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Advice on Which one To Close Next?

Established Contributor

Advice on Which one To Close Next?

Ive been on a mission to close out all my Sub Prime Card as they have done thier job.  I got approved for A Cap 1 Secured a Cap1 Rewards Unsecured and A BoFA Power Rewards Secured. I paid off my collections and now want to hammer out these sub prime cards.

 

First Premier 275.00 Limit  (Opened 2007) I CLOSED THIS CARD LAST MONTH!!!!

 

First Premier 400.00$ Limit (OPENED 2008) I am closing this card this MONTH MAY!

 

I have 3 more sub prime cards that are on the chopping block but I can only afford to close one before the annual fee hits. Any suggestions? here are the cards I want to ax:

 

Credit One 350.00$ Limit ( Opened 11/2010 APR 23.9% Annual Fee of 75.00)

Orchard Bank 300.00$ Limit (Opened 08/2010 28.9 % APR annual Fee of 75.00$)

HSBC BBRZ Mastercard 300.00$ Limit (Opened 09/2010 APR 21.74% $59.00 Annual Fee)

 

If I would have seen this website before I would have never gotten these cards but live and learn. Just glad that First Premier will be axed this month FINALLY!

 

 

Amex Delta Gold 1.5K Amex HH 2k Amex PRG NPSL, AMEX BCE 2k, BOA Cash Rewards 1k, Barclay Jet Blue WMC 7K, Chase Freedom 16.5K Chase Southwest Premier Plus 7K Chase United Explorer 20.5K Chase Marriott 11K , Amazon Visa 3.5k, Discover $7K Gap Visa $8.5K; Walmart MasterCard 7.5K Sam's Club MC 9.5K Venture $15K Venture One 10K Quicksilver Visa Siggy 5K, Citi Shell MC 2k, Total Rewards Visa 4.2K Fuel Rewards MC 3K CITI AA Gold WEMC 8.4K Paypal Extras MC 8K, Citi Diamond WEMC 3.5K, Cit DC WEMC 3k, Citi Hilton Visa Siggy 8k.
Message 1 of 11
10 REPLIES
Valued Contributor

Re: Advice on Which one To Close Next?

 


texasman07 wrote:

Ive been on a mission to close out all my Sub Prime Card as they have done thier job.  I got approved for A Cap 1 Secured a Cap1 Rewards Unsecured and A BoFA Power Rewards Secured. I paid off my collections and now want to hammer out these sub prime cards.

 

First Premier 275.00 Limit  (Opened 2007) I CLOSED THIS CARD LAST MONTH!!!!

 

First Premier 400.00$ Limit (OPENED 2008) I am closing this card this MONTH MAY!

 

I have 3 more sub prime cards that are on the chopping block but I can only afford to close one before the annual fee hits. Any suggestions? here are the cards I want to ax:

 

Credit One 350.00$ Limit ( Opened 11/2010 APR 23.9% Annual Fee of 75.00)

Orchard Bank 300.00$ Limit (Opened 08/2010 28.9 % APR annual Fee of 75.00$)

HSBC BBRZ Mastercard 300.00$ Limit (Opened 09/2010 APR 21.74% $59.00 Annual Fee)

 

If I would have seen this website before I would have never gotten these cards but live and learn. Just glad that First Premier will be axed this month FINALLY!

 

 


Get rid of Orchard.  BBRZ at least gives you 1% back plus I had better luck getting CLIs with C1 before I axed them.   

FICO Scores Updated 07/15 EQ08 748 EX08 748 TU08 818
Message 2 of 11
Senior Contributor

Re: Advice on Which one To Close Next?


texasman07 wrote:

Ive been on a mission to close out all my Sub Prime Card as they have done thier job.  I got approved for A Cap 1 Secured a Cap1 Rewards Unsecured and A BoFA Power Rewards Secured. I paid off my collections and now want to hammer out these sub prime cards.

 

First Premier 275.00 Limit  (Opened 2007) I CLOSED THIS CARD LAST MONTH!!!!

 

First Premier 400.00$ Limit (OPENED 2008) I am closing this card this MONTH MAY!

 

I have 3 more sub prime cards that are on the chopping block but I can only afford to close one before the annual fee hits. Any suggestions? here are the cards I want to ax:

 

Credit One 350.00$ Limit ( Opened 11/2010 APR 23.9% Annual Fee of 75.00)

Orchard Bank 300.00$ Limit (Opened 08/2010 28.9 % APR annual Fee of 75.00$)

HSBC BBRZ Mastercard 300.00$ Limit (Opened 09/2010 APR 21.74% $59.00 Annual Fee)

 

If I would have seen this website before I would have never gotten these cards but live and learn. Just glad that First Premier will be axed this month FINALLY!

 

 


As they come up, I would ask for a AF waiver or reduction, or cancel it if they don't comply. 
BBRZ is lowest AF and has rewards, so it would be the last to cancel.
What do you mean by only afford to cancel one.   Are you carrying balance?
.

