Need Expert Advice on Cancelling CC

[Anonymous]

Hey all,

So I've bounced back fairly well since my rebuilding journey a while ago. I've had this Continintal Finance card since 2009 or so. When I signed up, the agreement was every six months they are supposed to give you a $75(LOL) CLI for good payment history. I thought well, after five years they'll change and be good. Heck, at least Credit One has been giving me them in $250.00 incriments. It isn't much, but I'm keeping them for the history and I have an okay CL with Credit One.

Bottom Line: I just called Continetal Finance and asked why I haven't been getting my CLIs. He advised the company stopped doing this in september. I was literally in shock, thinking, you guys just went from crappy to...I'm not even sure. So since I have an average CL of about $5,000.00 with other CCs, is keeping this one open making me look bad when I go to apply for say, CSP or Amex? Do they even care?

Thanks!

[coldnmn]

In my honest opinion Continental Finance and Credit One are hurting you more then helping. I would close them both they will be a positive TL for ten years.

[Anonymous]

Thank you for the reply! So, is there some evidence out there (even anecdotel) that having these tradelines opens along with say, my Chase Freedom and two 5K NFCU cards, tells lenders I don't know what the heck I'm doing? Or do they just see those tradelines, vomit, and then issue a decline?

I kind of wonder if Banks have it programmed in their system to scan for these tradelines when doing Instant Approvals or Auto CLIs. Any thoughts? Just want to make sure I do the right thing before closing accounts 5 years old.

[injustifiiable]

Some say it may matter, but I really think as long as it's paid and closed, it really doesn't.

Time to say goodbye!

[coldnmn]

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@Anonymous wrote:

Thank you for the reply! So, is there some evidence out there (even anecdotel) that having these tradelines opens along with say, my Chase Freedom and two 5K NFCU cards, tells lenders I don't know what the heck I'm doing? Or do they just see those tradelines, vomit, and then issue a decline?

I kind of wonder if Banks have it programmed in their system to scan for these tradelines when doing Instant Approvals or Auto CLIs. Any thoughts? Just want to make sure I do the right thing before closing accounts 5 years old.

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I think computers take your current CL into consideration with CL they would give you. I also think underwriters seeing those TLs would think twice before approving or matching your current CLs. The closed cards continue to report up to 10 years as a possitive TL. After 10 years it really wont matter. The only draw back if you needed them for utilization. Then I would wait until you get utilization down.

[Anonymous]

I called in to Continental Finance and said "I'm afraid I may have to cancel my account." She asked why and I said "Well, when I signed up for this card 5 years ago, the agreement was at least a $75(LOL) CLI every 6 months." she replies "Well, I can certainly help you close that account today because I have no idea when they'll bring back increasing credit limits."  They're kinda retarded from a business point. I mean, they charge 18.00 in account fees, plus interest. What's the big deal in giving a little love with a CLI after years of good payment history? They could make a killing.

So, as I'm moving on my journey..I have 1 of 2 sub-prime cards CLOSED!

[mt2va]

Good for you and I would put Credit One on the chopping block soon as well.  You have plenty of much better cards.  They have served their purpose. 

[Shogun]

Time to say goodbye......

[Kenny]

I say congrats on your decision! Wise one.