What to do???????

[Anonymous]

I have a cap1 card with a AF $39 and just got approved for  chase freedom signature card. The cap1 limit is 750 and they will not give me cli at any time soon so I applied for the chase freedom signature visa  and got a cli of $800. I have A amex gold reward plus  and amex blue sky and citi diamond preferred so I really don't need cap1 card any more. I have all the cards open about the same time so it really does not hurt me if I close cap1. What are the proper steps to call cap1 and close my CC with them. Any help is appreciated

Message Edited by mota on 09-21-2007 11:26 AM

Message Edited by mota on 09-21-2007 11:27 AM

[trudawg660]

It might not hurt your Length of credit history but it would hurt your utilization because it would take way from your total available credit limit, making your utilization go up.

[Anonymous]

Hmm. Depends on how many other cards you have. If these are your only 2 credit cards do not cancel!!! Unless you really don't want to pay the annual fees.

If you already have 3 other credit cards then you can dump it to save fees and to show lenders you want only prime. The closed account will still age for 10 years to come before it falls off. Of course when you cancel it you will loose the credit line helping lower your UTL.

Is short, if you can afford to keep it, keep it, just until you reach a minimum of 3 open credit cards. Just my opinion.

[Anonymous]

Does '3 open cards' refer to 3 MC/V/AE/DC/CB/D  or it it 3 TLs total?

Currently 2 gas cards, 3 store cards, and 5 MCs (losing 1 next month and 1 in July 08), want to combine 2 MCs so that will leave me with 2 next August.  And I swear no apping until late next year if not into '09 (only exception is being offered an AmEx Plat - fat chance, yet)

[Anonymous]

Well I have a Amex Gold , Amex Blue Sky , Citi DP my new Chase Freedom Visa Signature Card and this crap1 with a AF and no cli. I really don't know what to do now. I guess I can keep the card but later on will be more hurtful this was the first card  the second is Citi 3 months later.

[Anonymous]

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@Anonymous wrote:

Well I have a Amex Gold , Amex Blue Sky , Citi DP my new Chase Freedom Visa Signature Card and this crap1 with a AF and no cli. I really don't know what to do now. I guess I can keep the card but later on will be more hurtful this was the first card the second is Citi 3 months later.

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lol Oldest card goes in years, Citi is 3 months younger, I don't think you will see a difference in 10 years by not having the Cap1 card. After you cancel the Cap1 card it will still count in your average age of accounts for 10 years to come. No worries. I just canceled a few cards my self and MyFICO is still showing the same average age for accounts.

Haha. 2 Amex, Citi and Chase and you did not cancel the Cap1. lol. Before you cancel it you might want to call Cap1 and ask if they will convert it to a No Annual Fee prime card, if not dump it in my opinion!

[Anonymous]

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@Anonymous wrote:

Does '3 open cards' refer to 3 MC/V/AE/DC/CB/D or it it 3 TLs total?

Currently 2 gas cards, 3 store cards, and 5 MCs (losing 1 next month and 1 in July 08), want to combine 2 MCs so that will leave me with 2 next August. And I swear no apping until late next year if not into '09 (only exception is being offered an AmEx Plat - fat chance, yet)

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Revolving card trade lines. Credit/charge, store, gas, ect. Any mix or all the same cards that will report to all 3 CRA's. I refer to just a minimum of 3. I believe if you have fewer you can loose the positive points for your credit score. You can have many more, just not fewer. I always recommend as many as you can comfortable handle. 4-6 cards is a good amount to have. Mostly the more you have and let age for later, the less of an impact your average age will get hit when you receive new credit. Also more history. As far as points. I haven't seen on my CR a score increase for over 4 cards. But there are other reasons to have them like for average age later.

Message Edited by ilovepizza on 09-21-2007 04:27 PM

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Well I have a Amex Gold , Amex Blue Sky , Citi DP my new Chase Freedom Visa Signature Card and this crap1 with a AF and no cli. I really don't know what to do now. I guess I can keep the card but later on will be more hurtful this was the first card the second is Citi 3 months later.

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lol Oldest card goes in years, Citi is 3 months younger, I don't think you will see a difference in 10 years by not having the Cap1 card. After you cancel the Cap1 card it will still count in your average age of accounts for 10 years to come. No worries. I just canceled a few cards my self and MyFICO is still showing the same average age for accounts.

Haha. 2 Amex, Citi and Chase and you did not cancel the Cap1. lol. Before you cancel it you might want to call Cap1 and ask if they will convert it to a No Annual Fee prime card, if not dump it in my opinion!

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Well I just got off the phone with cap1 and they would not do nothing for it all so please cancel right now......... bye bye just shredded the card and he started with all that bs about canceling the card when he was done I sad thank you for saving me $39 bucks.

[dangphuocloc72]

Check your CR . they already been post new account add in your CR .

Message Edited by dangphuocloc72 on 09-21-2007 08:55 PM

[Anonymous]

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dangphuocloc72 wrote:

Check your CR . they already been post new account add in your CR .

Message Edited by dangphuocloc72 on 09-21-2007 08:55 PM

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what do you mean ??