Cancel Credit One?

[Anonymous]

The only reason I hesitate is that it is a tradeline from 2004.  My oldest is Amex from 1991

But if positive tradelines count toward a good score it doesn't matter if its open or closed?

The CreditOne CL is $1,550 and I recently added $1,200 CLI to my Discover and a Gold Delta Amex is inbound with a CL of $2,000

I'm recently an AU on a Citi with a CL of 20k

So the annual fee (split into monthly payments) and all that, but mostly no auto-pay option, has me leaning toward closing it.

The whole picture in terms of CL:

		CITI	$20,000
		DISCOVER FIN	$3,000
		CHASE	$1,500
		GECRB/SMRTCN	$1,600
		CAP ONE	$1,400
		CREDITONEBNK	$1,550

[dude11]

Cancel the card and stick it to them!!! Don't need that card when you got Discover, Amex, and now a Citi. Plus the annual fees.

The word is that the card or account will continue to report for 10 years after closing it positively as long as it is a positive account. After 10 years your AAOA could drop after the account drops from your CRs but by then I'm sure it probably wouldn't hurt you.

Don't worry about keeping a card that you probably no longer need and on top of that paying the annual fee just because you are afraid of losing a point or two. Don't let credit run you.  

[pizzadude]

Closing it won't hurt your FICO score unless your utliization suffers as a result of losing the CL.  And based on what you posted, it looks like you have other good CL.

Open or closed it will still continue to age positively;  if you close it will stay for 10 years from date of closing.

[RyVision]

I had mine about a year and closed it before the fee was about to hit.  Smaller limit and only had it about a year, I just didn't see it as being worth the cost and it will continue on CR's for 10 years (in my case, I kind of wish it didn't lol, just because of the stigma about them lol).   If you have AMEX from 91, you're AAoA won't suffer much if any really.   It also did report that I requested it closed, they tried to get me to keep it by lowering the interest rate but not the AF, I said thanks but no.

[Anonymous]

Definitely close credit one.  The only thing that sucks more than paying AF to rebuild your credit is paying those fees monthly!  I had credit one account and closed it years ago, they were jacking up the monthly fees and not increasing my CL.  Called and said bye bye credit one.

[Anonymous]

I would definitely close it, seems like a pretty easy choice to me.  It will likely still show up for 10 years, so unless you need that extra credit, close it.

[namvet]

With a $99.00 annual fee it would appear to me that the financial reason to close it should out weigh the sentimental reason for holding on to it. 

[bichonmom]

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@Anonymous wrote:

The only reason I hesitate is that it is a tradeline from 2004.  My oldest is Amex from 1991

But if positive tradelines count toward a good score it doesn't matter if its open or closed?

The CreditOne CL is $1,550 and I recently added $1,200 CLI to my Discover and a Gold Delta Amex is inbound with a CL of $2,000

I'm recently an AU on a Citi with a CL of 20k

So the annual fee (split into monthly payments) and all that, but mostly no auto-pay option, has me leaning toward closing it.

The whole picture in terms of CL:

		CITI	$20,000
		DISCOVER FIN	$3,000
		CHASE	$1,500
		GECRB/SMRTCN	$1,600
		CAP ONE	$1,400
		CREDITONEBNK	$1,550

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I agree w/everyone about closing it. However, you state your oldest acct is an Amex from '91, but it's not listed w/your other CCs. Is it closed? If you're still in good graces with them, or can get back in their good graces, adding an Amex will help your AAoA because of the backdating.

[Anonymous]

Yes, still have it.  I left it out since there is no reported 'credit line'

[pizzadude]

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@Anonymous wrote:

Yes, still have it.  I left it out since there is no reported 'credit line'

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+1 to Bichonmom's advice ~ you could easily add to your AAoA by opening a new AMEX w/ backdating.