What to do with these 'legacy' high-rate CC's?

[xtdefy]

What can I do with these cards? They all have a high APR and low limits but are my oldest tradlines so I am not sure where to go from here.

7 yrs old - Chase - $1100 limit.Legacy student rewards that got converted into some 'flexible rewards' card 26.9% APR

7 yrs old Chase - $1500 ex WaMu card with no identifiable product or features 26.9% APR

6 yrs old Cap One - $1000 generic platinum MC 29.99% APR

4 yrs old Cap One - $750 generic platinum MC 29.99% APR

I didn't start my credit journey in an optimal way so these are what's left of irresponsible younger time... They are all at 0 balance now.

My AAoA is 3yrs 10 mo

My only other card is a 7 month old NFCU CashRewards with a $10k limit, currently $1.8k balance that I'm paying down quickly so I'm happy with that.

[pipeguy]

Cap-1 recently has been pretty open to product change and credit limit increases. If it was me, I'd contact them on Facebook and ask to upgrade your card(s) to Quicksilver. Assuming that your scores are good meaning 680+ you should be able to increase your credit limit and upgrade your card. I would upgrade one and close the other, assuming (again) that your CLI would be greater than the 2 cards now.

As far as Chase I'd call them and ask what they ca do for you - if the answer is nothing, just SD them or close one as an atention getter - from what you listed, you have current options and frankly I would not continue to carry a card with a 30% APR.

[ak_7vytr0]

Im certainly no expert but u could try to pc them to better rewards cards

[Chris679]

Sock drawer, all of em.

[Anonymous]

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@xtdefy wrote:

What can I do with these cards? They all have a high APR and low limits but are my oldest tradlines so I am not sure where to go from here.

7 yrs old - Chase - $1100 limit.Legacy student rewards that got converted into some 'flexible rewards' card 26.9% APR

7 yrs old Chase - $1500 ex WaMu card with no identifiable product or features 26.9% APR

6 yrs old Cap One - $1000 generic platinum MC 29.99% APR

4 yrs old Cap One - $750 generic platinum MC 29.99% APR

I didn't start my credit journey in an optimal way so these are what's left of irresponsible younger time... They are all at 0 balance now.

My AAoA is 3yrs 10 mo

My only other card is a 7 month old NFCU CashRewards with a $10k limit, currently $1.8k balance that I'm paying down quickly so I'm happy with that.

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Could call and see about lowering interest and PC to a better product.

Or you could just cancel them. They don't seem to represent much more than 30% of your total CL. What is your current UTL overall?

[Anonymous]

I was able to convert my old platinum visa to quicksilver visa with no annual fee, I'm sure you can do that as well with your card, as long as you haven't done anything like asking for credit line increase or anything within last 6 months, you should be good to go. you can also try asking them via chat, which is much easier and painless. if that doesn't work call capital one EO

oh and you can also check if you got any special offer on those capital one by checking "modify feature" from your account tab

[xtdefy]

would a PC entail a hard pull?

also a CLI would be cool but if it's going to be a hard pull, I'd rather use the HP for a new, more competent card

if I put them all in the sock drawer, will they close them on me for not using them?

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@Anonymous wrote:

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@xtdefy wrote:

What can I do with these cards? They all have a high APR and low limits but are my oldest tradlines so I am not sure where to go from here.

7 yrs old - Chase - $1100 limit.Legacy student rewards that got converted into some 'flexible rewards' card 26.9% APR

7 yrs old Chase - $1500 ex WaMu card with no identifiable product or features 26.9% APR

6 yrs old Cap One - $1000 generic platinum MC 29.99% APR

4 yrs old Cap One - $750 generic platinum MC 29.99% APR

I didn't start my credit journey in an optimal way so these are what's left of irresponsible younger time... They are all at 0 balance now.

My AAoA is 3yrs 10 mo

My only other card is a 7 month old NFCU CashRewards with a $10k limit, currently $1.8k balance that I'm paying down quickly so I'm happy with that.

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Could call and see about lowering interest and PC to a better product.

Or you could just cancel them. They don't seem to represent much more than 30% of your total CL. What is your current UTL overall?

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As of today I'm at 12.5% UTL overall

[Anonymous]

they won't hard pull your credit report for pc, just ask them about "no hassle rewards" offer, at least that's what they call it anyways.

[Anonymous]

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@xtdefy wrote:

would a PC entail a hard pull?

also a CLI would be cool but if it's going to be a hard pull, I'd rather use the HP for a new, more competent card

if I put them all in the sock drawer, will they close them on me for not using them?

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@Anonymous wrote:

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@xtdefy wrote:

What can I do with these cards? They all have a high APR and low limits but are my oldest tradlines so I am not sure where to go from here.

7 yrs old - Chase - $1100 limit.Legacy student rewards that got converted into some 'flexible rewards' card 26.9% APR

7 yrs old Chase - $1500 ex WaMu card with no identifiable product or features 26.9% APR

6 yrs old Cap One - $1000 generic platinum MC 29.99% APR

4 yrs old Cap One - $750 generic platinum MC 29.99% APR

I didn't start my credit journey in an optimal way so these are what's left of irresponsible younger time... They are all at 0 balance now.

My AAoA is 3yrs 10 mo

My only other card is a 7 month old NFCU CashRewards with a $10k limit, currently $1.8k balance that I'm paying down quickly so I'm happy with that.

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Could call and see about lowering interest and PC to a better product.

Or you could just cancel them. They don't seem to represent much more than 30% of your total CL. What is your current UTL overall?

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As of today I'm at 12.5% UTL overall

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Closing all of them would push you to 17.9% UTL

Not a huge deal but still enough to make you think.

If they want a HP to PC the card, Tell em to blow it out their other end.

OTOH, if none have an Annual fee, You could always leave sleeping dogs lie... Their age helps inflate your current AAoA.

[FinStar]

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@xtdefy wrote:

would a PC entail a hard pull?  No HP to PC

also a CLI would be cool but if it's going to be a hard pull, I'd rather use the HP for a new, more competent card  For Capital One CCs, no HP.  For Chase CLI's, HP

if I put them all in the sock drawer, will they close them on me for not using them?  Chase would likely close them after 1.5-2 years of inactivity, similarly for Capital One.

Chase will not lower your APRs, unfortunately.  You would have better results applying for a new Chase CC (provided your overall credit is in good standing) and receive better terms and possibly a higher CL (then you can reallocate the other CLs to the new account if you wish).  Capital One may not be as flexible with lowering APRs, some folks have been successful throught the EO route, but it depends on the legacy product that you have.

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@Anonymous wrote:

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@xtdefy wrote:

What can I do with these cards? They all have a high APR and low limits but are my oldest tradlines so I am not sure where to go from here.

7 yrs old - Chase - $1100 limit.Legacy student rewards that got converted into some 'flexible rewards' card 26.9% APR

7 yrs old Chase - $1500 ex WaMu card with no identifiable product or features 26.9% APR

6 yrs old Cap One - $1000 generic platinum MC 29.99% APR

4 yrs old Cap One - $750 generic platinum MC 29.99% APR

I didn't start my credit journey in an optimal way so these are what's left of irresponsible younger time... They are all at 0 balance now.

My AAoA is 3yrs 10 mo

My only other card is a 7 month old NFCU CashRewards with a $10k limit, currently $1.8k balance that I'm paying down quickly so I'm happy with that.

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Could call and see about lowering interest and PC to a better product.

Or you could just cancel them. They don't seem to represent much more than 30% of your total CL. What is your current UTL overall?

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As of today I'm at 12.5% UTL overall

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