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Established Member
pgyagnzia
Posts: 32
Registered: ‎10-10-2011
0

Questions about closing a cc

[ Edited ]

Hi everybody! I've been browsing this forum but this is my first post.

So a little bit about my credit.

 

Capital One: CL 1k

Chase: CL 3.5k 

BofA: CL 5k

Discover: $500

Victoria's Secret CC: CL $850

Sallie Mae student loan:  balance $2.5k

No auto loan

 

Currently I only have balances of $29 on CapOne and $108 on Chase which I'll pay off next month.

 

I want to close my Discover. I've been a customer for 2 years and I never get a CLI. I barely use it and when I do, it's only for gas in the summer where they gave me cashback. I called them to ask for CLI but they wanted to pull my credit history, so I refused. I also called Chase (customer for 5 years) and same answer. 

 

In January, I made a large purchase of $3500 on BofA. My FICO dropped from 760 to 703. But I paid it off this week, so all the balances that I carry is like mentioned above.

So, when is my score gonna go back up again? I'm planning to rent my own place at the end of summer (Sept or mayber Oct) so I want my score to go back to 760 before that. 

 

Now, assuming that I have 0 balance and my FICO score go up, how much would it hurt my score to close my Discover? If my score is still 703 when I close it, would it drop again? Eventually I would like to get a replacement card, when can I apply for a new one?

 

Thank you!

 

 

 


Starting Score: 703
Current Score: 762
Goal Score: 770


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Established Contributor
BrokaToe
Posts: 726
Registered: ‎05-12-2012
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Re: Questions about closing a cc

Well considering your limit on the Discover is only 500$ closing it won't affect your util that much and the account will continue to report positive for 10 years so I doubt you will see much drop in score. But I'm really surprised Discover isn't trying harder to retain your business. They have the best customer service I've seen yet.

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Established Member
pgyagnzia
Posts: 32
Registered: ‎10-10-2011
0

Re: Questions about closing a cc

I never miss a payment and 99% of the time I pay in full. I was so upset when the rep said she was gonna do a HP.

I'm waiting to for my score to get a little higher and close that account.

Also how hard is it to get approved for AMEX BCE? I want it to replace my discover.

Thanks!


Starting Score: 703
Current Score: 762
Goal Score: 770


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Frequent Contributor
twall06
Posts: 348
Registered: ‎10-25-2012
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Re: Questions about closing a cc

With your scores renting a place should be no problem first apartment I had my scores where low 500s . I got a place just had to put three months rent up front and my security deposit.
Established Contributor
BrokaToe
Posts: 726
Registered: ‎05-12-2012
0

Re: Questions about closing a cc


pgyagnzia wrote:

I never miss a payment and 99% of the time I pay in full. I was so upset when the rep said she was gonna do a HP.

I'm waiting to for my score to get a little higher and close that account.

Also how hard is it to get approved for AMEX BCE? I want it to replace my discover.

Thanks!


I don't have any personal experience with Amex approvals. But from what I've seen your scores are barely in range. It all depends on what your EX credit report looks like. I know for a fact it's best not to have any BR on your report and it's probably good to have at least a year of revolving history. But I'm sure someone else with more experience will chime in to clear those answers up for you.


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Frequent Contributor
pdog661
Posts: 378
Registered: ‎03-31-2012
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Re: Questions about closing a cc


pgyagnzia wrote:

I never miss a payment and 99% of the time I pay in full. I was so upset when the rep said she was gonna do a HP.

I'm waiting to for my score to get a little higher and close that account.

Also how hard is it to get approved for AMEX BCE? I want it to replace my discover.

Thanks!


Is there a reason you wish to close it?

 

If no annual fee then why not just let it sit in a drawer?  How much have you run through the card?  Discover typically has really execellent customer service.  Did you get your letter as to why you were denied?

Frequent Contributor
pdog661
Posts: 378
Registered: ‎03-31-2012
0

Re: Questions about closing a cc

PS have you tried the luv button on line?

 

Typically they will either approve, or then ask if you are willing to take a HP. 

Established Contributor
linux007969
Posts: 615
Registered: ‎04-20-2012
0

Re: Questions about closing a cc


pdog661 wrote:

PS have you tried the luv button on line?

 

Typically they will either approve, or then ask if you are willing to take a HP. 


+1

 

ya try this and also maybe even call them and ask to switch to the IT Card if you haven't done so already! Discover is really awesome! :smileyvery-happy:

Discover IT TU Score: 739 as of 4/20/14 | TU Score as of 1/5/14 - 710 | EQ Score as of 1/5/14 - 748 | Ex Score as of 1/5/14 - 728
TU Score as of 1/5/14 - 705 | EQ Score as of 1/5/14 - 721 | Ex Score as of 1/5/14 -753 |

Capital One QuickSilver MC $4.5K | Amazon $1.8K (CLOSED) | Walmart $5K | Paypal SC w/Debit card $5K (CLOSED) | BOA 123 Cash Rewards Sig $5K | BOA BBR $1K | Discover IT $8K | AMEX Sr Green Charge (NPSL) | PNC CashBuilder $1.5K | Paypal Extras MC $6k | PNC Auto Loan $20,038.75 | AMEX SimplyCash Biz CC $3k | BOA Cash Rewards Biz CC $3.5K |
Established Member
pgyagnzia
Posts: 32
Registered: ‎10-10-2011
0

Re: Questions about closing a cc

BrokaToe,

 

What's a BR? Also I've had credit cards for about 6 years all with good standing. Would this help?

 

Sorry I don't know how to quote/box a text.


Starting Score: 703
Current Score: 762
Goal Score: 770


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Established Member
pgyagnzia
Posts: 32
Registered: ‎10-10-2011
0

Re: Questions about closing a cc

pdog661,

 

Before I called, I checked online and it said they were not able to do it online and I should call their 1-800 number.

I called and they wanted to do a HP so I refused.

Now I just check again and it says

"We're sorry. You already have a credit line increase request in progress.

We are unable to process another request until your current one is complete."

My CL is still $500. Does that mean they did a HP? I called Chase too on the same day and same situation.

Now I'm worried it's gonna affect my score.


Starting Score: 703
Current Score: 762
Goal Score: 770


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