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New Member
HoneyWholeWheat
Posts: 13
Registered: ‎06-07-2013

Just Wanted to Say Thanks!

Hey guys,

 

I've been lurking this forum for the past year, learning about credit, and taking some proactive measures about it. A year ago, I was approved for a Secured CapitalOne Mastercard w/ a $200 limit. Because of you're advice, I recently applied for a Citi Student Forward w/ a limit of $3,000! 

 

Now, I'm thinking of cancelling the CapitalOne card; is that a good or bad idea? My annual fee kicks in next month, and I have two store cards dating a year ago, and a Discover card from 2011 that I use daily. Any suggestions?

TU (5/13): 704
Discover TU (12/13): 756
EQ (5/13): 710

My Wallet: Discover IT (2,5k), Citi Student Forward (3k), AMEX BCE (4.4k), BB Store ($400), and Radio Shack Store ($350)
Community Leader
Senior Contributor
myjourney
Posts: 25,170
Registered: ‎02-07-2013

Re: Just Wanted to Say Thanks!

[ Edited ]

HoneyWholeWheat wrote:

Hey guys,

 

I've been lurking this forum for the past year, learning about credit, and taking some proactive measures about it. A year ago, I was approved for a Secured CapitalOne Mastercard w/ a $200 limit. Because of you're advice, I recently applied for a Citi Student Forward w/ a limit of $3,000! 

 

Now, I'm thinking of cancelling the CapitalOne card; is that a good or bad idea? My annual fee kicks in next month, and I have two store cards dating a year ago, and a Discover card from 2011 that I use daily. Any suggestions?


Welcome to the forum:smileywink:

It won't hurt you as its only a $200 TL and it will still report positive history for 10 years

"Intelligence plus character--that is the goal of true education"
I will be gardening until a better offer/bonus comes along
Last escape 06/06/13 Bronze 7/6/2013 Silver 9/6/2013 Gold 12/6/2013 Palladium 3/6/14 made it...6/6/14 Plat is all mine
Frequent Contributor
codimom
Posts: 386
Registered: ‎09-08-2010

Re: Just Wanted to Say Thanks!

  • you are off to a good start! keep up the good work.  I would call to cancel the cap one right before the AF hits...they might offer to waive the fee... i dont' think losing a 200.00 cl will hurt your utilization and since its gonna positively report for 10 years, i'd close it anyway!

Back in the garden!
App free since 23Oct2012 reset to 27Aug13 and reset again 4nov13


Valued Contributor
jamesdwi
Posts: 1,407
Registered: ‎09-16-2011

Re: Just Wanted to Say Thanks!

Idealy you want 2 major cards(visa, MC, discover, amex) reporting to have better results for other prime APs especially when you move away from Student cards. Its always nice to have one Visa and one MC, just incase you run into a place that doesn't support one or the other.

 

But good job.

Cards: Chase Southwest 20k & CSP 10k & Amtrak 4.6k, & Freedom 3.3k & Slate 3.3k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & AMEX Hilton Surpass 7.5k & AMEX Zync NPSL, Sams Club Discover 10k, Paypal Extras MC 6k, CapOne 2.5k, CapOne 750, Amazon 3.9k, Walmart 4.5k, Citi HHonors Gold 6k, Discover IT 6.5k and a nice stack of store cards.
Last APP 4/26//2014 no plans for new credit I think I have enough.
Frequent Contributor
somnipotent
Posts: 367
Registered: ‎06-02-2008

Re: Just Wanted to Say Thanks!

General rule is if it has an AF and you arent' using it and it's limit is fairly low as to not affect UTL%, then close it.  It will report for 10 years which by then you should have amassed a nice arsenal of prime cards to pick up the weight.


AmEx PRG (NPSL) | AmEx Costco ($8.2K) | AmEx Delta Gold ($19.3K) | AmEx BCE ($5K) | Chase United Explorer ($10K) | Chase Sapphire Preferred ($7.5K) | Chase Freedom ($8.2K) | Discover it ($3K) | Capital One Quicksilver ($2.5K) | PayPal Extras ($2.5K) | Lowes ($3.3K) | Walmart ($4.3K) | Amazon ($2.5K) | Restoration Hardware ($8.8K) | Crate & Barrel ($8.3K)
--
Homeowner since 05/29/13
New Member
HoneyWholeWheat
Posts: 13
Registered: ‎06-07-2013

Re: Just Wanted to Say Thanks!

Okay, well here's my scenario:

I'm going away to college, where I plan on gardening for at least a year or two (possibly more). Should I app for something else to make up for the closed Cap1?

Any suggestions for another card?

TU (5/13): 704
Discover TU (12/13): 756
EQ (5/13): 710

My Wallet: Discover IT (2,5k), Citi Student Forward (3k), AMEX BCE (4.4k), BB Store ($400), and Radio Shack Store ($350)
Mega Contributor
Creditaddict
Posts: 18,566
Registered: ‎10-23-2007

Re: Just Wanted to Say Thanks!


HoneyWholeWheat wrote:

Okay, well here's my scenario:

I'm going away to college, where I plan on gardening for at least a year or two (possibly more). Should I app for something else to make up for the closed Cap1?

Any suggestions for another card?


American Express!

Chase

Bank of America

 

I would also skip the student version of whatever you apply for.

Fico Scores: EQ 639 Navy, TU 667 GE, EX 677 Prosper (06-27-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Buckle $250
Over 30 Cards in between :smileytongue:
New Member
HoneyWholeWheat
Posts: 13
Registered: ‎06-07-2013

Re: Just Wanted to Say Thanks!

I'm thinking of maybe a BCE from Amex, or Chase Sapphire? I don't know; the thing is I don't know if I'l be working when I'm in school. I feel like that could be a dilemma w/ the CCs.

TU (5/13): 704
Discover TU (12/13): 756
EQ (5/13): 710

My Wallet: Discover IT (2,5k), Citi Student Forward (3k), AMEX BCE (4.4k), BB Store ($400), and Radio Shack Store ($350)
Frequent Contributor
somnipotent
Posts: 367
Registered: ‎06-02-2008

Re: Just Wanted to Say Thanks!

Amex would be a good choice. to add to the mix after you've gardened a bit.  Go Green a charge or Delta Gold for a revolver.


AmEx PRG (NPSL) | AmEx Costco ($8.2K) | AmEx Delta Gold ($19.3K) | AmEx BCE ($5K) | Chase United Explorer ($10K) | Chase Sapphire Preferred ($7.5K) | Chase Freedom ($8.2K) | Discover it ($3K) | Capital One Quicksilver ($2.5K) | PayPal Extras ($2.5K) | Lowes ($3.3K) | Walmart ($4.3K) | Amazon ($2.5K) | Restoration Hardware ($8.8K) | Crate & Barrel ($8.3K)
--
Homeowner since 05/29/13
New Member
HoneyWholeWheat
Posts: 13
Registered: ‎06-07-2013

Re: Just Wanted to Say Thanks!

My question is would this be problematic if I stopped working and went to school for a while? I mean, I have a savings account and plan on saving, but I don't think I'd be spending like what I'm doing now. Should I try for another card before I go into this long-term gardening, so my CC profile looks good?

TU (5/13): 704
Discover TU (12/13): 756
EQ (5/13): 710

My Wallet: Discover IT (2,5k), Citi Student Forward (3k), AMEX BCE (4.4k), BB Store ($400), and Radio Shack Store ($350)

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