Credit One Bank Increase

[Sk323i]

I'm in the process of rebuilding -- my util is 29% --- i got a pre-approved offer from CreditOne Bank to increase my limit +$200 to $1000 for a fee of $20.

This card has  22% apr -- and i dont plan on ever using it again -- but it was the first card i was offered after stating my rebuild.

I've been told on this forum that Credit One should be closed once I get a few more worthy credit lines opened. 

Should I accept the offer and pay the fee to increase my limit / get my util lower? 

$4500	citi platinum credit limit - Balance: $1878
$800	credit one bank limit - Balance: $0
$1000	macys credit limit - Balance: $0
$6300	total limit - Balance: $1878

[pizza1]

No. Don't accept the offer. Thats ridiculous. Have to pay them for a CLI?? Hell no.

Me personally, Id close credit one..you don't need them anymore, and I bet you'd qualify for unsecured Cap1!

[Sk323i]

It is the oldest currently active credit line -- wont closing it hurt my Average Age of Accounts -- even if it is a bad card?

[Anonymous]

It won't hurt your AAoA as bad as it seems like it would. Most cards stay on your credit report with your positive payment history for years, and even if it were to be deleted the impact would be relatively minimal unless the card is your oldest by years and years and all of the rest are brand new.

[Sk323i]

it is 2.5 years old and the other 2 cards are less than 1 year old... and any new cards I get from this point would obviously be brand new

[Anonymous]

I'd let it go, myself. In the grand scheme of things, a card 18 or so months older than your other cards isn't a big enough gap to be worried about it. If it were like a decade old and your other two cards were six months old that may be different but 18 months or so will pass in a blink and now that you have those other two cards aging roughly together that'll be the bigger help later on.

I would suggest if you were not wanting to lose the credit line to see if you have a preapproval at Capital One or something - yeah, it's another new account but you could then let those age together, get rid of the blood sucking leech and have a stronger (and much cheaper) foundation going forward.

[DeeBee78]

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@Sk323i wrote:

It is the oldest currently active credit line -- wont closing it hurt my Average Age of Accounts -- even if it is a bad card?

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It will not affect your AAoA for 10 years from the date of closure. By the time this is a problem, you'll have much better cards.

Never be afraid to close your accounts if they no longer meet your needs. 

[Sk323i]

i think i'm blackllisted from Cap One because of previous charge offs that I eventually settled. -- they have never sent me an offer in the last 2 years. 

Remind me again why Credit One is a blood sucking leech. I won't be using it at all. They've waived the $100 annual fee for this year. Doesn't seem very harmful until next year when they would apply the annual fee again. right?

[CYBERSAM]

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@Sk323i wrote:

I'm in the process of rebuilding -- my util is 29% --- i got a pre-approved offer from CreditOne Bank to increase my limit +$200 to $1000 for a fee of $20.

This card has  22% apr -- and i dont plan on ever using it again -- but it was the first card i was offered after stating my rebuild.

I've been told on this forum that Credit One should be closed once I get a few more worthy credit lines opened. 

Should I accept the offer and pay the fee to increase my limit / get my util lower? 

$4500	citi platinum credit limit - Balance: $1878
$800	credit one bank limit - Balance: $0
$1000	macys credit limit - Balance: $0
$6300	total limit - Balance: $1878

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I'm sorry but when it comes to Credit One, there is only 2 word to describe it:

KILL IT!!!!

[Anonymous]

Cap One is really forgiving. I screwed up with them once upon a time and I'm back in - and I'm not the only one here with a similar story.

Credit One has no grace period, which is awful if you ever do have to use it, it charges a high annual fee for a low limit card with not great rewards, it charges for CLIs which is just not good, and if you can't get them to waive annual fees every year and they get into monthly fee territory, that's just an extra stick in your side.

You can keep it if you really want to but because all of your credit lines are so young, really, it won't hurt you to let it go and replace it with something from a different lender if you so choose.