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Frequent Contributor
tattooedhusker
Posts: 498
Registered: ‎10-25-2012
0

To close CreditOne or not to close...

As some of you may have read, i was recently approved for the Wal-Mart, Chase Freedom, and Discover IT cards. I figured maybe it was time to start closing some of my subprime cards, with CreditOne being one of those. The issue is, it is one of my oldest cards; so i wanted to get everyone's take on it. Should i close it, or keep it going? Thanks in advance!
NFCU CashRewards $13.5k | AMEX BCE $9.5k | Lowes $17k | Sportsmanss guide $5.5k | Chase Freedom $1k | Discover IT $1.4k |
Walmart $8k | Gordman's $1750 |
Scores: EQ: 676 EX: 714 TU: 720 Goal: 750 across the board
Frequent Contributor
pazuzu
Posts: 323
Registered: ‎01-14-2009
0

Re: To close CreditOne or not to close...

If there's an AF on the card, I would close it.

 

If not, I'd keep it open.


No apps/new accts since 2011

***FICO EXPERIAN 830***
***FICO EQUIFAX 828***
***CREDIT SESAME 805***




Senior Contributor
john398
Posts: 3,515
Registered: ‎01-19-2009
0

Re: To close CreditOne or not to close...

Close it as fast as you can, credit one is so sub prime

Contributor
teddybearkelli1
Posts: 109
Registered: ‎11-06-2012
0

Re: To close CreditOne or not to close...

+1, I just closed my Credit One that I have had since 1999. They have monthly fees, so is definitely not worth it. The best scenario would be paying it off and then closing so that the utilization doesn't really factor in overall. 0 limit, 0 balance. You've added new tradelines so should be a wash. The card will still be factored into your AAOA for the next 10 years, so you really won't see any negative effects from closing right now.

FICO scores: 790 (EQ) 786 (EX) 796 (TU) |
My Wallet:NFCU CR Visa 24k, AMEX Delta Gd 20k, Walmart Discvr 12k, USAA Plat RA MC 13k, BECU Visa 10k, NFCU NR MC 5k, Sams Discvr 10k, Sportsmans Visa 10k, WF Plat Visa 10k, Paypal Extra MC 10k, BofA Fraternity MC 10k, Sams Credit 10k, USAA World MC 9k, Military Star 8.2k |BOA CR 8k |AMEX Evrdy 8k |Lowes 7.3k | Chase Military Star MC 6k, JCPenneys 5k, Discover IT 5k , Gymboree Visa 4.5k, Sears MC 4k, TJX MC 3.5k, ToysRUS Card 3.5k, Chase Amazon Visa 3k, Home Depot 3k, Citibank Simplicity 4.5k, Amazon Store 2.5k, Fred Meyers Visa 2.5k, Target 2k, Kohls 2k, ITunes Visa 2k, Macys 2k, Barclays Visa 1.7k, Vystar CU Visa 1.5k
Regular Contributor
HeilFico
Posts: 221
Registered: ‎02-03-2013
0

Re: To close CreditOne or not to close...

[ Edited ]

I concur on closing it. Get rid of all the sub-prime lenders! :smileyhappy:

 

They should be sued for using a logo that resembles Capital One! 

Established Contributor
zerobacan
Posts: 726
Registered: ‎01-13-2013
0

Re: To close CreditOne or not to close...

Close it, I will close mine before the AF hits, pretty soon...

Amex PRG NPSL, Amex Delta 2k (AU) Discover iT 5k, BOFA Siggy $5k, BOFA AlaskaAir Siggy 5k, BBVA Compass $5k! Macy's $4.5k, C1 $2.5, SFCU $2.5k, SFCU LOC $2k, Paypal SmartC $4k, Sam's 5.5k Victoria Secret $2k, Kay's $1.7k.,76/Citi $1.5k Amazon $5k, Walmart Disco $3k JC Penny $4k, C1 $2.5, BBRZ 700.
Starting:TU:536 EXP:561 : EQ:552 Current:TU:680 Walmart (2-15-14)EXP:712 FICO!! (12-4-13):EQ:622 (FICO 2-6-14) Uti 27% Goal: 720 By 12-13.
Community Leader
Valued Contributor
starry1
Posts: 2,079
Registered: ‎11-29-2012
0

Re: To close CreditOne or not to close...

Close it.  Shred it.  Have a beer.


Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 7/28/14 TU 611; EQ 635; EX 632
Goal Score:  625 for now– New goal 675

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