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Contributor
Posts: 136
Registered: ‎05-20-2013
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Obviously, No Annual Fee >>> Annual Fee!

OK, so today I received another pre-qual.. This time for Bank of Americard Cash Rewards. I was about to throw it away, and then I thought... "Hmmm, no annual fee. Just the kind of card I need to grow with me!" I have one foot in the garden, and one foot out, only because I KNOW I wont be applying for any credit in the next two years (except for student loans.. I'll be starting a Masters program this fall).

 

So I got to thinking, I really want to close my Orchard Bank card. They've done their service to me, and I can bet that once Cap1 takes over, getting things done is going to be just as difficult. I would ideally like to close both my Cap1 and Orchard Bank cards, but I'm willing to leave Cap1 open for now, because of my recent CLI. 

 

So here's my question: How good of a card is the BoA Cash Rewards? I've been thinking about opening a checking account with BoA, which apparently yields you a bonus 10% on your cash back. How much do you think my profile will take a hit if I close my Orchard Bank card, take a HP for this, and have this new TL reporting? I know its hard to tell, but you guys have never let me down..... So I guess what I'm asking is.................................... Is it worth it?



Scores as of 7/28/13: EX.683   TU.688   EQ.???
Blogger
Posts: 3,360
Registered: ‎10-19-2012
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Re: Obviously, No Annual Fee >>> Annual Fee!

If you won't be applying for credit for the next 2 years, an HP won't do any damage. Closing current accounts will do damage in several years, but probably not in the next 2 years. The BankAmericard Cash Rewards card is a good card to use for groceries and gas, and Bank of America is very generous with credit limits. Having a checking account will boost the cash back rate, making the tiers 3.3%, 2.2% and 1.1%. Nice to have a card without annual fee that you can keep forever. Smiley Happy

Frequent Contributor
Posts: 387
Registered: ‎06-15-2013
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Re: Obviously, No Annual Fee >>> Annual Fee!

I think the BoA 123 is a pretty good card. 3% on gas all year round, it's no AF, EMV if you want it.

 

How will your util be affected if you close those cards? The Orchard & Cap1 will report for up to 10 years so that won't be the issue, it will be the util that affects you because you'll be missing those tradelines.

 

If you want that card, app for it & if they give you a good enough credit line that it will make up the lines of the Cap1 & Orchard than close those cards out.

AMEX BCE: 5k; Barclay Apple: 2.5k; BoA CB: 3k; BoA BBR 4.2k; BoA Travel: 8k; Chase Sapphire: 5k; Chase Freedom: 6k; Citi Diamond: 3k; Discover IT: 9k

June 2013 FICOs: TU: 763; EX: 754; EQ: 764 (was 747 9/2012). Last app 2/20/2014 Garden until 3/2015
Contributor
Posts: 136
Registered: ‎05-20-2013
0

Re: Obviously, No Annual Fee >>> Annual Fee!

My Orchard is still stuck at a $300 CL, and I haven't used it in months. I guess my main conern is showing too much activity since I just got in with AMEX. I know they do multiple SPs, and I don't want them to think I'm over-extending myself (which I'm not, I just want to strengthen my CC portfolio).



Scores as of 7/28/13: EX.683   TU.688   EQ.???
Blogger
Posts: 3,360
Registered: ‎10-19-2012
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Re: Obviously, No Annual Fee >>> Annual Fee!

[ Edited ]

CEOriginal wrote:

My Orchard is still stuck at a $300 CL, and I haven't used it in months. I guess my main conern is showing too much activity since I just got in with AMEX. I know they do multiple SPs, and I don't want them to think I'm over-extending myself (which I'm not, I just want to strengthen my CC portfolio).


That is not much activity at all.

Contributor
Posts: 136
Registered: ‎05-20-2013
0

Re: Obviously, No Annual Fee >>> Annual Fee!


HiLine wrote:

CEOriginal wrote:

My Orchard is still stuck at a $300 CL, and I haven't used it in months. I guess my main conern is showing too much activity since I just got in with AMEX. I know they do multiple SPs, and I don't want them to think I'm over-extending myself (which I'm not, I just want to strengthen my CC portfolio).


That is not much activity at all.


Maybe I'm being paranoid HiLine. I just got approved for the Walmart CC also... I don't want this mini-spree to cause AA with AMEX. They're the main lender I want to maintain a positive relationship with. 



Scores as of 7/28/13: EX.683   TU.688   EQ.???
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