Should I cancel these cards?

[Nahgee]

I just want to start by thanking all of the members, I've been reading these forums for a few years now and I've come so far from following instructions of those who have walked similar paths.

My story is I filed BK in Feb 2013, discharged in September 2013 (had to push the date back a few times) and obtained a Credit one card October 2013 ($300 limit) since then I've purchased a used car $20k and refinanced bc the interest rate was horrible (16.9 %).

I opened a Penfed account last week and applied for a car loan to either trade but ended up refinancing agin, after reading forums I was sure I would be denied but to my suprise I was approved! Since the HP was already there I applied for the Promise Visa, I almost fell out my chair when I was approved an hour later for $5k limit, then I tried for the Visa cash back rewards, luck again $1k limit approval. Compared to forums I've read the limits are nothing, but the $5k is my highest limit yet (ever in life lol) so I'm debating on canceling some of these other cards I have, here's what I have;

Credit One $550 17%
Barclays Rewards $1500 24%
Cap1 QuickSilver $750 16%
LAFCU $1000 (interest free intro)
And my new Cards
Penfed Promise $5k 7.9%
Penfed Visa cash back $1k 7.9%

I want to get rid of the Credit One card (I hate them with all my heart) but it's my oldest credit card since the bk.

[Luscher]

Get rid of credit one. Also, this should be in the Credit Card section

[Nahgee]

Thank you! I don't know how to put it there lol

[MarineVietVet]

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@Nahgee wrote:
Thank you! I don't know how to put it there lol

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Glad to move it over.

Edited cuz' eye kent spiel!!

[CreditPacMan]

I would cancel any card that has an annual fee - but at the same time I would want to keep my oldest card open for AAoA. Maybe try calling the creditors you listed and see if they would waive the annual fee or reduce your APR.

[SunriseEarth]

Bear in mind that closed accounts factor into your AAoA as long as they are on you CRs.   Usually, positive TLs stick around for ~10 years.

If you want to get more time on CreditOne, you can call then and advise that you intend on closing your card.   They may offer you a temporary AF waiver.   You could choose to accept and simply SD the card for that time and close later.   Or you can close now.   It's really up to you.  

[Anonymous]

I would cancel any card that has an annual fee. Otherwise, keep them open.

[Anonymous]

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@Nahgee wrote:
So I'm debating on canceling some of these other cards I have, here's what I have;

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I can understand and support closing Credit One.  Why do you want to close the other ones?

[Anonymous]

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@Nahgee wrote:
I just want to start by thanking all of the members, I've been reading these forums for a few years now and I've come so far from following instructions of those who have walked similar paths.

My story is I filed BK in Feb 2013, discharged in September 2013 (had to push the date back a few times) and obtained a Credit one card October 2013 ($300 limit) since then I've purchased a used car $20k and refinanced bc the interest rate was horrible (16.9 %).

I opened a Penfed account last week and applied for a car loan to either trade but ended up refinancing agin, after reading forums I was sure I would be denied but to my suprise I was approved! Since the HP was already there I applied for the Promise Visa, I almost fell out my chair when I was approved an hour later for $5k limit, then I tried for the Visa cash back rewards, luck again $1k limit approval. Compared to forums I've read the limits are nothing, but the $5k is my highest limit yet (ever in life lol) so I'm debating on canceling some of these other cards I have, here's what I have;

Credit One $550 17%
Barclays Rewards $1500 24%
Cap1 QuickSilver $750 16%
LAFCU $1000 (interest free intro)
And my new Cards
Penfed Promise $5k 7.9%
Penfed Visa cash back $1k 7.9%

I want to get rid of the Credit One card (I hate them with all my heart) but it's my oldest credit card since the bk.

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If you are wanting to cancel it, cancel it. It will not affect your AAoA just your utilization,

[Nahgee]

It was just more so the Credit One and possibly capital one, but I guess if I just didn't use them it would be best for the utilization.