topic Re: Question in Credit Cards

Question

Anonymous — Tue, 27 Apr 2010 21:56:52 GMT

I currently have 5 ccs now. all of them have very low limits.

i have a:

Captial One MC - $500
Victorias Secret - $250
Cortrust Bank - $250
1st Preimer Bank - $250
and recently opened Best Buy Program Rewards Card - $300

the cortrust and 1st preimier have annual fees and the monthly fee charges.
capital one just has an annual fee and bb has neither.

i was thinking about closing cortrust and 1st premier since i hate the monthly fees and they wont budge on limit increases. i have had cortrust for about 1.5yrs and 1st premier for about a yr.

should i leave them open or close them?

Re: Question

Anonymous — Tue, 27 Apr 2010 22:28:03 GMT

More info please.

Balances on cards, your goals, FICO scores, general history, etc...

Re: Question

Anonymous — Wed, 28 Apr 2010 04:27:38 GMT

Close the Cotrust and the First Premiere. Way too expensive and of no use to you.

Re: Question

Anonymous — Fri, 30 Apr 2010 00:35:50 GMT

scores are 627 EX, 621 EQ, 621 TU

on the Capital One i owe 151

VS i owe 80

Best Buy i havent used yet

Cortrust i owe 70

and 1st Premier i owe nothing.

i would like to be at least 700 by december, i had a 20pt drop across the board from applying at a lot of places last month. so im working my way back up.

Re: Question

Anonymous — Fri, 30 Apr 2010 00:37:25 GMT

@ wolf, i did close the 1st premiere two days ago and paid the balance off.

i was told to at least keep the cortrust since ive had it for 2yrs until my other 3 cards mature in age.

Re: Question

haulingthescoreup — Fri, 30 Apr 2010 03:35:15 GMT

@Anonymous wrote:
@ wolf, i did close the 1st premiere two days ago and paid the balance off.
i was told to at least keep the cortrust since ive had it for 2yrs until my other 3 cards mature in age.

You may not realize this, but closed accounts stay on your reports for 10 years after closing. EQ has a nasty way of losing them a little early, but even they will keep reporting it for a decent while.

This always hurts the brains of those new to credit. Read fused's Closing Credit Cards to help understand how this works.

Re: Question

Anonymous — Fri, 30 Apr 2010 23:29:55 GMT

First premiere has awful terms.

How much are you paying in fees for cotrust card?

Re: Question

Anonymous — Sun, 02 May 2010 03:54:17 GMT

cortrust is $6 a month, $72 a yr.

Re: Question

Anonymous — Sun, 02 May 2010 21:19:10 GMT

@Anonymous wrote:
cortrust is $6 a month, $72 a yr.

That is a huge fee for $250 limit and no perks. If they only charge by the month, keeping it to 2 years might be worth it (barely).

Do they charge you a fee for a CLI, like First Premiere does? If not, you could request a CLI at the 2 year mark and only keep it if they give you a substantial increase.

This card is not a keeper, so plan on getting rid of it, when most advantageous.