Need Advice

[Anonymous]

I applied and was approved for an Amex Gold card today.  Now here is my question....should I go ahead and apply for another credit card and then do away witht the two orchards (300) (320) and hold on to the Capital One (500)  or just get rid of all three?

Orchard annuals fees are ridiculous, they have def served their purpose, but after 3 years and no increase what am I to do?  the next annaul fee is in November and April.

Any suggestions on what credit card I should appy for? 

[Anonymous]

I would wait a bit before applying for anything else.    American Express may take it back.

For orchard, ask to waive the annual fee each time it comes up.   If they don't drop them.

Why do you want to drop Cap1?  What else do you have?

[Anonymous]

Dump the Orchard Annual fee cards and keep or get a Visa or Mastercard with no annual fee to use as a back up since Amex is not accepted everywhere.

The two places that I shop at that do not accept Amex are Murphy's USA gas and Sam's Club.

[Anonymous]

omg you think amex is gonna dump me?? I hope not.  I knew this ish was too darn good to be true.

[Anonymous]

Those are the only credit cards I have.

Cap 1 @ 500

Orchard @ 300

Orchard @ 320

[Anonymous]

I don't think American Express is going to dump you, but they will watch your report very closely for a few months.  I would wait 3 to 6 months before applying for anything else.

You do not have many cards.   I would not close anything until you have a replacement for it.   ( I would still ask to waive the fee, many get them to do it).  

Who did you have in mind for your next application.

[Anonymous]

Thanks Wolf.  I wast sure which card to apply to next, but I def need a REAL Visa for emergencies and such.  Amex will be day to day.  I hear so many bad stories about BOA.  Any suggestions?  As you can see, my scores are not that great  lol.  

[Anonymous]

For next card, I would consider:

Who has your checking and savings accounts? 

Do you belong to a credit union? 

Do any of your favorite stores have co-branded credit cards

If you have bad history with anyone, you should probably eliminate them.

[Anonymous]

How old is your credit portfolio?  What is the average age of your history?  Closing those three could lower your scores.  And yes, they are right, do not do a thing until you know for at least six months your AMEX is solid.  If you read the threads they can surprise ANYBODY pretty much anytime.  AMEX is gold as long as you don't mind the Annual Fees.  Treasure it!  

[haulingthescoreup]

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@Anonymous wrote:

How old is your credit portfolio?  What is the average age of your history?  Closing those three could lower your scores.  And yes, they are right, do not do a thing until you know for at least six months your AMEX is solid.  If you read the threads they can surprise ANYBODY pretty much anytime.  AMEX is gold as long as you don't mind the Annual Fees.  Treasure it!  

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Scores could possibly be hurt by losing the cards' CL's and thereby increasing util, if balances are allowed to report. But closed cards * should * stay on reports for ten years, so there's quite a delay before AAoA is hurt. (Although EQ has a nasty habit of occasionally dropping closed accounts early.)