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Ok have been re-building my credit for the past 7 years and it's paying off!! (from low 500's to high 600's now Applied for a Wells Fargo rewards card last week and got the 7-10 message, I figured I would be denied and was mad at myself for wasting an inquiry. Just called to check the status of the app and I was approved with an initial credit limit of $6,000!!! Hooray!!! I got approved for Discover back in February and I'm really loving the card, I use it and pay it off every month as the rewards are terrific. Now I have a question for the experts, should I close the credit cards I got when my credit wasn't great??? ie: Capital One $500 limit, Credit One $750 and HSBC $1,200 ... Or keep them open to show a longer credit history? Thoughts and inputs are appreciated
@elmolina74 wrote:Ok have been re-building my credit for the past 7 years and it's paying off!! (from low 500's to high 600's now Applied for a Wells Fargo rewards card last week and got the 7-10 message, I figured I would be denied and was mad at myself for wasting an inquiry. Just called to check the status of the app and I was approved with an initial credit limit of $6,000!!! Hooray!!! I got approved for Discover back in February and I'm really loving the card, I use it and pay it off every month as the rewards are terrific. Now I have a question for the experts, should I close the credit cards I got when my credit wasn't great??? ie: Capital One $500 limit, Credit One $750 and HSBC $1,200 ... Or keep them open to show a longer credit history? Thoughts and inputs are appreciated
Congrats on the approval !! I wouldn't close your other cards unless they have an annual fee that you can't get them to waive....
Thanks!! I will close the HSBC card, don't want to continue to pay a $79 annual fee.
Congrats to you! Great feeling, isn't it?
It is!! Seven years of re-building, hard work and responsible spending are paying off
Please, Please, Please......Close the cards with annual fees. You owe it to yourself for being so good with your progress. These accounts will be here for the next 10 years if they are in good standing of course, so they will age closed or open in my opinion.
Congrats on the approval
Congrats. When's the wedding?
Follow my financial journey: http://www.frugalrican.com
Hahahahahahaha!!!!!!!! I'm dying right now!!! No date has been set just yet, let me get the card first, LOL!!
Congrats! Nice limit!
Would have 3 cards open however. Might consider a couple more replacement cards if you like before that Wells Fargo card hits your account. Right now you are just taking the inquiry hit on your score.