Pre-qualified credit checker on card company sites

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lobbythis
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Postby lobbythis » Fri Nov 28, 2014 2:50 am

Do you want other CapOne cards? If not, kill it with fire if it makes you happy.


Battery111
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Postby Battery111 » Fri Nov 28, 2014 7:12 am

Cingrats on the approval and on a pretty decent prime card.
Citi AAdvantage Executive World Elite MasterCard
AMEX Platinum
AMEX Everyday Preferred
USAA AMEX
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Chase Sapphire Preferred
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p51
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Postby p51 » Fri Nov 28, 2014 12:24 pm

PlyrStar93 wrote:That's very good news p51, and thanks for keeping us updated about your approval. Now you will have to use responsibly and pay charges made on the card in full each month, so that you will have some good history with Amex.

It is usually wise not to keep cards with unnecessary fees (especially high fees) to save money. You might be thinking of getting your deposit back and no longer pay for that card, so you could choose to close it eventually.

Honestly, I can't tell what will happen to your score if you close the secured card right away, since that is your only revolving account now. Closing the card means you cut that available credit away while your Amex charge account does not factor into utilization and available credit. I would like anyone who has knowledge about this to clarify and correct me if I ever made any mistake, and this is something I need to learn.

But nothing is wrong when you use credit responsibly. A charge card with good history should have positive effect on your credit profile.

As of your credit history, it is not a concern, as the closed account stays on the report for 10 years, and AAoA will not decrease due to the closure. If you don't want to waste money on that secured card, then you can certainly close it.

What I would do in this situation is to see when the annual fee on the secured card is due. If you would like to apply for another revolver soon and the secured annual fee is due some months after today, there is not much harm if you keep it for a while and close it right after you get a new revolver. This takes some extra effort as you have to monitor it for fraud, but an open revolving account might help a little bit with getting approved for another, just in case.

However, you are never required to keep the secured card after another revolver. Keeping the secured card might simplify new application, but it wouldn't be too hard if you don't. For the sake of money you can always close it at any time, especially if you need the deposit back and/or don't want to pay annual fee for another year. Shouldn't affect your ability to get another revolving account if you close it now.


Thank you. This is a great post. Very detailed & informative. I will definitely do the right thing with this card. Good to hear that closing my Cap One won't have a negative effect as far as getting a new revolver.
I just don't know if it's too soon to try and apply for one. Should I wait a few weeks?
Capital One secured opened May 2012 -- $1401 ($1200 of my own money to increase limit) I will be closing this as soon as I qualify for an AMEX Simply Cash business card (hopefully this summer).
Amex PRG opened Nov 2014 -- No preset spending limit
Chase Freedom Nov 2014 -- $4000
Bank of America Cash Rewards Nov 2014 -- $2500

p51
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Postby p51 » Fri Nov 28, 2014 12:26 pm

lobbythis wrote:Do you want other CapOne cards? If not, kill it with fire if it makes you happy.


Hahahahaha. I laughed out loud when I read this. I don't want any other cap one cards. With the secured one they never raised my limit & had no upgrade path to an unsecured card. I'm all set with them. They have served their purpose.
Capital One secured opened May 2012 -- $1401 ($1200 of my own money to increase limit) I will be closing this as soon as I qualify for an AMEX Simply Cash business card (hopefully this summer).
Amex PRG opened Nov 2014 -- No preset spending limit
Chase Freedom Nov 2014 -- $4000
Bank of America Cash Rewards Nov 2014 -- $2500

p51
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Postby p51 » Fri Nov 28, 2014 12:27 pm

Battery111 wrote:Cingrats on the approval and on a pretty decent prime card.


Thank you. Was SO surprised when it said accepted in the screen. Still can't believe it!!!
Capital One secured opened May 2012 -- $1401 ($1200 of my own money to increase limit) I will be closing this as soon as I qualify for an AMEX Simply Cash business card (hopefully this summer).
Amex PRG opened Nov 2014 -- No preset spending limit
Chase Freedom Nov 2014 -- $4000
Bank of America Cash Rewards Nov 2014 -- $2500

Battery111
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Postby Battery111 » Fri Nov 28, 2014 12:28 pm

You can always apply for an Amex revolver like the Delta card. If you do I might recommend applying over the phone so you can ask them to use the same hard pull they did for the PRG. Worst they can do is decline you and it shouldn't take another pull.
Citi AAdvantage Executive World Elite MasterCard
AMEX Platinum
AMEX Everyday Preferred
USAA AMEX
Discover IT
Chase Freedom
Chase Sapphire Preferred
NFCU nRewards Visa

p51
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Postby p51 » Fri Nov 28, 2014 12:30 pm

Battery111 wrote:You can always apply for an Amex revolver like the Delta card. If you do I might recommend applying over the phone so you can ask them to use the same hard pull they did for the PRG. Worst they can do is decline you and it shouldn't take another pull.

Thanks for the idea. I didn't know that you could do that as far as using the same pull from a different application.
Capital One secured opened May 2012 -- $1401 ($1200 of my own money to increase limit) I will be closing this as soon as I qualify for an AMEX Simply Cash business card (hopefully this summer).
Amex PRG opened Nov 2014 -- No preset spending limit
Chase Freedom Nov 2014 -- $4000
Bank of America Cash Rewards Nov 2014 -- $2500

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CarefulBuilder14
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Postby CarefulBuilder14 » Fri Nov 28, 2014 12:34 pm

If my understanding is correct, you have a CO secured and now the Amex PRG, but no other cards (other than debit)? Did you get the Freedom or Slate?

Amex's acceptance isn't universal, so be sure you have some piece of plastic (credit or debit) that uses Visa or MC.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card

Battery111
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Postby Battery111 » Fri Nov 28, 2014 12:34 pm

p51 wrote:Thanks for the idea. I didn't know that you could do that as far as using the same pull from a different application.


I'm not positive if they will do it but I believe I've read of people having success with this in the past. Still, if you're anything like me I hate doing stuff like this over the phone. I like the perceived anonymity of online lol.

Hate using myfico as a reference on this board since a lot of the people here are not big fans of that forum. However, this post would suggest even if you do it online since it's the same day they will use the same pull.
http://ficoforums.myfico.com/t5/Credit-Cards/Apping-for-two-AMEX-cards-at-the-same-time/td-p/2833925
Citi AAdvantage Executive World Elite MasterCard
AMEX Platinum
AMEX Everyday Preferred
USAA AMEX
Discover IT
Chase Freedom
Chase Sapphire Preferred
NFCU nRewards Visa

p51
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Postby p51 » Fri Nov 28, 2014 12:50 pm

CarefulBuilder14 wrote:If my understanding is correct, you have a CO secured and now the Amex PRG, but no other cards (other than debit)? Did you get the Freedom or Slate?

Amex's acceptance isn't universal, so be sure you have some piece of plastic (credit or debit) that uses Visa or MC.


That's correct. I haven't yet applied for a revolver yet. Thinking either the Chase Freedom or a Bank of America card ( I have checking & savings accounts there). My only hesitation with those two is that CLI's are not auto & require a hard pull.
Capital One secured opened May 2012 -- $1401 ($1200 of my own money to increase limit) I will be closing this as soon as I qualify for an AMEX Simply Cash business card (hopefully this summer).
Amex PRG opened Nov 2014 -- No preset spending limit
Chase Freedom Nov 2014 -- $4000
Bank of America Cash Rewards Nov 2014 -- $2500



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