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Regular Contributor
Posts: 266
Registered: ‎09-05-2012
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Closed my first credit card today

[ Edited ]

I know most people state to just leave low limit cards open to help with AAoA. 5 months ago I opened an acct with ONESTOPPLUS which is a woman's outlet for big plus sized women. I'm not a plus size woman, I'm just some dude. The limit was 250 dollars which is my lowest limit of a store card.

 

In addition to OneStopPlus with Comenity Bank I also have:

 

Victoria's Secret

JCrew

Express

Brylane Home

 

They all have lower type limits. My goal is to close a card down every few months until I only have one or two of these cards. They are great rebuilders and helped me get my foot in the door with other cards. I will forever be thankful to Comenity for giving me a chance when nobody else would. I'm thinking I'm going to keep Express and Victoria's Secret and buy something once a year to keep them open. I'm sure they will grow.

 

Next I'm going to close my OPENSKY credit card which is a $200 card with an annual fee and doesn't grow at all. It was a good rebuilder too but it's time to axe it.




Established Contributor
Posts: 669
Registered: ‎11-13-2012
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Re: Closed my first credit card today

Lol the part about you not being a plus sized woman and just some dude cracked me up. And yeah, I'm omw to closing some more cards that just aren't doing anything for me.. Next up is probably my shell card.
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Super Contributor
Posts: 9,674
Registered: ‎01-28-2010
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Re: Closed my first credit card today

 

You don't have to worry about your AAoA getting hit by closing credit cards ~ it includes both closed and open accounts.

 

The only time that closing a CC might hurt your FICO score is if your revolving utilization increases as a result of losing the credit limit ~ take a look at the link below:

 

http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/td-p/347190

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Valued Contributor
Posts: 1,977
Registered: ‎04-07-2009
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Re: Closed my first credit card today

I would close the card(s) with annual fees first. I would only keep the card that has annual fee if you think the benefit(s) of the card are worth it.

Equifax My FICO score 815 5/28/2012, 818 on 7/28/2014 . Average of Accounts 12 years and no Installment accounts. MyFICO TU 810 6/26/2012 809 4/21/2013 MyFICO XPN -805. 2/26/2014 Discover TU FICO 813 App free since 9/2011
Frequent Contributor
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Registered: ‎12-10-2012
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Re: Closed my first credit card today

Lol awesome.
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Established Contributor
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Registered: ‎12-21-2010
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Re: Closed my first credit card today

I closed about seven small cards I would never use and when I did that I got my first $5000 visa after that everything kept going up I always suggest to close the smaller cards some people want to stop and sock drawer them however I still think it's better just to close it so you don't have to think about it
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Established Contributor
Posts: 669
Registered: ‎11-13-2012
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Re: Closed my first credit card today

Closed another card today but this time out of just not using it ever and also how they screwed me with a payment in the past lol :smileyhappy:
Wallet: Barclay-5k, Citadel MC- 5k, Slate- 4k, Freedom- 3k, BOA- 3k, Citi- 2k, AMEXBCE- 2k and more...
Established Contributor
Posts: 652
Registered: ‎01-31-2013
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Re: Closed my first credit card today


Johnny_Favorite wrote:

5 months ago I opened an acct with ONESTOPPLUS which is a woman's outlet for big plus sized women. I'm not a plus size woman, I'm just some dude.


BAHAHAHAHA

   
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