Credit Card Cancel?

Anonymous · ‎07-13-2015

So with the recent app spree I went on, I'm in the garden for 6+ months. I have a Credit One (I know, I know) card that has served it's purpose and needs to be put down. What's the golden rule on this? With the recent HP's, should I wait 6 months and cancel or just cancel now?

rockbttm442 · ‎07-13-2015

Is this your oldest card? How old are the other 2 cards? Closing any cards will still report for 10 years.

Cap 1 QS1 - $3300, Kemba CU - $500, Chase Freedom - $500, Sears MC - $751, Sears - $2000, Hot Topic - $1230, Grismer - $1200, Target - $1800, Walmart - $200, Home Depot - $500, Discover IT Chrome - $7000, Chase Sapphire Preferred - $5000

Anonymous · ‎07-13-2015

Yes, it is my oldest card (December of 2012). I did have a Captial One card that opened July of 2012 that just recently closed (3 months ago).

Anonymous · ‎07-13-2015

Close it... It will still report for the next 10 years as it has served its purpose.

B335is · ‎07-13-2015

Yeah, close it. As you said it served its purpose and it's time to let Credit One go.

Existentialist · ‎07-13-2015

Close it but.... seek to acquire addtl (bank) cards in its place to continue building history. Side note* Curious as to nature of previous Cap1 closure (only bcuz it was established in same year). Nonetheless, echo previous sentiments herein.... ghost CO.

Anonymous · ‎07-13-2015

Anyone else get the Old Yeller feeling when OP said "needs to be put down"?lol

Everyone before me has said it: close it, time for Credit One to go out Old Yeller style.

Anonymous · ‎07-14-2015

Thank you for the reply's!! I will cancel Credit One ASAP (fingers crossed it's painless).

Question regarding opening a new card to replace the Credit One card. Any suggestions on what I should try for?

Quicksilver - Opened 3 months ago

Amazon - Opened last week

Overstock Store Credit - Opened last week

Anonymous · ‎07-14-2015

Why are people so quick to have it closed? Why not just sock it away? Do they have annual fees? Sure it will stay on your account for 10 years, but in 15 years, wouldn't it be nice to have a 15 year old card? Just put a single purchase on it once a year to keep it active..

Sorry if there's some negative to keeping the card inthe sock drawer like a annual fee I'm not aware of.

Anonymous · ‎07-14-2015

@Anonymous wrote:
Why are people so quick to have it closed? Why not just sock it away? Do they have annual fees? Sure it will stay on your account for 10 years, but in 15 years, wouldn't it be nice to have a 15 year old card? Just put a single purchase on it once a year to keep it active..

Sorry if there's some negative to keeping the card inthe sock drawer like a annual fee I'm not aware of.

They charge $8.25 per month, doesn't matter if you use it or not and I believe the annual fee is anywhere from $75 - $99 per year.