What should my next steps be?

[Anonymous]

Howdy everyone.  I was a long time lurker here a couple years ago to fix up my lack of credit.  Read the forums, got my scores up, and then bought a house and car last year and went to the garden (literally and figuratively).

Now it's a year later, scores are OK (EF - 739, TU - 749, EX - 676).  One secured card that I've had for 5 years with $2000 on it.  Nothing delinquent or derogatory that I'm aware of, other than the secured card is at 40% utilization at the moment.

I came out of the garden this week to get a Lowe's card and an Chase Amazon card.  Both insta-approved at 3k.  Amazon card is fine, and I'll attempt a CLI on the Lowe's card because that will make some larger home projects a little easier.  If I can get that one up around 13-17k, that will make revamping the entire HVAC system easier this summer.

I think I'm going to close the Capitol One secured card in the next couple months, even though it's five years old.  I puffed it up to make it useful, but I think it's time to let it go live at the farm for old cards...  Is there anything else I should app for just to round out?  Look for a rewards card?  I travel a lot for work, but that's all on the company Amex.  Maybe a personal Amex?

[nolamike]

19Kilo,

Maybe some of the experts will reply, but I am not sure giving up the secured card right way is your best decision. It is your oldest trade line and I am not sure what will happen to your AoA but I am sure your AAoA will go down, which will decrease your credit scores. 

if you don't need the 500 bucks, leave it or see if you can convince them to graduate it so you can keep your AAoA and AoA.

Mike

[rmduhon]

The AAoA won't be affected until the account falls off in about 10 years.

[nolamike]

glad you posted, it reminded me of this sticky

http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/m-p/347190?jump=true

[Anonymous]

Have you checked to see if you are prequalifed with AMEX?  Your EX is borderline so I personally would not apply unless you had something there. And if so, make sure you take advantage of the one revolver and one charge card that many can get from one HP.  Your TUscore  is really good. Take a look at Barclays who is a notorious TU puller to see if you could see using any of their cards long term.

[Anonymous]

---

@Anonymous wrote:

Have you checked to see if you are prequalifed with AMEX?  Your EX is borderline so I personally would not apply unless you had something there. And if so, make sure you take advantage of the one revolver and one charge card that many can get from one HP.  Your TUscore  is really good. Take a look at Barclays who is a notorious TU puller to see if you could see using any of their cards long term.

---

I've been getting physical "preapproved" mail from Amex since about two months after I was issued a company AMEX.  My concern is, is that really preapproved or is it "preapproved"?

Maybe I'll see if I can get a card to do a balance transfer for the one secured or just go back to gardening.  I've got a ton of hardwood flooring to start installing soon.  

[UncleB]

Moved to 'Credit Cards' for better exposure...

--UB

[AverageJoesCredit]

I respectfully disagree that the Ex 676 is borderline for approval. That may have been true a year ago but if you have been paying attention to the latest trend in Amex approvals here on myFico, people are getting in at 630 and above depending on the person. Maybe losing the Costco account helped some of the neebies to Amex and even though many are getting just 1k limits, i find its hard not to recommend a person try for an Amex even without a prequal. Even prequals arent gaurenteed as we have also seen a few denials recently

Im not sure of recommending Barclays just because someone has a high TU, too many times people go for cards only becsuse they believe theyll get it because of a certain score and a certain lender favors that cra. I would humbly say only app for a card that benefits you and will grow with your profile/ lifestyle. If a card is truely worth having to you , taking the risk of a hp is worth it , prequal or not, because you are going for something tou want not told to . Anyhow, forgive me Op and Elk if im coming off wrong or incorrect, just as the further ive come on my journey with credit, ive learned apping for something because you can isnt necessarily the best route to go. May lead to monday morning doubt

[Anonymous]

It's all good Joe. *I* consider it borderline because I see what happens with those who barely get approved with certain lenders. Those who can get in at 500, 1k, 2K later go on to post how frustrating it is that they aren't able to partake in things such as the 3X CLI. So after 60 days and 6 months they are stuck at their intial limit. PenFed is also notorious for letting people in but then keeping them at their initial limits, never showing pre-approved offers even after their reports are squeaky clean. For these specific lenders I believe patience is a virtue and you'll reap rewards at a less challenging rate. However, for those posters who goals are to "just get their foot in the door", I let other MFers advise them on that that. 

Also, notice that I recommended Barclays only if OP "could see using any of their cards long term". We seem to agree on that point; not to apply just because it's an "easy get'. 

[Anonymous]

I ended up going for a Barclay's sort of by accident.  Apple has a card through them and part of what I wanted to do with the new house was implement some of either the Apple Home automation or something from the Amazon ecosystem.  This gives me the option of trying either.