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Frequent Contributor
ForMyBiz
Posts: 283
Registered: ‎08-19-2013
0

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?

Valued Contributor
dodgerslv
Posts: 1,757
Registered: ‎06-16-2012
0

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.


Cards: (Citi x6) (Chase x5) (US Bank x3) (Amex x3) (Barclays x3) (BofA x2) (Cap1 x2) (WF x2) (Penfed x1) (Discover x1) (Sync/GE x4) (Macys x2)
Fico 08 scores (8/27/14) EX: 772 TU: 767 EQ: 778 (Utilization at 8% right now).





Mega Contributor
coldnmn
Posts: 12,294
Registered: ‎08-08-2011
0

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 

My Wallet /US Bank Cash+ Signature $10,000/ Ace US Bank Signature $10,000 / Sam's Mastercard $8000
/ Walmart Mastercard $8000 / Discover IT $5000 / Care Credit $5000
/ Husqvarna $5000 / PayPal SmartConnect $4800 / Cap1 Quicksilver $4000 / Barclay Ring $3550
Last App 8/12/14 /
Valued Contributor
gdale6
Posts: 9,261
Registered: ‎12-13-2013
0

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

[ Edited ]

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 :smileyhappy:

EX Cred Ses 08/14: 767 ; EX Fico 04 V2 06/14: 775; EX Fico 08 07/14 778 ; EX Fico 08 BC 07/14: 800
EQ Fico 05/14 781 ; EQ MPM 07/14: 721
TU Fico 8 07/14: 719; TU MPM 06/14 706
Moderator
09Lexie
Posts: 25,097
Registered: ‎09-13-2012
0

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 :smileyhappy:


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

Valued Contributor
FinStar
Posts: 5,156
Registered: ‎10-21-2012
0

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.

Frequent Contributor
ForMyBiz
Posts: 283
Registered: ‎08-19-2013
0

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!

Frequent Contributor
ForMyBiz
Posts: 283
Registered: ‎08-19-2013
0

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.  

Valued Contributor
FinStar
Posts: 5,156
Registered: ‎10-21-2012
0

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!

Frequent Contributor
ForMyBiz
Posts: 283
Registered: ‎08-19-2013
0

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.


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