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Should I close my Credit One?

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Anonymous
Not applicable

Should I close my Credit One?

I just paid off the small balance on it. It has a measly $300 CL. I got it in March and I definitely want to cut it up before the next annual fee, but I am planning on a car loan around November, so I don't know if it would hurt my score to get rid of it. It's not my oldest card. I have a Capital One Platinum (oldest card - started as a secured then they upped my CL) with a $500 CL, a Capital One Sony and Capital One Quicksilver with $1100 each, a Fingerhut with $250 CL and Amazon with $800 (I am using $720 of it though as I financed a computer with it). Would it hurt my score to close the Credit One? What if I keep it but don't carry any balance?

 

My scores are - EQ 621, TU 613, EX 615 so not so great. I am guessing Capital One will be my best bet for an auto loan since they seem to like me, but I'm looking at a new Hyundai Elantra and I heard their financing is easy.

Message 1 of 23
22 REPLIES 22
chalupaman
Super Contributor

Re: Should I close my Credit One?


@Anonymous wrote:

I just paid off the small balance on it. It has a measly $300 CL. I got it in March and I definitely want to cut it up before the next annual fee, but I am planning on a car loan around November, so I don't know if it would hurt my score to get rid of it. It's not my oldest card. I have a Capital One Platinum (oldest card - started as a secured then they upped my CL) with a $500 CL, a Capital One Sony and Capital One Quicksilver with $1100 each, a Fingerhut with $250 CL and Amazon with $800 (I am using $720 of it though as I financed a computer with it). Would it hurt my score to close the Credit One? What if I keep it but don't carry any balance?


I suggest that you close it as soon as you can. They will probably slap you with hidden fees and junk if you continue to have it. You got some other cards that are helping out right now.

Tradelines: Macy’s - $18k, Penfed Power Cash Rewards - $10k, Ethan Allen (TD Bank) - $5.7k, Kay Jewelers - $5.5k, Appliances Connection - $5.3k, Jared - $5.25k, Best Buy (Citi) - $5k, Dell Preferred Account - $3.5k, Samsung - $3.2k, Firestone CFNA - $3.2k, Capital One Platinum - $3k, Mercury MC - $2.25k, Williams Sonoma - $2.1k, Wayfair (Fortiva) - $2k, Amazon Store Card - $1.8k, Apple Card - $1.7k, NFCU cashRewards - $1.5k, CareCredit - $1.5k, B&H Photo - $1.5k, Adorama - $1.25k, Ebay MC - $1k, Sam’s Club MC - $1k, American Eagle - $1k, Ollo MC - $600, Mission Lane Visa - $500, NY & Company - $500, Walgreens - $500, Home Depot - $500, Target RED Card - $500, CapOne Secured MC 0 AF - $500, Penfed Overdraft LOC - $500

Current FICOS: Mid 640s-50s on all reports, Ch 7 BK D/C Aug 2019
Starting scores: EX - 534, EQ - 574, TU - 516 | Total TLs: $91k approx | Total Utilization: 17%, getting this back down
Message 2 of 23
ddemari
Super Contributor

Re: Should I close my Credit One?

Ridding CreditOne of your active cards I dont think is ever a bad idea! 

Message 3 of 23
Anonymous
Not applicable

Re: Should I close my Credit One?

Not only should you close it, you should burn the wallet you carried it in. 😊
Message 4 of 23
Anonymous
Not applicable

Re: Should I close my Credit One?

Wow everyone really hates Credit One lol. I never had any problems with them so far - besides the insanely high annual fee - but I always paid it off well in advance of the due date. I recently found out they charge a fee when you get a CLI though so I'm really not interested in hanging onto it. I just don't want to knock my score down any more when I'm trying to get a car soon.

Message 5 of 23
Anonymous
Not applicable

Re: Should I close my Credit One?

Credit One is never worth it. You are way better sticking to secured cards from CapOne that will become unsecured and you will eventually qualify for better cards & better terms. Credit One is just a crap company preying on ppl who can least afford it
Message 6 of 23
Anonymous
Not applicable

Re: Should I close my Credit One?

You won't find much love for Credit One here. There is no grace period with them and even trying to get around it they hold and delay payments unless you force one through ACH.
Message 7 of 23
Anonymous
Not applicable

Re: Should I close my Credit One?

When you close a Credit One card another angel gets his wings.

Message 8 of 23
SunriseEarth
Moderator Emeritus

Re: Should I close my Credit One?


@Anonymous wrote:
Not only should you close it, you should burn the wallet you carried it in. 😊

That literally made me LOL.

 

OP, if you no longer need the CC, cancel.   Alternately, you can call and let them know that you intend to cancel due to the AF and they may offer to temporarily waive the AF as a retention offer; there's been a lot of success with that.   If you decided to close, the only affect on your credit would be to UTIL, and with a $300 CL, it sounds negligible.  



Start: 619 (TU08, 9/2013) | Current: 809 (TU08, 3/05/24)
BofA CCR WMC $75000 | AMEX Cash Magnet $64000 | Discover IT $46000 | Disney Premier VS $43600 | Venmo VS $30000 | NFCU More Rewards AMEX $25000 | Macy's AMEX $25000 Store $25000 | Cash+ VS $25000 | Altitude Go VS $25000 | Synchrony Premier $24,200 | Sony Card VS $23750 | GS Apple Card WEMC $22000 | WF Active Cash VS $18,000 | Jared Gold Card $16000 | FNBO Evergreen VS $15000 | Citi Custom Cash MC $14600 | Target MC $14500 | BMO Harris Cash Back MC $14000 | Amazon VS $12000 | Freedom Flex WEMC $10000 | Belk MC $10000 | Wayfair MC $4500 ~~
Message 9 of 23
Anonymous
Not applicable

Re: Should I close my Credit One?

Whenever a Credit One card is closed, the devil has to give away a fiddle of gold.
Message 10 of 23
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