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Established Member
dadembk
Posts: 18
Registered: ‎05-28-2013

Closing Account - The bigger picture

I've been lurking for quite a while and have learned a lot. Big thanks to all for sharing your experiences.

I've read the sticky on closing accounts, but a few questions remain.

Since I started rebuilding my credit years ago, after job issues where I lost a house and car due to inability to pay after using my safety net. I started with the Orchard Bank, 2 cards, a year later added Credit One and First Premier. I used them and paid them, but that was all. About a year ago, I found that I could ask for CLI and started getting them with Credit One and FPB but nothing with OB. I added an Amex Zync and BB Rewards MC last year and a Capital One Cash Rewards this year.

I'm about to go into the garden mode, i think i will close both OB accounts and let the rest grow history. My thought is when a lender sees OB and such small limits I still get tagged as sub-prime no matter how other things are improving. I plan to keep everything else. Amex to build internal history with, approx $1500 a month. Credit One and FPB because they have been totally fair, just had to ask. BB Rewards because Citi is buying that and I an build history with them. Cap One because of rewards and their better than the OB division.

Am I totally off the mark?

Thanks in advance,
David
AKA The Fictional Gardener
In the garden, then out, then in again, etc.
Currently
Fico 677 (Walmart), Fico 696 (Equifax), Fico 654 (Experian)
Goal
700 across the board
CFE Visa $5K, BOA 123 $1500, Discover It $1K, PayPal MC $1K, CO Cash Rewards MC $1K, Wally $800

Valued Contributor
visorboy1974
Posts: 1,101
Registered: ‎05-17-2010

Re: Closing Account - The bigger picture

You want to look at getting rid of anything with AFs.  FP is the bottom of the barrel when it comes to credit cards.  CreditOne isn't far behind.  

Established Member
dadembk
Posts: 18
Registered: ‎05-28-2013

Re: Closing Account - The bigger picture

I guess you're trying to help and I understand the elimination of AF cards, but you missed answering the real question. Should I drop the lowest limit cards because they will not grow with me? At least Credit One and FPB have given increases, sure they have AF but to become a prime candidate I've got to elevate my profile. This means score, history, etc. my utilization is 2-10% monthly so their availability of credit doesn't mean much if there existence maintains an appearance of accepting less than mediocre. I am working toward no AF's but I wish to drop the seemingly worse first and continue to build.

Thanks for the advice
AKA The Fictional Gardener
In the garden, then out, then in again, etc.
Currently
Fico 677 (Walmart), Fico 696 (Equifax), Fico 654 (Experian)
Goal
700 across the board
CFE Visa $5K, BOA 123 $1500, Discover It $1K, PayPal MC $1K, CO Cash Rewards MC $1K, Wally $800

Senior Contributor
longtimelurker
Posts: 4,130
Registered: ‎04-22-2013

Re: Closing Account - The bigger picture

What is the CL on the CAp One card (doesn't appear to be one in your sig)?

 

Ideally, for appearances (as well as AF savings) you would drop Credit One and FPB, simply because they do give the wrong appearance.  But you then have to consider if this is a large chunk of your current CL, which is important to.  The fact that these have given you CLIs doesn't really mean that they will grow with you to any great extent, and you are paying a lot for this!


From highest to lowest: Amex BC (42K), Cap One , CSP, Fidelity Amex, Cap One, Penfed Plat Rewards x2, , Citi TY Pref, Citi TY Premier, Citi Plat Select AA, US Bank Cash Plus, Chase Amazon, Chase Freedom, Amalgamated Bank MC, Citi Forward, BCE, Sallie Mae (5K)

Valued Contributor
visorboy1974
Posts: 1,101
Registered: ‎05-17-2010

Re: Closing Account - The bigger picture

If you had some $5K limits there, I'd say yes, close the low limit ones.  but it looks like you have a $475 range in limits.  It's not a big enough gap to justify closing your low limit cards for appearance sake.  


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