Getting rid of bad credit cards for better ones

[Bandit5160]

Since I have paid off a bunch of balances my credit score has gone from the low 600s to around 760.  So I decided to get rid of some bad credit cards with annual fees and higher APRs.  But I have found closing accounts harder than I thought it would be.  Credit One waived my monthly fee until the end of 2017 to keep me, saying my credit score would drop if I closed them.  Same with First Premiere Bank...they gave me $25 to keep me.  But won't I still eventually want to get rid of these AF, high APR cards?  I've recently been approved for some great cards.  Discover It, Amex Blue Everyday Cash, Chase Freedom Unlimited (upgraded from Slate).  Capital One were jerks though, only letting me get a Quicksilver One instead of the superior Quicksilver.  I recently applied for their Prmiere Dining Rewards card in my recent app spree, but I bet they deny me- I got the 7-10 days message with them whereas all the other ones instantly approved me,  What is with Capital One?  

[azguy13]

FICO includes your closed accounts into your AAoA so that is not an issue. The only thing that will lower your score will be if you are carrying balances on other cards and your UTL jumps up because of the loss of available credit. 

Don't listen to what CSRs tell you about what will or will not affect your score. Most of them don't know the difference between a SP and HP. 

[Anonymous]

Close those crappy AF/high APR cards from those predatory lenders and be done with them.  They will say anything from their script card that may get you to stay with them.  It worked on you once so far, so don't let them talk you out of closing your accounts with them again.  Just be firm and confident in what you say.  You did scoop up some FAR better cards and are much better off with them.  As for the QS, why are you interested in another 1.5% CB card if you already have the Chase FU?  To me these two cards would be stepping on each other's toes.  I say if you already have the FU, no need for the QS.  My QS found its way into the SD as soon as I picked up a 2% CB card.  Actually, 2 of them... Citi DC and Blispay.

[grillandwinemaster]

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@Bandit5160 wrote:

Credit One...

First Premiere Bank...

 I've recently been approved for some great cards.

 Discover It...

Amex Blue Everyday Cash...

Chase Freedom Unlimited (upgraded from Slate)...

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Those first two credit cards have absolutely no business being active in the same portfolio with the three you have just acquired. 

Actually, it's down right sacrilegious!

Like others have said, kick them where the sun don't shine, make like a BANDIT and NEVER look back!

Best credit wishes to you!!

[MrDisco99]

If they waived the fees and they're not costing you any money you could hang onto them for now. That would lengthen their age some before it's time to get rid of them.

Definitely stop using them and close them out before paying any more fees towards them though.

[rmduhon]

@MrDisco99 The cards will age open or closed until they are no longer on the reports.

[AverageJoesCredit]

No one can tell you to close your cards, only you can decide that but we can offer advice to do so and i agree with others, with your new cards , you have no real further need for your Credit One and First Primier cards. Their csrs will tell you anything to get you to keep them open , its their job , but scores rise and fall for variety of reasons least of all for closing a card that they want you to keep open. Good job on getting your score up and the new cards

Lol, wsy to get your Avj on Grill

[Bandit5160]

I just dumped the First Primere Bank Card.  That card has a 1K credit limit and a monthly fee and they recently credited $25 to my account to "help me with the fees".  But since I closed the account out today with a negative 25 dollar balance, they owe me a check.  I just made $25 abd got rid of a deadweight card that I won't miss.  I will keep Credit One for now as they won't charge me any more fees this year and they have a higher CL of $2400.   But at the end of the year I'll dump them before doing another app spree.

[Anonymous]

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@Bandit5160 wrote:

I just dumped the First Primere Bank Card.  That card has a 1K credit limit and a monthly fee and they recently credited $25 to my account to "help me with the fees".  But since I closed the account out today with a negative 25 dollar balance, they owe me a check.



lol. I wouldve put $25 worth of gas in my car and called them to close on the way home.

[UpperNwGuy]

Glad you closed First Premiere.  I think you should also close Credit One.  You need a portfolio of credit cards that doesn't include cards from that type of lender.