Congratulations on the new cards, your file is growing nicely.
The easy first one to close is Credit One. I'd say close that one immediately, to save all the fees now that you've outgrown it, and then sit tight for a while.
Let the Quicksilver get activated and settled in, then after January 1 plan to close the CapOne secured.
If there is no cost to the store cards, no rush to close them. If you know you won't use them, then closing them isn't an issue. They do provide some value on your credit report adding a few more months of activity, but that's going to start counting less as the better cards start reporting. As those new cards begin reporting, then it makes more sense as part of the transition to close the two store cards.
Is Open Sky a secured card? Similar to the other cards, as the new cards transition into actual reporting, closing this one out may make sense.
I would agree with closing Credit One right away. As far as the secured cards, I'd close them. As far as when, it really depends how quickly you'd like your funds freed up. Just know that with Open Sky, it'll take about 4-6 weeks to get your deposit back (I recently closed mine over the summer. They aren't quick about it). They also still report the card as open to the credit bureaus with a credit line of 0. It's weird.
For the store cards, I'd SD them. There aren't any annual fees and they'll eventually close on their own from non use.
For the store cards, I'd SD them. There aren't any annual fees and they'll eventually close on their own from non use.
@beautifulblaquepearl wrote:
Do Cap1 secured cards graduate? If yes, I would look into graduating it and then combine that CL with your Cap1 QS. I would close Credit One & Open Sky. If you have no use for the two store cards, then I would close them too. Please make sure you PIF any balances and allow your credit reports to be updated before closing any of these accounts. Just my 2 cents. Good luck OP!
Cap-1s secured cards do not graduate.
