No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Hi everyone,
My credit cards:
is there a monthly or annual fee for it? if so, keep it until it is 1yr old, then close it
if no AF, throw it in a drawer - let them close it for lack of use, but meanwhile you will get some aging with it
I would wait 2-3 more months before going for the Discover - you have 2 cards in the last 7 months - give it some time
too soon between apps can mean the highest APR and the lowest CL to start with
Yes. Secure your Disco approval first and wait for it to report. Then go ahead and close First Progress if you want.
Closed accounts remain on your reports for ~10 years after the date of closure and continue to age and factor into your age of accounts during that time. The only thing lost from closure is the credit limit. You'll lose the age when it falls off years down the road, but since it's not your oldest card, any point loss at that time should be insignificant.
Alternatively, you could wait til First Progress ages to the one year mark then close it (this would be for the sake of a longer, fuller on-time payment history). However, if the card is charging monthly fees to keep it open, then close it right away. If it's annual fee, close right before the next fee is billed.
Bottom line:
Scorewise, closing it won't hurt. If there are fees associated- save your money. If the card is free to hold - then consider hanging onto it for a bit longer to help build a stronger profile and only charging something small every few months to keep it active -- but if you don't want to be bothered, don't hesitate to close it
@RSX wrote:
I would wait 2-3 more months before going for the Discover - you have 2 cards in the last 7 months - give it some time
too soon between apps can mean the highest APR and the lowest CL to start with
^^This is a good point. You have a young profile so may benefit from spacing out your apps a bit.
Thanks for the tips, everyone! With that said, I'll go ahead and wait until First Progress hits the 1 year mark and start applying for new cards by then. And removing the card afterwards. I should hit up a few points by then
@RSX wrote:is there a monthly or annual fee for it? if so, keep it until it is 1yr old, then close it
if no AF, throw it in a drawer - let them close it for lack of use, but meanwhile you will get some aging with it
I would wait 2-3 more months before going for the Discover - you have 2 cards in the last 7 months - give it some time
too soon between apps can mean the highest APR and the lowest CL to start with
What does that mean? If I apply for a credit now, I would have a higher APR and a lower credit limit, compared to 2-3 months from now?
My credit cards:
There are no guarantees with credit limits and APRs, but as a general rule the more time one can place between recent credit-seeking and a new application, the more favorable the terms.
@DarkKnight_Credit wrote:What does that mean? If I apply for a credit now, I would have a higher APR and a lower credit limit, compared to 2-3 months from now?
"Credit seeking behavior" may result in a higher apr and lower limit, yes. Has nothing to do with your actual scores or payment history. 6 months is the recommended safe zone for time between apps.
That said, you may do just fine. Disco likes young/thin profiles and isn't super sensitive to new accounts. They also do apr reductions so you could reduce a high apr over time.
@thornback wrote:
@DarkKnight_Credit wrote:What does that mean? If I apply for a credit now, I would have a higher APR and a lower credit limit, compared to 2-3 months from now?
"Credit seeking behavior" may result in a higher apr and lower limit, yes. Has nothing to do with your actual scores or payment history. 6 months is the recommended safe zone for time between apps.
That said, you may do just fine. Disco likes young/thin profiles and isn't super sensitive to new accounts. They also do apr reductions so you could reduce a high apr over time.
Ineteresting. I didn't know about that. I'll keep that in mind. Thanks!
My credit cards:
Your APR is going to be high (ish), but since you're rebuilding you shouldn't be carrying balances anyway.
What does pre-approval lists for APR?
@Remedios wrote:Your APR is going to be high (ish), but since you're rebuilding you shouldn't be carrying balances anyway.
What does pre-approval lists for APR?
I think it's around 22% for the pre-approval.
My credit cards: