Cancel 1FBUSA? And replace with 0% APR Intro?

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lilbunnybee
 
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Location: USA

Cancel 1FBUSA? And replace with 0% APR Intro?

Postby lilbunnybee » Thu May 01, 2014 12:09 am

I have a card from 1FBUSA with an exceptionally high rate of 30% APR. I always paid on time. My credit limit is $17,500. I've had this card since I was a freshman in high school. It was primarily aimed at students.

I applied for a Bank of America card (with a low APR) and was approved for $5,000 and I then received a letter in the mailing stating that my credit score was 759 at the time. But then after my asking, the limit was increase to $10,000.

So, my total line of credit is $27,500 at this time. I'm not sure what my credit score is now.

If I were to cancel the 1FBUSA card and open a new card, say, with DISCOVER, would my likelihood of getting a higher credit limit be increased or decreased? In all, why would it be best not to cancel 1FBUSA? I mean, with a cancelled 1FBUSA, would be credit limit at DISCOVER have a better chance of reaching $10,000?


pac4toon
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Postby pac4toon » Thu May 01, 2014 12:27 pm

Here's what I think...

Does the 1FBUSA have an AF? If it doesn't have an AF, I'd probably sock drawer it.

Do you always PIF? If you do, then the crazy 30% APR won't matter

I don't know my credit score either and I don't have DISCOVER but I say go for it.
;)
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lilbunnybee
 
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Joined: Thu May 01, 2014 12:02 am
Location: USA

Postby lilbunnybee » Thu May 01, 2014 2:57 pm

pac4toon wrote:Here's what I think...

Does the 1FBUSA have an AF? If it doesn't have an AF, I'd probably sock drawer it.

Do you always PIF? If you do, then the crazy 30% APR won't matter

I don't know my credit score either and I don't have DISCOVER but I say go for it.
;)


If AF means annual fee, then yes. However, I filed a BBB complaint and asked that they remove it yearly automatically. At first I had to call in order to have it removed, but then I just decided to complain and I demanded that it be removed automatically every year.

Yes. I always pay in full. But then I'd rather have the Discover or another offer like one of the promotions from American Express which are at 0% for 15 to 18 months and with no annual fee.

I just see the 1FBUSA as not needed. But I don't want to harm my credit score. I'd rather have some or all of that $17,500 fall under Discover or American Express.

hematino
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Postby hematino » Sat May 03, 2014 8:39 am

Before you cancel it, consider this. I have a 1FB Visa card from when I was in college too, it dates to 2004. My card also has the annual fee permanently waived automatically ever since they added it on and I threatened to close the account.

While the card doesn't normally have a rewards program, 1FB has a rebate that they don't generally advertise. Apparently they offer 2% rebate on monthly purchases, which is a pretty nice deal so long as you pay in full and don't carry any kind of balance. I called to ask if I am eligible after stumbling upon that program online and they enrolled my card no problem. So after years of minimal use, I'm now getting 2% cash back off of what was a useless card. It's automatic off of the statement balance. Comes in handy for when my other 2% card, which runs on Amex network, isn't accepted.

It might be worth a look, especially considering you have a great credit limit and probably history with that card.
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dickey1331
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Postby dickey1331 » Sat May 03, 2014 8:44 pm

I had a 1FBUSA card when I was younger. Stay away from them. They are a terrible company.
Platinum Delta Skymiles $12,900
Marriott Rewards Premier $12,000
Discover IT $12,000
USAA Cash Rewards $11,000
American Express Blue Cash Preferred $10,000
Chase Sapphire Preferred $6,500
Best Buy $6,000
Chase Freedom $4,500
Zales $4,000
Amazon Prime $4,000



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