topic Re: What do you think... in Credit Cards

What do you think...

Andy77 — Thu, 27 Sep 2012 05:22:07 GMT

So, I want to make Barclays the card I use all the time...I wanted to close the following accounts and transfer the balances to Barclays and or pay

Have a discharged bk from Sept 2009 (back story just to let you know)

I have LOTS of inquiries 37 on EX, 19 on TU, 14 on EQ

Close the following:

cap one limit 750 bal 250 ( hate capital one)

cap one limit 850 bal 275 (I hate capital one)

first premier limit 600 bal 475 (don't need anymore)

orchard limit 1000 bal 330 (don't need anymore)

Keep the following:

barclays limit 3500 bal 2650 - but pay 700 per wk...use and pay it etc... balance fluctuates a lot (opened 11/2011)

citi limit 200 bal o (would like to grow with citi) THIS IS MY OLDEST ACCT opened sept 2009

So, I wanted to keep barclays and citi and close the rest, with the hope that I can convince Barclays that I would like a higher CL by my usage and the fact that the only other card I have is a Citi card with a 200 limit.

My limit in 9 month of usage of the Barclays went from limit of 1700 to 3500 with analyst recon and I would imagine with heavy use/pay I can get another increase in a year or less

What does everyone think?

Bad idea from the utilization standpoint??

Re: What do you think...

LS2982 — Thu, 27 Sep 2012 09:24:12 GMT

@Andy77 wrote:

So, I want to make Barclays the card I use all the time...I wanted to close the following accounts and transfer the balances to Barclays and or pay

Have a discharged bk from Sept 2009 (back story just to let you know)

I have LOTS of inquiries 37 on EX, 19 on TU, 14 on EQ

Close the following:

cap one limit 750 bal 250 ( hate capital one)
cap one limit 850 bal 275 (I hate capital one)
first premier limit 600 bal 475 (don't need anymore)
orchard limit 1000 bal 330 (don't need anymore)

Keep the following:

barclays limit 3500 bal 2650 - but pay 700 per wk...use and pay it etc... balance fluctuates a lot (opened 11/2011)
citi limit 200 bal o (would like to grow with citi) THIS IS MY OLDEST ACCT opened sept 2009

So, I wanted to keep barclays and citi and close the rest, with the hope that I can convince Barclays that I would like a higher CL by my usage and the fact that the only other card I have is a Citi card with a 200 limit.

My limit in 9 month of usage of the Barclays went from limit of 1700 to 3500 with analyst recon and I would imagine with heavy use/pay I can get another increase in a year or less

What does everyone think?
Bad idea from the utilization standpoint??

Have you tried the exexcutive number for increases yet? How long has the cap1 cards been opened?

Re: What do you think...

Anonymous — Thu, 27 Sep 2012 14:58:29 GMT

@Andy77 wrote:

So, I want to make Barclays the card I use all the time...I wanted to close the following accounts and transfer the balances to Barclays and or pay

Have a discharged bk from Sept 2009 (back story just to let you know)

I have LOTS of inquiries 37 on EX, 19 on TU, 14 on EQ

Close the following:

cap one limit 750 bal 250 ( hate capital one)
cap one limit 850 bal 275 (I hate capital one)
first premier limit 600 bal 475 (don't need anymore)
orchard limit 1000 bal 330 (don't need anymore)

Keep the following:

barclays limit 3500 bal 2650 - but pay 700 per wk...use and pay it etc... balance fluctuates a lot (opened 11/2011)
citi limit 200 bal o (would like to grow with citi) THIS IS MY OLDEST ACCT opened sept 2009

So, I wanted to keep barclays and citi and close the rest, with the hope that I can convince Barclays that I would like a higher CL by my usage and the fact that the only other card I have is a Citi card with a 200 limit.

My limit in 9 month of usage of the Barclays went from limit of 1700 to 3500 with analyst recon and I would imagine with heavy use/pay I can get another increase in a year or less

What does everyone think?
Bad idea from the utilization standpoint??

You need to pay off all of the cards that you plan on closing. When you close a card with a balance, it reports as being maxed out. If you are able to pay $700 a wk, then pay them off. Why have balances spread across the cards? I would suggest keeping them open, just from a responsibility stand point. If you are able to show that you have handled several cards effectively, then it will look better than 1 large card (IMO).

Once the balances are payed off, let that report for a couple months and then call for a CLI. I think youll be able to get a much higher CLI this way.

Re: What do you think...

youngandcreditwrthy — Thu, 27 Sep 2012 15:29:51 GMT

I wouldn't close any of them unless they have AFs or any other costly fees. just keep the balances at $0 and use them every six months or so to keep 'em active. you could SD(sockdrawer) them.

Re: What do you think...

Anonymous — Thu, 27 Sep 2012 15:30:38 GMT

@youngandcreditwrthy wrote:
I wouldn't close any of them unless they have AFs or any other costly fees. just keep the balances at $0 and use them every six months or so to keep 'em active. you could SD(sockdrawer) them.

Re: What do you think...

Andy77 — Thu, 27 Sep 2012 22:32:37 GMT

So getting rid of all my cards that have anual fees means I would pay off and close

cap one

orchard

first premier

Bank of America has a fee, but its a prime bank so wanna keep that open

so staying open would be

barclays 3500cl

citi 200 cl

boa 500 cl

what do you think?

Re: What do you think...

creditnocash — Fri, 28 Sep 2012 00:16:50 GMT

but the af are anually. so pay off the cards and keep a 0 balance.

then before the annual fee hits close the card with a 0 balance and it reports as paid as agreed and helps your credit for 10 years before it falls off.

but if the cards are less then a year old id call the number on the back and threaten to close unless they waive the af. usually that works.

Re: What do you think...

Anonymous — Fri, 28 Sep 2012 02:32:10 GMT

@Andy77 wrote:

So getting rid of all my cards that have anual fees means I would pay off and close

cap one
cap one
orchard
first premier

Bank of America has a fee, but its a prime bank so wanna keep that open

so staying open would be

barclays 3500cl
citi 200 cl
boa 500 cl

what do you think?

Good plan