topic Re: 2 yrs to 700 question...closing a cc account in Bankruptcy

2 yrs to 700 question...closing a cc account

bunga7 — Wed, 02 Sep 2015 22:46:09 GMT

I'm 23 mos post BK7 and I want to close a secured card before I get another $25 fee, next month. Does anyone think I will get dinged on score. The CC was first opened by me post discharge. I have three other nonsecured, 2 from 2 different CU's...both visa, 1500 limit on both. A walmart 500 limit. and auto loan and rebuilder loan.

I can (probably) covert to insecured, but don't want hardpull, and it's likely a low limit. The card is from Fifth Third bank. Not sure what to do. Oh scores range from 670 to 680 TU and EXQ is from MyFico, EXP from EXP.

Not sure what to do.

Re: 2 yrs to 700 question...closing a cc account

CH-7-Mission-Accomplished — Wed, 02 Sep 2015 23:01:33 GMT

I'm 24 months from filing, 21 months from discharge, scores 685-695.

If it were me, I would keep the card and pay another year's fee. Anytime you upset the apple cart with FICO, you can get unpredictable results.

Also, you have spent a year developing a credit relationship with 5th 3rd. Why not go a little further and unsecure the thing when it's time? Yes, it may be a low limit to start, but surely it will grow.

And then again, your score may be just fine if you close it. But for me, I'm not doing anything to upset the apple cart until I see 700/700/700, hopefully within 3 more months.

Re: 2 yrs to 700 question...closing a cc account

bunga7 — Wed, 02 Sep 2015 23:18:38 GMT

That's exactly what I was thinking...do I upset the apple cart? Originally, I was going to buy a house in a few months, but I've decided to wait another 9-12 mos, until I've finished PhD. The decide where I'm going to live.

Re: 2 yrs to 700 question...closing a cc account

Scupra — Wed, 02 Sep 2015 23:21:58 GMT

After closing the card it will remain on your reports for about 10 years. Closing it will not change your AAoA

Re: 2 yrs to 700 question...closing a cc account

bunga7 — Wed, 02 Sep 2015 23:30:05 GMT

I know. And I have some long accounts that are student loans. So I do have 4 accounts that we'rent discharged. I just think if I'm going to upgrade it, it's a hp and no assurance it will be approved. I tried it in the spring and was denied. I may be better either keeping it secured, or closing and looking for a better card. It's the only account I still have with the bank. (They ticked me off when they denied me) so I switched everything to CU. I hate banks.

I'm positive if I asked for an increase at the CU I'd get it, but is it worth the HP? It's a tough decision what will help my score most. OH, and it's only a 300 limit. The low limit might be hurting even more?

Re: 2 yrs to 700 question...closing a cc account

Scupra — Thu, 03 Sep 2015 18:50:14 GMT

Personally I would close it. That is your choice though No need to be paying an AF on a card that isn't growing with you.

Re: 2 yrs to 700 question...closing a cc account

CH-7-Mission-Accomplished — Thu, 03 Sep 2015 18:54:32 GMT

@bunga7 wrote:
I know. And I have some long accounts that are student loans. So I do have 4 accounts that we'rent discharged. I just think if I'm going to upgrade it, it's a hp and no assurance it will be approved. I tried it in the spring and was denied. I may be better either keeping it secured, or closing and looking for a better card. It's the only account I still have with the bank. (They ticked me off when they denied me) so I switched everything to CU. I hate banks.

I'm positive if I asked for an increase at the CU I'd get it, but is it worth the HP? It's a tough decision what will help my score most. OH, and it's only a 300 limit. The low limit might be hurting even more?

Little acorns grow into giant oak trees. Just ask some of the people on here who had $300 Cap 1 cards that are now at 30K-plus.

When you have developed a good relationship with a lender, you should maximize that relationship.

Re: 2 yrs to 700 question...closing a cc account

bunga7 — Fri, 04 Sep 2015 22:44:20 GMT

@CH-7-Mission-Accomplished wrote:
@bunga7 wrote:
I know. And I have some long accounts that are student loans. So I do have 4 accounts that we'rent discharged. I just think if I'm going to upgrade it, it's a hp and no assurance it will be approved. I tried it in the spring and was denied. I may be better either keeping it secured, or closing and looking for a better card. It's the only account I still have with the bank. (They ticked me off when they denied me) so I switched everything to CU. I hate banks.

I'm positive if I asked for an increase at the CU I'd get it, but is it worth the HP? It's a tough decision what will help my score most. OH, and it's only a 300 limit. The low limit might be hurting even more?

Little acorns grow into giant oak trees. Just ask some of the people on here who had $300 Cap 1 cards that are now at 30K-plus.

When you have developed a good relationship with a lender, you should maximize that relationship.

It's a secured card that won't turn to secured. And it's the only account I have with that bank.

Re: 2 yrs to 700 question...closing a cc account

bunga7 — Tue, 08 Sep 2015 22:03:29 GMT

@Scupra wrote:
Personally I would close it. That is your choice though No need to be paying an AF on a card that isn't growing with you.

Just an update...I went to my CU and asked for a CLI. She said they do a softpull every 6 mos, and my last sp with exp was 680 last month. She said iif it's the same they'll upgrade to Platinum Visa with a 5K CL (from my current 1K, and much better rate). So I ran with it and they did. I feel better about dropping the secured now before the AF.

So, 1 month shy of 2 yrs after BK Discharge, I'm at 680 on two CR. Not 700, but I'm very happy! I'm also hoping that I'll get little bump soon because my total cl overall doubled.

Re: 2 yrs to 700 question...closing a cc account

Scupra — Wed, 09 Sep 2015 18:55:08 GMT

@bunga7 wrote:
@Scupra wrote:
Personally I would close it. That is your choice though No need to be paying an AF on a card that isn't growing with you.
Just an update...I went to my CU and asked for a CLI. She said they do a softpull every 6 mos, and my last sp with exp was 680 last month. She said iif it's the same they'll upgrade to Platinum Visa with a 5K CL (from my current 1K, and much better rate). So I ran with it and they did. I feel better about dropping the secured now before the AF.

So, 1 month shy of 2 yrs after BK Discharge, I'm at 680 on two CR. Not 700, but I'm very happy! I'm also hoping that I'll get little bump soon because my total cl overall doubled.

Nice! Def get rid of the AF card now Congrats