topic Re: Advice? in Credit Cards

Advice?

Anonymous — Mon, 17 Jan 2011 08:15:10 GMT

I have to say thanks to all of the amazing information I've been able to get from the boards, since I joined almost 2 years ago I've been able to raise my EQ from 508 to 657 and my TU from 513 to 697. I have the following accounts and CLs and wanted to get some advice from the board on what my next steps should be:

Jared: 3600(400 bal, 0% interest offer), 3/08

Lowes: 7500 (600 bal, 0% interest again), 5/09

Macys: 2000 (50 bal), 2/08

Cap 1: 500 (100 bal), 2/08

Cap 1: 1750 (200 bal), 5/09

Orchard: 300 (0 bal), 7/07

Orchard: 400 (0 bal), 10/07

Hooters: 900 (0 bal), 1/08

Priceline (Barclays): 2000 (0 bal), Just Approved!

I'm thinking of closing the two Orchard Bank cards and the $500 Cap1 card, they're NEVER going to raise the limit on that card. What does everybody think?

Re: Advice?

Anonymous — Mon, 17 Jan 2011 12:27:16 GMT

They are your oldest accounts. Unless you have stiff AF's leave them open. I have a similar one that's twelve years old. No AF, never use.

Re: Advice?

Anonymous — Mon, 17 Jan 2011 22:38:52 GMT

im my opinion i would close..they will continue to report for the next 7 years but they have served their purpose now its to to move on.

even the capone 1750 i'd close it too... i mean you have priceline which can easily be raised to a decent limit but get a decent increase on a capone is an arduous task that you might never succeed in.

actually keep the Capone 1750 open until you get another major credit card then close capone as well because their customer service sucks and since your trying to get away from the lil credit lines you need to close them out.

thats how i did it i closed out all my lines under 2000 once i got my first 5k+ approval and everything has been 5k and up ever since

CLOSE THESE

Cap 1: 500 (100 bal), 2/08

Cap 1: 1750 (200 bal), 5/09

Orchard: 300 (0 bal), 7/07

Orchard: 400 (0 bal), 10/07

Hooters: 900 (0 bal), 1/08

KEEP THESE

Jared: 3600(400 bal, 0% interest offer), 3/08

Lowes: 7500 (600 bal, 0% interest again), 5/09

Macys: 2000 (50 bal), 2/08

Priceline (Barclays): 2000 (0 bal), Just Approved!

@Anonymous wrote:
I have to say thanks to all of the amazing information I've been able to get from the boards, since I joined almost 2 years ago I've been able to raise my EQ from 508 to 657 and my TU from 513 to 697. I have the following accounts and CLs and wanted to get some advice from the board on what my next steps should be:

Jared: 3600(400 bal, 0% interest offer), 3/08
Lowes: 7500 (600 bal, 0% interest again), 5/09
Macys: 2000 (50 bal), 2/08
Cap 1: 500 (100 bal), 2/08
Cap 1: 1750 (200 bal), 5/09
Orchard: 300 (0 bal), 7/07
Orchard: 400 (0 bal), 10/07
Hooters: 900 (0 bal), 1/08
Priceline (Barclays): 2000 (0 bal), Just Approved!

I'm thinking of closing the two Orchard Bank cards and the $500 Cap1 card, they're NEVER going to raise the limit on that card. What does everybody think?

Re: Advice?

amp0804 — Mon, 17 Jan 2011 23:09:59 GMT

Do not close the capital one with the higher limit. That would be stupid. Look at your "mix" of credit. It is all store cards but the capital one and household. I would close those mentioned above but the capital one with the higher limit...you need it.

Re: Advice?

smc733 — Mon, 17 Jan 2011 23:24:21 GMT

@amp0804 wrote:
Do not close the capital one with the higher limit. That would be stupid. Look at your "mix" of credit. It is all store cards but the capital one and household. I would close those mentioned above but the capital one with the higher limit...you need it.

I agree, hang on to the $1,750 CapOne card. That's a fair limit, and one that you can end up hanging on to. Use it for daily expenses.

Re: Advice?

MarineVietVet — Tue, 18 Jan 2011 03:54:26 GMT

Achase wrote:

im my opinion i would close..they will continue to report for the next 7 years but they have served their purpose now its to to move on.

thats how i did it i closed out all my lines under 2000 once i got my first 5k+ approval and everything has been 5k and up ever since

Can you explain what you mean by this? Are you talking about closed accounts still reporting? In most cases it is 10 years after closing but some drop off early and if you're lucky an account will stay past the 10 year mark.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".