Author Topic: canceling credit card opinion  (Read 2322 times)

Offline Q274

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canceling credit card opinion
« on: May 27, 2011, 07:52:34 AM »
I just applied for the amex blue cash not realizing that there was a 75$ annual fee- when I saw the fee I was gonna cancel card- but then I noticed that I had an 18,500$ cl that's when I became unsure and turned to you guys for your opinion-

My info that I think is important to this descion is: my current credit score is 760s my over all credit limit is 125k$ my biggest one is close to 100k$.
I have the starwood card which I plan on keeping.I think my 3 options are
1) Keep the blue cash
2) Cancel the blue cash
3) Get the cl transfered to my spg card
 Please tell me if I am missing any important info.
What do u guys think I should do?
Thanks

Online AsherO

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Re: canceling credit card opinion
« Reply #1 on: May 27, 2011, 08:08:04 AM »
I just applied for the amex blue cash not realizing that there was a 75$ annual fee- when I saw the fee I was gonna cancel card- but then I noticed that I had an 18,500$ cl that's when I became unsure and turned to you guys for your opinion-

My info that I think is important to this descion is: my current credit score is 760s my over all credit limit is 125k$ my biggest one is close to 100k$.
I have the starwood card which I plan on keeping.I think my 3 options are
1) Keep the blue cash
2) Cancel the blue cash
3) Get the cl transfered to my spg card
 Please tell me if I am missing any important info.
What do u guys think I should do?
Thanks

Have you aver been F/R'd by Amex? (KA"H)

An $100k CL sounds big enough already IMHO. Unless you're spending 20k+ on that card a times it won't affect your utilization much if the CL stays where it's at now. Unless you're reporting a $200k+ income to Amex (and can prove it with a 45006-T), I'd be wary of growing your credit lines any bigger.

F/R concerns aside, there's also the new apps factor. If you plan on applying for more cards in the future, perhaps you don't want your CL to be too big (so you have to get reconsidered and transfer CL to push the app through). This too depends on the income you're reporting on your apps.
PGF24BMGS

Offline Q274

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Re: canceling credit card opinion
« Reply #2 on: May 27, 2011, 08:19:20 AM »
Bh I have never been f/rd very likely because I got my first cc over 20 years ago-
Either way tell me if I understand u properly- u think I should just cancel the card?
I don't spend all that much $$ against my cl

Online AsherO

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Re: canceling credit card opinion
« Reply #3 on: May 27, 2011, 08:22:07 AM »
Bh I have never been f/rd very likely because I got my first cc over 20 years ago-
Either way tell me if I understand u properly- u think I should just cancel the card?

Amex has F/R'd many long time customers. I'm telling you I'm not sure, but I think there's some risk in keeping it open. If you don't need the CL anyway, why keep it?

If the card is really old and you want to keep it for average age open, you can switch it to a different card type (and cut the the CL if you want).
PGF24BMGS

Offline Q274

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Re: canceling credit card opinion
« Reply #4 on: May 27, 2011, 08:26:32 AM »
I don't need the cl and I applied for this card during the pesach promo s its not all that old- canceling it is
Thanks

Offline jack12

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Re: canceling credit card opinion
« Reply #5 on: May 29, 2011, 08:20:23 AM »
Bh I have never been f/rd very likely because I got my first cc over 20 years ago-

You got your first cc when you were 7? (If I'm remembering correctly, you said in another thread that you are 27 y/o)

Offline Q274

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Re: canceling credit card opinion
« Reply #6 on: May 29, 2011, 08:31:05 AM »
I am an au on my fathers card

Offline Cholentfresser

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Re: canceling credit card opinion
« Reply #7 on: May 29, 2011, 08:58:06 AM »
did u become an au on your father's account when u were 7, or u did it later on but your father got his first CC when u were 7?
In order to understand recursion, you first need to understand recursion.

Offline Q274

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Re: canceling credit card opinion
« Reply #8 on: May 29, 2011, 09:07:23 AM »
Closer to the 2nd way- I became an au on this particular card when I was older and my father had gotten this card when I was abt 7

Offline yaakov s

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Re: canceling credit card opinion
« Reply #9 on: May 29, 2011, 09:10:19 AM »
So that makes me someone who has a credit card older then himself???

Offline Q274

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Re: canceling credit card opinion
« Reply #10 on: May 29, 2011, 09:12:09 AM »
What is Żour question?

Offline yaakov s

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Re: canceling credit card opinion
« Reply #11 on: May 29, 2011, 09:22:21 AM »
On my credit report on the cards that I'm an au on it shows account active from when my father put me on not from when he opened it.

Offline Q274

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Re: canceling credit card opinion
« Reply #12 on: May 29, 2011, 09:29:27 AM »
Oh it could be that my fathers card is older I had just assumed that was how it worked oh well

Offline BAHayman

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Re: canceling credit card opinion
« Reply #13 on: May 29, 2011, 09:47:41 AM »
When I was added as an AU on my dads card my CR showed 20 years of credit...