Prime Card

[Anonymous]

What is a prime card?

How will changing an existing card to a prime card affect my fico score?  Transunion said listed my not having prime cards as a negative even though i have several cards at 10,000 and one over 20,000

[Anonymous]

Prime card = a card issued under good terms from a good bank.

The effect will depend upon a very large collection of other factors.

[Anonymous]

Can you turn a Sub-Prime CapOne card in to a Prime card by increasing credit limit over $10k

Example. CapOne card with a $500 limit is Sub-Prime. If someone had a CLI to $10,000 would that make it Prime?

[Tuscani]

FYI... FICO does not differentiate between prime and sub-prime.

[Anonymous]

Thank you for your response. People post with much excitement that they can finally cancel all thier sub-prime cards. If no fees, wouldn't it would best (for score only) to keep the sub-prime cards if they were aged?

Why do they jump so fast to cancel them. If you have canceled a sub prime card please post why. Is there a such thing as a sub prime card that is not secured or comes fee free? Thanks.

Message Edited by ilovepizza on 05-24-2007 10:43 AM

[smallfry]

I have a Cap One CC that is nearly five years old. I cancelled a couple of older ones a few years back before I understood the consequences. It has a decent CL of 5K not outstanding but not bad either. When the ann comes up next year I will ask they waive the annual fee. I won't close the card if they don't. Too much history for me to give up.

[Tuscani]

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ilovepizza wrote:
Thank you for your response. People post with much excitement that they can finally cancel all thier sub-prime cards. If no fees, wouldn't it would best (for score only) to keep the sub-prime cards if they were aged?

Why do they jump so fast to cancel them. If you have canceled a sub prime card please post why. Is there a such thing as a sub prime card that is not secured or comes fee free? Thanks.

Message Edited by ilovepizza on 05-24-2007 10:43 AM

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The general rule is to NEVER cancel a card unless it costing you money.. and even a modest AF might be worth paying depending on the age of the account.