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Established Member
bbloomen
Posts: 27
Registered: ‎06-07-2011
0

In full fledged garden mode! One question though!

Hey Everyone,

 

So now having received my Chase Freedom card, I have decided to hang out in the garden for the next 6 months to a year to really grow this wonderful card.  Now my question is based on the three active credit cards I have.  Right now, I am in posession of  a HSBC Best Buy store card - $2400 CL (small balance on it $50), Crap1 Platinum $500 ($0 Balance), and Chase Freedom $2000 (already $200 balance on it - to be paid this week).  While the BB and Chase card have no annual fee, the Crap1 does, along with the lower limit.  I have only had this card for 2 months now, and am debating whether I am better off closing the Cap1, or holding onto it for the the remainder of the year and cancelling before the annual feel pops up.  The new cards (Crap1 and Chase) haven't been reported yet, so I am trying to decide what is the best thing to do.  Furthermore, I have also been rejected for Citi and Amex and Discover (when I went on my app frenzy of last month to increase tradelines).  Any recommendation would be great on where to go from here!

 

-B

FICO EQ: 727, FICO TR:685, FAKO EX: ???

Whats in My Wallet: AMEX Gold | Chase Freedom | Capital One Platinum | Best Buy CC | Walmart CC
Valued Contributor
smc733
Posts: 1,262
Registered: ‎05-13-2010
0

Re: In full fledged garden mode! One question though!


bbloomen wrote:

Hey Everyone,

 

So now having received my Chase Freedom card, I have decided to hang out in the garden for the next 6 months to a year to really grow this wonderful card.  Now my question is based on the three active credit cards I have.  Right now, I am in posession of  a HSBC Best Buy store card - $2400 CL (small balance on it $50), Crap1 Platinum $500 ($0 Balance), and Chase Freedom $2000 (already $200 balance on it - to be paid this week).  While the BB and Chase card have no annual fee, the Crap1 does, along with the lower limit.  I have only had this card for 2 months now, and am debating whether I am better off closing the Cap1, or holding onto it for the the remainder of the year and cancelling before the annual feel pops up.  The new cards (Crap1 and Chase) haven't been reported yet, so I am trying to decide what is the best thing to do.  Furthermore, I have also been rejected for Citi and Amex and Discover (when I went on my app frenzy of last month to increase tradelines).  Any recommendation would be great on where to go from here!

 

-B


I personally would cut Crap1 loose before it starts, but most will disagree with me.  I don't believe in hanging on to subprime cards longer than needed.  Let HSBC/BBY and Chase grow, then go for Amex or Discover in about a year.

Valued Contributor
Datx
Posts: 1,051
Registered: ‎05-20-2010
0

Re: In full fledged garden mode! One question though!

Cap One is not all that bad. Sure, it has a low limit and AF, but its a TL that helps you re-build. Of course it does not look as pretty as it used to and certainly not now since you have a Chase Freedom. My vote would be to keep the Cap One card for a year at least before you close it. AF has been paid for, keep it around and let it build your credit history. Also, if you forget to close it before the AF hits, Cap One will refund you the AF if you cancel within 5 days of it being charged to your card. I recently closed my Cap One secured card a day after the AF was charged. Didnt have to ask them, the CSR I spoke to mentioned that when she had to go through all the details when I told her to close my card.
TU: 603 – EQ: 569 – EX: N/A – May 2010

Valued Contributor
RockinRay
Posts: 1,947
Registered: ‎08-13-2007
0

Re: In full fledged garden mode! One question though!

+1

 

Ray

Ray

** Every Card has a Job, and Every Card does its Job **


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