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Def get rid of the SUBPRIME cards.
Amex and Chase are great to be in with.
You really dont want those crappy credit card companies on your credit reports anyway !
They have already served their purpose.
Kick Them To The Curb Buddy.........
What he was saying is if you don't have autopay setup on Credit 1 and you miss one of thsoe monthly fee payments is that your score could drop 40 points by missing the payment.
Why not cut the fees and close both of them now and then concentrate on the prime cards? Why would you pay a monthly fee for something you don't use?
Congrats! Chase Freedom gave me my first huge limit and lowest Apr. I only had a qs1 and a couple comenity store cards when I applied. Chase started me at $10k. I broke my jaw when my chin hit the floor so hard! lol
Credit One is horrible. Nothing should happen if you cancel, other than they might bug you to death the first month or two. Because it stays on your credit report for 10 years after you close it, it won't affect your average age of accounts. With the small limit, it isn't padding your utilization enough to affect that aspect of your score. Merrick bank is better than credit one, but not by much. Chase started you with a limit you will never get to with Merrick. My husband had both. He had no objection to cancelling credit one but fought me on Merrick lol They were charging him a fee of $3 per month after the 1st year. They denied his request to get rid of the fee. They denied his request to pay the fee on an annual basis. They denied his request to pay the fee in a lump sum. They denied any request to increase his cli. It was at $1800 for 2 1/2 years. If they charge you any fees after the 1st year, cancel it. Don't ever pay for a cli either.
Keep up the good work!
Congrats OP on your approval.
I closed my Credit One CC after 9 months of having it. It did not affect my score at all. My util. was already low <1%. It showed closed on my credit reports within days of the closure. $0 balance of course.
I was actually embarassed to swipe it after finding this forum, so I just closed it.
I also closed all store cards that were not above $3500 limit (after only 4 months of having them).
I thought "the more, the better." After extensive research, I found the opposite to be true for several reasons.
I agree with others Quality over Quantity!!! Best Wishes with your rebuild!
@Brickbybrick wrote:
So drop Credit One AND Merrick? They're my oldest cards and merrick will be my second highest credit limit.
My story is similar to yours Brickbybrick...I started with a Cap 1 and a Credit One 2 .5 yrs ago, both at 500 SL. Today Cap 1 is at 4500 ans Credit One is at 1000. I see no reason to cancel the Credit One....If any rebuiders have high annual fees, you can call and aske them to waive them..Credit One had a annual fee...no more, I called, asked them to remove it and they did...or I would be cancelling their card. Do what ya will, but there are ways do get your credit healthy without cancelling cards, unless they are COSTING YOU MONEY.
I am canceling my Credit One card but I have a question. I have a balance on my Merrick, Capital One, and Amex. Can I still balance transfer to my new chase since it has 0% making it easier for me to knock down? Thanks!