32 People Helped
Member Since: December 2013
I agree with TTU - CK told me I was highly unlikely to be approved for a card but it was an instant approval upon application on the Companies website. Sometimes I think their approval odds are more of a "which card is paying us more for recommendations" indicator.
Havvkeye's response was:
If your cards are in good standing it is better to leave them open. This helps with your utilization ratio and your average age of account if they have been open for a while. I would only close them if keeping them open will lead to you racking up a balance again that you are unable to pay in full each month.
There is a lot more to consider than just the monthly payment with a lease. What is the interest rate, the money factor, the miles per year allowed, the down payment required? If you go over your miles it gets very expensive very quickly. I would take a lot of time and read some articles on car financing and leasing before making this decision.
You will still have a hard pull on your account. The account will show even after closed for some time (many years usually).
What I would recommend is to ask if they can waive the fee for your first year (sometimes they will) or if you can product change to a card they offer that does not have an annual fee (this is free and common). This would keep the card and credit line open and you wouldn't have to worry about an annual fee or any negative credit effects.
If you request a credit limit increase they should not do a hard pull without telling you (either on the page you are requesting or by following up with you). If you want to be sure you can always call customer service and requset it with the stipulation that you do not want another hard pull on your credit.
It is not unwise unless you will have trouble keeping track of card payments. Having multiple cards generally leads to having more credit available to you, more credit lines (shows more lenders trust you), and lower utilization (given the same amount of spending). These all benefit your credit score.
It will affect your credit. I would advise calling in and cancelling as soon as you can if you cannot afford to pay for it yourself.
Depending on your vehicle age and mileage you could "refinance" it. If it is paid off and new-ish with under 100k miles it might qualify for a better rate than most secured/unsecured loans that you would normally see listed on a bank website. I have done this before when interest rates were really low, I was able to pay off a lot of my higher interest student loans with the money.
I do not know why you couldn't secure a loan with a title (given you have the title) but they will most likely only give you what the vehicle is worth.
Amex has amazing customer service. I would advise calling in and asking them directly. They will be able to tell you without doing any type of credit pulls. I know once you get blacklisted from Amex you won't ever get a card again but usually that is from Manufactured Spending or doing something pretty shady that hurts them financially, I am unsure if going to collections gets you on that list or not.
Inqueries fall off your report after 2 years from when they were made.