topic Re: Need Advice: need to close and open? in Credit Cards

Need Advice: need to close and open?

aaxelson — Fri, 31 May 2024 16:03:36 GMT

Hi all,

So I just recently had a total of 8 cards. They're all pretty much 'starter cards'. I have the full intention on opening at least a NFCU and an Amex but I'm having a go at what cards I should keep before applying for those and which I should close. Here's the list of what I have currently and what I've already closed:

Cap1 QS: $1650 AF:$39 - 4y/o

Cap1 Plat: $700 AF:$0 - 5y/o

Cap1/Wal: $800 AF:$0 - 4y/o

Cred1: $1050 AF:$99 - 4y/o

Cred1: $1400 AF:$39 - 2y/o

Destiny: $300 AF:$99 - 3y/o

(CLOSED this month)

Milestone: $300 AF:$99 - 4y/o (CLOSED this month)

Indigo: $500 AF:$125 - 3y/o

(CLOSED this month)

Auth User:

Shell: $700 - 20y/o

Chase Business: $20k - just added

I am thinking about combining all of my cap1 to the 0 AF and closing the rest, as well as closing both creditone cards, but then that will basically leave me with only one card left in my name, but the CL would be at $3,150. So, should I apply for the new Amex and NFCU and then change & close the cards or should I do all of that first and then apply?

Thanks in advance for your thoughts.

S/N: I just got my score to 700

Re: Need Advice: need to close and open?

JoeRockhead — Fri, 31 May 2024 16:36:26 GMT

@aaxelson wrote:
Hi all,

So I just recently had a total of 8 cards. They're all pretty much 'starter cards'. I have the full intention on opening at least a NFCU and an Amex but I'm having a go at what cards I should keep before applying for those and which I should close. Here's the list of what I have currently and what I've already closed:

Cap1 QS: $1650 AF:$39 - 4y/o
Cap1 Plat: $700 AF:$0 - 5y/o
Cap1/Wal: $800 AF:$0 - 4y/o
Cred1: $1050 AF:$99 - 4y/o Close
Cred1: $1400 AF:$39 - 2y/o Close
Destiny: $300 AF:$99 - 3y/o Close
(CLOSED this month)
Milestone: $300 AF:$99 - 4y/o (CLOSED this month)
Indigo: $500 AF:$125 - 3y/o
(CLOSED this month)

Auth User:
Shell: $700 - 20y/o
Chase Business: $20k - just added

I am thinking about combining all of my cap1 to the 0 AF and closing the rest, as well as closing both creditone cards, but then that will basically leave me with only one card left in my name, but the CL would be at $3,150. So, should I apply for the new Amex and NFCU and then change & close the cards or should I do all of that first and then apply?

Thanks in advance for your thoughts.
S/N: I just got my score to 700

I'm in the camp of closing the sub prime cards highlighted... as for the order of which to do all this, I'd probably apply for your desired cards and if you get approvals, then close the unwanted cards down at that time.

Re: Need Advice: need to close and open?

House1204 — Fri, 31 May 2024 17:10:20 GMT

I don't think Cap One combines cards anymore.

Re: Need Advice: need to close and open?

ForwardLooking — Fri, 31 May 2024 17:29:09 GMT

While the Credit 1 cards are not the best, I would keep them open until you get something to replace their credit limits. Both NFCU and AMEX have been great to me and extended me enough credit to where I felt comfortable closing my old Credit 1 cards. Just be careful with AMEX and understand that their charge cards (Platinum, Gold, Green, etc...) will not count towards your total credit limit on your reports and will not be a good replacement for your Credit 1 cards in this reguard. Also, you may want to look at Discover it, it is a great intermediate card and could replace your Credit 1 card limits with no annual fee.

Re: Need Advice: need to close and open?

