No Longer "Sub-Prime"...Should I close these cards????!!!

[Anonymous]

Quick background.......started repair about 3 yrs ago.  I was in the high 400's to the low 500's across the board.  Sitting here three years later I am at 650-680 across the board and just got approved for a new mortgage!!!(but thats beyond the point).  I have a nice amount of open accounts (18) with a mix of some of my newer prime cards and some older sub-prime cards along w/ auto, store etc..  The prime cards obviously have an average age of about 6 months while the sub primes have an average age of about 2.5 yrs.  The list is below:

Prime-

Citi AA - $12000   opened 3/08

Chase - $2700     opened 9/07

Cap 1 - $1200  (not sure if this is really PRIME)  opened 11/07

Hooters - $1200(ditto)  opened 5/07

Various store/gas cards etc. (Macys $2300 opened 11/06.....)

10 of 13 have balances btwn 5%-40%  - overall util 23%

Sub-Prime-

Orchard Secured (won't upgrade me) - $200  opened 5/05 ($35 Annual Fee)

Rewards 660 - $700   opened 9/05  ($48 annual/$8 monthly/$25 fee for CLI)

Imagine - $350  opened 11/06  ($75 annual/$6.50 monthly)

1st Premier - $350  opened 8/05 ($48 annual/$6 monthly/$25 CLI fee)

1st Premier - $450  opened 7/06  ($48 annual/$6 monthly/$25 CLI fee)

1 of 5 has a balance with 10%

I rarely carry balances on these sub-prime cards since the APRs suck.  I know the fees are crazy too.  I have always been too worried to close them since I'm afraid of messing up the following:

Accounts that carry a $0 balance

Avg account age

Util

Someone please tell me that I'm crazy and to kick all these cards to the curb.  Any insight would be great.  Thanks!!

[scramblingin2007]

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jug13m wrote:

Quick background.......started repair about 3 yrs ago.  I was in the high 400's to the low 500's across the board.  Sitting here three years later I am at 650-680 across the board and just got approved for a new mortgage!!!(but thats beyond the point).  I have a nice amount of open accounts (18) with a mix of some of my newer prime cards and some older sub-prime cards along w/ auto, store etc..  The prime cards obviously have an average age of about 6 months while the sub primes have an average age of about 2.5 yrs.  The list is below:

Prime-

Citi AA - $12000   opened 3/08

Chase - $2700     opened 9/07

Cap 1 - $1200  (not sure if this is really PRIME)  opened 11/07

Hooters - $1200(ditto)  opened 5/07

Various store/gas cards etc. (Macys $2300 opened 11/06.....)

10 of 13 have balances btwn 5%-40%  - overall util 23%

Sub-Prime-

Orchard Secured (won't upgrade me) - $200  opened 5/05 ($35 Annual Fee)

Rewards 660 - $700   opened 9/05  ($48 annual/$8 monthly/$25 fee for CLI)

Imagine - $350  opened 11/06  ($75 annual/$6.50 monthly)

1st Premier - $350  opened 8/05 ($48 annual/$6 monthly/$25 CLI fee)

1st Premier - $450  opened 7/06  ($48 annual/$6 monthly/$25 CLI fee)

1 of 5 has a balance with 10%

I rarely carry balances on these sub-prime cards since the APRs suck.  I know the fees are crazy too.  I have always been too worried to close them since I'm afraid of messing up the following:

Accounts that carry a $0 balance

Avg account age

Util

Someone please tell me that I'm crazy and to kick all these cards to the curb.  Any insight would be great.  Thanks!!

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I would kick em to the curb! You are paying alot in annual (and monthly) fees! Those cards served their purpose but it's time for them to go. Just stay current with you new cards and let them age...

[Anonymous]

usually it isn't good to close accounts because of length of history....In your case I would call each one and ask to have the yearly pay discontinued....if they refuse  CLOSE it!   they are costing more then they are worth

Just do not close with a bal !!!!!!!

[fishbjc]

OUCH!  Kick those bad boys HARD.  Pay them off.  With your current scores, you should be able to get a nice card without an AF.  That's ridiculous!

You're definitely moving into prime territory.  GREAT!

[Anonymous]

close anything that's costing you money.  They will still count towatd utilization.