topic Re: App Spree & Closing Credit Card Questions in Credit Cards

App Spree & Closing Credit Card Questions

spudbro — Sat, 17 Nov 2012 18:37:02 GMT

So I went on an app spree yesterday after all 3 of my secured credit cards hit the 6-7 month mark.

I was approved for the following:

1.) AMEX Platinum

2.) Amex Gold Cash Rewards

3.) Chase Sapphire Preferred 6k Limit

4.) Chase Freedom 5k Limit

5.) Capital One- 500 dollar Limit (LOL at capital one)

So my questions are the following:

1.) Should I call capital one and tell them I do not want the 500 dollar card?

2.) I opened a 3k secured card on 04/12 with capital one. Should I close this?

3.) I opened a 1,200 dollar secured card on 05/12 with bank of america. Should I close this?

4.) I opened a 1,200 dollar secured card on 05/12 with applied bank. Should I close this?

Definitely done apping for anything for a while.

Please let me know!

Re: App Spree & Closing Credit Card Questions

trumpet-205 — Sat, 17 Nov 2012 17:47:52 GMT

Amex Gold Cash Rewards? I think you mean PRG.

1.) Should I call capital one and tell them I do not want the 500 dollar card?

You most likely applied "average credit" version of the card (which hands out low limit and high APR). Keep the card for now.

2.) I opened a 3k secured card on 04/12 with capital one. Should I close this?

Keep this card for now.

3.) I opened a 1,200 dollar secured card on 05/12 with bank of america. Should I close this?

Close this card.

4.) I opened a 1,200 dollar secured card on 05/12 with applied bank. Should I close this?

Close this card.

Re: App Spree & Closing Credit Card Questions

spudbro — Sat, 17 Nov 2012 17:55:47 GMT

@trumpet-205 wrote:
Amex Gold Cash Rewards? I think you mean PRG. Correct PRG.

1.) Should I call capital one and tell them I do not want the 500 dollar card?
You most likely applied "average credit" version of the card (which hands out low limit and high APR). Keep the card for now.

2.) I opened a 3k secured card on 04/12 with capital one. Should I close this?
Keep this card for now.

3.) I opened a 1,200 dollar secured card on 05/12 with bank of america. Should I close this?
Close this card.

4.) I opened a 1,200 dollar secured card on 05/12 with applied bank. Should I close this?
Close this card.

Thanks for the tips on the others. Curious though are you saying I should keep the capital one secured because of the limit or why?

Re: App Spree & Closing Credit Card Questions

trumpet-205 — Sat, 17 Nov 2012 18:02:35 GMT

I'd keep one secured card open just so you can build more payment history as you just got 6 new card. Capital One secured is better than BofA and Applied.

Re: App Spree & Closing Credit Card Questions

nicholasyud — Sat, 17 Nov 2012 18:08:35 GMT

To play safe : I would continue to keep the account for at a year or two then at the end of the year call those secured Credit Cards company and see if they can waive the fees . Keep everything for at least a years or two years on time payment would be always better.....just my opinion...

Re: App Spree & Closing Credit Card Questions

spudbro — Sat, 17 Nov 2012 19:17:52 GMT

@trumpet-205 wrote:
I'd keep one secured card open just so you can build more payment history as you just got 6 new card. Capital One secured is better than BofA and Applied.

Should I ask chase to consolidate the freedom and sapphire preffered so I have 1 card (CSP) with an 11k limit?

Re: App Spree & Closing Credit Card Questions

swpopham — Sat, 17 Nov 2012 20:18:12 GMT

I would close all the cap one cards, close the boa and keep the chase and amex cards. Leave chase separate for the benefits and tradeline

Re: App Spree & Closing Credit Card Questions

Anonymous — Sat, 17 Nov 2012 21:13:05 GMT

Congrats

Re: App Spree & Closing Credit Card Questions

Tran92 — Sat, 17 Nov 2012 21:45:03 GMT

Wow those are some nice cards. Congrats ! . You can try calling Cap1 for a CLI before you decide to close it. Good luck!

Re: App Spree & Closing Credit Card Questions

trumpet-205 — Sat, 17 Nov 2012 22:43:40 GMT

@spudbro wrote:
@trumpet-205 wrote:
I'd keep one secured card open just so you can build more payment history as you just got 6 new card. Capital One secured is better than BofA and Applied.
Should I ask chase to consolidate the freedom and sapphire preffered so I have 1 card (CSP) with an 11k limit?

Do you want 5% rotating category from Freedom?

Re: App Spree & Closing Credit Card Questions

Anonymous — Mon, 19 Nov 2012 15:35:07 GMT

I'd like to provide a different view.

Never close the Freedom because it's free and it helps AAoA + good cash back

Close the CapitalOne, because you have their "limited credit" cards, and they have no growth.

Keep the Bank of America open because it can grow with you, and you can reallocate credit lines if you want another BofA card (say Virgin Atlantic or Hawaiian airlines)