Reply
Member
Posts: 14
Registered: ‎06-07-2013
0

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?

Discover TU (8/14): 719
EQ (5/13): 710
EX (9/14): 720

My Wallet: Discover IT (3.3k), Citi Student Forward (5.k), AMEX BCE (4.4k), Chase Slate (1.8k), BB Store ($400), and Radio Shack Store ($350)
Community Leader
Senior Contributor
Posts: 26,694
Registered: ‎02-07-2013
0

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"
Last 5 apps 6/13


Frequent Contributor
Posts: 397
Registered: ‎09-08-2010
0

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
Posts: 1,971
Registered: ‎09-16-2011
0

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 & Freedom 6.6k & Amtrak 4.6k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Sally Mae5k Sams Club MC 10k, Paypal Extras MC 6k, CapOne QS 2.5k, QS 750, Amazon 3.9k, Walmart 4.5k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 6.5k and a nice stack of store cards.
Last APP 12/15/2014
Frequent Contributor
Posts: 367
Registered: ‎06-02-2008
0

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
Member
Posts: 14
Registered: ‎06-07-2013
0

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?

Discover TU (8/14): 719
EQ (5/13): 710
EX (9/14): 720

My Wallet: Discover IT (3.3k), Citi Student Forward (5.k), AMEX BCE (4.4k), Chase Slate (1.8k), BB Store ($400), and Radio Shack Store ($350)
Epic Contributor
Posts: 23,261
Registered: ‎10-23-2007
0

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- 668 DCU., TU 704 Best Buy, EX 700 Chase (2/5/15)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
67 Cards and Counting :smileytongue:
Member
Posts: 14
Registered: ‎06-07-2013
0

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.

Discover TU (8/14): 719
EQ (5/13): 710
EX (9/14): 720

My Wallet: Discover IT (3.3k), Citi Student Forward (5.k), AMEX BCE (4.4k), Chase Slate (1.8k), BB Store ($400), and Radio Shack Store ($350)
Frequent Contributor
Posts: 367
Registered: ‎06-02-2008
0

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
Member
Posts: 14
Registered: ‎06-07-2013
0

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?

Discover TU (8/14): 719
EQ (5/13): 710
EX (9/14): 720

My Wallet: Discover IT (3.3k), Citi Student Forward (5.k), AMEX BCE (4.4k), Chase Slate (1.8k), BB Store ($400), and Radio Shack Store ($350)

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.