 

Message 3 of 11
Established Contributor

Re: Advice on Which one To Close Next?

Yes. I am carrying a balance of about 200.00$ on each card. I actually think I can ax all 3 by November in order. Once I look at them on paper it makes more sense. Then I can start to increase my Security deposits on my Secured Cards.  I

Amex Delta Gold 1.5K Amex HH 2k Amex PRG NPSL, AMEX BCE 2k, BOA Cash Rewards 1k, Barclay Jet Blue WMC 7K, Chase Freedom 16.5K Chase Southwest Premier Plus 7K Chase United Explorer 20.5K Chase Marriott 11K , Amazon Visa 3.5k, Discover $7K Gap Visa $8.5K; Walmart MasterCard 7.5K Sam's Club MC 9.5K Venture $15K Venture One 10K Quicksilver Visa Siggy 5K, Citi Shell MC 2k, Total Rewards Visa 4.2K Fuel Rewards MC 3K CITI AA Gold WEMC 8.4K Paypal Extras MC 8K, Citi Diamond WEMC 3.5K, Cit DC WEMC 3k, Citi Hilton Visa Siggy 8k.
Message 4 of 11
Valued Contributor

Re: Advice on Which one To Close Next?

Just curious, the cards you are closing out...are they some of your old cards or do you have older cards?

I think closing out some olds cards will have an effect on your AAoA. I could be wrong, but having a shorter AAoA will lower your score.

Unless you have one card that goes back many yrs......

Message 5 of 11
Established Contributor

Re: Advice on Which one To Close Next?

My Earliest card is my Express Fashion Card. Perfect Payment History since 1999

 

CL is 2160.00

 

Have about 30% util on this card.

 

I dont' plan on applying for credit again till January 2012

Amex Delta Gold 1.5K Amex HH 2k Amex PRG NPSL, AMEX BCE 2k, BOA Cash Rewards 1k, Barclay Jet Blue WMC 7K, Chase Freedom 16.5K Chase Southwest Premier Plus 7K Chase United Explorer 20.5K Chase Marriott 11K , Amazon Visa 3.5k, Discover $7K Gap Visa $8.5K; Walmart MasterCard 7.5K Sam's Club MC 9.5K Venture $15K Venture One 10K Quicksilver Visa Siggy 5K, Citi Shell MC 2k, Total Rewards Visa 4.2K Fuel Rewards MC 3K CITI AA Gold WEMC 8.4K Paypal Extras MC 8K, Citi Diamond WEMC 3.5K, Cit DC WEMC 3k, Citi Hilton Visa Siggy 8k.
Message 6 of 11
Established Contributor

Re: Advice on Which one To Close Next?

I have a few cards also with GEMB

 

Walmart 375.00 CL

 

Chevron 500.00 CL

 

Old Navy 200.00 CL

 

American Eagle 150.00

 

I use these and PIF all the time. I started with 200.00$ on my walmart and so far they have given me CL every 4 months

 

The other store cards are pretty new

Amex Delta Gold 1.5K Amex HH 2k Amex PRG NPSL, AMEX BCE 2k, BOA Cash Rewards 1k, Barclay Jet Blue WMC 7K, Chase Freedom 16.5K Chase Southwest Premier Plus 7K Chase United Explorer 20.5K Chase Marriott 11K , Amazon Visa 3.5k, Discover $7K Gap Visa $8.5K; Walmart MasterCard 7.5K Sam's Club MC 9.5K Venture $15K Venture One 10K Quicksilver Visa Siggy 5K, Citi Shell MC 2k, Total Rewards Visa 4.2K Fuel Rewards MC 3K CITI AA Gold WEMC 8.4K Paypal Extras MC 8K, Citi Diamond WEMC 3.5K, Cit DC WEMC 3k, Citi Hilton Visa Siggy 8k.
Message 7 of 11
Moderator Emeritus

Re: Advice on Which one To Close Next?


tntexans72 wrote:

Just curious, the cards you are closing out...are they some of your old cards or do you have older cards?

I think closing out some olds cards will have an effect on your AAoA. I could be wrong, but having a shorter AAoA will lower your score.

Unless you have one card that goes back many yrs......


Closing a card will have no immediate effect on AAoA. It will continue to report for up to generally 10 years after closing which helps your AAoA and credit length history.

 

Here is a detailed thread about Closing Credit Cards.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Message 8 of 11
Senior Contributor

Re: Advice on Which one To Close Next?


texasman07 wrote:

Yes. I am carrying a balance of about 200.00$ on each card. I actually think I can ax all 3 by November in order. Once I look at them on paper it makes more sense. Then I can start to increase my Security deposits on my Secured Cards.  I


Excellent plan.

Message 9 of 11
Member

Re: Advice on Which one To Close Next?

Don't close any cards that have a balance! 

Pay them off first, one by one, lowest balance first.   Then only close them if they have an annual fee.

If there is no annual fees or any other fees, don't close the account.  Just cut up the card and leave it open.

TW=825, CB=819, TU=946
Message 10 of 11