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should i close out my new barclays cc

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jayrock24
Regular Contributor

should i close out my new barclays cc

ok i was approved for discover it and bank of america 123 cash cc but 1 month b4 i had been approved for barclays and amazon now my ? is should i close out amazon and barclays or just keep them open the barclays has a 12 month 0 % intro but im not sure if its a good card or not what should i do

gardening tu fico 770 eq fico 735 ex fico 698 last app 2/27 chase freedom instant approval planing on gardening until my house search begins sometime in jun or july
Message 1 of 11
10 REPLIES 10
aussiesareforever
Established Contributor

Re: should i close out my new barclays cc


@jayrock24 wrote:

ok i was approved for discover it and bank of america 123 cash cc but 1 month b4 i had been approved for barclays and amazon now my ? is should i close out amazon and barclays or just keep them open the barclays has a 12 month 0 % intro but im not sure if its a good card or not what should i do


I would not close them. I'm pretty sure you don't have to pay an annual fee for both accounts. Keep them open and take advantage of the decreased utilization. The Barclay's 12 month 0% interest is typically only applicable to purchases made on Apple.com or in Apple stores. Your other purchases are usually going to be at a steep interest rate.

 

Keep them open, buy a pack of gum every couple months and pay it off. Nothing wrong with having more available credit as long as you use it wisely.

 

What does the rest of your credit picture look like?


BK in January 2008---Barclay's Apple Financing Card ($10,000) --- Capital One Quicksilver ($13,000)--- Platinum Delta Skymiles ($35,000) --- GEMB CareCredit ($10,000) --- AUFCU ($10000)---Discover IT ($33,000)

Experian 835 Transunion 828-- August 2018
Message 2 of 11
myjourney
Super Contributor

Re: should i close out my new barclays cc


@aussiesareforever wrote:

@jayrock24 wrote:

ok i was approved for discover it and bank of america 123 cash cc but 1 month b4 i had been approved for barclays and amazon now my ? is should i close out amazon and barclays or just keep them open the barclays has a 12 month 0 % intro but im not sure if its a good card or not what should i do


I would not close them. I'm pretty sure you don't have to pay an annual fee for both accounts. Keep them open and take advantage of the decreased utilization. The Barclay's 12 month 0% interest is typically only applicable to purchases made on Apple.com or in Apple stores. Your other purchases are usually going to be at a steep interest rate.

 

Keep them open, buy a pack of gum every couple months and pay it off. Nothing wrong with having more available credit as long as you use it wisely.

 

What does the rest of your credit picture look like?


+100

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 11
jayrock24
Regular Contributor

Re: should i close out my new barclays cc

discover it just got it 1 month ago  bofa 123 cash 1 1/2 months  walmart store card 8 months  macys auth user account 27 years ago  my own macys 13 months old credit one 11 months old and 2 5 years old first premier that i so want to get rid of omg but barclays cl is 500 all the rest are 1000 2000 1350 625 600  and so on

gardening tu fico 770 eq fico 735 ex fico 698 last app 2/27 chase freedom instant approval planing on gardening until my house search begins sometime in jun or july
Message 4 of 11
jayrock24
Regular Contributor

Re: should i close out my new barclays cc

oh i also have credit one that pushing 1 year in march scores all mid to high 600s ex the highest but faco 680 eq 678 tu now 646 was 668 but new accounts and inq lowered a lil so

gardening tu fico 770 eq fico 735 ex fico 698 last app 2/27 chase freedom instant approval planing on gardening until my house search begins sometime in jun or july
Message 5 of 11
aussiesareforever
Established Contributor

Re: should i close out my new barclays cc


@jayrock24 wrote:

discover it just got it 1 month ago  bofa 123 cash 1 1/2 months  walmart store card 8 months  macys auth user account 27 years ago  my own macys 13 months old credit one 11 months old and 2 5 years old first premier that i so want to get rid of omg but barclays cl is 500 all the rest are 1000 2000 1350 625 600  and so on


It looks like you have a lot of new cards. My biggest recommendation to you is NOT to apply for anything for a while. You have plenty of good cards that will potentially grow well with you.

 

I would close out the Credit One and First Premier. Both of those charge an annual/monthly fee. Both of those will NOT grow with you (i.e No significant credit line increases). You have better cards. Get rid of those two.

 

Keep the rest open. Barclay's is very good at giving automatic credit line increases. Again, dont carry a balance on this card, except you use it for a qualified Apple purchase. Put a recurring bill on it or buy something every couple of months. They will increase your credit line with good use. They don't like people opening multiple accounts though so again, don't apply for anything or open any new accounts for at least six months. Maybe even a year. You have plenty of good cards.

 

Walmart will grow well with you. Read the latest threads about GE cards. Discover will also likely grow with you with good use.

 

Bottom line, close out FP and Credit One. Keep the others open. Pay your bills on time every time. Keep your utilization low.  Don't apply for anything else.

 

Your credit score will be significantly better in a few months.


BK in January 2008---Barclay's Apple Financing Card ($10,000) --- Capital One Quicksilver ($13,000)--- Platinum Delta Skymiles ($35,000) --- GEMB CareCredit ($10,000) --- AUFCU ($10000)---Discover IT ($33,000)

Experian 835 Transunion 828-- August 2018
Message 6 of 11
codimom
Frequent Contributor

Re: should i close out my new barclays cc

^^^ + 100  Yes... close out the ones with AF, show love to the others, pay in full and garden like a maniac!  

Back in the garden!
App free since 23Oct2012 reset to 27Aug13 and reset again 4nov13
Message 7 of 11
jayrock24
Regular Contributor

Re: should i close out my new barclays cc

im so thankful for all of u for the help because when i first started to get on here in 2011 my scores were horrid but thanks to you all im well over the 600 mark  but scared that first premier would hurt aaoa its 5 years old only $625cl  oh and i have 2 of these dreadful card so its about 175 total for each 1 and as for credit 1 im dropping them soon as the next statement drops for it will be a full 1 year

gardening tu fico 770 eq fico 735 ex fico 698 last app 2/27 chase freedom instant approval planing on gardening until my house search begins sometime in jun or july
Message 8 of 11
aussiesareforever
Established Contributor

Re: should i close out my new barclays cc

Closing an account in good standing will not affect your AAoA. It will continue to report positively for 10 years

The only thing it will affect is your utilization. Based on your other cards and limits, it won't affect it much. Get rid of those suckers Smiley Happy

BK in January 2008---Barclay's Apple Financing Card ($10,000) --- Capital One Quicksilver ($13,000)--- Platinum Delta Skymiles ($35,000) --- GEMB CareCredit ($10,000) --- AUFCU ($10000)---Discover IT ($33,000)

Experian 835 Transunion 828-- August 2018
Message 9 of 11
jayrock24
Regular Contributor

Re: should i close out my new barclays cc

thanks im gonna do it tommorow atleast the 2 fp cards they are to to to pricey 50 annuall and 7 a month 1 has 0 balance and the other 57 dollars i just payed that 1 today when my direct ddeposit from work was availible so yea there gone thanks was scare of the aaoa but now i know better thanks to u aussie ur the best

gardening tu fico 770 eq fico 735 ex fico 698 last app 2/27 chase freedom instant approval planing on gardening until my house search begins sometime in jun or july
Message 10 of 11
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