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Established Contributor
gbishere
Posts: 736
Registered: ‎07-07-2010
0

To cut applied bank card or not to cut?

I have had this card coming up for almost two years. Open date is 12/25/2008.

 

750 limit secured. 

 

 

  • I now have 100 HSBC card and a 300 PPBC for two months.
  • AU on Discover 15k limit, Opened since 1987( Added after I got the two cards above)
AAoA - 6 years, Longest account 23 years, 1 month
I'm not really excited about paying the 49 dollar annual fee. I really don't know for sure when its going to hit. 
Will it hit come decemeber? 
Advantages ? Disadvantages?

 

__________________________
01/11/2011: FICO:TU: 746
12/14/2010: FICO:EQ: 744
08/12/2011: FICO:EXP: 766
Established Contributor
Tazman81
Posts: 711
Registered: ‎06-23-2010
0

Re: To cut applied bank card or not to cut?

I would try to get a decent limit card with your bank/credit union, and if they offer you a card with a decent limit, or at least a card that will grow with you (unlike the subprime cards that you have), then I would go ahead and get rid of the secured card, especially because of the yearly fee.


Starting Score: Eq: 662 Tu: 532 (03/02/2011) CH7BK 01/12/2009 Discharge
Current Score: Eq: 692 (04/03/2013) Tu: 717 (04/03/2013)
Goal Score: Eq: 720 Tu: 740

Wallet: Chartway Visa 10k | AMEX Costco TE (AU) 25k | Cap One MC 750 | Cap One Visa 750
Epic Contributor
Creditaddict
Posts: 21,004
Registered: ‎10-23-2007
0

Re: To cut applied bank card or not to cut?

check Capital One pre-approval and take that if they offer you something.

Also Walmart seems to be good easy choice these days and possibly discover walmart backed by GE which if you just got the ppbc your probably in for walmart or sams.

Once you get 1 or 2 more cards I would cancel your secured.

what about amex zync... might be close call but lately lots of approvals

Fico Scores: EQ- 682 DCU, TU 696 Walmart, EX 686 Prosper(10-30-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
63 Cards and Counting :smileytongue:
Established Contributor
gbishere
Posts: 736
Registered: ‎07-07-2010
0

Re: To cut applied bank card or not to cut?

[ Edited ]

(tazman) Yeah that is my goal. I have three baddies currently. Two are falling off within the month and the remaining one is only reporting on exp/tu.

 

The last one remaining i am going to do the medical process hippa.

 

Once I am done rebuilding and am in the 700+ I was going to apply for discover more/motiva and amex zync.

 

 

The problem is I just don't know if the 49 dollar annual fee would be worth it, and i would have to have it open for another year if I keep it open. Its like I'm paying them 49 bucks to hold my money for another year. 

 

creditaddict) I don't want a cap one card, and I don't think I want another GE card or anything Sub-prime. I want to shoot strait for the top once my reports are clean.

__________________________
01/11/2011: FICO:TU: 746
12/14/2010: FICO:EQ: 744
08/12/2011: FICO:EXP: 766
Established Contributor
gbishere
Posts: 736
Registered: ‎07-07-2010
0

Re: To cut applied bank card or not to cut?

I'm a member of my local credit union but I don't think I want a credit card from them. They offer no cash back cards. 

 

I will do my mortgage and car loans through them when the time is right tho.

__________________________
01/11/2011: FICO:TU: 746
12/14/2010: FICO:EQ: 744
08/12/2011: FICO:EXP: 766
Epic Contributor
Creditaddict
Posts: 21,004
Registered: ‎10-23-2007
0

Re: To cut applied bank card or not to cut?

 


gbishere wrote:

I'm a member of my local credit union but I don't think I want a credit card from them. They offer no cash back cards. 

 

I will do my mortgage and car loans through them when the time is right tho.


Even if you didn't really use it, most likely they would give you a higher CL than anyone else.. and once you have 1 higher CL, it's easier to get other banks to follow in the same tracks.

 

Fico Scores: EQ- 682 DCU, TU 696 Walmart, EX 686 Prosper(10-30-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
63 Cards and Counting :smileytongue:
Established Contributor
gbishere
Posts: 736
Registered: ‎07-07-2010
0

Re: To cut applied bank card or not to cut?

Yeah maybe your right. 

 

They won't work with me with an unpaid collection (medical) for 102 dollars. I already talk to them. 

 

So maybe once my reports are clean I should just apply for my cu card then? 

 

 

Also what do you think, back to the main topic, cut applied or keep?

__________________________
01/11/2011: FICO:TU: 746
12/14/2010: FICO:EQ: 744
08/12/2011: FICO:EXP: 766
Established Contributor
Tazman81
Posts: 711
Registered: ‎06-23-2010
0

Re: To cut applied bank card or not to cut?


gbishere wrote:

(tazman) Yeah that is my goal. I have three baddies currently. Two are falling off within the month and the remaining one is only reporting on exp/tu.

 

The last one remaining i am going to do the medical process hippa.

 

Once I am done rebuilding and am in the 700+ I was going to apply for discover more/motiva and amex zync.

 

 

The problem is I just don't know if the 49 dollar annual fee would be worth it, and i would have to have it open for another year if I keep it open. Its like I'm paying them 49 bucks to hold my money for another year. 

 

creditaddict) I don't want a cap one card, and I don't think I want another GE card or anything Sub-prime. I want to shoot strait for the top once my reports are clean.


Cap1 is not all subprime.  They also offer prime cards with good interest rates.  I think their Venture card is one of them.  Yeah, if there are no perks with your credit union's cards, then it may not be worth it.  One thing I like about most credit union cards is that they normally have a fixed interest rate, but that would not matter if you are not carrying a balance.  Usually when you pay a yearly fee, if you've only used say 2 months, then close the card, they will refund it to you on a prorated amount.  So, yeah, I would go ahead and hit up capital one to see if you can get a prime card with them, and then close out your secured card.  You may still want to check with your credit union because if they are willing to give you a card with a decent rate on it, I would take it just so that you can start closing out the subprime cards and then keep working toward your AMEX.  Or go ahead and check with Discover since you are an AU on one of their cards.  They may be more favorable toward offering you a card with a good limit.


Starting Score: Eq: 662 Tu: 532 (03/02/2011) CH7BK 01/12/2009 Discharge
Current Score: Eq: 692 (04/03/2013) Tu: 717 (04/03/2013)
Goal Score: Eq: 720 Tu: 740

Wallet: Chartway Visa 10k | AMEX Costco TE (AU) 25k | Cap One MC 750 | Cap One Visa 750
Established Contributor
gbishere
Posts: 736
Registered: ‎07-07-2010
0

Re: To cut applied bank card or not to cut?

It is so hard to pick one plan and stick to it. There are so many ways to go with my situation. 

 

I don't think applied bank would give me back a prorated amount of my annual fee. However, maybe I should just keep the card until I get some better cards. The continued payment history wont hurt.

 

Capitol one could be an option. I made a mistake getting that HSBC card and have to stick with it now. I just don't want to get stuck with a 500 dollar card that will not grow. 

 

Discover does automatic approvals or is it manual? 

__________________________
01/11/2011: FICO:TU: 746
12/14/2010: FICO:EQ: 744
08/12/2011: FICO:EXP: 766

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