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WANT TO REPLACE MY SUBPRIME CARDS!!!

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nelson_xxiii
Regular Contributor

WANT TO REPLACE MY SUBPRIME CARDS!!!

What's up community? I am wanting to upgrade my starter/subprime cards that helped me get here but truthfully are an eyesore on my credit report. I've worked super hard to get here to the mid 600s from the high 400s just a year and a half ago. I currently have 2 credit one cards. $300 on a secured (1st card I ever got) and a $500 plat unsecured. I also have a $500 PNC secured. None of these cards graduate and I didn't even know that when I got them nor did I do research but honestly, at the time I was just happy I could even get a card. 

Fast forward to today, I still have those 3 plus an AU on a 6 yr old Cap One card w/ a $3k limit and AU on a Discover It w/ $2k limit. Totaling 5 totals cards. Also have 2 auto leases and a mortgage i'm closing on, on the 23rd of this month. 

i'm thinking when I close on this house I can go on an app spree for some more respectable and upgraded cards with rewards and then close these subpar cards! Would you guys recommend that? Some of the cards I have my eyes on would be a Cap One card such as a QS or better, Discover It and Apple card. Thanks in advance. 

CURRENT FICO 8:





GOAL FICO 8 SCORES:




Mortgage 02/23 $370k | 2 Auto Leases $30k | 1 Personal Loan $2k | Rebuilding (No BK)
Message 1 of 24
23 REPLIES 23
chiapet28213
Member

Re: WANT TO REPLACE MY SUBPRIME CARDS!!!

Congrats on the new house.  I have asked this question a few times before regarding canceling starter cards, etc.  To be honest I have gotten different answers each time.  I personally don't think those two subpar cards are helping anymore.  It may lower the length of credit history, but I am thinking the new house and new better cards can absorb the cancelled cards.

Message 2 of 24
Mdowning30
Established Contributor

Re: WANT TO REPLACE MY SUBPRIME CARDS!!!

If closing the cards dont affect your credit utilization drastically, then it should be okay to say goodbye because they will still reflect on your reports for 10 years. My first card was a $200 secured Capital One card that i closed early 2022.

Chase Freedom Unlimited : $6000 | Discover It Chrome : $3500 | AmEx CS Investor : $6000 | Chase Sapphire Preferred : $5000 | Chase Amazon Prime : $2000 | AmEx Hilton Surpass : $1000 | AmEx Business Plus : $2000 | AmEx Platinum CS : POT $2800 | Tower Federal CU : $15,000 | Lowes Commercial Account : $1,000 | WF Bilt Mastercard : $4,000 | Shell Fleet Plus : $1,000
Total Credit Limit : $42500
Experian FICO 8 : 700
| TransUnion FICO 8 : 688 | Experian FICO 9 : 665
Starting Score: 512
Current Score: 700
Goal Score: 700+

Take the myFICO Fitness Challenge
Message 3 of 24
Horseshoez
Senior Contributor

Re: WANT TO REPLACE MY SUBPRIME CARDS!!!


@chiapet28213 wrote:

Congrats on the new house.  I have asked this question a few times before regarding canceling starter cards, etc.  To be honest I have gotten different answers each time.  I personally don't think those two subpar cards are helping anymore.  It may lower the length of credit history, but I am thinking the new house and new better cards can absorb the cancelled cards.


Cancelling your starter cards will not in any way lower the length of the credit history.  Long story short, close those turkeys when it is convenient.

Chapter 13:

  • Burned: AMEX, Chase, Citi, Wells Fargo, and South County Bank (now Bank of Southern California)
  • Filed: 26-Feb-2015
  • MoC: 01-Mar-2015
  • 1st Payment (posted): 23-Mar-2015
  • Last Payment (posted): 07-Feb-2020
  • Discharged: 04-Mar-2020
  • Closed: 23-Jun-2020

 

I categorically refuse to do AZEO!

In the proverbial sock drawer:
Message 4 of 24
nelson_xxiii
Regular Contributor

Re: WANT TO REPLACE MY SUBPRIME CARDS!!!

Man, I'm happy to hear that everyone agrees that they should go. I plan to delete 1 for 1, so if I get the QS from cap one, once it reports for the 1st time then I would close the $300 secured credit one trash card. And when I get a 2nd card then I will close the next PNC secured card and so forth. I currently have no balance on any cards, even the AU cards so UTI isn't a problem at the moment either. Just ready to gradutae to big boy cards and put these high AF cards with no rewards and no CLIs behind me once and for all. 

 

Ultimately, a 700 score across all 3 bureaus and an AMEX miles card such as the Delta card or CAP ONE venture card is the goal!!

CURRENT FICO 8:





GOAL FICO 8 SCORES:




Mortgage 02/23 $370k | 2 Auto Leases $30k | 1 Personal Loan $2k | Rebuilding (No BK)
Message 5 of 24
Drifter73
Established Contributor

Re: WANT TO REPLACE MY SUBPRIME CARDS!!!

I'm about to start staging the closing of some of my sub primes, but first I added a few prime lenders.

 

Starting next month, when my Utilization goes down again, I'll be cutting 1 card per 30 days until my three bottom cards are closed (peta1 = $1400, Oportun = $1800, and MissionLane = $1600). The $5k bread 2% I got last week compensates for all threes limits being removed, but I want to have the card in hand and activated before I start cutting.

 

My suggestion would be to research and focused on the prime cards that will benefit you the most in categories you already spend in daily (e.g. 5%cb gas, groceries, etc or a 2%cb everything to fill in the gaps).

