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Just Wanted to Say Thanks!

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 (7/14): 728
EQ (5/13): 710
AMEX EX (7/15): 740

My Wallet: Discover IT (3.8k), Citi Student Forward (8.3k), AMEX BCE (10k), Chase Freedom (5k), Paypal BML (1k)
Message 1 of 19
18 REPLIES
Super Contributor

Re: Just Wanted to Say Thanks!


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 forumSmiley Wink

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

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 2 of 19
Frequent Contributor

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
Message 3 of 19
Valued Contributor

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 & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 10k, Paypal Extras MC 7.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Message 4 of 19
Frequent Contributor

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
Message 5 of 19

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 (7/14): 728
EQ (5/13): 710
AMEX EX (7/15): 740

My Wallet: Discover IT (3.8k), Citi Student Forward (8.3k), AMEX BCE (10k), Chase Freedom (5k), Paypal BML (1k)
Message 6 of 19
Epic Contributor

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.

Message 7 of 19

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 (7/14): 728
EQ (5/13): 710
AMEX EX (7/15): 740

My Wallet: Discover IT (3.8k), Citi Student Forward (8.3k), AMEX BCE (10k), Chase Freedom (5k), Paypal BML (1k)
Message 8 of 19
Frequent Contributor

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
Message 9 of 19

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 (7/14): 728
EQ (5/13): 710
AMEX EX (7/15): 740

My Wallet: Discover IT (3.8k), Citi Student Forward (8.3k), AMEX BCE (10k), Chase Freedom (5k), Paypal BML (1k)
Message 10 of 19