Need Advice: need to close and open?

[aaxelson]

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@ForwardLooking wrote:

While the Credit 1 cards are not the best, I would keep them open until you get something to replace their credit limits.  Both NFCU and AMEX have been great to me and extended me enough credit to where I felt comfortable closing my old Credit 1 cards.  Just be careful with AMEX and understand that their charge cards (Platinum, Gold, Green, etc...) will not count towards your total credit limit on your reports and will not be a good replacement for your Credit 1 cards in this reguard.  Also, you may want to look at Discover it, it is a great intermediate card and could replace your Credit 1 card limits with no annual fee.

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Yea, I am still not sure if I am ready for the charge cards just yet, so I was considering two of the non-charge ones with AMEX. I certainly love the idea of no annual fee, so I will look into Discover for sure. Thank you!

[aaxelson]

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@SouthJamaica wrote:

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@aaxelson wrote:

Hi all, 

So I just recently had a total of 8 cards. They're all pretty much 'starter cards'. I have the full intention on opening at least a NFCU and an Amex but I'm having a go at what cards I should keep before applying for those and which I should close. Here's the list of what I have currently and what I've already closed:

Cap1 QS: $1650 AF:$39 - 4y/o

Cap1 Plat: $700 AF:$0 - 5y/o

Cap1/Wal: $800 AF:$0 - 4y/o

Cred1: $1050 AF:$99 - 4y/o

Cred1: $1400 AF:$39 - 2y/o

Destiny: $300 AF:$99 - 3y/o

(CLOSED this month)

Milestone: $300 AF:$99 - 4y/o (CLOSED this month)

Indigo: $500 AF:$125 - 3y/o 

(CLOSED this month)

Auth User:

Shell: $700 - 20y/o

Chase Business: $20k - just added 

I am thinking about combining all of my cap1 to the 0 AF and closing the rest, as well as closing both creditone cards, but then that will basically leave me with only one card left in my name, but the CL would be at $3,150. So, should I apply for the new Amex and NFCU and then change & close the cards or should I do all of that first and then apply? 

Thanks in advance for your thoughts.

S/N: I just got my score to 700

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I think you need to approach it gradually, don't do anything drastic. Just close one at a time, and then give it some time before the next.  I would not close the Capital One cards. 

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That's certainly sensible enough. Thank you!

What sort of timeframe would be considered gradual when it comes to closing them?

[aaxelson]

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@ptatohed wrote:

I'd for sure ax those AF cards.  I'd keep them until close to the renewal time but, one by one, I'd close each right before the renewal / AF.  In the meantime, you can apply for new cards you want.  You may want to choose cards that will show you a preapproval and your limit using a SP before you apply. 

Does Cap 1 allow a PC of the QS AF card to the QS1 non-AF card?      

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Definitely! That's why I like the idea of AMEX because they do a SP first. I'm going to call Cap1 on Monday to see. I am not learning that they might not even offer PC or CL transfer at all. 

[SouthJamaica]

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@aaxelson wrote:

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@SouthJamaica wrote:

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@aaxelson wrote:

Hi all, 

So I just recently had a total of 8 cards. They're all pretty much 'starter cards'. I have the full intention on opening at least a NFCU and an Amex but I'm having a go at what cards I should keep before applying for those and which I should close. Here's the list of what I have currently and what I've already closed:

Cap1 QS: $1650 AF:$39 - 4y/o

Cap1 Plat: $700 AF:$0 - 5y/o

Cap1/Wal: $800 AF:$0 - 4y/o

Cred1: $1050 AF:$99 - 4y/o

Cred1: $1400 AF:$39 - 2y/o

Destiny: $300 AF:$99 - 3y/o

(CLOSED this month)

Milestone: $300 AF:$99 - 4y/o (CLOSED this month)

Indigo: $500 AF:$125 - 3y/o 

(CLOSED this month)

Auth User:

Shell: $700 - 20y/o

Chase Business: $20k - just added 

I am thinking about combining all of my cap1 to the 0 AF and closing the rest, as well as closing both creditone cards, but then that will basically leave me with only one card left in my name, but the CL would be at $3,150. So, should I apply for the new Amex and NFCU and then change & close the cards or should I do all of that first and then apply? 

Thanks in advance for your thoughts.

S/N: I just got my score to 700

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I think you need to approach it gradually, don't do anything drastic. Just close one at a time, and then give it some time before the next.  I would not close the Capital One cards. 

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That's certainly sensible enough. Thank you!

What sort of timeframe would be considered gradual when it comes to closing them?

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I would say wait a couple of months each time.

[aaxelson]

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@Snook_on_the_Line wrote:

I'm my own recent experience credit one will waive your annual fee for six months at a time if you call and tell them that you are thinking about closing all your af cards 

I called them in march and talked to a CSR and asked if they could waive the fee and give me a cli so I could justify keeping the card seeing as my scores are good enough now to get no fee cards with better limits.  

they transferred me to an account manager who said no to the cli because I just got one two weeks prior but did waive the annual fee and credited back the last two months of fees that I'd already paid.   

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Ooh! That's an interesting idea. I neveer thought of that. I foolishly called to see if they could drop the AF altogether, but that isn't standard practice, like anywhere. haha I'll give them a call to try it ths way.

[aaxelson]

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@Snook_on_the_Line wrote:

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@ptatohed wrote:

I'd for sure ax those AF cards.  I'd keep them until close to the renewal time but, one by one, I'd close each right before the renewal / AF.  In the meantime, you can apply for new cards you want.  You may want to choose cards that will show you a preapproval and your limit using a SP before you apply. 

Does Cap 1 allow a PC of the QS AF card to the QS1 non-AF card?      

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If your looking for a preapproval tool that will tell you your Apr and credit limit you could try Regions Bank.   

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I never thought of Regions Bank. I'll add that in. Thank you!

[aaxelson]

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@SouthJamaica wrote:

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@aaxelson wrote:

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@SouthJamaica wrote:

---

@aaxelson wrote:

Hi all, 

So I just recently had a total of 8 cards. They're all pretty much 'starter cards'. I have the full intention on opening at least a NFCU and an Amex but I'm having a go at what cards I should keep before applying for those and which I should close. Here's the list of what I have currently and what I've already closed:

Cap1 QS: $1650 AF:$39 - 4y/o

Cap1 Plat: $700 AF:$0 - 5y/o

Cap1/Wal: $800 AF:$0 - 4y/o

Cred1: $1050 AF:$99 - 4y/o

Cred1: $1400 AF:$39 - 2y/o

Destiny: $300 AF:$99 - 3y/o

(CLOSED this month)

Milestone: $300 AF:$99 - 4y/o (CLOSED this month)

Indigo: $500 AF:$125 - 3y/o 

(CLOSED this month)

Auth User:

Shell: $700 - 20y/o

Chase Business: $20k - just added 

I am thinking about combining all of my cap1 to the 0 AF and closing the rest, as well as closing both creditone cards, but then that will basically leave me with only one card left in my name, but the CL would be at $3,150. So, should I apply for the new Amex and NFCU and then change & close the cards or should I do all of that first and then apply? 

Thanks in advance for your thoughts.

S/N: I just got my score to 700

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I think you need to approach it gradually, don't do anything drastic. Just close one at a time, and then give it some time before the next.  I would not close the Capital One cards. 

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That's certainly sensible enough. Thank you!

What sort of timeframe would be considered gradual when it comes to closing them?

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I would say wait a couple of months each time.

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Perfect! Thank you so much!