Credit One MC preapproval!!!

[BarryNTexas]

Wow!  Got a preapproval offer from Credit One for a $500 mastercard.  I'm not sure what I should do?

For my current Credit One visa card that has zero balance I really would like to cancel it.  It's one of my oldest credit card lines though so I still pay the 8.27 a month to keep it reporting.  Even though I know if I close it still will report for 10 years and calc against my AAoA.  I have a Merrick Bank in the same boat.

Anyone just take the plunge and close these subprime builders once they began getter better cards?

BTW - I ripped up the preapproval offer and trashed it.  Credit One has served it's purpose though. 

Thanks for letting me vent. -Barry

[gdale6]

Yep..

[CreditExpressNJ]

That is totally up to you my friend the thing about thinking of it like that is its always gonna be your oldest acct until you stop aging it.. The only way to do that is to close it and leave it to the next in line to become your oldest... Looking at your siggy you've outgrown credit one and merrick ... I'd just close it and give my other cards the chance to take the lead... I recently did that myself with my secured card by First Progress.... They are meant to start you out to help building then another must take there place....Is how i thought of it..Hope this helps...

[emptypockets]

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@shaun2009 wrote:
That is totally up to you my friend the thing about thinking of it like that is its always gonna be your oldest acct until you stop aging it.. The only way to do that is to close it and leave it to the next in line to become your oldest... Looking at your siggy you've outgrown credit one and merrick ... I'd just close it and give my other cards the chance to take the lead... I recently did that myself with my secured card by First Progress.... They are meant to start you out to help building then another must take there place....Is how i thought of it..Hope this helps...

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+1. I definitely would close those two accounts. Your credit is now good enough to let those accounts go.

[wacdenney]

I never got stuck with a Credit One, but I still have my Orchard (QuickSilver One) till the end of the year.  It will close right before the AF hits in December.

I held on to my Merrick for as long as I could for the "free" FICO score but did eventually close it.

[BarryNTexas]

Thanks All for the real time feedback!  Keep the experience sharing coming! -Barry

[TheGardner]

I got one of these per approvals last night for $1500 @ 23.9% no enrollment fee no over the limit fee (most likely because they wouldn't allow it lol) not as bad as I am used to seeing.

If it only grew and didn't have a monthly fee..

[longtimelurker]

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@emptypockets wrote:

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@shaun2009 wrote:
That is totally up to you my friend the thing about thinking of it like that is its always gonna be your oldest acct until you stop aging it.. The only way to do that is to close it and leave it to the next in line to become your oldest... Looking at your siggy you've outgrown credit one and merrick ... I'd just close it and give my other cards the chance to take the lead... I recently did that myself with my secured card by First Progress.... They are meant to start you out to help building then another must take there place....Is how i thought of it..Hope this helps...

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+1. I definitely would close those two accounts. Your credit is now good enough to let those accounts go.

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+1  $8.27 a month is WAY too much to pay to keep an account going, especially as you know the 10 year thing.  In another 10 years your credit situation will (probably) be very different, with a lot more lines (open and closed) so that additional age will count for very little.

[BarryNTexas]

Thanks for the positive energy everyone!   I have closed both accounts with extreme predjudice.

Feels really good to not be chasing these small payments each month! -Barry