WHAM!?

[MarineVietVet]

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@AndySoCal wrote:
I would offer a couple of suggestions, First keep the Credit One account open until the new card is approved. Also I would keep the acount open until the balance on Credit One account has been paid or transferred.  You may want to look at creditcards.com the site tells you can get this with this kind of credit history and the terms that go with it. The site also defines what they mean by a "good credit history" or a "Fair credit history" etc at least you can gauge what would be availible to you.  Also, you may want to ask you credit union what the guidelines are to get approved for a credit card with them. The advantage there is you already have loan and an extblished credit history with them. I hope this helps

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May I ask why you think this is a good idea? I'm not disagreeing with you but am wondering about the logic in doing this. Perhaps I can learn something new. Heaven knows I need all the knowledge I can find. 

[AndySoCal]

Depending on the terms of the account the creditor can ask for balance in full upon closing the account. Secondly there was something about closed accounts and  credit utilization and a possible negative affect on the score in back of my mind when I wrote that. I also try to keep my advice on the conservative side.

[Anonymous]

CreditOne only carries an average balance of 7 dollars, and that is simply because of the way it charges then sends updates. It is set up that way on purpose for that reason. Upon calling their helpline, regardless of your history with them, they will not change their yearly fee. This is of-course with out threatening to close the account (they wouldn't even change when they charged it, or charge it all upfront for me). The only revolving account I have that carries a balance is Chase, and that carried a high balance. Used it to get married, used it on the honeymoon, finally getting under control again and trying not to use it for Christmas.  The payment I sent them today will take it to %40 util and my overall util to %21

I was playing with the score estimator, and at this point I'm thinking I was re-bucketed, score barely moves even if I simulate paying all revolving balances to 0 (which I should do by year end). That's about %28 util dropping all at once depending on if I can get it in before Chase send updates. When I say barely moved, I mean it, maybe pushing me over 710 from 703. Which is depressing because I was really hoping to break 720 for my car purchase.