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About to Close My Shark Cards, But first...

Frequent Contributor

About to Close My Shark Cards, But first...

So I finally have the main cards that I want/need with Discover IT being approved this AM and getting Chase Freedom back in September.  So I'm going to go ahead and close Credit One and Matrix since they are uber shark cards with fees and horrendous terms.  My only question is, since I was just approved for Discover IT, is there any reason why I should wait for this tradeline to be added before closing the shark cards?

 

UTIL wise, they won't make much difference since my only balance reporting is $170/2000 on my Cap1 Spark, so once the Discover tradeline is added my UTL will actually go down.  Current UTL is in my sig.

 

I'm not missing anything am I?

Message 1 of 10
9 REPLIES
Valued Contributor

Re: About to Close My Shark Cards, But first...


ForMyBiz wrote:

So I finally have the main cards that I want/need with Discover IT being approved this AM and getting Chase Freedom back in September.  So I'm going to go ahead and close Credit One and Matrix since they are uber shark cards with fees and horrendous terms.  My only question is, since I was just approved for Discover IT, is there any reason why I should wait for this tradeline to be added before closing the shark cards?

 

UTIL wise, they won't make much difference since my only balance reporting is $170/2000 on my Cap1 Spark, so once the Discover tradeline is added my UTL will actually go down.  Current UTL is in my sig.

 

I'm not missing anything am I?


congrats on your Discover approval! and no, there is no reason to wait. If you are determined to close them (which i agree you should) then do it. Your utilization should not be affected much and those accounts will report in good standing for the next 10 years so it will not hurt your AAoA on that aspect.

gardening since 5/21/2016
Message 2 of 10
Mega Contributor

Re: About to Close My Shark Cards, But first...


dodgerslv wrote:

ForMyBiz wrote:

So I finally have the main cards that I want/need with Discover IT being approved this AM and getting Chase Freedom back in September.  So I'm going to go ahead and close Credit One and Matrix since they are uber shark cards with fees and horrendous terms.  My only question is, since I was just approved for Discover IT, is there any reason why I should wait for this tradeline to be added before closing the shark cards?

 

UTIL wise, they won't make much difference since my only balance reporting is $170/2000 on my Cap1 Spark, so once the Discover tradeline is added my UTL will actually go down.  Current UTL is in my sig.

 

I'm not missing anything am I?


congrats on your Discover approval! and no, there is no reason to wait. If you are determined to close them (which i agree you should) then do it. Your utilization should not be affected much and those accounts will report in good standing for the next 10 years so it will not hurt your AAoA on that aspect.


+1 

Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
Sam's Mastercard $13.5k / Walmart Mastercard $10k / Blispay $7.5k PayPal Ex MC $6.1k
CareCredit 5k / Husq $5k / Cap1 QS $4.5k / Barclay Ring $4.85k / Citi DC (WMC) $7.1k
Gardening Date 7/01/16 / MyFico 08: EQ 801 / TU 777 / EX 771 / 06/08/17
Message 3 of 10
Moderator

Re: About to Close My Shark Cards, But first...

The only other thing to consider would be your AA of open accounts. You AA of all accounts will not be affected as they will report for the next 10 years.  I do advocate the closing of cards if they carry an AF as well. Congrats on the new card Smiley Happy

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne
Message 4 of 10
Moderator Emerita

Re: About to Close My Shark Cards, But first...


gdale6 wrote:

The only other thing to consider would be your AA of open accounts. You AA of all accounts will not be affected as they will report for the next 10 years.  I do advocate the closing of cards if they carry an AF as well. Congrats on the new card Smiley Happy


AAOA is Average Age Of Accounts, not just opened accounts. 

Message 5 of 10
Senior Contributor

Re: About to Close My Shark Cards, But first...


dodgerslv wrote:

ForMyBiz wrote:

So I finally have the main cards that I want/need with Discover IT being approved this AM and getting Chase Freedom back in September.  So I'm going to go ahead and close Credit One and Matrix since they are uber shark cards with fees and horrendous terms.  My only question is, since I was just approved for Discover IT, is there any reason why I should wait for this tradeline to be added before closing the shark cards?

 

UTIL wise, they won't make much difference since my only balance reporting is $170/2000 on my Cap1 Spark, so once the Discover tradeline is added my UTL will actually go down.  Current UTL is in my sig.

 

I'm not missing anything am I?


congrats on your Discover approval! and no, there is no reason to wait. If you are determined to close them (which i agree you should) then do it. Your utilization should not be affected much and those accounts will report in good standing for the next 10 years so it will not hurt your AAoA on that aspect.


