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Battery111
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Postby Battery111 » Fri Nov 28, 2014 1:10 pm

p51 wrote: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.


The upside (with Chase at least, not sure about BoA) is that even if you don't get a gigantic limit, so long as its over $500 you can get another Chase card later and move all but $500 of the limit to that card. So let's say they give you a 2k limit slate. In a year when your scores are significantly higher than they are now you could apply for the freedom, and add that slate limit onto the freedom, closing the slate account. Still, important thing is that you're getting cards that are actually useful to you. No sense wasting inquiries on cards just to have another card.
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 5:26 pm

Battery111 wrote:The upside (with Chase at least, not sure about BoA) is that even if you don't get a gigantic limit, so long as its over $500 you can get another Chase card later and move all but $500 of the limit to that card. So let's say they give you a 2k limit slate. In a year when your scores are significantly higher than they are now you could apply for the freedom, and add that slate limit onto the freedom, closing the slate account. Still, important thing is that you're getting cards that are actually useful to you. No sense wasting inquiries on cards just to have another card.


Good to know. Thanks for this info.
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

flan
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Postby flan » Fri Nov 28, 2014 9:41 pm

PlyrStar93 wrote:
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.


If the only acounts you have that report to the CRAs are the secured card, and the new amex, closing the secured card will mean you won't have a fico score. FICO scores are only generated for files where there is at least one open account that has been open for at least six months.

Battery111
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Postby Battery111 » Fri Nov 28, 2014 10:45 pm

flan wrote:If the only acounts you have that report to the CRAs are the secured card, and the new amex, closing the secured card will mean you won't have a fico score. FICO scores are only generated for files where there is at least one open account that has been open for at least six months.


Didn't know this.
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 » Sat Nov 29, 2014 6:56 am

flan wrote:If the only acounts you have that report to the CRAs are the secured card, and the new amex, closing the secured card will mean you won't have a fico score. FICO scores are only generated for files where there is at least one open account that has been open for at least six months.


I did not know this. So I should get another revolver 1st & keep it open for at least 6 months before I close the Cap One?
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

popamode72
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Postby popamode72 » Sat Nov 29, 2014 7:36 am

p51 wrote:I did not know this. So I should get another revolver 1st & keep it open for at least 6 months before I close the Cap One?


I think flan is right on this one. I'd try to see if you can get some kind of upgrade on the CapOne card, especially in unsecuring it. I recommend calling the EO and going from there or sending a message on Facebook about this.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

flan
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Postby flan » Sat Nov 29, 2014 9:12 am

p51 wrote:I did not know this. So I should get another revolver 1st & keep it open for at least 6 months before I close the Cap One?


I would wait until your sure the Amex is reporting everywhere (use credit karma and/or credit sesame, both free, CK is TU, CS is, er, someone else), and then get another credit card. If you can, wait a few months, the new account shock from the amex will be less.

You can try and see if Capital one will upgrade your card or waive fees or whatever, too. Can't hurt to ask.

p51
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Postby p51 » Sat Nov 29, 2014 11:18 am

flan wrote:I would wait until your sure the Amex is reporting everywhere (use credit karma and/or credit sesame, both free, CK is TU, CS is, er, someone else), and then get another credit card. If you can, wait a few months, the new account shock from the amex will be less.

You can try and see if Capital one will upgrade your card or waive fees or whatever, too. Can't hurt to ask.


I've called Cap One before to see if there was an upgrade path from secured to unsecured and they said no there isn't. They invited me to apply for either the QuickSilver or Platinum cards (didn't want another HP). Maybe the threat of me leaving might make them reconsider.
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 » Sat Nov 29, 2014 11:20 am

popamode72 wrote:I think flan is right on this one. I'd try to see if you can get some kind of upgrade on the CapOne card, especially in unsecuring it. I recommend calling the EO and going from there or sending a message on Facebook about this.

Who/what is the EO? I will definitely try as I don't want another HP so soon.
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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lobbythis
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Postby lobbythis » Sat Nov 29, 2014 1:19 pm

Executive offices. Do a search for their number. It's on MyFico and some other places.

It's the offices you have to call to get anything done. But, they are helpful and know what they are doing. It's how I got all of my big CLI's with CapOne.



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