New to this, need some advice.

Andron · ‎03-05-2014

I have a Capital one Platinum card with with no bonuses. I will be receiving a Capital one Quicksilver card in a couple weeks (Just got approved for it) and I am preapproved for a chase slate card. My Equifax score is 602. What should be my next move to build that score up? Should I get rid of the Capital One Platinum card? And advice and recommmendations are welcomed.

striehl8212 · ‎03-05-2014

Depends on what your credit profile looks like. You can cancel the card if you really want to but Average Age of Accounts(AAoA) and Utilization make up a large portion of the Fico score calculation, so it may be btter to just hold onto it. Also, if you want the Slate card, it's a good one to get in the door with for Chase and after a while you can upgrade(PC). I think applying for the card, assuming you would be approved since the preapproved offer, would only benefit you in the long run.

March 2014: EX 693 I EQ 672 I TU 694
September 2014: EX 721 I EQ 741 I TU 742

Cleanmachine · ‎03-05-2014

Suggest you keep the Capital One Platinum, if it has no annual fee, and use it about once every three months to keep it active.

See no reason to close it at this time.

SpiceIslander · ‎03-05-2014

I suggest you keep it for now. When your score moves up and you have other cards, you can cancel it if has an annual fee.

celluloid17 · ‎03-05-2014

Keep it open and use it occasionally, like the above poster said, and see if you can move the bulk of the CL to your new Quicksilver (although, you may have to wait a few billing cycles to do so...YMMV).

Andron · ‎03-05-2014

Thanks for all the advice so far! I will be keeping the platinum card I decided to atleast upgrade it so I can have the 1.5% on all purchases. What should I be looking to do to get my credit above 650?

Creditaddict · ‎03-05-2014

so you didn't product change your current, you actually got approved for a 2nd capital one?

I would product change your original capital one! "check right online under your promotions or something"

ask for a credit line increase too... lots of success lately, and it's sp.

I would take the chase offer... or maybe apply for a freedom since probably more useful then slate which is really only good for balance transfer.

Andron · ‎03-05-2014

Actually I got approved for a second one with no annual fee and my first one got a product change to a quicksilver one. I though chase freedom needed abit better credit?