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Should I close a credit card now or wait? Open a new card? Advice please

MommyNeedsABreak1
Established Member

Should I close a credit card now or wait? Open a new card? Advice please

I'm still new to this and my goals are so close. I need advice. When should app for new card? Should I go ahead and close the First Premier Card because of the ridiculous fees or wait until it's a year old ? I already paid $95 processing fee and $75 yearly fee. I can't even get a CLI with this card unless I pay $25 for every $100 increase. Should I app another card to replace it with?  My plan was to age all my cards together. I'm not sure where to go from here. Should I app for a better card now or wait ? . Any advice? I plan on using AZEO with my Disco card letting like $20 post each month 
*Revolvers :

-First Premier: $300 SL /opened 4/20

-Disco (secured) $800 SL /opened 4/20

-Ulta (Store Card) $750 SL /opened via SCT 5/20

-Victorias Secret $750 SL /opened via SCT 5/20

UTL at 3% but will drop when scores update (paid off 2 very small balances) 

 

* Installment:
1 Auto Loan 40% paid off opened Sept 2017

(this does have a few 30 day lates all over 14 months ago)


*aaoa 8m/ oldest is a auto loan (2yr 8m)

*0 collections across all reports 

*inq: 3,2,3

 

* **I'm rehabbing 3 SL that we're in default and all have recently fell off my reports due to the 7 year rule and EE request (it worked for TU).  Rehab will be complete in November and those trade lines should be back (I'm assuming) and all my oldest tradelines dating from 2012 -2013.

 

*starting F8 scores 4/20

EX 555,

TU 580,

EQ 550?

*Current F8 scores :

Ex 705 

TU 696

Eq 608 (SL defaults and 1 old collection have been removed but score hasn't updated yet. No other derogs.)
(Ex score is current but Next TU & EQ score update is about 2 weeks away)

I cant believe how much my scores have increased since mid-April. Wow. Thank you all for the tips and advice. My plan is also To try and get those 30 day lates removed via goodwill. Those are the only negative info on my reports now. Any advice is appreciated. What to do from here? Thanks again everyone . Not sure if this should be in the rebuilding thread or here? Sorry 

 

Message 1 of 6
5 REPLIES 5
ImTheDevil
Community Leader
Super Contributor

Re: Should I close a credit card now or wait? Open a new card? Advice please

Congrats on the great improvements so far. I would personally put a bullet through the FP card. It's crap, pure and simple. No need to wait a year - that's commonly the advice for when one wishes to get future cards with a lender and I don't see that being the case for you. In your shoes, I wouldn't and couldn't care less if I angered FP by closing their card "early". 

 

Your UTI is low so you'll be fine there. Try for a CLI on Ulta and VS in July (61 days after opening - that 61 day timeframe works for many of us on CLIs with Comenity-backed cards), and every 61 days thereafter. Keep your reported usage low and in November check prequals for Amex and other majors, or Navy if you have a way in. Check with a local CU if you Bank with one as well, but I'd wait until November so your newest accounts are a full six months old. That'll let your age factors bulk up a little before resetting your AoYRA to zero. Meantime you can go after the 30-lates like you mentioned Smiley Happy



Platinum NPSL | Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | FNBO Prime Visa | PenFed PCR | Navy cashRewards | Navy Platinum | Apple | IT Cash | IT Chrome | GHSFCU Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Sams MC | Firestone | Overstock | Kohl’s | Key Bank auto loan (2017 Audi A6 Premium Plus S-Line)





Message 2 of 6
KLEXH25
Valued Contributor

Re: Should I close a credit card now or wait? Open a new card? Advice please

Hi @MommyNeedsABreak1 

 

I think considering the progress you've already made, there's no need to keep that FP card. I would keep working on any derogatories and building up your current cards. Let your accounts age and your scores grow for a while and then apply for a new card or two. Otherwise you'll just keep getting low limit cards. Keep your rebuild slow and steady. 





Message 3 of 6
MommyNeedsABreak1
Established Member

Re: Should I close a credit card now or wait? Open a new card? Advice please

Thank you! I'll definitely try for the CLI after 61 days. Thanks for the advice. I'll definitely try and wait til Nov to app any other cards. I definitely would prefer some majors over that little First premier card. I'll just keep using Disco as my main card until then. Thanks 😊 

Message 4 of 6
MommyNeedsABreak1
Established Member

Re: Should I close a credit card now or wait? Open a new card? Advice please

Yeah youre right about the low limits . I'll try to get rid of FP and hang on to what I have for a bit longer before apping anymore. Hoping to get some good cards and limits then... thanks 😊 

Message 5 of 6
MommyNeedsABreak1
Established Member

Re: Should I close a credit card now or wait? Open a new card? Advice please

Just an update... the 61 days just passed... I tried for the CLI and got the 7-10 days message Smiley Sad

Message 6 of 6
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