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Contributor
severine
Posts: 122
Registered: ‎08-19-2012
0

Update: Say goodbye to Optima and Cap One?

[ Edited ]

I have a question regarding dumping low CL cards. My FICO score is ~748 and I currently have the following cards:

 

Amex Optima (oasis) 2/06 1k

Capitol One "platinum" hahahaha 3/09 1k

Citi Preferred Visa 9/11 10k

BoA Cash Rewards 10/11 5k

Discover 5/12 9k

Bank Visa card 6/12 10k

Chase Freedom 8/12 5k

Chase Sapphire 8/12 5k

 

Do you think it's a wise move to kill the Optima and the CapOne cards? They have the lowest CLs but I have had them the longest. I am particularly annoyed by the CapOne card bc it has an AF and such ridiculous CS. Should I instead try for a PC on the Optima? I do PiF every month and at any one time only have 3/8 that have small balances on them.  Eight CCs seems like too many to me--thoughts?

Amex PR Gold NPSL | Amex BCP 16.5k| Amex Delta Gold Skymiles 14.9k | Amex BSP 5k | Discover 12.5k | Citi Diamond Preferred 11.9k | Chase Freedom 12k | Chase Sapphire Preferred 12k | US Bank Cash + Visa 13k | BankAmericard Cash Rewards Signature Visa 9.5k | M and T Bank Visa 10.9k | FICO TU 784 EQ 768 EX 784
Frequent Contributor
iMacDrew
Posts: 350
Registered: ‎07-13-2012
0

Re: Say goodbye to Optima and Cap One?

Id dump the Cap one and try for a pc or just apply for a new amex card with the optima. Since you can backdate and all.

Lender pulled 10-10-13
EQ Fico 715 | EX Fico 714 | TU Fico 703
Established Contributor
CribDuchess
Posts: 651
Registered: ‎09-12-2011
0

Re: Say goodbye to Optima and Cap One?

Axe the capital one - you don't need it.  My understanding is that you won't be able to pc the Optima Oasis to a different Amex card.  You basically have to close the Optima and then apply for a new Amex.  Probably worth the effort considering the backdating benefit.

 

Congrats on your other cards!

FICOs: TU08 841 6/3/14 per Wally; TU98 800 4/8/14; EQ04 769 6/8/14; EQ08 810 6/10/14; EX 805 6/12/14 per MyFICO

My Wallet: Amex Gold NPSL; Amex Optima Platinum $25K; Amex Costco TE $15K; Amex BCE $12K; BofA Visa $10.1K; Cap1 Quicksilver Visa Sig $10K; CSP $28.2K; Chase Freedom $13K; Citi Simplicity Visa $15.1K; Discover IT $24K; Fidelity Amex $15K; PenFed Plat Rewards Visa Sig $20K; Sallie Mae WMC $12.5K; US Bank Cash+ Visa Sig $24.5K; Walmart Discover $10K; Wells Fargo Rewards Visa Sig $14K
Contributor
severine
Posts: 122
Registered: ‎08-19-2012
0

Re: Say goodbye to Optima and Cap One?

Thanks for your advice, guys. I'm definitely going to pay off the CapOne (~300 balance) at the end of the month and be done with it. I only really like it for the "no foreign transaction fee", but now the Sapphire should have that covered...

 

 

Amex PR Gold NPSL | Amex BCP 16.5k| Amex Delta Gold Skymiles 14.9k | Amex BSP 5k | Discover 12.5k | Citi Diamond Preferred 11.9k | Chase Freedom 12k | Chase Sapphire Preferred 12k | US Bank Cash + Visa 13k | BankAmericard Cash Rewards Signature Visa 9.5k | M and T Bank Visa 10.9k | FICO TU 784 EQ 768 EX 784
Valued Contributor
Crashem
Posts: 3,098
Registered: ‎01-26-2012
0

Re: Say goodbye to Optima and Cap One?

Need to figure out how to get another Amex.  Backdating will be great for you.  Mixed up as to procedure for Amex and optima.  Pc or cancel and apply or just apply.  I forget.

               LIMITS IN CARD DESCRIPTIONS
Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: Say goodbye to Optima and Cap One?

I'd be axing Cap1 and talking to the AMEX exec. office about a PC or apping straight up for a AMEX.




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Regular Contributor
HenryJumbo
Posts: 136
Registered: ‎07-21-2012
0

Re: Say goodbye to Optima and Cap One?

While you're at it why not pick between Freedom and Sapphire. If you keep the Sapphire the Discover (assuming it's a More card) is similar to Freedom.

Starting Score: EX: 736 FAKO | TU: 757 FICO | EQ 730 FICO
Current Score: EX: 736 FAKO | TU: 750 FICO | EQ 730 FICO
Goal Score:     EX: 750 FICO | TU: 750 FICO | EQ: 750 FICO
In my wallet:  $12,500  $8,000
Contributor
severine
Posts: 122
Registered: ‎08-19-2012
0

Re: Say goodbye to Optima and Cap One?

@henryjumbo Thanks for the recommendation, I'm going to look in to comparing the Discover and the Chase Freedom.

Amex PR Gold NPSL | Amex BCP 16.5k| Amex Delta Gold Skymiles 14.9k | Amex BSP 5k | Discover 12.5k | Citi Diamond Preferred 11.9k | Chase Freedom 12k | Chase Sapphire Preferred 12k | US Bank Cash + Visa 13k | BankAmericard Cash Rewards Signature Visa 9.5k | M and T Bank Visa 10.9k | FICO TU 784 EQ 768 EX 784
Established Contributor
JusdoNit
Posts: 921
Registered: ‎12-10-2011
0

Re: Say goodbye to Optima and Cap One?

New Amex:smileywink:


Starting Score: 722
Current Score: Now 687 what the hockey sticks...from a 784 (Aug 12 EX 751 EQ Fico)
Goal Score: 800

If your outGo is more than your INcome than your UpKeep will become your downFALL.

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Established Contributor
bettercreditguy1
Posts: 758
Registered: ‎02-11-2012
0

Re: Say goodbye to Optima and Cap One?

You could try for any major credit card. If you want to close a card, close your lowest high limit card you have.

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico) EXP 735 (FAKO)
Updated scores 06/01/2014 EQ 797(Fico) TU 768(Fico) EXP 769 (Fico), EQ 849 (Next Gen 5/27/14 Penfed)


Remember the Three P's: Pay early in Full, Pay on Time, Patience

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