Older CC accounts.. please help!

[Irisa]

Hi everyone,

First, I want to say Thank you! I have been reading the forum for years and have been able to rebuild my credit thanks to all your advice.

Now I need help deciding what to do next. When I was rebuilding my credit in 2007, I got 2 Orchard cards and a Credit One. I then got a Capital One in 2008, and another in 2010.  Since Orchard is now Capital One and I didn’t want to have 4 cards, I closed the Capital One that I got in 2008 last week. I probably shouldn’t have, but that was my lowest CL.

Anyway, now my scores are almost at 700. Earlier this year I was approved for a Chase Freedom ($2000) and Discover IT ($7000). And last week, I was approved for Citi TYP ($5000) and BoA Cash Rewards ($3500). I also have an Amazon store card.

I know it is time to close Credit One, but I’m not sure what to do about the remaining three Cap 1 cards. They are my lowest CLs at $700, $400 and $1250. They have AF and no rewards, but they are also my oldest accounts. Should I keep them? I'm not sure what my next step should be.

[KillBillFan]

Good question because I'm in the same boat. I know other people will have better advice but in  case, I'm going to call cap1 and see if I can do a product change to a better card. If not I'll close it since I am just losing money since it has an AF and no rewards. My thinking is that it will still report for 7 years after I close them and when they fall off my other accounts will have aged as well. Let us know what you decide to do

[Creditaddict]

email exec office and see what they want to do... consolidate to 1 with like a $7-$10k credit line (they will counter... ask high!)

or give you increase on all 3 of them to $5k!

Id actually just start by asking for an increase on all 3 of them to $5k each and to waive the AF on all of them forever and to add rewards... maybe 1 Venture, 1 Quicksilver, what not.

they will call and go over things and see what they come back with then based on that maybe go back and consolidate or leave for a while since they gave good increases and added the rewards and sit... or else just close them all!!

I will private the email now.

[scenery_guy]

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@Irisa wrote:

Hi everyone,

First, I want to say Thank you! I have been reading the forum for years and have been able to rebuild my credit thanks to all your advice.

Now I need help deciding what to do next. When I was rebuilding my credit in 2007, I got 2 Orchard cards and a Credit One. I then got a Capital One in 2008, and another in 2010.  Since Orchard is now Capital One and I didn’t want to have 4 cards, I closed the Capital One that I got in 2008 last week. I probably shouldn’t have, but that was my lowest CL.

Anyway, now my scores are almost at 700. Earlier this year I was approved for a Chase Freedom ($2000) and Discover IT ($7000). And last week, I was approved for Citi TYP ($5000) and BoA Cash Rewards ($3500). I also have an Amazon store card.

I know it is time to close Credit One, but I’m not sure what to do about the remaining three Cap 1 cards. They are my lowest CLs at $700, $400 and $1250. They have AF and no rewards, but they are also my oldest accounts. Should I keep them? I'm not sure what my next step should be.

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With you new cards (Freedom, Discover IT, Citi TYP and BofA card) you don't need the old cards. You certainly don't need to pay a fee to have then. Cancel them all and garden. The closing of those accounts won't hurt your history over the next 10 years and when they drop off your AAoA will be perfectly fine (as long as you don't get 6-7 new card a year for the next 10 years). It might hurt your ULT a bit but be realistic - it's time you move from builders to the prime cards you just got. 

Take the step. Close them and then garden until you are well over 700 and never let it slip below that 700 point again. 

[09Lexie]

I agree with CreditAddict. Try the EO route first.

Good luck and you've done an excellent job in rebuilding your credit.