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... and then there was 1 (or 2)

Valued Member

... and then there was 1 (or 2)

Applied for BoA 1-2-3, got instant approval for $15k.  Called HSBC (Cap1) 2 minutes later and cancelled the $1.7k card I've had since the bad old days of FICO ~550.  Was kinda sad to cancel it; they gave me $1K and no AF when no one else would give me a dime.  However this is business, not personal.; the HSBC card was no frills at all, just a credit line at 24.99%.

 

Now only  the Merrick is left from the bad times.  That one is the puzzle.  It is a $6.5k line and no AF.  Started life as a Geico MC.  I like the free FICO '08, and it has zero balance, so I'm inclined to keep it.  That sound right?

 

P.S. Not concerned about the AAoA or Inq., the closed ones will still show for 10years, then my situation should be totally different than today; or that's the plan...

 

-Sponge

FICO '08=764
Message 1 of 7
6 REPLIES
Super Contributor

Re: ... and then there was 1 (or 2)


ltspongebob wrote:

Applied for BoA 1-2-3, got instant approval for $15k.  Called HSBC (Cap1) 2 minutes later and cancelled the $1.7k card I've had since the bad old days of FICO ~550.  Was kinda sad to cancel it; they gave me $1K and no AF when no one else would give me a dime.  However this is business, not personal.; the HSBC card was no frills at all, just a credit line at 24.99%.

 

Now only  the Merrick is left from the bad times.  That one is the puzzle.  It is a $6.5k line and no AF.  Started life as a Geico MC.  I like the free FICO '08, and it has zero balance, so I'm inclined to keep it.  That sound right?

 

P.S. Not concerned about the AAoA or Inq., the closed ones will still show for 10years, then my situation should be totally different than today; or that's the plan...

 

-Sponge


If there are not fees, you could just keep it and let it close itself out due to inactivity. Some lenders close inactive accounts after 6 months, some don't even after several years. You could always keep it just in case of an emergency.


Then again, there's really no right or wrong answer, and is purely due to personal preference. If you think it's too much hassle keeping it open, then you should just close it.

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 2 of 7
Super Contributor

Re: ... and then there was 1 (or 2)

Congrats 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 3 of 7
Valued Contributor

Re: ... and then there was 1 (or 2)

congrats! and +1 enharu...



GARDEN GOAL: MARCH 2014
LAST APP: 08/20/2013
---=[NORTHBOUND]=---
Message 4 of 7
Valued Member

Re: ... and then there was 1 (or 2)

Thanks everyone!

 

My reason for cancelling it was more symbolic than was probably needed.  I have been working since 2008 to get my finances and credit to respectable levels; where companies come to me for  my business for once.  That is now happening.  My goal was to cut ties to the old me and my wacked out spending and lack of responsibility.  The HSBC card, while good at the time, was simply a reminder of the bad old days; hence the quick cancel.  I realize that I could have just left it alone, however, I felt I needed a cathartic release by giving a corporation the heave ho, instead of the other way around.

 

-Sponge

 

-- and +1 enharu, I think I'll keep the Merrick.  Thanks for the advice!

 

FICO '08=764
Message 5 of 7
Valued Contributor

Re: ... and then there was 1 (or 2)

Should have called Cap One EO and asked PC to Quicksilver and higher CL or otherwise cancel.  Might not be too late.  I heard people getting some good luck with that.  I had my CL uped from 15k to 20k via soft and not even a direct CLI request.

               LIMITS IN CARD DESCRIPTIONS
Message 6 of 7
Moderator Emerita

Re: ... and then there was 1 (or 2)

Message 7 of 7