when to cancel my tribute and first premier?

[tatoo]

Three years ago, my credit took a plunge with a job loss, divorce etc. Started to rebuild and I think I am now at the stage (600ish score) where I am considering trying to get a no annual fee credit card. My existing cards are orchard, tribute and first premier. I will keep the orchard (reasonable fees), but tribute and first premier all have high fees + monthly maintenance fees. I just got my renewals and it really hits. My existing lines with these 2 cards is about $1000 thereabouts. Question is should I cancel them right now and just get a no annual fee card? or do I have to wait since I have some CL on these?

[funinthesun]

For me, I waited until I got 2 no annual fee credit cards with higher credit limits than I had before I cancelled my "high fee" credit cards. No hard and fast rules - but this was what I did

[CreditCardWoes]

Due to some financial problems that resulted in credit issues, approximately 8 mos ago i obtained secured cards w/Orchard and 1st Premier. Does anyone know when I should ask for credit line increase or will this be automatic?

[tatoo]

Six months should be a reasonable period to wait for a credit limit increase (***uming you pay on time and have developed a nice record with you card). If not, then get on the phone.

[aquariancore]

Originally Posted by CreditCardWoes

Due to some financial problems that resulted in credit issues, approximately 8 mos ago i obtained secured cards w/Orchard and 1st Premier. Does anyone know when I should ask for credit line increase or will this be automatic?

Orchard raise it automatically. Keys for this is early payments over the minimum. I would pay of the card completely a few months than run it up near but not to or over the credit limit. The credit line was automatically increased and I would pay off the card wait and do it again. Now, I have a comfortable limit but the card stays in the wallet.

[SageMother]

Once you have repeated a pay off a couple of times you might consider getting out of the sub prime market.

[berlinlife06]

My first credit card was a "secure" credit card, and that lasted 18 months. After that, they gave me a non secure credit card and raised the limit.