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?
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.
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!
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...
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.
I'd be axing Cap1 and talking to the AMEX exec. office about a PC or apping straight up for a AMEX.
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: $16,000 $8,000 |
@henryjumbo Thanks for the recommendation, I'm going to look in to comparing the Discover and the Chase Freedom.
You could try for any major credit card. If you want to close a card, close your lowest high limit card you have.