topic Re: Approved for Chase SPF :) ...what to do with other card ? in Credit Cards

Approved for Chase SPF :) ...what to do with other card ?

Anonymous — Mon, 27 Jun 2016 19:41:07 GMT

Hi everyone! So I just applied for the Chase Sapphire Preferred and was approved for $5,000 limit! I just opened and closed not to long ago a Capital one quick silver visa which I kind of regret but hey it is what it is. My dad thought I only had 2 cards but now I have 4. He feels close one account (i never told him about capital one). I have a BankAmericard Visa with no rewards that I opened last year for a balance transfer which is almost paid off $297/$3500 limit. I'm debating on paying it off and just closing the account since I won't be using it at all. Sounds like a good idea or am I better off waiting 2-6 mths to do so. As of now I have $15,000 in limits in order from oldest to newest that are open/closed:

-Discover IT card $405/$2500

-Chase Freedom $2644/$4000 **used for down payment on New car...paying off in 2 months**

-Chase Amazon $0/3000 closed right away after opened

-Bank Americard- $297/$3500

CapOne Quick silver $0/$10,000 closed right away after open

-Chase Sapphire Preferred $0/$5000

Re: Approved for Chase SPF :) ...what to do with other card ?

Ghoshida — Mon, 27 Jun 2016 19:55:22 GMT

@Anonymous wrote:
Hi everyone! So I just applied for the Chase Sapphire Preferred and was approved for $5,000 limit! I just opened and closed not to long ago a Capital one quick silver visa which I kind of regret but hey it is what it is. My dad thought I only had 2 cards but now I have 4. He feels close one account (i never told him about capital one). I have a BankAmericard Visa with no rewards that I opened last year for a balance transfer which is almost paid off $297/$3500 limit. I'm debating on paying it off and just closing the account since I won't be using it at all. Sounds like a good idea or am I better off waiting 2-6 mths to do so. As of now I have $15,000 in limits in order from oldest to newest that are open/closed:
-Discover IT card $405/$2500
-Chase Freedom $2644/$4000 **used for down payment on New car...paying off in 2 months**
-Chase Amazon $0/3000 closed right away after opened
-Bank Americard- $297/$3500
CapOne Quick silver $0/$10,000 closed right away after open
-Chase Sapphire Preferred $0/$5000

Whether you want to keep or close a card is entirely your call.

Even if you close a card now, the history will stay for 10 years.

However:

(1) You have taken a hard pull and a reduction in account age by opening a card. Why not make up for it by using it for some rewards?

(2) If you have a card that doesn't have a reward scheme, why don't you check with the bank if they're going to change it into a rewards earning card without doing another hard pull / new application?

I'm not sure I understand your logic of opening and then immediately closing the Chase Amazon and the Capital One Quicksilver. Did you at least earn the sign up bonuses?

Also not sure about this: "My dad thought I only had 2 cards but now I have 4." How is it relevant? Are yours and your father's credit somehow linked, as in joint accounts, authorized accounts, etc.? In any of those cases, if you need permission from your father to open a new account, take the permission before submitting the application, not after that. You're only hurting your credit profile by opening new accounts that you either don't need, or can't justify to your father.

Discover It, Chase Freedom, and Chase Sapphire Preferred are all excellent reward earning cards. Try to evaluate how you can make the best use of them on daily spending. And see if the BofA card can be changed into something more useful.

Re: Approved for Chase SPF :) ...what to do with other card ?

Anonymous — Mon, 27 Jun 2016 20:05:01 GMT

He thought I had two c.c. I have 4 now and no they're all under my name. I don't need permission to open any lol. The Boa card doesn't offer anything so I may just close it i dont know yet. The other two I closed was I wasn't to impressed with the rewards so I closed it asap without using the card.

Re: Approved for Chase SPF :) ...what to do with other card ?

Anonymous — Mon, 27 Jun 2016 22:23:53 GMT

@Anonymous wrote:
Hi everyone! So I just applied for the Chase Sapphire Preferred and was approved for $5,000 limit! I just opened and closed not to long ago a Capital one quick silver visa which I kind of regret but hey it is what it is. My dad thought I only had 2 cards but now I have 4. He feels close one account (i never told him about capital one). I have a BankAmericard Visa with no rewards that I opened last year for a balance transfer which is almost paid off $297/$3500 limit. I'm debating on paying it off and just closing the account since I won't be using it at all. Sounds like a good idea or am I better off waiting 2-6 mths to do so. As of now I have $15,000 in limits in order from oldest to newest that are open/closed:
-Discover IT card $405/$2500
-Chase Freedom $2644/$4000 **used for down payment on New car...paying off in 2 months**
-Chase Amazon $0/3000 closed right away after opened
-Bank Americard- $297/$3500
CapOne Quick silver $0/$10,000 closed right away after open
-Chase Sapphire Preferred $0/$5000

I'd stay out of the habit of opening and closing cards so quickly. The only time it makes sense is if you're snagging a signup bonus, and even then, you should wait 6 months before you jump to close it. On a Quicksilver (not a half-bad card not sure why you closed it) or BofA, I don't see the point.

With that said, I'd pay off your highest interest rate balances first and move down until you're current, and once your BofA is paid to zero, go ahead and close it if you don't need it, and if it's been six months (sounds like it has since you said you got it last year). With your good portfolio I'd have no qualms about closing a no-rewards card opened in 2015.

Congrats on the CSP approval.

Re: Approved for Chase SPF :) ...what to do with other card ?

Anonymous — Mon, 27 Jun 2016 22:36:12 GMT

Another thing to keep in mind. If you are carrying balances, having a total overall higher available credit helps your score significantly. That extra 13.5k you closed would have helped your score a lot since it would bring your utilization way down. Now you took the hit on the hard pulls & AAoA while reaping no benefits. Nothing wrong at all with wanting only a few cards, but you kinda just shot yourself in the foot here. Whatever you decide, either way, all will be healed in time.

Re: Approved for Chase SPF :) ...what to do with other card ?

Anonymous — Mon, 27 Jun 2016 22:41:10 GMT

Yes like it's been mentioned. Keep open for utilization. That 10k from capital one would go long way for you regarding utilization factor.

Re: Approved for Chase SPF :) ...what to do with other card ?

Anonymous — Mon, 27 Jun 2016 22:47:45 GMT

@Anonymous wrote:
He thought I had two c.c. I have 4 now and no they're all under my name. I don't need permission to open any lol. The Boa card doesn't offer anything so I may just close it i dont know yet. The other two I closed was I wasn't to impressed with the rewards so I closed it asap without using the card.

I suggest you read "myjourney's" sig

Re: Approved for Chase SPF :) ...what to do with other card ?

RonM21 — Tue, 28 Jun 2016 23:12:14 GMT

I like the idea of keeping it open for utilization purposes. It's your decision though, and you want to make the best decision based on your personal situation.

Re: Approved for Chase SPF :) ...what to do with other card ?

kdm31091 — Wed, 29 Jun 2016 01:03:43 GMT

Be careful opening and closing cards rapidly. It doesn't make you look good to creditors. Creditors like stability. Even if you are not running up debt, constantly opening and closing does you no favors.