1 year of credit one card, cancel this month or keep open?

[latexyankee]

Right and that is what I was doing until a month or so ago when we bought a new TV, will pay the amazon from $1300 to zero in 2 payments this time. Sorry I should have explained that better. Charging approx 30% of total limit divided between my 3 cards and PIF every month.

So you are saying when carrying a balance you should try to pay down to 10% or less of that card when it reports correct? I'm sort of at a middle ground here being 18 months since discharge. I am going to keep the credit one card as it is a year old and I will be applying for a car loan in a few months and it is my oldest account.

These boards move fast thanks to everyone who helps, I am going to start a new thread with some related questions.

[notpaul]

Credit one charges for limit increases. They may waive it for you but its hard to see them also waiving the annual fee. I have them but I'm closing them before the fee hits. They did partially refund the one I already paid this year when I told them I was cancelling. May also work for you if for some reason you don't decide to close it.

[holmesnmanny]

You want no card having 10% or more of utilization. Overall utilization in total all cards is not really a big deal. It's all about not having any one card at 10% or higher and you don't want more than 2 cards reporting a balance. It's best to just have an idea when the cards you use have their closing date. I like to spread out my cards. I switch from month to month so they all get to show activitity for account review purposes. 

[latexyankee]

Wow credit one charges for CLI....thats is ridiculous. Well im cancelling that card tomorrow. I will apply for the barclays.

Thanks for all the info regarding utilization, some of it seems to slightly contradict the BK7 to 700 in 24mo thread. Maybe i should re read its been about a year. I will open a barclays, charge some gas every other month and ask for a CLI in 6 months.

[Shooting-For-800]

I would call them and ask them for $0 annual fee.

Maybe $50?

$100 is insane but it does build your credit.  at $8 per month, you have to decide.

If I told you I could help your credit score and I charge $8 per month, would you pay it?

[Shooting-For-800]

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@latexyankee wrote:

So I've always been told I want around 30% utilization on my cards in order to build credit. It even states that in the how to BK7 to 700 in 24 mo thread. I realize the lower overall ultilzation when asking for a car loan but where does the 30% come into play?

Also can someone explain how a closed account would affect my score even it it shows zero lates? I am going to keep the credit one for now ask them to waive the fees and ask for CL increase. Just curious as to how a closed account would be viewed.

Thanks

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You want to use your cards as much as possible but you do NOT want your utl at 30%!

Under 9% by the time the statement cuts is the goal.

I never run over 9% by statement end and I have built from $0 to $65k in available CC in 2 years from Ch7.

I charge over $5,000 per month but make huge payments WEEKLY not monthly.

I am not saying it is the only way, but it worked for me.

[Scupra]

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@Shooting-For-800 wrote:

I would call them and ask them for $0 annual fee.

Maybe $50?

$100 is insane but it does build your credit.  at $8 per month, you have to decide.

If I told you I could help your credit score and I charge $8 per month, would you pay it?

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OP is 18 months into BK.. I don't think AAoA is a major concern right now. The closed account will continue to report for 10ish years.

Best option I can see would be to close the card and open another Cap1, JMHO though

[Shooting-For-800]

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@Scupra wrote:

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@Shooting-For-800 wrote:

I would call them and ask them for $0 annual fee.

Maybe $50?

$100 is insane but it does build your credit.  at $8 per month, you have to decide.

If I told you I could help your credit score and I charge $8 per month, would you pay it?

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OP is 18 months into BK.. I don't think AAoA is a major concern right now. The closed account will continue to report for 10ish years.

Best option I can see would be to close the card and open another Cap1, JMHO though

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I get it.  $100 is different to each person.

[Creditwiser]

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@Scupra wrote:

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@Shooting-For-800 wrote:

I would call them and ask them for $0 annual fee.

Maybe $50?

$100 is insane but it does build your credit.  at $8 per month, you have to decide.

If I told you I could help your credit score and I charge $8 per month, would you pay it?

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OP is 18 months into BK.. I don't think AAoA is a major concern right now. The closed account will continue to report for 10ish years.

Best option I can see would be to close the card and open another Cap1, JMHO though

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+1