first year having credit card. now needing advice..

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first year having credit card. now needing advice..

Postby kron999 » Fri Sep 24, 2010 3:55 am

I got my first credit card from BofA .. thier secured card that requires $100 deposit and a $500 CL. Well i recently applied to a capital one card and ended with a limit of $5,000. I started to think if this was false because of the drastic change in credit limit. Am i doing a right thing?

Also i am considering to apply for chase student mastercard credit card and if approved, i will be paying my b.of.a card in full and close it along with my checking and savinga and open a checking to link with the credit card from chase.. i just hate bank of america servicr isbterrible and my card will always be secured for a least wit the student card,credit line increase will be available.. is this a good idea.. i need some help distinguishing cards and banks.. i am 18 years old and fully financially responsible wiyh my money. i need professional advice.

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Postby Mogul of Pineapples » Thu Sep 30, 2010 9:49 pm

It's not uncommon for a person's second card to have a much better limit after they've had their first card for a while, but a 10 fold increase taking you up to $5,000 is unusual in this economy. And you say you are only 18 years old? Wow.

Part of your credit score is based on the length of time you keep accounts open so I would not close out your B of A secured card unless it there is an annual fee. Might as well keep it open.

Which Chase student card were you looking at? I would hold off a bit if you just opened the Cap One.
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Postby Generallisimo » Fri Oct 01, 2010 8:02 pm

Mogul of Pineapples wrote:Part of your credit score is based on the length of time you keep accounts open so I would not close out your B of A secured card unless it there is an annual fee. Might as well keep it open.

Actually, if you have only had your BofA for one year, I think it is perfectly alright to close it (after you get a new credit card of course). So if you hate the bank (I opened a checking account with BofA once and ended up closing it a few months later) and especially if you are paying an annual fee, I say go ahead and close it. One year of credit history means nothing and neither does five years of solid credit card history. I know this because I did a free trial analyzer through MyFico (and amazingly, no problems canceling before the end of the trial period) and it told me the length of my credit history is not long enough, even though I have had my oldest credit card for quite a while. I think 10+ years is the magic number for getting the maximum credit score based on your credit history length, and what is the difference if you wait 11 years instead (by closing your BofA card)?

Although, if you do close your BofA, be sure you will keep your new one open and be happy with it. I would try and see if you can get a non-student one first, even if it has a low-credit limit. Why? Because years on down the road, you may want to up your credit limit and get rewards points or a lower APR, which they basically do not do for student cards.

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Postby Cucumber » Thu Oct 07, 2010 2:04 am

I disagree bec i think he would be better off keeping it open until he has a couple new CCs opened and have had them for a while. I know the BoA is only a year old but it's still his oldest account.
Stop talking crap about him!

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