Credit Cards

turn on suggestions Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Reply
Topic Options
Contributor
severine
Posts: 120
Registered: ‎08-19-2012

Update: Say goodbye to Optima and Cap One?

[ Edited ]
Options

‎08-19-2012 01:44 PM - edited ‎08-23-2012 06:10 PM

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 | Discover 9.75k | Citi Diamond Preferred 11.9k | Chase Freedom 8.9k | Chase Sapphire Preferred 9k | US Bank Cash + Visa 13k | BankAmericard Cash Rewards Signature Visa 9.5k | M and T Bank Visa 10.9k | FICO TU 793 EQ 793 EX 784
Message 1 of 19 (817 Views)
 
Reply
Frequent Contributor
iMacDrew
Posts: 345
Registered: ‎07-13-2012

Re: Say goodbye to Optima and Cap One?

Options

‎08-19-2012 01:49 PM

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.


Amex PRG NPSL | Amex BCP 6k | Discover IT 1.5k | CSP 5k | Military Star 3.2K | NFCU Cash Rewards 10k | US Bank Cash+ 5k
Message 2 of 19 (802 Views)
 
Reply
Frequent Contributor
CribDuchess
Posts: 437
Registered: ‎09-12-2011

Re: Say goodbye to Optima and Cap One?

Options

‎08-19-2012 01:53 PM

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: Walmart TU08 800 5/13/13; TU98 783 5/2/13; EQ 758 5/2/13; EX 741 (per US Bank 7/24/12)

My Wallet: Amex Gold NPSL w/Pay-Over-Time; Amex Optima Platinum $25K; Amex Costco TE $5K; Amex BCE $12K; BofA Visa $10.1K; Cap1 Cash Rewards Visa Signature $8K; Chase Freedom MC $7.5K; Citi Simplicity Visa $11.9K; Discover $5K; US Bank Cash+ Visa Signature $20K; Walmart Discover $10K
Message 3 of 19 (792 Views)
 
Reply
Contributor
severine
Posts: 120
Registered: ‎08-19-2012

Re: Say goodbye to Optima and Cap One?

Options

‎08-19-2012 02:05 PM

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 | Discover 9.75k | Citi Diamond Preferred 11.9k | Chase Freedom 8.9k | Chase Sapphire Preferred 9k | US Bank Cash + Visa 13k | BankAmericard Cash Rewards Signature Visa 9.5k | M and T Bank Visa 10.9k | FICO TU 793 EQ 793 EX 784
Message 4 of 19 (773 Views)
 
Reply
Valued Contributor
Crashem
Posts: 2,351
Registered: ‎01-26-2012

Re: Say goodbye to Optima and Cap One?

Options

‎08-19-2012 02:10 PM

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.

Amex Plat, Amex BCP 8k->24k (5/23/12), Amex TE 15k, CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k (8/20/12), HSBC 15k, JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k
Message 5 of 19 (767 Views)
 
Reply
Mega Contributor
LS2982
Posts: 15,095
Registered: ‎04-09-2011

Re: Say goodbye to Optima and Cap One?

Options

‎08-19-2012 02:54 PM

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 1/6/13 - No Apps until 1/7/2015 / Diamond Inspired!
Starting Score: EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 684 / EQ FICO 664 / TU08 FICO 687 / TU98 FICO 672 / TU VS 711 6/16/2013
Message 6 of 19 (726 Views)
 
Reply
Regular Contributor
HenryJumbo
Posts: 127
Registered: ‎07-21-2012

Re: Say goodbye to Optima and Cap One?

Options

‎08-19-2012 04:31 PM

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:  $5,000  $2,400
Message 7 of 19 (692 Views)
 
Reply
Contributor
severine
Posts: 120
Registered: ‎08-19-2012

Re: Say goodbye to Optima and Cap One?

Options

‎08-19-2012 04:35 PM

@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 | Discover 9.75k | Citi Diamond Preferred 11.9k | Chase Freedom 8.9k | Chase Sapphire Preferred 9k | US Bank Cash + Visa 13k | BankAmericard Cash Rewards Signature Visa 9.5k | M and T Bank Visa 10.9k | FICO TU 793 EQ 793 EX 784
Message 8 of 19 (687 Views)
 
Reply
Established Contributor
JusdoNit
Posts: 921
Registered: ‎12-10-2011

Re: Say goodbye to Optima and Cap One?

Options

‎08-19-2012 04:54 PM

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.

Take the FICO Fitness Challenge


Message 9 of 19 (675 Views)
 
Reply
Established Contributor
bettercreditguy1
Posts: 665
Registered: ‎02-11-2012

Re: Say goodbye to Optima and Cap One?

Options

‎08-19-2012 05:34 PM

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 TU 733 EXP 735 (FAKO)
Updated scores 06/15/2013 EQ 761 TU 780 EXP 741 (Fico)


Remember the Three P's: Pay early in Full, Pay on Time, Patience
Message 10 of 19 (642 Views)
 
Reply

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.
www.myfico.com is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+