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?
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!
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.
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 
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