Credit One Question (and a question about HSN store)

[Anonymous]

Hello Everyone!!

I recently started really getting into rebuilding my credit in September. Before that I would browse the forms a little amd opened a Capital One Secured in 4/14 and a Credit One 8/14. Since then I have been able to get my score up a little bit (still have some work ahead of me) and was able to get approved for a Quicksilver One and 3 store cards (Amazon, Walmart, and Victorias Secret) that I really wanted (and 1 store card that I regret HSN). After getting my Quicksilver One I realized how awesome reward cards are and want more reward cards with better lenders in the future when my score is more suitable.....so here is my question....I hate my credit one card! I just hate how much interest it charges, no grace period, and no rewards (besides the 1% gas that all the fees pretty much shallow) I kinda feel the same about my secured card but its my oldest card and the fee isnt as much so I plan to leave that one open for a while longer but since I got the quicksilver one I have been wanting to close out my credit one.....do you guys think that is a good idea? I have only had it for about 3-4 months! Or would it better to SD it till July then close it before I get charged for another year? I just hate looking at it lol

Also in September I got the HSN card via SCT with my Victorias Secret card. I love and always shop at Victorias Secret and earn so many rewards with it right now but I also hate looking at my HSN card. I just have NO use for it and regret getting it and feel like it could be 1 less store card. Im not to big on store cards unless its a store I always shop at and since I got the card in september I havent used it at all......I tried to go on their website to find a pair of socks or something just to charge something to it but I just hate wasting the money to buy something I dont need or like or something I can go to walmart to get cheaper and not pay shipping. Do you think it would be a good idea to close that one as well or should I just leave it in the SD where its been? If I SD I will eventually have to charge something small to it because I havent used it all.

Any advice is greatly appreiciated and I have definitely made mistakes while rebuilding already but I definitely leaned from my mistakes and this forum has helped me out so much! Thank you!!

[Anonymous]

It sounds like you got a good amount of CCs open within a fairly short period of time (1 year I'm guessing).

Credit One is absolutely horrible. It was my first starter card when I began rebuilding after my BK. Along with a Cap One card.

Given that the card should stay on your reports for 10 years, I would axe the Credit One card asap. Keep treating the Cap One secured card well, low balances (below 30% is my personal preference), PIF when you can. Since you went on an app spree recently, I'd wait 6-12 months, develop a larger payment history with the new cards, let recent inqs fall off, hope for auto CLIs and maybe trigger some every couple months, and then finally go for some higher end rewards cards.

[Anonymous]

And I wouldn't fret over the store cards. You know opened them, no sense in closing them if you have no annual fee. Deleting them will make no change to your score now that they're open.

Let them sit in your sock drawer; in the long run, that's one more account to help your AAoA.

I have like 5 retail cards that I rarely use, I was impulsive and went on an app spree about 7 months ago. Now most of them sit at home and barely get touched.

[Anonymous]

Okay thank you so much! Yea I dont plan to apply for anything for another year or two......and that will only be for better bank cards. I feel I have all the store cards that I want and need. I will just SD the HSN card and cancel Credit one. Thanks so much again..