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Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
19 posts
daniel2304
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Postby daniel2304 » Fri Dec 06, 2013 11:27 am

I would agree to cancel the Capital One since the problem with annual fee and it does not have any potential growth. Dropping it now can hurt your credit a little bit just because it either shorten your credit history length or lower your total credit limit, but in future, your credit score will be up again. It's better to drop it now than later.
All my posts are my opinions. All my posts mentioned "you" are merely for discussion-purpose only. No advice is given in any post at any time. It is also impossible for me to put effort to verify every statement that anyone has given.


DavidNY
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Postby DavidNY » Fri Dec 06, 2013 11:29 am

BofA gave a $10k CL with a 620 FICO?

GoCreditGo!
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Postby GoCreditGo! » Fri Dec 06, 2013 1:24 pm

Yup. But I also have 20k that sits there, so maybe that swayed their decision too.

DavidNY wrote:BofA gave a $10k CL with a 620 FICO?

GoCreditGo!
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Postby GoCreditGo! » Fri Dec 06, 2013 1:26 pm

The card is only a few months old, so I don't think it will hurt my credit. Also, I struggle to keep my utilization above 0% since I have debit/credit system I work with - I charge and while that charge is running, I'm on my phone processing a payment to that card. Also, it's such a low limit (500) that it won't affect me. Does anyone know if they prorate the service charge?

daniel2304 wrote:Dropping it now can hurt your credit a little bit just because it either shorten your credit history length or lower your total credit limit, but in future, your credit score will be up again.

DavidNY
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Postby DavidNY » Fri Dec 06, 2013 8:20 pm

GoCreditGo! wrote:Yup. But I also have 20k that sits there, so maybe that swayed their decision too.


Nice going! I hope the $20k is working hard for you :)

GoCreditGo!
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Postby GoCreditGo! » Fri Dec 06, 2013 10:02 pm

It's not. I just parked it there. I think they were hoping that I would put more in.

DavidNY wrote:Nice going! I hope the $20k is working hard for you :)

samhradh
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Postby samhradh » Fri Dec 06, 2013 10:35 pm

GoCreditGo! wrote:It's not. I just parked it there. I think they were hoping that I would put more in.


?????? Put that in a higher interest earning account ASAP if you have no reason to keep it with BoA!
Citi Forward ($10.1K), AmEx Blue Cash Everyday ($30K), Chase Freedom ($12.4K), Discover it ($5.5K), Barclaycard Arrival ($12.5K), L.L. Bean Visa ($5K). FICO 806 (TU), 812 (EQ), 806 (EX).

MemberSince99
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Postby MemberSince99 » Sat Dec 07, 2013 4:03 pm

DavidNY wrote:BofA gave a $10k CL with a 620 FICO?



The only other lender even remotely likely to do that is Discover. Just looking at the limits people got with their scores, it seems the lower it is to a degree, the more they like you, assuming it's high enough to be approved (and I'm sure there are other factors).

GoCreditGo!
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Postby GoCreditGo! » Fri Dec 13, 2013 10:51 am

samhradh wrote:?????? Put that in a higher interest earning account ASAP if you have no reason to keep it with BoA!


MemberSince99 wrote:The only other lender even remotely likely to do that is Discover. Just looking at the limits people got with their scores, it seems the lower it is to a degree, the more they like you, assuming it's high enough to be approved (and I'm sure there are other factors).


True true. I should do something productive with that.



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