SouthJamaica — Fri, 31 May 2024 20:52:27 GMT

@aaxelson wrote:
Hi all,

So I just recently had a total of 8 cards. They're all pretty much 'starter cards'. I have the full intention on opening at least a NFCU and an Amex but I'm having a go at what cards I should keep before applying for those and which I should close. Here's the list of what I have currently and what I've already closed:

Cap1 QS: $1650 AF:$39 - 4y/o
Cap1 Plat: $700 AF:$0 - 5y/o
Cap1/Wal: $800 AF:$0 - 4y/o
Cred1: $1050 AF:$99 - 4y/o
Cred1: $1400 AF:$39 - 2y/o
Destiny: $300 AF:$99 - 3y/o
(CLOSED this month)
Milestone: $300 AF:$99 - 4y/o (CLOSED this month)
Indigo: $500 AF:$125 - 3y/o
(CLOSED this month)

Auth User:
Shell: $700 - 20y/o
Chase Business: $20k - just added

I am thinking about combining all of my cap1 to the 0 AF and closing the rest, as well as closing both creditone cards, but then that will basically leave me with only one card left in my name, but the CL would be at $3,150. So, should I apply for the new Amex and NFCU and then change & close the cards or should I do all of that first and then apply?

Thanks in advance for your thoughts.
S/N: I just got my score to 700

I think you need to approach it gradually, don't do anything drastic. Just close one at a time, and then give it some time before the next. I would not close the Capital One cards.

Re: Need Advice: need to close and open?

ptatohed — Fri, 31 May 2024 21:48:10 GMT

I'd for sure ax those AF cards. I'd keep them until close to the renewal time but, one by one, I'd close each right before the renewal / AF. In the meantime, you can apply for new cards you want. You may want to choose cards that will show you a preapproval and your limit using a SP before you apply.

Does Cap 1 allow a PC of the QS AF card to the QS1 non-AF card?

Re: Need Advice: need to close and open?

Snook_on_the_Line — Sat, 01 Jun 2024 02:09:38 GMT

I'm my own recent experience credit one will waive your annual fee for six months at a time if you call and tell them that you are thinking about closing all your af cards

I called them in march and talked to a CSR and asked if they could waive the fee and give me a cli so I could justify keeping the card seeing as my scores are good enough now to get no fee cards with better limits.

they transferred me to an account manager who said no to the cli because I just got one two weeks prior but did waive the annual fee and credited back the last two months of fees that I'd already paid.

Re: Need Advice: need to close and open?

Snook_on_the_Line — Sat, 01 Jun 2024 02:12:01 GMT

@ptatohed wrote:
I'd for sure ax those AF cards. I'd keep them until close to the renewal time but, one by one, I'd close each right before the renewal / AF. In the meantime, you can apply for new cards you want. You may want to choose cards that will show you a preapproval and your limit using a SP before you apply.

Does Cap 1 allow a PC of the QS AF card to the QS1 non-AF card?

If your looking for a preapproval tool that will tell you your Apr and credit limit you could try Regions Bank.

Re: Need Advice: need to close and open?

aaxelson — Sat, 01 Jun 2024 02:36:18 GMT

@JoeRockhead wrote:
@aaxelson wrote:
Hi all,

So I just recently had a total of 8 cards. They're all pretty much 'starter cards'. I have the full intention on opening at least a NFCU and an Amex but I'm having a go at what cards I should keep before applying for those and which I should close. Here's the list of what I have currently and what I've already closed:

Cap1 QS: $1650 AF:$39 - 4y/o
Cap1 Plat: $700 AF:$0 - 5y/o
Cap1/Wal: $800 AF:$0 - 4y/o
Cred1: $1050 AF:$99 - 4y/o Close
Cred1: $1400 AF:$39 - 2y/o Close
Destiny: $300 AF:$99 - 3y/o Close
(CLOSED this month)
Milestone: $300 AF:$99 - 4y/o (CLOSED this month)
Indigo: $500 AF:$125 - 3y/o
(CLOSED this month)

Auth User:
Shell: $700 - 20y/o
Chase Business: $20k - just added

I am thinking about combining all of my cap1 to the 0 AF and closing the rest, as well as closing both creditone cards, but then that will basically leave me with only one card left in my name, but the CL would be at $3,150. So, should I apply for the new Amex and NFCU and then change & close the cards or should I do all of that first and then apply?

Thanks in advance for your thoughts.
S/N: I just got my score to 700
I'm in the camp of closing the sub prime cards highlighted... as for the order of which to do all this, I'd probably apply for your desired cards and if you get approvals, then close the unwanted cards down at that time.

