I just looked at all 3 of my reports and realized that my 3000CL is only reported as 218$. It is my second oldest tradeline, so I wanted to keep it, but at 19.80% and a 3000CL that reports as 218$ I am never planning on using it again and am going to close it. Unless for there is some weird reason I should keep it open?
buy a fully refundable ticket before your cycle closes to Hong Kong... first class.... for you and your best buddy... cancel 'em the next day. your limit will change to the total amount you spent.
Sure...assuming you have no balance on it to worry about, it can only help you by being in the sock drawer. I'd even go as far to say that if you got the reported limit reasonably close to the $3000 (even by a few hundred margin), you should easily gain 30 or more FICO points. I gained 35 on EQ by going from $1413 to $2883. If the history is perfect or close to it, more the better. Just make sure to try and get the annual fee reduced or waived altogether...you don't want a charge popping up that you forget to pay!
My Crap 1 is my oldest cc with 6+ years of perfect history. My limit is 3.2k and I max it out at 3.1k. Just paid off the balance and now it will sit in the sock draw. I just think if you are in the mode of rebuilding it does not make sense to cancel your oldest TL. Just follow the advise here regarding the Crap 1 reporting limits. Since we all know what kind of games Crap 1 plays. Best regards, Mirage
An added bonus is that even if Crap1 were to get nasty and lower your actual credit limit, there's no way for them to report that they actually did lower your limit (since it'll still report as whatever high balance and N/A as credit limit). One other way to get them over the barrel!
Re: Re: going to close crap one... Even "IF" it has a rate >10%...IT IS WORTH THE HASSLE!!! BT 99% of the credit limit to another account that you can BT it back after a month at NO COST other than a little interest on both ends... You MUST wait till the statement generates...also see if it is reported on your credit report(s)
