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Regular Contributor
ACsteel
Posts: 236
Registered: ‎08-19-2012
0

Re: Should I cancel my Visa Black Card?


urbancustoms wrote:

You all have provided plenty of good information to keep in mind. I agree with all of you. I plan to take another car loan by the end of the year so I think I will just stay clear of any inquiries for the rest of 2012 other than my car loan. 

 

Now that I know this forums exists I will definitely research here before making any future financial decisions.

 

Considering I now have the Visa Black, Chase, 53 Bank, BOA, Capital One, Discover and Macy's CC I think I will just steer free of any other cards for some time. Among all the cards I have roughly 38k credit limit, which I always stay under 30% utilization. 

 

Would it even be smart for me to open of any more CC's in the mere future? I already have 6 CC and one Department store card, which I feel is plenty. Not sure if their is a golden # to have.


There is no "golden #", however some say the sweet spot is somewhere between 2-6, for sure pick a number that you are comfortable with where you feel each card in that line up will get good use and you will be able to be responsible with it.  Also remember, like any other forum, good advice is to be found but there is also a lot of "bro-science" on here, the best way for you to know best results is to check your own fico reporting and stay in touch with it to see how your behavior affects it.


Garden Member Since: 2014 - 4 - 1
EX FICO | 2014 - 3 - 1 | 793
Valued Contributor
CreditScholar
Posts: 2,300
Registered: ‎01-22-2012
0

Re: Should I cancel my Visa Black Card?

The Visa Black card is trash, period. However given that it's your highest limit card and you've already paid the AF on it, I'd hold on to it at least until the next AF is due.

 

In the meantime I'd apply for something else such as Chase or Amex. The fact that you have a 15k limit will help you, since most lenders use your current CLs as a starting point for what they'll give you. Even if you get 10k limit instead of 15k, your Visa Black served it's purpose as a springboard to something better. Then cancel it before the next AF comes due.

FICOs: EX: 826, EQ: 817, TU: 810
Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL
Chase United MileagePlus Club World Elite MasterCard - $26,500 CL
Citibank American Airlines Executive World Elite MasterCard - $22,500 CL
J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL
Established Contributor
JonStur
Posts: 905
Registered: ‎12-25-2010
0

Re: Should I cancel my Visa Black Card?


urbancustoms wrote:

You all have provided plenty of good information to keep in mind. I agree with all of you. I plan to take another car loan by the end of the year so I think I will just stay clear of any inquiries for the rest of 2012 other than my car loan. 

 

Now that I know this forums exists I will definitely research here before making any future financial decisions.

 

Considering I now have the Visa Black, Chase, 53 Bank, BOA, Capital One, Discover and Macy's CC I think I will just steer free of any other cards for some time. Among all the cards I have roughly 38k credit limit, which I always stay under 30% utilization. 

 

Would it even be smart for me to open of any more CC's in the mere future? I already have 6 CC and one Department store card, which I feel is plenty. Not sure if their is a golden # to have.


I have 14 cc's open tho I will close some older cards after Christmas. There is no  magical number to have, just  be responsible and keep your  combined balances @ 10% and you'll be fine.


Starting Score: TU 686 EX 641 EQ 690
Current Score: TU 779 EX 767 EQ 740
Goal Score: 800 Club

BCE $12.5K, 5/3 Sig $10K, Wally Discover 10K, Cash+ $9K Sam's Discover 10K, Freedom $6K, Zales $5.5K, More $5K, Cap one $5K, Barclay 2.5K, Household Plat $1.5K, Household Gold $1.5K, Credit One $1K, First Premier Plat $.675K First Premier Gold $.65K
Valued Contributor
bribro
Posts: 1,367
Registered: ‎04-20-2012
0

Re: Should I cancel my Visa Black Card?

I remember looking into the "benefits" of the Visa Black card and being extremely underwhelmed. I wouldn't make any moves until after you close your car loan, but after that I would apply for a better card (AmEx Platinum, CSP, etc.) using that high credit limit as leverage to get a better starting limit on your next card. After that, drop the Visa Black before the AF hits again.

TU FICO: 800 (2/1/14) | CK Score: 802 (2/1/14) | CS Score: 805 (2/1/14)

J.P. Morgan Palladium ($250k) | AmEx Platinum (NPSL) | AmEx SPG Personal/Business ($50k/$50k) | Citi Executive AAdvantage WEMC ($50k) | Citi Dividend WEMC ($50k) | Chase Sapphire Preferred VS ($50k) | Chase Ink Bold WEMC ($50k Flex) | Chase Ink Plus WEMC ($25k) | Chase Freedom VS ($25k) | Chase Freedom WMC ($25k) | Chase MileagePlus Explorer ($25k) | Chase Southwest RR Plus Business/Personal ($15k/$15k) | Barclays US Airways ($25k) | Barclays Hawaiian Airlines ($25k) | BofA Alaska Airlines ($10k) | Lexus Financial Services ($30k) | Mercedes-Benz Financial Services ($50k)
Established Contributor
sjt
Posts: 698
Registered: ‎05-05-2010
0

Re: Should I cancel my Visa Black Card?

You should call and see if you can do a product change to another Barclay's card.

Established Contributor
cashnocredit
Posts: 1,025
Registered: ‎07-18-2009
0

Re: Should I cancel my Visa Black Card?


sjt wrote:

You should call and see if you can do a product change to another Barclay's card.


+1

Don't sweat what us credit geeks think of the Black Card. It's still cool and accomplished a very significant thing. A large CL. Build on that before you cancel.

I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy15k, Amex Plat (60k H/B), Citi AA EWMC 25k
Established Contributor
Jlu
Posts: 886
Registered: ‎06-12-2012
0

Re: Should I cancel my Visa Black Card?

If this was about my comment about needing only a pulse and $495 in a thread last week..

... I was only trying to lighten the mood, I promise.
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