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Should I close credit one?

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Anonymous
Not applicable

Should I close credit one?

I know everyone is screaming YES at the top of their lungs, but hear me out.

First...I'm mad at them so I want to call them and tell them to _______.  

 

I have applied for and received a lot of credit lately (Disco 13,500, Credit Union, 5k, Furniture account 3700 , kohls 3000, Walmart 5K, Amazon 5K, AMEX 1K (yuck).  I have had 2 cap ones for awhile 2200 and 1800

Anyhow..I don't need my credit one account any longer, BUT it is my longest card and I have a perfect payment history.

I wasn't going to close it because I was afraid it would hurt me, but when I looked at my statement (just paid it off through a BT) I had a -100 balance yesterday and now I have a -67 balance.  They charged me 8.25 annual fee and interest charges.  I am just mad.  

 

Should I close this account?  I am just afraid it will hurt me score wise since I have a lot of new credit.  Everything has been in the past 6 months other than the Cap ones,and  Kohls.  My score is 706/701/686 (real ficos) and I have a good income.  

Message 1 of 12
11 REPLIES 11
MyLoFICO
Valued Contributor

Re: Should I close credit one?

You have outgrown them. Close it and never look back. It will report on your credit for 10 years. You know what to do. 


Experian: 677 (28) | TransUnion: 697 (27) | Equifax: 684 (6)
Gardening as of: 1-23-2018
Updated 1-25-18
Message 2 of 12
Anonymous
Not applicable

Re: Should I close credit one?

Just do it...and don't let anyone make you feel bad for doing it.

Message 3 of 12
AverageJoesCredit
Legendary Contributor

Re: Should I close credit one?

I can give you 13,500 reasons why to close them outSmiley Happy

Message 4 of 12
Anonymous
Not applicable

Re: Should I close credit one?

I've only read negative things about Credit One, so I see no reason to keep that account open since you've definitely taken on far better accounts.

Message 5 of 12
Anonymous
Not applicable

Re: Should I close credit one?

Credit one was one of my oldest active cards, I closed it and it had no impact on my scores.  Even if it cost me a few points or hit my AAOA a bit I was still willing to close it.

Message 6 of 12
LuckyBird
Regular Contributor

Re: Should I close credit one?

yes.  so much yes.

 

Close it.

Chase Sapphire Reserve $30,000 | Amex BCP $30,000 | Discover It $30,000 | Citi Simp $16,500 | NFCU Cash Rewards $14,400 | Citi DC $9,800 | Chase Freedom $9,000 | VS $4,100 | Kohl's $3,000 | Loft $3,000

EQ 823 ~ TU 817 ~ EXP 808 | ITG since 8/24/2016
Message 7 of 12
Anonymous
Not applicable

Re: Should I close credit one?

Yep

Message 8 of 12
oldman425
Frequent Contributor

Re: Should I close credit one?

Repeat after me...... bye bye bye

12/27/16 - Eq683 TU666 Ex681 04/05/17 Eq742 TU763 Ex757
Message 9 of 12
CreditMagic7
Mega Contributor

Re: Should I close credit one?

Just to add my own 2 cents?

 

All Of The Above

 

Congratulations on graduating up the ladder to a better credit profile where opportunity is now yours Smiley Happy

Message 10 of 12
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