Okay. The Destiny was already closed along with the two below it. That's the order I was thinking, but I just wanted to be sure before making any moves. Thank you!

Re: Need Advice: need to close and open?

aaxelson — Sat, 01 Jun 2024 02:22:53 GMT

Oh no! I guess it won't hurt me then to double check with them first. I thought I had seen the option somewhere in my app but on second look, it's not there.

@House1204 wrote:
I don't think Cap One combines cards anymore.

Re: Need Advice: need to close and open?

aaxelson — Sat, 01 Jun 2024 02:25:10 GMT

@ForwardLooking wrote:
While the Credit 1 cards are not the best, I would keep them open until you get something to replace their credit limits. Both NFCU and AMEX have been great to me and extended me enough credit to where I felt comfortable closing my old Credit 1 cards. Just be careful with AMEX and understand that their charge cards (Platinum, Gold, Green, etc...) will not count towards your total credit limit on your reports and will not be a good replacement for your Credit 1 cards in this reguard. Also, you may want to look at Discover it, it is a great intermediate card and could replace your Credit 1 card limits with no annual fee.

Yea, I am still not sure if I am ready for the charge cards just yet, so I was considering two of the non-charge ones with AMEX. I certainly love the idea of no annual fee, so I will look into Discover for sure. Thank you!

Re: Need Advice: need to close and open?

aaxelson — Sat, 01 Jun 2024 02:28:34 GMT

@SouthJamaica wrote:
@aaxelson wrote:
Hi all,

So I just recently had a total of 8 cards. They're all pretty much 'starter cards'. I have the full intention on opening at least a NFCU and an Amex but I'm having a go at what cards I should keep before applying for those and which I should close. Here's the list of what I have currently and what I've already closed:

Cap1 QS: $1650 AF:$39 - 4y/o
Cap1 Plat: $700 AF:$0 - 5y/o
Cap1/Wal: $800 AF:$0 - 4y/o
Cred1: $1050 AF:$99 - 4y/o
Cred1: $1400 AF:$39 - 2y/o
Destiny: $300 AF:$99 - 3y/o
(CLOSED this month)
Milestone: $300 AF:$99 - 4y/o (CLOSED this month)
Indigo: $500 AF:$125 - 3y/o
(CLOSED this month)

Auth User:
Shell: $700 - 20y/o
Chase Business: $20k - just added

I am thinking about combining all of my cap1 to the 0 AF and closing the rest, as well as closing both creditone cards, but then that will basically leave me with only one card left in my name, but the CL would be at $3,150. So, should I apply for the new Amex and NFCU and then change & close the cards or should I do all of that first and then apply?

Thanks in advance for your thoughts.
S/N: I just got my score to 700
I think you need to approach it gradually, don't do anything drastic. Just close one at a time, and then give it some time before the next. I would not close the Capital One cards.

That's certainly sensible enough. Thank you!

What sort of timeframe would be considered gradual when it comes to closing them?

Re: Need Advice: need to close and open?

aaxelson — Sat, 01 Jun 2024 02:32:35 GMT

@ptatohed wrote:
I'd for sure ax those AF cards. I'd keep them until close to the renewal time but, one by one, I'd close each right before the renewal / AF. In the meantime, you can apply for new cards you want. You may want to choose cards that will show you a preapproval and your limit using a SP before you apply.

Does Cap 1 allow a PC of the QS AF card to the QS1 non-AF card?

Definitely! That's why I like the idea of AMEX because they do a SP first. I'm going to call Cap1 on Monday to see. I am not learning that they might not even offer PC or CL transfer at all.

Re: Need Advice: need to close and open?

SouthJamaica — Sat, 01 Jun 2024 02:33:23 GMT

@aaxelson wrote:
@SouthJamaica wrote:
@aaxelson wrote:
Hi all,

So I just recently had a total of 8 cards. They're all pretty much 'starter cards'. I have the full intention on opening at least a NFCU and an Amex but I'm having a go at what cards I should keep before applying for those and which I should close. Here's the list of what I have currently and what I've already closed:

