@SoulMaster wrote:
Yeah, but alot of them also don't like to see any open secured lines... he's in a 22. I'd guess he's better off closing that secured card.
@More importantly, he has to get them all paid off and reporting zeros before he apps. Also, other than the Peggy problem @ Cap one, he's got 721CS. Getting a HP on all 3 isn't going to hurt him as much as having even $200 (across all his cards) report is.
Get the balances down so that you're <10% (zero is best). Then go apping.
-SM
ITA about paying down to under 9% util on only one CC. I didn't see where he was carrying balances. I thought OP wrote that he had paid all CCs off. Okay. found the #s:
Cap 1 500 limit 1% util
Orchard 300 limit 25% util
Firestone store card 2200 limit 0% util
So, really OP is looking at about $75 on Orchard and $5 on Cap One. IMO, I doubt it's going to prevent him from being approved for a CC. Also, it looks like OP is in a time crunch since he has an AF looming. The question is, if he pays CCs this week and waits for the 0 balance to report, will he be able to app for a CC and cancel his other card before he has to pay the AF? I don't think those %s are going to prevent approval. I have a 20% bal on $2200 Barclay's card and was just approved for 2 Amex. (All others reporting were at 0 bal.)
Cap One is just a personal decision. For some people (it seems a lot who travel overseas), Cap One has been fine. But most of us are extremely disenchanted with them, to say the least. It's 3 HP with no guarantee of approval. Personally, I'd rather app w/a CU where I could build a relationship and only get one HP. IME Cap One doesn't really seem interested in building relationships with their customers.
Also, re the secured line, I was told by an underwriter that I should NOT have closed my secured installment loans (by paying them off) BEFORE I apped for a CC with them (and they consequently denied me). They didn't really care that they were secured. What they cared about was seeing open tradelines with a positive history reporting.
@JasonBourneOfCredit wrote:My first credit card. Had it 2.5 yrs. Secured $200
They now charge $50 annual fee. I dont use it. Should I close it?
The issue is I'm afraid if I close it my somewhat thin file will be thinner. Or will it continue to report for years that it is a good account? Just confused on what happens if I close it because I heard closing your oldest card is bad.
A closed card will report for 10 years forward as a positive tradeline. No need to keep it if the AF is not worth it to you.
