topic Re: Annual Fees, AAoA, Utilization - Noob Questions in Credit Cards

Annual Fees, AAoA, Utilization - Noob Questions

Anonymous — Thu, 01 Jun 2017 14:16:16 GMT

Long time lurker. In the midst of rebuilding and I'm wondering if I should go ahead and close out my cards which carry an annual fee. Below is a summary of what I have and what I wondering if I should cut:

1. Cap1 - Opened Apr 1, 2015 (Keeping this)

2. Credit One - Opened Feb 1, 2014 (Should I Cancel)?

3. First Premier - Opened Aug 1, 2013 (Should I Cancel)?

4. Merrick Bank - Opened Mar 1, 2014 (I think I might keep. They've been decent and I think I can get the AF waived at this point).

Anyhoo, any suggestions on whether I should cancel 2 and 3 above. Doing so will not affect my current utilization as they're all 0 balances except for about 1% on the Cap1. With that said, my AAoA is

4.2 years on EX

2.9 years on TU

3.5 years on EQ

My TU and EX are clean, EQ is still a bit dirty.

Mjb

Re: Annual Fees, AAoA, Utilization - Noob Questions

Anonymous — Thu, 01 Jun 2017 15:07:11 GMT

What are your FICO08 scores like? Real scores, not Credit Karma FAKO scores.

Re: Annual Fees, AAoA, Utilization - Noob Questions

Anonymous — Thu, 01 Jun 2017 15:10:02 GMT

@Anonymous wrote:
What are your FICO08 scores like? Real scores, not Credit Karma FAKO scores.

TU: 721

EX: 701

EQ: 670

Re: Annual Fees, AAoA, Utilization - Noob Questions

Anonymous — Thu, 01 Jun 2017 15:11:40 GMT

With those scores you can qualify for some decent prime cards. Use the Amex prequalification page to check. Also if you have a relationship with Chase, use their preapprovals page or ask in branch for your preapproval list. Then close any subprime cards with AF. also check the Discover prequal page and see if they offer you a card with a small range of APRs (usually means a solid preapproval).

Re: Annual Fees, AAoA, Utilization - Noob Questions

Anonymous — Thu, 01 Jun 2017 15:17:10 GMT

@Anonymous wrote:
With those scores you can qualify for some decent prime cards. Use the Amex prequalification page to check. Also if you have a relationship with Chase, use their preapprovals page or ask in branch for your preapproval list. Then close any subprime cards with AF. also check the Discover prequal page and see if they offer you a card with a small range of APRs (usually means a solid preapproval).

Sweet - thanks for the advice.