topic Just Wanted to Say Thanks! in Credit Cards

Just Wanted to Say Thanks!

HoneyWholeWheat — Fri, 07 Jun 2013 13:58:38 GMT

Hey guys,

I've been lurking this forum for the past year, learning about credit, and taking some proactive measures about it. A year ago, I was approved for a Secured CapitalOne Mastercard w/ a $200 limit. Because of you're advice, I recently applied for a Citi Student Forward w/ a limit of $3,000!

Now, I'm thinking of cancelling the CapitalOne card; is that a good or bad idea? My annual fee kicks in next month, and I have two store cards dating a year ago, and a Discover card from 2011 that I use daily. Any suggestions?

Re: Just Wanted to Say Thanks!

myjourney — Fri, 07 Jun 2013 14:02:33 GMT

@HoneyWholeWheat wrote:
Hey guys,

I've been lurking this forum for the past year, learning about credit, and taking some proactive measures about it. A year ago, I was approved for a Secured CapitalOne Mastercard w/ a $200 limit. Because of you're advice, I recently applied for a Citi Student Forward w/ a limit of $3,000!

Now, I'm thinking of cancelling the CapitalOne card; is that a good or bad idea? My annual fee kicks in next month, and I have two store cards dating a year ago, and a Discover card from 2011 that I use daily. Any suggestions?

Welcome to the forum

It won't hurt you as its only a $200 TL and it will still report positive history for 10 years

Re: Just Wanted to Say Thanks!

codimom — Fri, 07 Jun 2013 14:47:47 GMT

you are off to a good start! keep up the good work. I would call to cancel the cap one right before the AF hits...they might offer to waive the fee... i dont' think losing a 200.00 cl will hurt your utilization and since its gonna positively report for 10 years, i'd close it anyway!

Re: Just Wanted to Say Thanks!

jamesdwi — Fri, 07 Jun 2013 15:16:00 GMT

Idealy you want 2 major cards(visa, MC, discover, amex) reporting to have better results for other prime APs especially when you move away from Student cards. Its always nice to have one Visa and one MC, just incase you run into a place that doesn't support one or the other.

But good job.

Re: Just Wanted to Say Thanks!

Anonymous — Fri, 07 Jun 2013 15:48:17 GMT

General rule is if it has an AF and you arent' using it and it's limit is fairly low as to not affect UTL%, then close it. It will report for 10 years which by then you should have amassed a nice arsenal of prime cards to pick up the weight.

Re: Just Wanted to Say Thanks!

HoneyWholeWheat — Fri, 07 Jun 2013 16:56:37 GMT

Okay, well here's my scenario:

I'm going away to college, where I plan on gardening for at least a year or two (possibly more). Should I app for something else to make up for the closed Cap1?

Any suggestions for another card?

Re: Just Wanted to Say Thanks!

Creditaddict — Fri, 07 Jun 2013 16:59:12 GMT

@HoneyWholeWheat wrote:
Okay, well here's my scenario:

I'm going away to college, where I plan on gardening for at least a year or two (possibly more). Should I app for something else to make up for the closed Cap1?

Any suggestions for another card?

American Express!

Chase

Bank of America

I would also skip the student version of whatever you apply for.

Re: Just Wanted to Say Thanks!

HoneyWholeWheat — Fri, 07 Jun 2013 17:10:15 GMT

I'm thinking of maybe a BCE from Amex, or Chase Sapphire? I don't know; the thing is I don't know if I'l be working when I'm in school. I feel like that could be a dilemma w/ the CCs.

Re: Just Wanted to Say Thanks!

Anonymous — Fri, 07 Jun 2013 17:11:01 GMT

Amex would be a good choice. to add to the mix after you've gardened a bit. Go Green a charge or Delta Gold for a revolver.

Re: Just Wanted to Say Thanks!

HoneyWholeWheat — Fri, 07 Jun 2013 17:13:12 GMT

My question is would this be problematic if I stopped working and went to school for a while? I mean, I have a savings account and plan on saving, but I don't think I'd be spending like what I'm doing now. Should I try for another card before I go into this long-term gardening, so my CC profile looks good?

Re: Just Wanted to Say Thanks!

atarvuzdar — Fri, 07 Jun 2013 17:14:33 GMT

Being a recovered abuser of CC's when I was in college (and just getting back on the horse a good 15 years later), I think a $3000 limit on your new card is more than sufficient for the next few years. i would sit tight and not go for any additional credit. It can be tempting and, as a student, you may not find it so easy to pay off those obligations when you start racking up the balances on your cards.

Whatever you decide, good luck!

P.S. I would close the CapOne with the fee as well since you have a Discover that is older than it.

Re: Just Wanted to Say Thanks!

Creditaddict — Fri, 07 Jun 2013 17:15:19 GMT

@HoneyWholeWheat wrote:
My question is would this be problematic if I stopped working and went to school for a while? I mean, I have a savings account and plan on saving, but I don't think I'd be spending like what I'm doing now. Should I try for another card before I go into this long-term gardening, so my CC profile looks good?

no, you are being approved now and they don't need to know if you are working or not in the future as long as you are handling your bills and making payments.

If you want BCE I would apply for that... backup plan would be a Gold Charge if I was you but go for it now on the blue.

Re: Just Wanted to Say Thanks!

HoneyWholeWheat — Fri, 07 Jun 2013 17:16:52 GMT

Okay, sounds like a plan. I think I'll consider a BCE; do you think I could get approved?

Re: Just Wanted to Say Thanks!

HoneyWholeWheat — Fri, 07 Jun 2013 17:56:06 GMT

So, I apped for the BCE and was APPROVED.

I'm done; no more CCs for quite some time. Thanks for the help guys you are amazing!!!

Re: Just Wanted to Say Thanks!

Creditaddict — Fri, 07 Jun 2013 19:25:47 GMT

Update with limit... You can call to check it!
Congrats!!

Re: Just Wanted to Say Thanks!

myjourney — Fri, 07 Jun 2013 19:27:08 GMT

@HoneyWholeWheat wrote:
So, I apped for the BCE and was APPROVED.

I'm done; no more CCs for quite some time. Thanks for the help guys you are amazing!!!

Congrats nice card to have

Re: Just Wanted to Say Thanks!

asphaltcowboy — Fri, 07 Jun 2013 20:27:09 GMT

@HoneyWholeWheat wrote:
So, I apped for the BCE and was APPROVED.

I'm done; no more CCs for quite some time. Thanks for the help guys you are amazing!!!

Congrats on your approval, and welcome to the garden!!

Re: Just Wanted to Say Thanks!

RyeBread — Sun, 09 Jun 2013 12:37:45 GMT

Called AMEX, the limit is $2500! Can't wait for the card to come in the mail!

Re: Just Wanted to Say Thanks!

LS2982 — Sun, 09 Jun 2013 14:12:03 GMT

@HoneyWholeWheat wrote:
Hey guys,

I've been lurking this forum for the past year, learning about credit, and taking some proactive measures about it. A year ago, I was approved for a Secured CapitalOne Mastercard w/ a $200 limit. Because of you're advice, I recently applied for a Citi Student Forward w/ a limit of $3,000!

Now, I'm thinking of cancelling the CapitalOne card; is that a good or bad idea? My annual fee kicks in next month, and I have two store cards dating a year ago, and a Discover card from 2011 that I use daily. Any suggestions?