topic Re: Which to cancel in Credit Cards

Which to cancel

Sbrooks1 — Sun, 17 Jul 2016 20:59:53 GMT

Need to cancel one more cars and keep 4 of the prime cards open-- would you cancel Merrick with a 700 CL or GM buy power with only 300 CL - these are my two lowest limit cards and was proud to get the GM but at 300 what can I do with it ? MB is subprime so that's a good reason to cancel!

Re: Which to cancel

Anonymous — Sun, 17 Jul 2016 21:04:04 GMT

OP, do you have an AF on either of those cards? Yes Merrick is a subprime card but both seem to have pretty low limits. What other cards do you have?

Re: Which to cancel

grillandwinemaster — Sun, 17 Jul 2016 21:21:13 GMT

Need more info. Please post all your cards with their respective cl's for Best guidance and direction.

Re: Which to cancel

Sbrooks1 — Sun, 17 Jul 2016 21:24:16 GMT

Cap one QS 0/2000
Care credit 0/1000
Citi DC 0/2500
Fh 0/2200 keeping this because it's my oldest line
MB 0/700 no AF
Gm buy power 0/300 no AF

Re: Which to cancel

Anonymous — Sun, 17 Jul 2016 21:26:03 GMT

How much do you spend on your cards each month? Would it hurt if you just cancelled both of the cards?

Re: Which to cancel

Sbrooks1 — Sun, 17 Jul 2016 21:27:09 GMT

Spend about 2000 and PIF , I hate to cancel the world elite even with the low limit 😍

Re: Which to cancel

Anonymous — Sun, 17 Jul 2016 21:54:05 GMT

Then it looks like you already know what you want to do. Cancel the MB card and see if you can get the GM card to grow with you.

Re: Which to cancel

Sbrooks1 — Sun, 17 Jul 2016 22:44:56 GMT

I know! Feels silly keeping a 300 limit card!

Re: Which to cancel

Anonymous — Mon, 18 Jul 2016 15:09:10 GMT

Canceling the subprime card seems to be a good idea.

Re: Which to cancel

Closingracer99 — Mon, 18 Jul 2016 16:25:44 GMT

@Sbrooks1 wrote:
Cap one QS 0/2000
Care credit 0/1000
Citi DC 0/2500
Fh 0/2200 keeping this because it's my oldest line
MB 0/700 no AF
Gm buy power 0/300 no AF

I assume FH is fingerhut? I would close it .... Might be the oldest but if they are all pretty new by the time it falls off your reports your other ones will be basically as old.

Re: Which to cancel

Anonymous — Mon, 18 Jul 2016 16:32:22 GMT

Keep in mind that the Buy Power card is a credit steps card too. Run a little through it and PIF and the CL will probably be higher than Merrick in 6 months.

Re: Which to cancel

Anonymous — Mon, 18 Jul 2016 18:40:51 GMT

Cancel your Quicksilver and move your line over to the GM card. If you have a Citi Double cash, the Quicksilver is pointless to have.

Re: Which to cancel

creditguy — Mon, 18 Jul 2016 18:52:13 GMT

@Anonymous wrote:
Cancel your Quicksilver and move your line over to the GM card. If you have a Citi Double cash, the Quicksilver is pointless to have.

Unfortunately that is not possible. The co branded buypower cannot be combined with a regular Cap One card like the QS.

Re: Which to cancel

creditguy — Mon, 18 Jul 2016 18:54:42 GMT

If your narrowing it down to either Merrick of Buypower than the choice is obvious, eliminate Merrick. Merrick has an AF and limited growth. Buypower on the other hand is free of a AF and actually can grow, albeit inconsistently but nonetheless it's possible, plus it's a cheap way to carry a WEMC if you like that.

Re: Which to cancel

Anonymous — Mon, 18 Jul 2016 18:59:42 GMT

@Sbrooks1 wrote:
Need to cancel one more cars and keep 4 of the prime cards open-- would you cancel Merrick with a 700 CL or GM buy power with only 300 CL - these are my two lowest limit cards and was proud to get the GM but at 300 what can I do with it ? MB is subprime so that's a good reason to cancel!

Is the GM your oldest account? Do you use it? If the answer to both of those is no, cancel it.

Dump Merrick as well- as you noted, subprime and they charge an AF I believe.

Re: Which to cancel

Closingracer99 — Mon, 18 Jul 2016 19:13:00 GMT

@Anonymous wrote:
@Sbrooks1 wrote:
Need to cancel one more cars and keep 4 of the prime cards open-- would you cancel Merrick with a 700 CL or GM buy power with only 300 CL - these are my two lowest limit cards and was proud to get the GM but at 300 what can I do with it ? MB is subprime so that's a good reason to cancel!
Is the GM your oldest account? Do you use it? If the answer to both of those is no, cancel it.

Dump Merrick as well- as you noted, subprime and they charge an AF I believe.

eh but 5% on the card in return for a car is a decent perk if you're planning on buying or leasing a GM branded car.

Re: Which to cancel

Anonymous — Mon, 18 Jul 2016 21:54:23 GMT

@creditguy wrote:
@Anonymous wrote:
Cancel your Quicksilver and move your line over to the GM card. If you have a Citi Double cash, the Quicksilver is pointless to have.
Unfortunately that is not possible. The co branded buypower cannot be combined with a regular Cap One card like the QS.

This is what I don't understand. Capital One is the one lending out the money, not GM.

So why would Capital One care if you combine the limits into one card?

Re: Which to cancel

daybreakgonesXe — Mon, 18 Jul 2016 21:56:29 GMT

@Anonymous wrote:
@creditguy wrote:
@Anonymous wrote:
Cancel your Quicksilver and move your line over to the GM card. If you have a Citi Double cash, the Quicksilver is pointless to have.
Unfortunately that is not possible. The co branded buypower cannot be combined with a regular Cap One card like the QS.
This is what I don't understand. Capital One is the one lending out the money, not GM.

So why would Capital One care if you combine the limits into one card?

It's a different branch of Cap One. I think before the buyout it used to be part of HSBC, since the website format is still the same as what HSBC's used to be. They'll eventually completely convert it over to the mainstream Cap One, but in the meantime they're almost like two separate entities.

Re: Which to cancel

Anonymous — Mon, 18 Jul 2016 22:04:00 GMT

@Closingracer99 wrote:
@Anonymous wrote:
@Sbrooks1 wrote:
Need to cancel one more cars and keep 4 of the prime cards open-- would you cancel Merrick with a 700 CL or GM buy power with only 300 CL - these are my two lowest limit cards and was proud to get the GM but at 300 what can I do with it ? MB is subprime so that's a good reason to cancel!
Is the GM your oldest account? Do you use it? If the answer to both of those is no, cancel it.

Dump Merrick as well- as you noted, subprime and they charge an AF I believe.
eh but 5% on the card in return for a car is a decent perk if you're planning on buying or leasing a GM branded car.

Agreed and that's why I asked him if he uses the account. If redeeming the rewards for a GM car was a priority for him he would be using the card. If not, he should cancel it.

Re: Which to cancel

Anonymous — Mon, 18 Jul 2016 22:05:31 GMT

Merrick.