Established Contributor
Posts: 725
Registered: ‎12-17-2012

Got a couple of prime cards......should I close all subprime cards now.

I joined these boards about a year ago and since then my scores have gone from the 500,s to the upper 600,s, thanks to all the great info and advice I found here.


Started out with around 8 collection accounts and 4 charge offs. Only have 2 charge offs from First Premier remaining that will fall off 3/2015.


My FiCO scores are now EQ 699 TU 694 and EX 654

I have since acquired a few prime cards. Last month, I  closed my 2 oldest cards both New Millenium Bank secured cards that were opened in 2005 as well as a Matrix Discover that was about to turn 1 year.


This is is my current  list of open cards and open dates and CL


Chase United Explorer 2k limit opened 1/2014

Barclays Apple - $1700 opened 11/2013

Discover It- $1500 opened 10/2013

B of A 123 Rewards -$1500 opened 11/2012.....this was secured, graduated and increased limit to $1500

US Bank Platinum - $3000 opened 7/2013

Wells Fargo Home Projects Visa - $9200 opened 6/2013

Best Buy MC - $1500 opened 4/2013

Lowes - $8500 opened 3/2013

Macys - $5000 opened 2/2013

Amazon - $1700 opened 3/2013

Chevron - $700 opened 3/2013

AE Store Card -$550 opened 4/2013

Care Credit - $1800 opened 6/2013

Continental Finance MC -$775 opened 2/2007

Paypal Smart Connect - $300 opened 9/2013

Applied Bank Secured - $5000 opened 10/2012

Bill Me. Later - $2200 opened 10/2013



Im plannimg to close close the Continental card, never use it and it has a monthly maintenance fee as well as the Applied secured card. Is it bad to close so many cards at one time since I just  closed 3 cards last month? I know that it won't affect my AAoA but can closing many cards together spook other lenders?


I have no use for the AE card, although it has no AF......should I just leave it open until GE closes it?


I feel like I made a mistake opening the Apple card. It was nice for purchasing an ipad with no interest but now that I've paid it off I won't be using this card at all. From what I have read its difficult to PC this card. 


I am/will primairily be using the B of A, Discover and Chase cards for my monthly spending and hopefully those 3 cards will grow over they next few months as I now have to make weekly payments in order to continue using them each month. My monthly spending is around $6k and total limit on those 3 is only $5k. These 3 are my only cards that earn rewards. 


I was hoping to be able to PC my US Bank Platinum to a Cash+, I called yesterday and they told me I am not yet elegible for a PC. I'll try again in a few months.



One thought I had about closing cards I don't use/need......when a underwriter is manually reviewing your report does it look better if you atleast have some open tradlines that are older than 2 years. Once I close the Continental card and oldest open tradline will be the B of A card. Does this matter at all? My AAoA is 3 years and oldest account is 9 years but as you can see most of my cards were opened over they last year and a half.



I plan to stay in the garden now until September when I hope to get an Amex or two for backdating (I have a member since date of 2009 from AU and corp card)





Epic Contributor
Posts: 22,713
Registered: ‎10-23-2007

Re: Got a couple of prime cards......should I close all subprime cards now.

I would close those 2 or 3.

i think your plan is solid and don't worry about not showing them open for manual review... BofA will move you up just for your high use

Fico Scores: EQ- 662 DCU., TU 704 Best Buy, EX 700 Chase (1/5/15)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
67 Cards and Counting :smileytongue:
Valued Contributor
Posts: 3,574
Registered: ‎06-05-2013

Re: Got a couple of prime cards......should I close all subprime cards now.

[ Edited ]

The immediate impact from closures is to utilization.  AAoA isn't affected until the account(s) fall off after 10 years.  Number of accounts closed doesn't factor into your scoring.  What a creditor is looking for varies so I personally don't see the point in obsessing over what a creditor might or might not be concerned about.  I'd suggest focus in the usual factors that go into scoring your credit.

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+