When should I close Credit One?

[Bandit5160]

I no longer want this card as I have absolutely zero need for it.  It is a holdover from when I was in rebuild mode from some financial hard times which lead to some poor credit card usage and a bankruptcy.  I have recovered now and have been approved for a lot of great cards!  I called these guys to close this account and told them I wanted to close it due to their monthly fees.  They agreed to waive all fees for the remainder of 2017.  So I will close this card in December.  In the meantime, it will remain in my bureau unused!  I don't think I should close it until it starts costing me something to keep it...let in help my total available credit and my average open account age.

[Anonymous]

When should I get rid of my hemorrhoids?

[AverageJoesCredit]

Best time to close a credit one is before you open one

You will continue to fall in their traps by waiving fees and such but at the end of the day, if you have been approved by better cards or majors, you dont need them anymore, they need you. Food for thought

[Anonymous]

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@Anonymous wrote:
When should I get rid of my hemorrhoids?

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Don't close those out yet, they're offering double bonus if you hold tight for a few more weeks!

[Chickenpotpie]

You're pretty safe to close it, especially if you're only holding on to it for nostalgic reasons.

[Gregory1776]

Back in march i got a preapproval for a credit one card and applied like an idiot. Thank goodness i was denied lmao! 😉

Close Credit one and try and do a PC with Capital One.

[Anonymous]

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@gunsnlucas wrote:

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@Bandit5160 wrote:

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@Anonymous wrote:

Have you check the Capital One upgrade link to see if you can upgrade your QS1 to QS, where there is no annual fee?

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I don't have an upgrade link.  But I might call them one day and ask for that upgrade.  They did approve me for a 10K Dining Rewards Card with no AF recently so maybe they"ll let me change the QS1 to the QS too.

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Here it's the link: https://verified.capitalone.com/sic-ui/#/esignin?Product=Card&Action=ProductUpgrade 

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wow, thank you! I clicked that link and it turns out i had an upgrade available from my normal platnium card to a QS with 1.5% cash back. Currently i was recieving no cashback/points at all. I would have never known. This is awesome!

[Anonymous]

Lmao I got this card but I want to get rid of it. I only had it for 3 months now. But just put a better card in my wallet.

[wasCB14]

Why do you think companies like Credit One exist?

I see four possible reasons:

1. People don't know about no-credit-check, low/no fee secured cards available to the general public, like SDFCU offers.

2. People don't want to jump through the hoops of joining a CU.

3. People want to avoid any sort of stigma they associate with having a secured card, even if it's financially the most prudent thing.

4. People can and are willing to pay a $100-ish AF, but genuinely can't afford a $300 security deposit.

I think it's mostly #1 and #3.