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After being here for awhile and working hard at rebuilding my credit, I finally got approved for my first non sub prime card! I got a Discover card, put in the application today and got a call from their center today. I explained a couple of the lingering baddies on my report, and that plus the fact that I have a clean history for 4+ years now got me my foot in the door. I have a credit line that's a lot lower than what most people with Discover cards have -- $1,200 -- but considering that my credit score is also a lot lower and I have all of the same terms otherwise, I'm happy with it. It's also my largest limit so far, having been stuck with sub-prime cards with $300-400 balances before this. Aside from my Capital One Platinum at $500, which was actually my first non-secured card.
So I figure I'll let these bake for awhile, let my inquiries fall off and let my credit score continue to grow. Wondering when I should let go of these sub-prime cards, though. Right now I have Credit One, Capital One Secured, and Orchard Bank.
Congrats on the Discover!!! And that is a respectable CL, nothing to be ashamed of that's for sure!
Your other "starter" cards.....how old are they? Do they all have annual fees associated with them? If the fees are outrageous, that's the only reason I would get rid of them until I built some more credit.
Just my opinion!!
Here are the ages and AF's for each of my cards. I included my balance/CL in parenthesis for each to see how it might affect my utilization
Discover IT ($0/$1,200) - Just approved; $0 AF
Capital One Platinum ($147.69/$500) - 3 months; First year free, $19 going forward
Credit One ($110.90/$400)- 1 year 6 mos; $8.25
Orchard ($0/$300) (About to switch to Capital One because it was HSBC) - 1 year 6 mos; $59
Capital One Secured ($0/$300) - 2 years 5 mos; $29
Current Total: $258.59/$2,700 (9.6% utilization)
I'm leaning towards closing my orchard account. It's got the highest fee, it's not my oldest account, and it's one of my lowest balance cards. I never really use the thing, I really just signed up for it to help me crawl out of the 500's when my CL was much lower. I also have an auto loan through capital one that's helping with my rising credit score. The Credit One card is pretty crummy too though; it's my priority to get paid off as quickly as possible (will be at $0 at the end of March) because their fees are just so high.
But I'm wary of dropping two at once. I've never dropped a card before. I've never even been a position where I could afford to choose to drop cards! LOL
LOL...yea its a great feeling isn't it? I remember when I hand an Orchard also...And hey as you can see I still have the Credit One!! If I were you I would probably get rid of Orchard first....either way you go, they are still going to show on your report for the next 10 years. I do not think you can go wrong with whatever you choose.