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Member
Posts: 5
Registered: ‎03-02-2008
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CREDIT ONE BANK..Should I keep or close out?

Hello to everyone!  I am trying to decide what to do about Credit One Bank.  I opened the account back in 2005 right after my bankruptcy so they are the oldest account. But I am really tired of paying them their monthly fee. I don't use the card at all.  I understand that they help me re-estabish myself but I have a credit card with my credit union and that is all I need.  I have heard so many various reports on closing out your longest credit history so I don't know if I should close it and bite the bullet or keep paying them the $7.00 a month.  Any advice will be greatly appreciated...

Valued Contributor
Posts: 1,749
Registered: ‎08-18-2007
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Re: CREDIT ONE BANK..Should I keep or close out?


kartunes wrote:

Hello to everyone!  I am trying to decide what to do about Credit One Bank.  I opened the account back in 2005 right after my bankruptcy so they are the oldest account. But I am really tired of paying them their monthly fee. I don't use the card at all.  I understand that they help me re-estabish myself but I have a credit card with my credit union and that is all I need.  I have heard so many various reports on closing out your longest credit history so I don't know if I should close it and bite the bullet or keep paying them the $7.00 a month.  Any advice will be greatly appreciated...


 

Hi Kartunes and welcome to the forums

 

I think you should definitely read this first Closing Credit Cards

 

This will definitely help you in coming up with a solution.

 

After reading please come back here and continue to ask questions.

 

As far as your situation, When did you receive the Credit union card?

 

Remember after you close a card, it still will report for another 10 years. In the meantime your other cards will definitely mature in age in it will not hurt your average age of account too much.

 

I would advise you to at least when your scores are close to 700, to at least get one more account.

 

This is for scoring purposes and util%.

 

Hope this helps and keep us updated.

 

Come back if you have more questions

Member
Posts: 5
Registered: ‎03-02-2008
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Re: CREDIT ONE BANK..Should I keep or close out?

Thanks for the advice. I just received the card from my Credit Union.  I also have one other credit card with Capital One with a $2500.00 credit limit and no balance.  So basically I have a total of $4700.00 between the three cards and none have a balance. I have definitely become a cash queen since my bankruptcy. The only other credit line is an auto loan. I actually just paid off my Cap One Auto Finance Loan that was taken out in Dec 2006.  Sold that car and purchased another one and got the loan through the Credit Union. I got the car from a private owner so I paid a lot less than if I had went to a car dealership.  I will definitely be closing that Credit One Bank card. 

Epic Contributor
Posts: 29,456
Registered: ‎10-23-2007

Re: CREDIT ONE BANK..Should I keep or close out?

I would cancel, it has done what it needs to do.

after I get my next prime credit card, I'm canceling my Credit One card, I got it right after BK also. 

Valued Contributor
Posts: 1,749
Registered: ‎08-18-2007
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Re: CREDIT ONE BANK..Should I keep or close out?


kartunes wrote:

Thanks for the advice. I just received the card from my Credit Union.  I also have one other credit card with Capital One with a $2500.00 credit limit and no balance.  So basically I have a total of $4700.00 between the three cards and none have a balance. I have definitely become a cash queen since my bankruptcy. The only other credit line is an auto loan. I actually just paid off my Cap One Auto Finance Loan that was taken out in Dec 2006.  Sold that car and purchased another one and got the loan through the Credit Union. I got the car from a private owner so I paid a lot less than if I had went to a car dealership.  I will definitely be closing that Credit One Bank card. 


Ok great, so you are in good position. Definitely close the card with that annual fee. I would also get a store card to have a better mix of cards. This too will give you some more points to your score. Good work

 

keep us updated

Established Contributor
Posts: 737
Registered: ‎08-25-2008
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Re: CREDIT ONE BANK..Should I keep or close out?

That makes sense.. keep your money in your wallet and let the other cards age.
Frequent Contributor
Posts: 367
Registered: ‎03-28-2008
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Re: CREDIT ONE BANK..Should I keep or close out?

These guys are starting to care. I called to cancel and they waived the AF for 6 months and gve me a bank breaking $100 CLI. So after nearly 2 and 1/2 years of flawless history with them, my CL is $1000!!!!! I thought it would be stuck at $900 until I died.

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