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My current scores are 600EQ, 616TU, and 639EX all from myfico.com
I live in Ohio.
I have 15 baddies, including 2 collections. Of those, 12 are aging off within the next 12 months. I also have a chapter 7 BK that was discharged in early 2008.
@jason0618 wrote:My current scores are 600EQ, 616TU, and 639EX all from myfico.com
I live in Ohio.
I have 15 baddies, including 2 collections. Of those, 12 are aging off within the next 12 months. I also have a chapter 7 BK that was discharged in early 2008.
I just closed mine last month, to avoid the annual fee this month. My interest rate was too high, and my credit limit, CL, too low (only $500) so I closed it when they refused to remove my Annual Fee, AF. I had the card for about 11 months and my initial CL was only $300 too. Then after 3/4 months of low balances and on time payments they bumped me to $500. At the time I was ecstatic, but after that they didn't want to work with my anymore so when they denied removing my AF, I closed it. I said all that to say that if I were you, I would SD it until it gets closer to your AF again. If your scores are better, you might be able to get them to remove the AF and even get another credit limit increase, CLI. Also, more than likely they'll give you another 1 soon anyway. Furthermore, the next time they bill the AF, it's in the form of montly payments usually about $6- $8 a month. Just in case you were still on the fence about keeping it or not.
Also, as a side note, I have a few CCs right now, so I don't even miss the crud 1 CC. But if that is 1 of 2 of the only CCs you have, it would be nice to have another until you can replace it with a better 1, which should be somewhat soon based on your scores. And, from what I hear even when you close it the limit of it will still show up in your CR for a few years.
Lastly, have you tried to get a Cap 1 CC? That might be something within your grasp if you don't have 1 already.
I would suggest closing them. However i know Barclays can be a little picky when it comes to CR changes. As MadTech suggested going for a Cap1 card, i also suggest that since they are a little easier to get. And if approved close Credit One.
@jason0618 wrote:
I just got credit one bank cars three months ago. $300 limit, use it and pif several times a month. It's currently reporting at $2.00.
I just got approved for barclaycard last night with $1300 limit. With that info, should I close credit one or SD it until it gets closer to my annual fee, which is $75?
If you don't have to pay your AF on a monthly basis and you're ok with spending that $75 AF for this year, SD it and close before the AF kicks in. Usage on this card isn't recommended, since they don't have a grace period (interest accumulates immediately when charges post).
If you have no monthly charge I would keep it until the annual fee is due. If you treat your cards right in 6 months you will be good for an unsecured Cap1card if you don't mind the 3 HPs. If you do go for another card at 6 months wait and see if Barclay gives you an auto CLI. They are good about that every 6 months. YMMV