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Which Credit Cards To Close?

Community Leader
Valued Contributor

Re: Which Credit Cards To Close?


@MrDFinance wrote:
I believe Capital one allows one product change every 6 months ...

You won't be able to change both cards until Your 6 months past your last product change.....

Trying to figure out how they get CLI is a pain... All you can do is combine that bigger limit into your brand new Quicksilver... Not sure how that will effect your AAoA though if the bigger account is older ...

You can PC (product change) multiple cards. I PC'd two cards on the same call about a year ago. The 6-month restriction is on PCs on the same card. About 6.5 months after the first PC, I PC'd the card again.

 

The bottom line is that there has to be an "offer" on the card. @CivalV, phone in or chat to see about offers. People have had trouble getting more than one card to show up via the link. Also, there may be an offer for one or both Savor cards. Savor offers haven't yet appeared via the link posted above.

 

If you have no offers today, call in or chat each and every month.

Message 11 of 14
New Contributor

Re: Which Credit Cards To Close?

My experience with Cap One: 

I have 4 - 2 QS, Venture and Savor.  Even with great scores Cap One doesn't care unless it's a new app.  You'll have to 'graduate' slowly by PC's.  When I used to maintain high utilization Cap One would give a CLI every 6 months, whether automatically or by request.  However, once I paid off my cards and began using sparingly simply to keep them open, they refuse to give me CLI.  From forums (and experience) I learned that low UTL (not sure what the magic UTL % is) will hold you back from CLI.  So if you can responsibly increase your UTL (without hurting your rebuild efforts) you're more likely to get a CLI with Cap One.


FICO 8 as of 09/10/18 :
EQ-793 | TU-777 | EX-794
FICO 9 as of 08/09/18:
EQ-842 | TU-839 | EX-827
Message 12 of 14
Mega Contributor

Re: Which Credit Cards To Close?


@CivalV wrote:

FICO 8 scores are currently 

 

EQ:572 TU:583 EX:576

 

 

 

 I would like like to get a good rate on a mortgage next year 

 

 

 


Your scores obviously need to improve a lot to get a good rate (although mortgage scores will use other versions of FICO).   Not sure how easy that is within a year.    What is causing them to be low now, if possible address that before worrying about ccs.   That said, don't apply for anything new.

Message 13 of 14
Highlighted
Valued Contributor

Re: Which Credit Cards To Close?

I would not close anything you dont mind paying an AF on until you have 5 good cards.

If you hate a card, close it but make sure you have at least 5 other accounts of revolving credit.

GL!

Credit rebuild started 01/01/14  -  $100k cc cl goal achieved 10/01/17  -  In the garden with $200k unsecured credit.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

10% Rotating - Discover                 5%-20% - Amazon              5%-10% - Lowes           5% Gas & Sporting - Ducks Unlim
4% Dining & Entertain - Savor        3% Airlines & Hotels & Car Rental - Propel            2% Everything Else - Venture


    $ 30,000          $ 28,500          $ 25,750          $ 17,500           $8,000             $ 7,500             $ 4,000            $ 3,500        

                                   
                                                      $ 30,000           $ 10,000         $ 10,000           $ 4,000    
Message 14 of 14