Cap1 QS: $1650 AF:$39 - 4y/o
Cap1 Plat: $700 AF:$0 - 5y/o
Cap1/Wal: $800 AF:$0 - 4y/o
Cred1: $1050 AF:$99 - 4y/o
Cred1: $1400 AF:$39 - 2y/o
Destiny: $300 AF:$99 - 3y/o
(CLOSED this month)
Milestone: $300 AF:$99 - 4y/o (CLOSED this month)
Indigo: $500 AF:$125 - 3y/o
(CLOSED this month)

Auth User:
Shell: $700 - 20y/o
Chase Business: $20k - just added

I am thinking about combining all of my cap1 to the 0 AF and closing the rest, as well as closing both creditone cards, but then that will basically leave me with only one card left in my name, but the CL would be at $3,150. So, should I apply for the new Amex and NFCU and then change & close the cards or should I do all of that first and then apply?

Thanks in advance for your thoughts.
S/N: I just got my score to 700
I think you need to approach it gradually, don't do anything drastic. Just close one at a time, and then give it some time before the next. I would not close the Capital One cards.
That's certainly sensible enough. Thank you!

What sort of timeframe would be considered gradual when it comes to closing them?

I would say wait a couple of months each time.

Re: Need Advice: need to close and open?

aaxelson — Sat, 01 Jun 2024 02:35:28 GMT

@Snook_on_the_Line wrote:
I'm my own recent experience credit one will waive your annual fee for six months at a time if you call and tell them that you are thinking about closing all your af cards

I called them in march and talked to a CSR and asked if they could waive the fee and give me a cli so I could justify keeping the card seeing as my scores are good enough now to get no fee cards with better limits.

they transferred me to an account manager who said no to the cli because I just got one two weeks prior but did waive the annual fee and credited back the last two months of fees that I'd already paid.

Ooh! That's an interesting idea. I neveer thought of that. I foolishly called to see if they could drop the AF altogether, but that isn't standard practice, like anywhere. haha I'll give them a call to try it ths way.

Re: Need Advice: need to close and open?

aaxelson — Sat, 01 Jun 2024 02:37:59 GMT

@Snook_on_the_Line wrote:
@ptatohed wrote:
I'd for sure ax those AF cards. I'd keep them until close to the renewal time but, one by one, I'd close each right before the renewal / AF. In the meantime, you can apply for new cards you want. You may want to choose cards that will show you a preapproval and your limit using a SP before you apply.

Does Cap 1 allow a PC of the QS AF card to the QS1 non-AF card?
If your looking for a preapproval tool that will tell you your Apr and credit limit you could try Regions Bank.

I never thought of Regions Bank. I'll add that in. Thank you!

Re: Need Advice: need to close and open?

aaxelson — Sat, 01 Jun 2024 02:39:02 GMT

@SouthJamaica wrote:
@aaxelson wrote:
@SouthJamaica wrote:
@aaxelson wrote:
Hi all,

So I just recently had a total of 8 cards. They're all pretty much 'starter cards'. I have the full intention on opening at least a NFCU and an Amex but I'm having a go at what cards I should keep before applying for those and which I should close. Here's the list of what I have currently and what I've already closed:

Cap1 QS: $1650 AF:$39 - 4y/o
Cap1 Plat: $700 AF:$0 - 5y/o
Cap1/Wal: $800 AF:$0 - 4y/o
Cred1: $1050 AF:$99 - 4y/o
Cred1: $1400 AF:$39 - 2y/o
Destiny: $300 AF:$99 - 3y/o
(CLOSED this month)
Milestone: $300 AF:$99 - 4y/o (CLOSED this month)
Indigo: $500 AF:$125 - 3y/o
(CLOSED this month)

Auth User:
Shell: $700 - 20y/o
Chase Business: $20k - just added

I am thinking about combining all of my cap1 to the 0 AF and closing the rest, as well as closing both creditone cards, but then that will basically leave me with only one card left in my name, but the CL would be at $3,150. So, should I apply for the new Amex and NFCU and then change & close the cards or should I do all of that first and then apply?

Thanks in advance for your thoughts.
S/N: I just got my score to 700
I think you need to approach it gradually, don't do anything drastic. Just close one at a time, and then give it some time before the next. I would not close the Capital One cards.
That's certainly sensible enough. Thank you!

What sort of timeframe would be considered gradual when it comes to closing them?
I would say wait a couple of months each time.

Perfect! Thank you so much!