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Close CC and open up new (better) CC starting out?

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Anonymous
Not applicable

Close CC and open up new (better) CC starting out?

Hello

I am new to rebuilding my credit. I opened up an builder unsecured CC 4 months ago (using the AZEO method) and have imporved my score a lot (550-->740). Unfortunately its a terrible card as most of these are ($300 limit and $75 AF!). I cannot increase the limit. I was thinking of closing it after 2 more months and opening up the Discover It reward card. I know I will take a hit but will it be that bad if the CC i close hasnt had any longevity? I plan to keep the new CC around a long time. I just dont want to pay fees and have a dumb low limit. thanks!

16 REPLIES 16
Binner
Established Member

Re: Close CC and open up new (better) CC starting out?

550 to 740 in four months? You shouldnt worry about your cards and write a book instead. LOL!

Message 2 of 17
Horseshoez
Senior Contributor

Re: Close CC and open up new (better) CC starting out?


@Anonymous wrote:

Hello

I am new to rebuilding my credit. I opened up an builder unsecured CC 4 months ago (using the AZEO method) and have imporved my score a lot (550-->740). Unfortunately its a terrible card as most of these are ($300 limit and $75 AF!). I cannot increase the limit. I was thinking of closing it after 2 more months and opening up the Discover It reward card. I know I will take a hit but will it be that bad if the CC i close hasnt had any longevity? I plan to keep the new CC around a long time. I just dont want to pay fees and have a dumb low limit. thanks!


Hmmm, 550 to 740 in four months; I'm thinking highly unlikely.  What scores are you talking about and where did you get them?

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 3 of 17
Anonymous
Not applicable

Re: Close CC and open up new (better) CC starting out?

fico9 sorry 580 not 550. anyway, any advice? TY!

Message 4 of 17
Binner
Established Member

Re: Close CC and open up new (better) CC starting out?

Sorry... its hard to give advice when that takes a person at least 2-3 years normally. Not sure what youve done or doing.

Message 5 of 17
Horseshoez
Senior Contributor

Re: Close CC and open up new (better) CC starting out?


@Anonymous wrote:

fico9 sorry 580 not 550. anyway, any advice? TY!



@Binner wrote:

Sorry... its hard to give advice when that takes a person at least 2-3 years normally. Not sure what youve done or doing.


Agreed!  @Anonymous, if you're really on the level, you should be giving everybody else advice.  

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 6 of 17
GatorGuy
Valued Contributor

Re: Close CC and open up new (better) CC starting out?

I would open the Discover card. The point of good credit is to use it. Your score will recover. 

Message 7 of 17
Anonymous
Not applicable

Re: Close CC and open up new (better) CC starting out?

So according to chase Credit Journey...MY vantage score was a 517 on 4-17-2021 and I had NEVER had a FICO (im 42 and always paid cash) and now I do have all 3 FICOS and use the premium MyFico and my FICO8 scores are EQ-803, TU-818 and EX-789 (as of 7-8-2021) so i guess I'd be politely called a liar to if I asked a question? Much less that my first unsecured CC i got approved for was the CSR

Message 8 of 17
Binner
Established Member

Re: Close CC and open up new (better) CC starting out?

Not calling you a liar, just saying I can't give advice for something I didnt know was possible.

Message 9 of 17
Horseshoez
Senior Contributor

Re: Close CC and open up new (better) CC starting out?


@Anonymous wrote:

So according to chase Credit Journey...MY vantage score was a 517 on 4-17-2021 and I had NEVER had a FICO (im 42 and always paid cash) and now I do have all 3 FICOS and use the premium MyFico and my FICO8 scores are EQ-803, TU-818 and EX-789 (as of 7-8-2021) so i guess I'd be politely called a liar to if I asked a question? Much less that my first unsecured CC i got approved for was the CSR


Nope, you came on here and qualified the how and the why; that goes a long way toward credibility.

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 10 of 17
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