Reply
Established Contributor
DiabolicallyRandom
Posts: 775
Registered: ‎03-09-2013

When to cancel the sub-prime cards?

So I have been on the rebuilding path for a while and I was just approved for a Wells Fargo Rewards card. I know its not a popular card because the rewards are lacking, but its my best approval to date.  So my question is, is it time to cancel out my cards with low limits and annual fees?

Community Leader
Valued Contributor
starry1
Posts: 2,067
Registered: ‎11-29-2012

Re: When to cancel the sub-prime cards?

Probably not if your file is still thin. What other cards do you have??

Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 6/2614 TU 624; EQ 635; EX 610
Goal Score:  625 for now– New goal 675

Cap1 sec $700 (SD) / FP $300 (closed) / Fingerhut $1300 / nRewards $2.5k / cashRewards $1.5k / NavChek $2.5k
Amazon $1.7k / Walmart $1k / Von Maur $200 /Firestone $1.2k (last app 10/08/13)
Super Contributor
enharu
Posts: 6,889
Registered: ‎02-27-2013

Re: When to cancel the sub-prime cards?

if it has annual fee, i would cancel it right away.

if it doesn't, don't cancel it. just leave it in your sock drawer and let it  close itself out due to inactivity.

 

Wells Fargo is conservative towards unsecured card approvals. You're making the right step in the right direction and a lot more better cards will be coming your way soon. Another plus side about wells fargo from my personal opinion. While the rewards are lackluster, they are pretty generous with CLIs (auto and customer initiated) and the lowest APR rates is easier to get.

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Senior Contributor
Open123
Posts: 3,916
Registered: ‎02-23-2011

Re: When to cancel the sub-prime cards?

With Wells Fargo, you're on your way.

 

I'd cancel the annual fee cards immediately. 

Established Contributor
DiabolicallyRandom
Posts: 775
Registered: ‎03-09-2013

Re: When to cancel the sub-prime cards?

Macys $1500 1 year

BrandSource/ Citi $2000 6 months

Kohls  $500 3.5 years

Orchard Bank $300 3 years 59 annual fee

best buy reward zone mastercard $500 1.5 years 59 annual fee

 

Yeah I have banked with them for 7 years and I kept receiving "pre-qualified" offers so i finally just bit the bullet and they approved me for $4000.  I was thinking it was somehting I could build on my path to better and I was too scared to apply for better lol.

Established Contributor
DiabolicallyRandom
Posts: 775
Registered: ‎03-09-2013

Re: When to cancel the sub-prime cards?

Yeah, also should have said I was dumb and didnt know to request CLI's on any of the other cards. 

Moderator
09Lexie
Posts: 24,093
Registered: ‎09-13-2012

Re: When to cancel the sub-prime cards?

Have you tried to email EO at Capital 1 to get the fee waived?
Established Contributor
DiabolicallyRandom
Posts: 775
Registered: ‎03-09-2013

Re: When to cancel the sub-prime cards?

[ Edited ]

No, I have only called the number on the back of the card and just get the "we are not granting CLI's during the transition".  Would it even be worth while at this point?

Frequent Contributor
creditwatcher2012
Posts: 456
Registered: ‎06-27-2012

Re: When to cancel the sub-prime cards?

If you AAOA is still low, I would probably hand on to the subprime a for a while, unless you getting hit with all kinds of annual fees, I have a credit one(god only knows why I obtained it) I don't need it, have plenty of primes--chase freedom, BP, Barclays, GE capital, but I look at it as another positive trade line on my file..

But in regards to your question, tif you feel like there is no point in keeping if, and if its not going to effect your credit, I would just keep them(sub primes) granite if you close it it will still report every month as in a good standing condition.

Good luck...
Frequent Contributor
creditwatcher2012
Posts: 456
Registered: ‎06-27-2012

Re: When to cancel the sub-prime cards?

Excuse the typos...on my cell phone

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+