I have a decision to make. I went on an app spree for four more cards, and was approved, I now want to cancel my credit1.
Cards I have
Credit1 $1100 B-$600
Cap1 $1800 B-$1600
Old Navy $500 B-$0
Chase SP $5000 (waiting arrival)
Chase freedom $1500 (waiting arrival)
Amex Delta (no idea, waiting for arrival)
Sallie Mae $3500 (waiting arrival)
I want to pay off the credit1 and close that bad boy, but it's my longest standing account at 8years my 2nd longest is cap1 and that's 5 years in October. Should I just pay and close it and not worry about it. I plan on asking for a higher balance on my chase freedom so I can do a balance transfer and not pay interest on the $1600 from my cap1, hopefully they say yes and then canceling my credit1 won't hurt/bother that much.
Is this a good plan?? I plan on buying a 2nd home in about a year will this have any influence on that?
Cards I have
Credit1 $1100 B-$600
Cap1 $1800 B-$1600
Old Navy $500 B-$0
Chase SP $5000 (waiting arrival)
Chase freedom $1500 (waiting arrival)
Amex Delta (no idea, waiting for arrival)
Sallie Mae $3500 (waiting arrival)
I want to pay off the credit1 and close that bad boy, but it's my longest standing account at 8years my 2nd longest is cap1 and that's 5 years in October. Should I just pay and close it and not worry about it. I plan on asking for a higher balance on my chase freedom so I can do a balance transfer and not pay interest on the $1600 from my cap1, hopefully they say yes and then canceling my credit1 won't hurt/bother that much.
Is this a good plan?? I plan on buying a 2nd home in about a year will this have any influence on that?
Asking for an increase on Freedom will result in an additional hp and unless something has changes since approval chances are slim. I understand why you'd want to pay of credit 1 but that Cap1 needs your attention.
Closed accounts may remain on your CR's for up to 10 yrs so no worries there, they will not factor into your util though.
Closed accounts may remain on your CR's for up to 10 yrs so no worries there, they will not factor into your util though.
I find it odd I apply for the freedom they give me $1509 then I apply (30min later) for the CSP, and I got approved for 5k, you don't think it's possible to use that also as a CLI as well as using the BT amount.
Why focus on cap1? I can essentially pay $200 $200 on both accounts this week if I want.
Why focus on cap1? I can essentially pay $200 $200 on both accounts this week if I want.
It's still counted for 10 years. (From what I understand) it would only hurt my utility.
Focus on your Cap 1 because it's maxed out. I don't know if I find it odd, that you received less on the first app. They are two different cc's which is why they will not use the same hp for apps or CLI's.
It is all counted. (Why not just pay them off and then cancel? unless the rate is atrocious.) I do know for a fact you can move some of the 5k from CSP as I just did this on my Slate card. I wouldn't do another HP with Chase it's often fruitless. What's the BT APR on Sallie Mae?
It is a myth that closing an account will hurt your score in aaoa immediately. It only affects it when it drops off your report which can be in about 10 years. It will however affect your debt to credit limit ratio (or utilization of credit line) so I would keep it open until you pay off the debt if you want to maximize your score.
It's not odd that they approved you for different amounts as that's the minimum for CSP.
It is a myth that closing an account will hurt your score in aaoa immediately. It only affects it when it drops off your report which can be in about 10 years. It will however affect your debt to credit limit ratio (or utilization of credit line) so I would keep it open until you pay off the debt if you want to maximize your score.
It's not odd that they approved you for different amounts as that's the minimum for CSP.
So what I'm getting is, don't call chase for a CLI on my freedom. I should focus on my cap1 one more so then my cred1 and just start paying them both off and once I'm done just cancel my cred1.