topic Re: Close CC and open up new (better) CC starting out? in Credit Cards

Close CC and open up new (better) CC starting out?

Anonymous — Sun, 11 Jul 2021 02:00:50 GMT

Hello

I am new to rebuilding my credit. I opened up an builder unsecured CC 4 months ago (using the AZEO method) and have imporved my score a lot (550-->740). Unfortunately its a terrible card as most of these are ($300 limit and $75 AF!). I cannot increase the limit. I was thinking of closing it after 2 more months and opening up the Discover It reward card. I know I will take a hit but will it be that bad if the CC i close hasnt had any longevity? I plan to keep the new CC around a long time. I just dont want to pay fees and have a dumb low limit. thanks!

Re: Close CC and open up new (better) CC starting out?

Binner — Sun, 11 Jul 2021 02:08:46 GMT

550 to 740 in four months? You shouldnt worry about your cards and write a book instead. LOL!

Re: Close CC and open up new (better) CC starting out?

Horseshoez — Sun, 11 Jul 2021 02:13:51 GMT

@Anonymous wrote:
Hello
I am new to rebuilding my credit. I opened up an builder unsecured CC 4 months ago (using the AZEO method) and have imporved my score a lot (550-->740). Unfortunately its a terrible card as most of these are ($300 limit and $75 AF!). I cannot increase the limit. I was thinking of closing it after 2 more months and opening up the Discover It reward card. I know I will take a hit but will it be that bad if the CC i close hasnt had any longevity? I plan to keep the new CC around a long time. I just dont want to pay fees and have a dumb low limit. thanks!

Hmmm, 550 to 740 in four months; I'm thinking highly unlikely. What scores are you talking about and where did you get them?

Re: Close CC and open up new (better) CC starting out?

Anonymous — Sun, 11 Jul 2021 02:27:13 GMT

fico9 sorry 580 not 550. anyway, any advice? TY!

Re: Close CC and open up new (better) CC starting out?

Binner — Sun, 11 Jul 2021 02:38:04 GMT

Sorry... its hard to give advice when that takes a person at least 2-3 years normally. Not sure what youve done or doing.

Re: Close CC and open up new (better) CC starting out?

Horseshoez — Sun, 11 Jul 2021 02:40:46 GMT

@Anonymous wrote:
fico9 sorry 580 not 550. anyway, any advice? TY!

@Binner wrote:
Sorry... its hard to give advice when that takes a person at least 2-3 years normally. Not sure what youve done or doing.

Agreed! @Anonymous, if you're really on the level, you should be giving everybody else advice.

Re: Close CC and open up new (better) CC starting out?

GatorGuy — Sun, 11 Jul 2021 02:48:05 GMT

I would open the Discover card. The point of good credit is to use it. Your score will recover.

Re: Close CC and open up new (better) CC starting out?

Anonymous — Sun, 11 Jul 2021 03:01:52 GMT

So according to chase Credit Journey...MY vantage score was a 517 on 4-17-2021 and I had NEVER had a FICO (im 42 and always paid cash) and now I do have all 3 FICOS and use the premium MyFico and my FICO8 scores are EQ-803, TU-818 and EX-789 (as of 7-8-2021) so i guess I'd be politely called a liar to if I asked a question? Much less that my first unsecured CC i got approved for was the CSR

Re: Close CC and open up new (better) CC starting out?

Binner — Sun, 11 Jul 2021 03:03:23 GMT

Not calling you a liar, just saying I can't give advice for something I didnt know was possible.

Re: Close CC and open up new (better) CC starting out?

Horseshoez — Sun, 11 Jul 2021 03:18:41 GMT

@Anonymous wrote:
So according to chase Credit Journey...MY vantage score was a 517 on 4-17-2021 and I had NEVER had a FICO (im 42 and always paid cash) and now I do have all 3 FICOS and use the premium MyFico and my FICO8 scores are EQ-803, TU-818 and EX-789 (as of 7-8-2021) so i guess I'd be politely called a liar to if I asked a question? Much less that my first unsecured CC i got approved for was the CSR

Nope, you came on here and qualified the how and the why; that goes a long way toward credibility.

Re: Close CC and open up new (better) CC starting out?

Anonymous — Sun, 11 Jul 2021 03:23:38 GMT

Fair enough 😆

Re: Close CC and open up new (better) CC starting out?

FinStar — Sun, 11 Jul 2021 03:48:28 GMT

@Horseshoez wrote:
@Anonymous wrote:
fico9 sorry 580 not 550. anyway, any advice? TY!
@Binner wrote:
Sorry... its hard to give advice when that takes a person at least 2-3 years normally. Not sure what youve done or doing.
Agreed! @Anonymous, if you're really on the level, you should be giving everybody else advice.

@Horseshoez/ @Binner - the OP came here for advice on CC suggestions given their op -- not giving everybody else advice or write a book. They have already clarified their score version, do you have any productive suggestions for them?

@Anonymous- if your FICO scores have dramatically improved in such a short period, then perhaps you can see if any of the [SP] pre-qualification sites may have any offers for you. You can try Discover or others listed in the link below:

https://ficoforums.myfico.com/t5/General-Credit-Topics/Soft-pull-PREAPPROVALs-Updated-4-20-21/td-p/5938753

Besides the particular card you mentioned, do you have any other tradelines reporting? You mentioned AZEO, what other revolving cards do you have? What is your AAoA? The FICO9 score you mentioned, is that from TransUnion or..? Are there any derogs still present on your reports?

Re: Close CC and open up new (better) CC starting out?

Anonymous — Sun, 11 Jul 2021 12:00:37 GMT

Hi thanks! I did a bunch of things. I got 2 negative tradelines removed. I paid down SL debt too. I have only 1 Ccard now. Yup thats my Q: should I get rid of my crappy credit builder CC and replace it w a better terms one? Or keep both of them?

Re: Close CC and open up new (better) CC starting out?

Anonymous — Sun, 11 Jul 2021 12:03:44 GMT

Thanks,should I get rid of my 4 month long starter CC?

Re: Close CC and open up new (better) CC starting out?

coldfusion — Sun, 11 Jul 2021 14:11:59 GMT

I would suggest you first identify the replacement card you want, get it, and use it for several weeks before cancelling your current card.

Thankfully you've got 8 months before a new annual fee on the existing card, so you don't have to act out of a sense of urgency .

Re: Close CC and open up new (better) CC starting out?

Ezk37 — Sun, 08 Aug 2021 18:14:19 GMT

Would I be correct to suggest that canceling the old crappy CC would not effect AAoA? I was told that closing old accounts doesn't take them off your report for up to 10 years.

Re: Close CC and open up new (better) CC starting out?

Horseshoez — Sun, 08 Aug 2021 18:19:33 GMT

@Ezk37 wrote:
Would I be correct to suggest that canceling the old crappy CC would not effect AAoA? I was told that closing old accounts doesn't take them off your report for up to 10 years.

You were informed correctly.