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Credit Doctors, need your advice. I have been working on applying for credit after having a bankruptcy dismissed. My credit scores are TU-620, EQ-620, and EX-660. All of my credit is in good standing and fresh. Experian is telling me one of the detriments to my score is that my average revolving is not $2000. I have four cards, ABECU Visa with $2000 limit, a Orchard Bank Visa (now CapitalOne) with a $300 limit, a Capital One card with a $500 limit, and a Credit One card for $300. I've just recently gotten the ABECU card and the Credit One card. I was thinking about asking Credit One for an increase. I was disappointed when they only approved me for $300 in August, but I wanted a third revolving debt card and I hadn't been approved yet for my ABECU card. I have used $220 of my limit and paid it off before it could invoice. I don't expect they will increase me to $1000-$2000, so I was thinking about canceling it altogether after 2 months. I understand that my AAAoA will not be dinged because I've had the card less than 12 months. I don't mind a little point reduction now if it makes sense for the bigger picture. Can anyone see flaws in my thinking, or have any other strategies to offer? I was also thinking about seeing if Capital One will give me an increase if I agree to close one account. Again, I want to increase my average capacity to $2000.
Ignore the Experian $2000 CL comment. That is based on FAKO scoring, not FICO. FICO doesn't care if your combined CLs are $500 or $100,000. It's how you use the CLs that count.
Aside from any annual fee consideration, I'd keep them open.
Per AAoA, whether the card is new or super old, it'll still factor after closure into AAoA for as long as it reports.
llecs, thanks fo both you and beb for setting me straight. I can't thank you enough for sharing your knowledge and experience. I was 90% sure I was going to be canceling Credit One today, but I will leave well enough alone.
@beb86 wrote:
Be careful with credit one the charge you $25 for each $100 the increase your CL if you request a CLI and the have NO grace period
Agree on this one......they charge interest every month no matter you paid it before statement closed.....and their 7 10 business days fund hold on payment just annoy the crzp outta me.....don't ask me why I apply for it but i hate this card so bad
I closed it down this morning. It wasn't open quite two months. Looking back, I think I was desparate to accumulate cards instead of getting quality cards. Getting the ABECU card changed how I felt about my credit position. I intend to let me credit season with the three cards that I have left. Thanks to all that contributed on the thread.
yes credit one limit increase
@timotiger wrote:Credit Doctors, need your advice. I have been working on applying for credit after having a bankruptcy dismissed. My credit scores are TU-620, EQ-620, and EX-660. All of my credit is in good standing and fresh. Experian is telling me one of the detriments to my score is that my average revolving is not $2000. I have four cards, ABECU Visa with $2000 limit, a Orchard Bank Visa (now CapitalOne) with a $300 limit, a Capital One card with a $500 limit, and a Credit One card for $300. I've just recently gotten the ABECU card and the Credit One card. I was thinking about asking Credit One for an increase. I was disappointed when they only approved me for $300 in August, but I wanted a third revolving debt card and I hadn't been approved yet for my ABECU card. I have used $220 of my limit and paid it off before it could invoice. I don't expect they will increase me to $1000-$2000, so I was thinking about canceling it altogether after 2 months. I understand that my AAAoA will not be dinged because I've had the card less than 12 months. I don't mind a little point reduction now if it makes sense for the bigger picture. Can anyone see flaws in my thinking, or have any other strategies to offer? I was also thinking about seeing if Capital One will give me an increase if I agree to close one account. Again, I want to increase my average capacity to $2000.