Reply
Frequent Contributor
sarkell
Posts: 345
Registered: ‎02-27-2013
0

Re: So should I even be thinking about closing my Cap1 Card?

I'm closing 2 of the 3 in the next 12 months first I'm getting one of them to 5k limit which I'm hoping they'll match my csp limit via eo. Then getting the 600 limit to 3k. Then just convert one that gets to a true cash rewards one without an annual fee. I'm not asking until fall after conversion of orchard. One feature I do like is the ability to redeem cash rewards after transaction has posted. I'm trying to get my limits up overall. By the time fall rolls around all new accounts will be 6 month old should be in 700. I want to get down to 4 or 5 bank cc & 3& 4 store cards.
Cards: CSP $5k, Capital One Cash Rewards VS $3100, Discover it $3k Capital One MasterCard $600, Orchard Bank $3k, Barclays Rewards MC $1250 Gapcard $900, BR $300, Neiman Marcus $1k, Macys $1200 Walmart $500
In the garden until I can get a BCP

Starting Score: 534
Current Score: 682 EQ SW 660 TU 636 EX 3/26/13
Goal Score: 720


Take the myFICO Fitness Challenge
Valued Contributor
boomhower
Posts: 1,863
Registered: ‎09-20-2011
0

Re: So should I even be thinking about closing my Cap1 Card?

If you don't need the cash right now hang onto it until you get your other limits up.  You certainly have a chance with Chase increasing the limit.  They are recon friendly.  I'd also give a thought about picking up a Discover card.

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: So should I even be thinking about closing my Cap1 Card?

Closing your cap1 card will affect your utilization even if you don't charge a big balance to it. Right now you have $4300 in credit limit. After Cap1 is closed, you will have $1000. That means, if you charge $200 on your chase card, you will have 20% Util instead of 4.7% Util (if Cap1 was kept open). Utilization can have a big impact on your scores.

I think it is a little premature to close your secured card. Keep in mind that Chase based their decision on your open secured card. If you don't get an increase on recon and ask for the increase down the road, Chase may decline if your secured card is closed or they may give a lower credit increase as they have nothing to match it to. Chase usually HPs for CLIs, so they will most likely look at more than just your history with them.

I know if the card had $200 of your money versus $3000, you would be more patient in waiting so I do understand the urgency but you should consider the points I made above in your decision. If you can stand it a little while longer, it will pay off.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Senior Contributor
Wolf3
Posts: 3,197
Registered: ‎01-24-2010
0

Re: So should I even be thinking about closing my Cap1 Card?

[ Edited ]

If you apply for a Cap 1 unsecured card, you can likely get a rewards card with high CL from them.    I suggest try the prequalifier and apply for the best one they offer. 

 

I'd would not close it until you have 3 other major CC's.  Then it is time to close it.


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}