Is your Capital One Spark business CC reporting on your standard CRAs?  It technically shouldn't, since this won't factor into the utilization.  Regardless, yes a good move by all means to close the other 2 CCs.

Message 6 of 10
Frequent Contributor

Re: About to Close My Shark Cards, But first...

Awesome, thanks for the responses.  Definitely going to go ahead and kill those cards now.  Glad to be rid of them, 2 less accounts to keep track of and $10/mo in fees gone. woohooo!

Message 7 of 10
Frequent Contributor

Re: About to Close My Shark Cards, But first...


FinStar wrote:

dodgerslv wrote:

ForMyBiz wrote:

So I finally have the main cards that I want/need with Discover IT being approved this AM and getting Chase Freedom back in September.  So I'm going to go ahead and close Credit One and Matrix since they are uber shark cards with fees and horrendous terms.  My only question is, since I was just approved for Discover IT, is there any reason why I should wait for this tradeline to be added before closing the shark cards?

 

UTIL wise, they won't make much difference since my only balance reporting is $170/2000 on my Cap1 Spark, so once the Discover tradeline is added my UTL will actually go down.  Current UTL is in my sig.

 

I'm not missing anything am I?


congrats on your Discover approval! and no, there is no reason to wait. If you are determined to close them (which i agree you should) then do it. Your utilization should not be affected much and those accounts will report in good standing for the next 10 years so it will not hurt your AAoA on that aspect.


Is your Capital One Spark business CC reporting on your standard CRAs?  It technically shouldn't, since this won't factor into the utilization.  Regardless, yes a good move by all means to close the other 2 CCs.


Cap 1 Spark reports to personal reports, but under type of account it says Business.  

Message 8 of 10
Senior Contributor

Re: About to Close My Shark Cards, But first...


ForMyBiz wrote:

FinStar wrote:

dodgerslv wrote:

ForMyBiz wrote:

So I finally have the main cards that I want/need with Discover IT being approved this AM and getting Chase Freedom back in September.  So I'm going to go ahead and close Credit One and Matrix since they are uber shark cards with fees and horrendous terms.  My only question is, since I was just approved for Discover IT, is there any reason why I should wait for this tradeline to be added before closing the shark cards?

 

UTIL wise, they won't make much difference since my only balance reporting is $170/2000 on my Cap1 Spark, so once the Discover tradeline is added my UTL will actually go down.  Current UTL is in my sig.

 

I'm not missing anything am I?


congrats on your Discover approval! and no, there is no reason to wait. If you are determined to close them (which i agree you should) then do it. Your utilization should not be affected much and those accounts will report in good standing for the next 10 years so it will not hurt your AAoA on that aspect.


Is your Capital One Spark business CC reporting on your standard CRAs?  It technically shouldn't, since this won't factor into the utilization.  Regardless, yes a good move by all means to close the other 2 CCs.


Cap 1 Spark reports to personal reports, but under type of account it says Business.  


Gotcha.  In the past these TLs didn't report to personal CRAs.  Good to know!

Message 9 of 10
Highlighted
Frequent Contributor

Re: About to Close My Shark Cards, But first...


FinStar wrote:

ForMyBiz wrote:

FinStar wrote:

dodgerslv wrote:

ForMyBiz wrote:

So I finally have the main cards that I want/need with Discover IT being approved this AM and getting Chase Freedom back in September.  So I'm going to go ahead and close Credit One and Matrix since they are uber shark cards with fees and horrendous terms.  My only question is, since I was just approved for Discover IT, is there any reason why I should wait for this tradeline to be added before closing the shark cards?

 

UTIL wise, they won't make much difference since my only balance reporting is $170/2000 on my Cap1 Spark, so once the Discover tradeline is added my UTL will actually go down.  Current UTL is in my sig.

 

I'm not missing anything am I?


congrats on your Discover approval! and no, there is no reason to wait. If you are determined to close them (which i agree you should) then do it. Your utilization should not be affected much and those accounts will report in good standing for the next 10 years so it will not hurt your AAoA on that aspect.


Is your Capital One Spark business CC reporting on your standard CRAs?  It technically shouldn't, since this won't factor into the utilization.  Regardless, yes a good move by all means to close the other 2 CCs.


Cap 1 Spark reports to personal reports, but under type of account it says Business.  


Gotcha.  In the past these TLs didn't report to personal CRAs.  Good to know!


Yeh, it's good for me because of rebuilding & UTL, but I  use the INK more because it doesn't report to personal reports.

Message 10 of 10