@Anonymous wrote:
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?
Probably doesn't matter as AmEx bases their decision on their most recent SP for you. Should is for you to determine using the information in the Closing Credit Cards thread (linked in the Helpful Threads sticky) and your needs/wants.
http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=117125&jump=true
$300 probably won't have much impact if you have $30K total. You can calculate utilization before and after closure to aid you in your decision making.
For scoring purposes at least 2-3 cards are recommended in your mix of credit. If you have 2-3 other cards aside form the secured cards then it's not really needed for this purpose.
Always consider your sources. Keep in mind that myFICO'ers tend to follow the "keep it open if no AF" mantra. However, you need to decide based on your own criteria.
EDIT: Sorry, didn't see that the limit on that card is acutally $750 until later. It's losing the $750 in available credit and not the $300 deposit that would impact utilization when closing the card.
@Anonymous wrote:
Should I pay my balance before they cut the statement or after?
If you want feedback you need to clarify exactly what you're looking to do. The general advice is don't exceed 30% utilization. For optimal scoring purposes (i.e. when applying for new credit, CLI's, etc) let only one balance report at 10% or less. The specific approach you want to take is up to you to determine and you may want to track the effects on your scoring to aid you in your decision making as we can't tell you how many points you stand to gain or if the gain is neglible or if you'll find it worth the effort. Some seem to find joy in squeezing out every possible point every month and fret when a balance posts on a card that wasn't inteded to post a balance or when a card posts a higher balance than intended. Some don't want the hassle. You have to figure out where your management style falls and that will give you your answer.
@compassion101 wrote:
Personally I wouldn't request the amex 61 day increase
I don't see any reason to not request one. As pointed out in the 3X CLI Guide the decision is based on an SP so an HP is not incurred whether approved, counteroffered or denied. If too much is requested a counteroffer will be made if the requstor qualifies for a CLI. If AmEx needs to verify income they will request a 4506-T. If one doesn't want to deal with the 4506-T then one doesn't have to follow through with it and simply loses the CLI.
All that said, one could have other reasons that would weigh in as well.
