Valued Member
spudbro
Posts: 25
Registered: ‎05-21-2012
App Spree & Closing Credit Card Questions
[ Edited ]

‎11-17-2012 09:40 AM - edited ‎11-17-2012 10:37 AM

So I went on an app spree yesterday after all 3 of my secured credit cards hit the 6-7 month mark.

 

I was approved for the following:

1.) AMEX Platinum

2.) Amex Gold Cash Rewards

3.) Chase Sapphire Preferred 6k Limit

4.) Chase Freedom 5k Limit

5.) Capital One- 500 dollar Limit (LOL at capital one)

 

So my questions are the following:

 

1.) Should I call capital one and tell them I do not want the 500 dollar card?

2.) I opened a 3k secured card on 04/12 with capital one. Should I close this?

3.) I opened a 1,200 dollar secured card on 05/12 with bank of america. Should I close this?

4.) I opened a 1,200 dollar secured card on 05/12 with applied bank. Should I close this?

 

Definitely done apping for anything for a while.

 

Please let me know!

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Valued Contributor
trumpet-205
Posts: 1,909
Registered: ‎11-11-2010
Re: App Spree & Closing Credit Card Questions

‎11-17-2012 09:47 AM

Amex Gold Cash Rewards? I think you mean PRG.

 

1.) Should I call capital one and tell them I do not want the 500 dollar card?

You most likely applied "average credit" version of the card (which hands out low limit and high APR). Keep the card for now.

 

2.) I opened a 3k secured card on 04/12 with capital one. Should I close this?

Keep this card for now.

 

3.) I opened a 1,200 dollar secured card on 05/12 with bank of america. Should I close this?

Close this card.

 

4.) I opened a 1,200 dollar secured card on 05/12 with applied bank. Should I close this?

Close this card.

In My Wallet:
Citi Forward (12/2010) | Citi TY Preferred (05/2011) | BofA Travel Rewards (07/2011) | Chase Freedom (11/2011)
GECRB/PayPal (05/2012) | Discover it (07/2012) | US Bank Cash Reward (08/2012) | AMEX BCE (09/2012)
Target (10/2012) | Chase Ink Classic (11/2012) | BofA Balance Rewards (04/2013)
(553 Views)
 
Valued Member
spudbro
Posts: 25
Registered: ‎05-21-2012
Re: App Spree & Closing Credit Card Questions

‎11-17-2012 09:55 AM

trumpet-205 wrote:

Amex Gold Cash Rewards? I think you mean PRG. Correct PRG.

 

1.) Should I call capital one and tell them I do not want the 500 dollar card?

You most likely applied "average credit" version of the card (which hands out low limit and high APR). Keep the card for now.

 

2.) I opened a 3k secured card on 04/12 with capital one. Should I close this?

Keep this card for now.

 

3.) I opened a 1,200 dollar secured card on 05/12 with bank of america. Should I close this?

Close this card.

 

4.) I opened a 1,200 dollar secured card on 05/12 with applied bank. Should I close this?

Close this card.

Thanks for the tips on the others. Curious though are you saying I should keep the capital one secured because of the limit or why?

 

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Valued Contributor
trumpet-205
Posts: 1,909
Registered: ‎11-11-2010
Re: App Spree & Closing Credit Card Questions

‎11-17-2012 10:02 AM

I'd keep one secured card open just so you can build more payment history as you just got 6 new card. Capital One secured is better than BofA and Applied.

In My Wallet:
Citi Forward (12/2010) | Citi TY Preferred (05/2011) | BofA Travel Rewards (07/2011) | Chase Freedom (11/2011)
GECRB/PayPal (05/2012) | Discover it (07/2012) | US Bank Cash Reward (08/2012) | AMEX BCE (09/2012)
Target (10/2012) | Chase Ink Classic (11/2012) | BofA Balance Rewards (04/2013)
(526 Views)
 
Valued Contributor
nicholasyud
Posts: 1,589
Registered: ‎08-13-2012
Re: App Spree & Closing Credit Card Questions

‎11-17-2012 10:08 AM

To play safe : I would continue to keep the account for at a year or two then at the end of the year call those secured Credit Cards company and see if they can waive the fees . Keep everything for at least a years or two years on time payment would be always better.....just my opinion...

Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK
Goal Score: 800

Walmart: 10k | Usaa: 4k | BCE: 3k | Amex Green: NSPL | Cap: 2k | Disco: 1.7k | ORchar: 0.4k

(511 Views)
 
Valued Member
spudbro
Posts: 25
Registered: ‎05-21-2012
Re: App Spree & Closing Credit Card Questions

‎11-17-2012 11:17 AM

trumpet-205 wrote:

I'd keep one secured card open just so you can build more payment history as you just got 6 new card. Capital One secured is better than BofA and Applied.

Should I ask chase to consolidate the freedom and sapphire preffered so I have 1 card (CSP) with an 11k limit?

(461 Views)
 
Frequent Contributor
swpopham
Posts: 421
Registered: ‎06-02-2012
Re: App Spree & Closing Credit Card Questions

‎11-17-2012 12:18 PM

I would close all the cap one cards, close the boa and keep the chase and amex cards. Leave chase separate for the benefits and tradeline
"As long as the music is playing, you've got to get up and dance," he said. "We're still dancing."---Prince CEO Citi Bank

"Money isn't the most important thing in life, but it's reasonably close to oxygen on the "gotta have it" scale". ~Zig Ziglar
(427 Views)
 
Established Contributor
Cadillac-XTS
Posts: 1,837
Registered: ‎08-20-2012
Re: App Spree & Closing Credit Card Questions

‎11-17-2012 01:13 PM

Congrats

(417 Views)
 
Regular Contributor
Tran92
Posts: 213
Registered: ‎09-25-2012
Re: App Spree & Closing Credit Card Questions
[ Edited ]

‎11-17-2012 01:43 PM - edited ‎11-17-2012 01:45 PM

Wow those are some nice cards. Congrats ! :smileyhappy: . You can try calling Cap1 for a CLI before you decide to close it.  Good luck! 

TU 703 (1/13)
GOAL: 700+

As of Nov 2012







(400 Views)
 
Valued Contributor
trumpet-205
Posts: 1,909
Registered: ‎11-11-2010
Re: App Spree & Closing Credit Card Questions

‎11-17-2012 02:43 PM

spudbro wrote:
trumpet-205 wrote:

I'd keep one secured card open just so you can build more payment history as you just got 6 new card. Capital One secured is better than BofA and Applied.

Should I ask chase to consolidate the freedom and sapphire preffered so I have 1 card (CSP) with an 11k limit?

Do you want 5% rotating category from Freedom?

In My Wallet:
Citi Forward (12/2010) | Citi TY Preferred (05/2011) | BofA Travel Rewards (07/2011) | Chase Freedom (11/2011)
GECRB/PayPal (05/2012) | Discover it (07/2012) | US Bank Cash Reward (08/2012) | AMEX BCE (09/2012)
Target (10/2012) | Chase Ink Classic (11/2012) | BofA Balance Rewards (04/2013)
(382 Views)