I agree with closing Credit One. They're pretty much loan sharks and you've definitely outgrown them. I would try to get the AF removed from your BoA card. If they refuse, you should probably close it unless you want to keep paying the AF. Even though it's your oldest card, it really won't make that big of a difference if you close it. It will still report for 10 years and everything else will be 10 years older by the time it falls off anyway.
What cards do you mostly use? I would base it off that. I would also combine the two Cap1 cards into one.
Quicksilver $10,000 | Better Balance Rewards $2000 | Sallie Mae $3500 | Freedom $3500
@mattayy wrote:Hello everyone!
I just recently paid off all of my credit cards so they all have a zero balance. I wanted to close the sub prime cards I had but I wasn't sure how this would impact my credit score? I will list the cards and the open date and would like so advice please! Thanks everyone!
Bank of America- Sep 2013 Annual fee $37
Barclay- Sep 2013 Annual fee $0
Cap 1- Jan 2015 $0
Cap 1- Jan 2015 $0
Jcrew-Apr 2014 $0
Express- Apr 2014 $0
Credit 1- Jun 2013 $9.95 a month
Discover- Dec 2014 $0
Fingerhut- May 2013 $0
Nordstrom- April 2014 $0
Amazon- Feb 2014 $0
Walmart- Feb 2014 $0
Paypal- Feb 2014 $0
I would close the Credit One, and leave the others alone.
Some day, when your scores are strong, you should call Bank of America and ask about getting rid of the annual fee.
I would advise anything with an AF be closed and as far as the rest if it doesnt fit your spending habit it should be closed. You want cards that will fit your spending habits.
@jamie123 wrote:I would defitely close the Credit One immediately.
Pick out the cards that you don't use anymore and just sock drawer them. (Put them somewhere safe and don't use them anymore.)
There is absolutely no benefit to closing an account unless it has an annual fee. Stop using the cards that you don't want and the lenders will eventually get around to closing them. It might take them a few years to close them and in the mean time they will report in good standing every month helping you to build a rock solid credit file.
You also get the benefit of the cards contributing to your UTI as long as they are open.
Not necessarily. Closing cards can give one "peace of mind" and have one less card to monitor. It all depends on the person. I've closed my two oldest cards already (and I used the limit for my Barclays Rewards and put that on my Sallie Mae to get a higher limit so in that case, closing the card did create an advantage to me since Rewards was rendered useless once I got Sallie Mae). Closing cards isn't really -that- bad in the long run. Like I said, I've closed my two oldest and my TU is in the high 700s, almost at 800.