 

Generally, cards you use the most as daily drivers and pay ontime will grow faster and are less prone to credit limit decreases later compared to hitting the cli buttons all the time for padding but not really using the limits requested.

 

Everyone's different, but for me, I wanted %5cb on gas, groceries, restaurants, and cell phone bill the most being my daily spend categories. So those where my first targets.

 

After that I went for 2%cb everything with no caps and also enjoy myWalgreens 10%cb on their branded products for my medicine cabinet.

 

My best western card gives me 3 to 5 free nights per year for family vacations.

 

Etc. Etc...

 

Start with your highest daily/monthly spend and go for a card that actually helps. The 1.5%cb QS is OK. But there are so many better cards out there.

 

My MissionLane is a 1.5%cb with no AF, the equivalent to the QS and on the chopping block. 

 

But then, I'm not familiar with your file, so you may be at the phase where a 1.5%cb can help with a little Savings for the next 6 to 12 months before you go after the better cards (2%/5%).

 

If you can skip the 1.5% and go straight to 2%, I would suggest doing that. A few are, Citi DC, FNBO Evergreen, and Bread CashBack. FNBO and Citi both have sp prequalifying so you don't take an hp to see if you'll be approved.

 

Good luck with your credit building. 










Message 6 of 24
SouthJamaica
Mega Contributor

Re: WANT TO REPLACE MY SUBPRIME CARDS!!!


@nelson_xxiii wrote:

What's up community? I am wanting to upgrade my starter/subprime cards that helped me get here but truthfully are an eyesore on my credit report. I've worked super hard to get here to the mid 600s from the high 400s just a year and a half ago. I currently have 2 credit one cards. $300 on a secured (1st card I ever got) and a $500 plat unsecured. I also have a $500 PNC secured. None of these cards graduate and I didn't even know that when I got them nor did I do research but honestly, at the time I was just happy I could even get a card. 

Fast forward to today, I still have those 3 plus an AU on a 6 yr old Cap One card w/ a $3k limit and AU on a Discover It w/ $2k limit. Totaling 5 totals cards. Also have 2 auto leases and a mortgage i'm closing on, on the 23rd of this month. 

i'm thinking when I close on this house I can go on an app spree for some more respectable and upgraded cards with rewards and then close these subpar cards! Would you guys recommend that? Some of the cards I have my eyes on would be a Cap One card such as a QS or better, Discover It and Apple card. Thanks in advance. 


If I were you I would not go on a spree, and I would not close anything either.  After the closing you might want to try for the Quicksilver or for the American Express Blue Cash Everyday. Then each time you get a good card, you can close one of the bad cards.


Total revolving limits 650200 (530700 reporting) FICO 8: EQ 708 TU 714 EX 715

Message 7 of 24
nelson_xxiii
Regular Contributor

Re: WANT TO REPLACE MY SUBPRIME CARDS!!!

Very helpful information. I would love to have best possible cards and have something that gives me travel rewards and cash rewards. An AMEX BCE would be awesome and the cap one venture card but not sure I'm there yet was just thinking I get my foot in the door with cap one with the QS because I highly doubt I could go right into a venture card with them. Especially coming from the bottom feeder cards I have now. So thinking realistically that QS would be a good starting point and a Discover it card. Hopefully both with a generous CL. But if i'm wrong, PLEASE someone tell me cause I would love to aim high if it possible. Lol. 

CURRENT FICO 8:





GOAL FICO 8 SCORES:




Mortgage 02/23 $370k | 2 Auto Leases $30k | 1 Personal Loan $2k | Rebuilding (No BK)
Message 8 of 24
FireMedic1
Community Leader
Mega Contributor

Re: WANT TO REPLACE MY SUBPRIME CARDS!!!


@nelson_xxiii wrote:

Man, I'm happy to hear that everyone agrees that they should go. I plan to delete 1 for 1, so if I get the QS from cap one, once it reports for the 1st time then I would close the $300 secured credit one trash card. And when I get a 2nd card then I will close the next PNC secured card and so forth. I currently have no balance on any cards, even the AU cards so UTI isn't a problem at the moment either. Just ready to gradutae to big boy cards and put these high AF cards with no rewards and no CLIs behind me once and for all. 

 

Ultimately, a 700 score across all 3 bureaus and an AMEX miles card such as the Delta card or CAP ONE venture card is the goal!!


Everyone had to start somewhere. Then when things get better they tend to call the cards that led them to better cards all kinds of names. That "trash" card will help you get to the better cards. Hold off on applying until the mortgage hits and things calm down. I say keep applying in the 600's and you'll stay in the 600's. Give it time. Once you pass 700. It opens so many more doors it isnt funny. But dont be surprised if you get another bucket card from Cap1 again in the 6's. Let the file grow. Then go for better cards. Higher scores. Higher SL's (in most cases) and lower APR's (in most cases) Rome wasnt built overnight.


Message 9 of 24
nelson_xxiii
Regular Contributor

Re: WANT TO REPLACE MY SUBPRIME CARDS!!!

I would love to do exactly this. In your experience or opinion, how hard is it to get the AMEX BCE? Familiar with the requirements more or less?

CURRENT FICO 8:





GOAL FICO 8 SCORES:




Mortgage 02/23 $370k | 2 Auto Leases $30k | 1 Personal Loan $2k | Rebuilding (No BK)
Message 10 of 24
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