Applying for a Credit Card After Cancellation of a Credit Card
Author: Messiah
Posted: Fri Jun 23, 2006 5:58 pm
Post subject: So what should i do next?
Well i just cancelled 3 CCs because i didnt want to think OMG i forgot about that card. I cancelled my chase - bloomingdales and target card.
I personally want 1 Amex and then a visa or mastercard
I already have a Amex Platinum and a amex costco card.
I have a capital one but i want to cancel that card. I dont like it at all.
My current fico score is 720.....how long should i wait to apply for another card? what should be my next visa or mastercard?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: fire3000
Posted: Fri Jun 23, 2006 8:08 pm
Post subject:
Having a lot of recently closed credit cards (even if closed by the consumer) on your credit reports would be considered a negative when you apply for a prime class card. The reason is that they will think you will likely close their card also and of couse issuing a card cost them money. So do not close any more cards. Closing cards also reduces your available credit and raises your utilization ratio (if you have any balances). Your score is very good, but your credit history is short (I assume less than 2 years). I would wait a month for the dust to settle, pay your card balances in full (makes your reports look better), and then apply for a rewards card like Citi. After you get the new card, you can call Amex and ask them to close one of the two and combune the credit limits especially if both charge annual fees.
Author: Messiah
Posted: Sat Jun 24, 2006 6:41 pm
Post subject:
[quote="fire3000"]Having a lot of recently closed credit cards (even if closed by the consumer) on your credit reports would be considered a negative when you apply for a prime class card. The reason is that they will think you will likely close their card also and of couse issuing a card cost them money. So do not close any more cards. Closing cards also reduces your available credit and raises your utilization ratio (if you have any balances). Your score is very good, but your credit history is short (I assume less than 2 years). I would wait a month for the dust to settle, pay your card balances in full (makes your reports look better), and then apply for a rewards card like Citi. After you get the new card, you can call Amex and ask them to close one of the two and combune the credit limits especially if both charge annual fees.[/quote]
I already have an Amex. Actually I have 2. The platinum and costco
I pay all my cards in full.
I have about 2k on my costco...it has a 45k limit.
So i paid that off like whatevers
My other cards I always pay in full. But I just dont like them.
My question is. What card should I apply for in say 6 months? Visa - Mastercard.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: cameron
Posted: Sat Jun 24, 2006 7:05 pm
Post subject: Applying for a Credit Card After Cancellation of a Credit Card
Hello Messiah (I always wanted to say that)-
I'm confused why you don't like your old cards, and why you want another card. What are you trying to accomplish with your cards? Then maybe we can give some advice.
Author: fire3000
Posted: Sat Jun 24, 2006 8:03 pm
Post subject: Applying for a Credit Card After Cancellation of a Credit Card
Your score is very good, you have a card with a very high credit limit (greatly increases your chance of being approved and for a high limit), and you have zero or low balances. You have an excellent chance of being approved for the Citi Mastercard that pays 1% to 5% cash back ($300 annual cap) and no annual fee. Their web site is www.citicards.com. Go for it and good luck.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Fri Jun 23, 2006 5:58 pm
Post subject: So what should i do next?
Well i just cancelled 3 CCs because i didnt want to think OMG i forgot about that card. I cancelled my chase - bloomingdales and target card.
I personally want 1 Amex and then a visa or mastercard
I already have a Amex Platinum and a amex costco card.
I have a capital one but i want to cancel that card. I dont like it at all.
My current fico score is 720.....how long should i wait to apply for another card? what should be my next visa or mastercard?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: fire3000
Posted: Fri Jun 23, 2006 8:08 pm
Post subject:
Having a lot of recently closed credit cards (even if closed by the consumer) on your credit reports would be considered a negative when you apply for a prime class card. The reason is that they will think you will likely close their card also and of couse issuing a card cost them money. So do not close any more cards. Closing cards also reduces your available credit and raises your utilization ratio (if you have any balances). Your score is very good, but your credit history is short (I assume less than 2 years). I would wait a month for the dust to settle, pay your card balances in full (makes your reports look better), and then apply for a rewards card like Citi. After you get the new card, you can call Amex and ask them to close one of the two and combune the credit limits especially if both charge annual fees.
Author: Messiah
Posted: Sat Jun 24, 2006 6:41 pm
Post subject:
[quote="fire3000"]Having a lot of recently closed credit cards (even if closed by the consumer) on your credit reports would be considered a negative when you apply for a prime class card. The reason is that they will think you will likely close their card also and of couse issuing a card cost them money. So do not close any more cards. Closing cards also reduces your available credit and raises your utilization ratio (if you have any balances). Your score is very good, but your credit history is short (I assume less than 2 years). I would wait a month for the dust to settle, pay your card balances in full (makes your reports look better), and then apply for a rewards card like Citi. After you get the new card, you can call Amex and ask them to close one of the two and combune the credit limits especially if both charge annual fees.[/quote]
I already have an Amex. Actually I have 2. The platinum and costco
I pay all my cards in full.
I have about 2k on my costco...it has a 45k limit.
So i paid that off like whatevers
My other cards I always pay in full. But I just dont like them.
My question is. What card should I apply for in say 6 months? Visa - Mastercard.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: cameron
Posted: Sat Jun 24, 2006 7:05 pm
Post subject: Applying for a Credit Card After Cancellation of a Credit Card
Hello Messiah (I always wanted to say that)-
I'm confused why you don't like your old cards, and why you want another card. What are you trying to accomplish with your cards? Then maybe we can give some advice.
Author: fire3000
Posted: Sat Jun 24, 2006 8:03 pm
Post subject: Applying for a Credit Card After Cancellation of a Credit Card
Your score is very good, you have a card with a very high credit limit (greatly increases your chance of being approved and for a high limit), and you have zero or low balances. You have an excellent chance of being approved for the Citi Mastercard that pays 1% to 5% cash back ($300 annual cap) and no annual fee. Their web site is www.citicards.com. Go for it and good luck.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 3:47 PM
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