but having a card you don't use with an AF is a tough sell financially.


In My Wallet: Amex BCP (12/12) $50,000, Chase Freedom (12/12) $16,500, Cap1 Quicksilver (6/12) $14,000, Barclaycard Rewards (5/13) $10,500, Citi Prestige (4/16) $30,000

Last App: June 27, 2015
Message 7 of 9
akabigo
Contributor

Re: Great cards to app for and important question!


@babymixer wrote:

Great options guys, thanks.

 

Do you think that holding onto the Cap One card will stop me from getting better limits if i were to app for other cards?

 


 

I had the same concerns as you since i hace 3 hsbc/cap1 cards with limits of 700, 550 and 500. i just recently got approved for Citi TYP $8000 and Discover More $7500. Also have  a Chase freedom $3500 and BOA $2500. My score did break 800 so I am sure it was a big factor but nonethless those other small cards are still open... For Now Smiley Happy

Fico scores 800+
Message 8 of 9
Mustangfrank
Regular Contributor

Re: Great cards to app for and important question!


@babymixer wrote:

Great options guys, thanks.

 

Do you think that holding onto the Cap One card will stop me from getting better limits if i were to app for other cards?

 


My only card when I started rebuilding ten months ago was a CAP1 Platinum and I was able to get all the cards in my Sig.

So I don't think it is a problem at all.

 

 

 

Amex Zync NPSL 9/12, Amex CostcoTrue Earnings $10K 9/12
Amex BCE $3K 9/12 (Amex Back Dated to 1983)
Chase Sapphire Preferred $17K 11/12, Chase Freedom $7K 11/12
Discover More $750 11/12
CapitalOne Platinum Secured Card 2K 2/12 (Closed 12/12)
FICO: EQ = 804 EX = 802(Amex) TU = 801(Discover)
Message 9 of 9
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.