One more Amex 3X CLI question.....

[Anonymous]

Hi Everybody. Grateful to be here and I have a few questions about Amex 3X CLI.

As a proud new member since the 16th, I've been trying for figure the best way to go about this. I was approved for $8500 and this is my highest limit to date after cleaning up the wreckage of really poor credit. In the process of rebuilding nearly two years ago, I bought a secured Cap 1 for $300. Used and paid it over and over again, then applied for store cards, and other unsecured cards. I now have about 30K available credit and I'm actually blown away and really excited about it. I'm very proud of myself, but my main question is this: Should I close the secured card and get the $300 back, or just keep it open? If I do close it, should I wait till AFTER the 61 days with AMEX? Does it even matter?

The next question I have been reading mixed results all over this forum. Should I pay my balance before they cut the statement or after? Usually, with all my other cards, I just pay them as I see them. I'm kind of obsessed with it and I find it relaxing......sort of like a hobby. However, I'll pay any way I can to insure the CLI. I realize there are no guarantees, but anyone's own experience will be helpful.

Really, though, I think closing the Cap 1 secured card is my most burning question.

I realize this can be a tired subject, so please forgive the redundancy. 

This forum is awesome and I wouldn't have achieved what I've achieved without the knowledge of you good people. Thank you so much!

[FinStar]

There's a great wealth of information on the following thread which can answer some of your specific questions:

http://ficoforums.myfico.com/t5/Credit-Card-Applications/The-Definitive-Amex-3X-CLI-Guide/td-p/18110...

[Anonymous]

That guide is awesome, thanks. However (and maybe I'm missing something), it doesn't address the question of closing the secured account.

I will keep researching.

Thanks!

[Anonymous]

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@Anonymous wrote:

That guide is awesome, thanks. However (and maybe I'm missing something), it doesn't address the question of closing the secured account.

I will keep researching.

Thanks!

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In my opinion, if the secured card doesn't have an AF, then keep it. If it does, close it.

It sounds like you have a fairly thin credit profile still, and the secured card is your oldest or nearly oldest revolving account. Unless and until you have a clear reason to close it, sock drawer it and let it age, at least, until it has two full years of good payment history attached to it, which is all thats reflected on your reports.

After you close it, it will still help your AAoA for 10 years.

[Chris679]

Personally I would close it if they will not unsecure the card. If you are asking if that will affect your CLI from Amex I would not worry about that at all. Also feel free to pay your balances whenever you want to, on time of course.

[taxi818]

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@Anonymous wrote:

That guide is awesome, thanks. However (and maybe I'm missing something), it doesn't address the question of closing the secured account.

I will keep researching.

Thanks!

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It depends. So what you're saying you have 300 on cap one card. In most cases. Cap one cards are only partially secured. So most will have about 150 or less invested Imo it's worth leaving that chump change on  the card and lwttheyears grow your score even further. I have a 1k secure cap 1. But only  149 dollars of my own money. That little cash won't help me at all. So I leave the card open   But. Ymmv. 

[compassion101]

Close the card. There's better use for your $300

Personally I wouldn't request the amex 61 day increase esp. if it is your biggest limit by far. But I know many here would so gl if you do

[Anonymous]

Thanks for the input! 

I should have been more clear. The CL on the Cap 1 is $750, of which $300 is mine. I think I'll call them today and see if they'll do a PC without a HP. Not sure if that's possible, but I'm going to try. Couldn't hurt.

I have a the Discover It with 4K and a Freedom with $6500 (auto bump after 60 days from $4000), so the $8500 isn't a huge leap. Maybe I exaggerated "by far" a bit. 

Thanks again folks. 

[taxi818]

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@Anonymous wrote:

Thanks for the input! 

I should have been more clear. The CL on the Cap 1 is $750, of which $300 is mine. I think I'll call them today and see if they'll do a PC without a HP. Not sure if that's possible, but I'm going to try. Couldn't hurt.

I have a the Discover It with 4K and a Freedom with $6500 (auto bump after 60 days from $4000), so the $8500 isn't a huge leap. Maybe I exaggerated "by far" a bit. 

Thanks again folks. 

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Yes it would hurt. But they don't PC secured. In that case. Just close and re app for no secured. Which they will be happy to do.  I'm actually surprised how generous cap one has become over the last year. Is that your ony cap one? Or do you have another ? 

[Anonymous]

Thanks. That makes poerfect sense.

No, I have no other Cap 1. I got that to build my credit and I have to say it worked very well. I used the heck out of it and PIF every month and they bumped me up to $750 after about 8 months or so, to my surprise. 

I can't remember if there's an AF. At the time I got a FP card and dumped that joke about 6 months ago. Anyway, I'm calling to see if there is a fee. If so, I'm going to 86 it. If not, I'll keep in the drawer. 

I'm addicted to the credit game and I never want to loose again.