Barclay

[Anonymous]

I have been discharged since January.  I immediatly got a credit one card with a $600 limit.  I used it for 3 months, don't use anymore, and then recieved 2 cap one cards at $3000 limit each.  I pay them off each month and only let 9% or less report on 1 cap one card.  Scores are transunion 698 experian 708 and equifax 654.  I have 5 inquires on equifax, 1 recent from cap one.  Tranunion has one and experian has 2.  My question is I would like to get rid of credit one but want 3 cards reporting.  Should I wait 6 months to apply for barclays or apply now.  If I apply which card do i apply for.  Thanks for your help

[Taoron]

Let the Credit One help build for 1 year and then cancel it before the new fee starts.  I just cancelled my first card out of BK earlier this month (Credit One) due to their fee.

They will try to get you to stay as hard as possible.  And on top of that, they haven't even cancelled the card yet.  I still have an account that shows a limit and daily emails showing $0 usage.

I will have to call them again and tell them to make sure it's cancelled.

[Scupra]

Like Taoron said, leave the Credit One open and cancel before the fee hits. I would say you are probably good for a Barclay card. You may have to recon but you have a good TU score and low inquiries and that should help. What card do you have in mind?

[Guyatthebeach]

I would wait until you have at least 6 months of activity reporting on your CR's before applying with Barclays. IMO as long as you have you FICO over 650 with no late payments and recent inquiries,you be able to get approved for a Barclay CC. I have 3 cards with them and love the service I get from them!

Guyatthebeach

[sylviagarcia]

Question: By closing the CreditOne before the Annual Fee charges.. did this by any chance hurt your score? I keep hearing we are to keep all accounts opened.

[Scupra]

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@sylviagarcia wrote:

Question: By closing the CreditOne before the Annual Fee charges.. did this by any chance hurt your score? I keep hearing we are to keep all accounts opened.

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A closed account "paid as agreed" will stay on your reports for a minimum of 10 years, so no

[sylviagarcia]

Thanks for the info.. So why is it that everywhere I read it states not to close any accounts -- so many information is so confusing and contradictory that its hard to know what's right or wrong.. Either way.. thanks so muc h

[Scupra]

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@sylviagarcia wrote:

Thanks for the info.. So why is it that everywhere I read it states not to close any accounts -- so many information is so confusing and contradictory that its hard to know what's right or wrong.. Either way.. thanks so muc h

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The only reason you wouldn't want to close a card is if it was going to impact your utilization. Heck, if it was your oldest TL and DIDN"T have an AF I would say keep it open. Paying the AF isn't worth it though.

[sylviagarcia]

I agree with you in regards to the AF. 

The utilization won't be affected because I just got my Discover card with more CL and it is not my oldest TL so thanks I will go ahead and close it.  Although my Merrick Visa (Secured) is the oldest TL because it survied my BK so that one is kinda iffy.. :/  I guess I'll just have to wait a little longer to close it.  Again, thanks for the input.

[klarso11]

The problem with closing cards is when it shortens your credit history. So if all but one of your cards are 1 year old and 1 card is 4 years old you hurt your score a bit if you close the oldest card. On the other hand annual fees suck!