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closing 2nd CC = impossible to get a prime card in early 2013?

Regular Contributor

closing 2nd CC = impossible to get a prime card in early 2013?

i have 2K tied up in a secured credit card that i could use at the moment.

 

i only have one other card (NFCU visa) with a 5K limit, LOC for 2500, and two store cards one @ 120 and the other @270.

also have student loan, a car payment and 3 COs -- 2 from 2008 and 1 from 2010. all non-CO accounts are in good standing.

 

i want a mortgage in early 2014 and current scores are in my siggy. all i'd want along the way is perhaps a refi of my car loan (currently @9.29 %) and CLI of the visa (probably a hard pull).

 

can i close the card? if i can, can i do a small app spree at the end of this year so all inquiries will have fallen off before applying for a mortgage or will closing the card make my score suffer enough to not qualify for more prime cards at that time?

 

thanks in advance!!


Starting Score: EQ FICO 588 EX FICO 587 TU FICO 588
Current Score: EQ FICO 660 EX FICO 642 TU FICO 606
Goal Score: 680
1 REPLY
Contributor

Re: closing 2nd CC = impossible to get a prime card in early 2013?

Which card is it?  Why do you need the money and is it temporary or a permanent situation?  Are you employed?  If temporary, get a cash advance.  Is it ideal?  No, but if you can get an advance off the card, you can pay the card down later and handle your emergency now.  You keep the open account.  I would especially do that if the secure card is attractive (read near-prime) with no or very LOW AF and APR in the teens.

 

If your situation is more permanent, I would still suggest the advance and pay off (you only have TWO CCs) but if not, pay it off and good luck.  NFCU and Coke will allow me a cash advance at 100% of my available limit with no fee and same APR as purchase.  So if I were in your situation, that's what I would do.

Starting scores: EQ 420, EX 421, TU 405 (Jan 2011)
Bk Ch 7 Discharged Mar 2011
Current scores: EQ 456, EX 534, TU 411 (Aug 2012) FICO (8/2012 -- EQ 564, EX 584 (from BofA) TU 551)
Goal scores: EQ 700+, EX 700+, TU 700+

Credit accounts: 30% APR auto loan (Jan 2012), Secured [CapOne (3K), PNC (1300), NFCU (1K), Coke (2500)] and Target (200)