Re: Should I close down my low limit cards?

gsxraddict · ‎11-23-2017

@NRB525 wrote:
@peghede wrote:
low limit cards they will keep you from high limit cards /or high cli.
CLOSE -------------> Chase,Crap1,and Credit1.
KEEP OTHER ONES!
No, low limit cards won’t be a factor to limit getting higher limit cards. The low limit cards will be visible on your report anyhow, so closing them will not hide them from any lender.

Where the low limit cards matter is, if you ONLY have a few low limit cards and nothing else, it is part of the stair step you have to go through to get higher limits.

OP, close CreditOne for sure. Keep Chase and Capital One open, they will help with your internal score with those banks.

What about the $400 Vystar? They haven't given me a credit increase in 6 years, pretty ridiculous.

I'm going to close CreditOne in a couple weeks, I'm in the process of getting a mortgage now and don't want to close an account yet until it's finished.

HeavenOhio · ‎11-23-2017

Go ahead and close Credit One. But don't touch anything else until the mortgage closes. The exception would be if you can make a CLI request or two while being assured that the request results in a soft pull (Capital One, for instance).

I'd try to see what you can get out of Vystar as it's one of your oldest accounts. And I like your idea of requesting a CLI from Navy. But wait until after the mortgage closes.

K-in-Boston · ‎11-23-2017

I agree 100% with @HeavenOhio and would also certainly try to see if you can PC the CapOne into a more useful card. Which Chase card do you have now? Assuming it's not a cobranded card, you could always PC that to Freedom and just reallocate credit limits after being approved for another card later.

gsxraddict · ‎11-23-2017

@K-in-Boston wrote:
Which Chase card do you have now?

Slate

Anonymous · ‎11-23-2017

Yeppp...I concur, close Credit One Bank NOW please. Tell them thank you, but no thank you...click!

K-in-Boston · ‎11-23-2017

@gsxraddict wrote:
@K-in-Boston wrote:
Which Chase card do you have now?
Slate

Certainly a card that you should product change to Freedom or Freedom Unlimited. May as well get some rewards out of it and keep the account age. If you've grown fond of the credit score (the only "perk" after the initial balance transfer offer), you can get the same Experian FICO 08 score for free at creditscorecard.com and the card can be product changed via secure message without a credit pull.

Anonymous · ‎11-23-2017

Yeah, definitely take a blowtorch to the Credit One card. Then kick it to the curb like an abusive boyfriend.

As for the other cards, as a rule, I keep all no annual fee cards, even ones with unsatisfactory limits, because it leaves the door open to PC (and hopefully SP CLI) to a more useful card later -- without the HP and new account score ding. You may want to consider this before closing the others.

gsxraddict · ‎11-24-2017

I closed Credit One.

Here is the problem I'm facing now. I might have to spend $25,000 on infertility treatments, APR on those loans run high.

I need cards with 0% introductory rates, preferably 14 + months.

I'm worried that my credit limits won't allow that and I'll be stuck with a high-interest loan.

Any advice how to get the highest limits possible on these type of cards, should I apply for NFCU increase first and hope the new application limits match or exceed that, or will that not matter? I wouldn't use it because of the interest rate anyway.

I know my credit score will be ruined by util rates until it's paid off but I don't plan on using any credit after this for a while.

I have assets that I could sell to cover the $25k but I'd have to buy them back and that would be at least 3% interest rate so I could even save $2200 by avoiding another auto loan. I actually never want to finance another auto again in my life, I was planning on driving it until the wheels fall off.

HeavenOhio · ‎11-25-2017

I think NFCU is your best bet for better limits. You might get a new card, increase the limit on your exisiting card, or a combination of both. But it's going to be a hard pull, and you have the mortgage to keep in mind.

SouthJamaica · ‎11-25-2017

@gsxraddict wrote:
I have the following cards

NFCU - $6,000 - Opened 2012
Credit One - $1000 - Opened 2016
Chase - $800 - Opened 2015
VystarCU $400 - Opened 2012
Capital One - $1300 - Opened 2012

Average age of accounts is 4 years because I have two other revolving loans 3 years old.
Oldest account 12 years.

I'm paying down my utilization to 3% next month and ready to apply for big credit limits.

Current score 670 credit simulators all show over a 730 once utilization hits 3%. I have no negatives at all except one 3 year old 30 day late revolving payment, no collections.

Should I close down Vystar, Credit One (sucks), and request a 25k increase on NFCU then apply for CSP, Freedom, Venture and Amazon.

What's the best way for me to increase credit limit to big money and increase my scores?

I want to keep the accounts open to keep my average age of account but I'm worried the low limit cards will prevent me from getting a big limit.

Happy Thanksgiving!

I would close Credit One, leave the others, wait until scores rise, and then try for CLI's on all 4 remaining cards.

Freedom & Chase Amazon don't give especially big starting limits. If you want new cards with big starting limits I would go for Chase Hyatt, Cap One Venture, and Penfed Power Cash.