So a little about me first.
I’ve been working on my credit over the past 2 years, slowly acquiring cards and making all my payments on time. My first card was from Credit One(Visa). With a low 500’s score, I applied for a secured card with them, and to my suprise i was rewarded with an unsecured card with a $ 200 limit. Fast forward 2 years, perfect payment history, and a now $ 1300 credit limit. The card was great for my first card to build a history, but now its terms are less than favorable. $ 99 annual fee, no grace period on 24.99% interest, $ 20 charge for secondary card. Not to mention I have to pay $ 25 for a cl increase!
My second card was another offer I qualified for from Credit One for a Rewards Mastercard, low limit quickly brought up to $ 750 within 6 months, 15% apr, yet still no grace period. No Annual fee! So the cards are getting better it seems as i build a better history. But again I have to pay $ 14.99 per cl increase! Atleast its cheaper than the first card.
Last week after having no hard pulls on credit in over a year, I applied for a Barclays card, and was instantly denied. Called the recon line, and instantly got approved with a $ 1k limit. Now its not the best apr, think its about 24% but there is no annual fee, and a 24 day grace period.
Would it hurt my score if i closed my first card? It is my largest and oldest card on my account. I got an email today about it also saying i qualify for another cl increase (for a fee go figure!) I dont mind paying the $ 140 a year, if its really gonna help my score and my payment history. What are my best options here? Any advice?