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Looking for some advice here. I have two sub prime cards, a secured card from First Premiere and a card from Continental Finance. Each are a $500 SL. I don't really use them as I've added several cards to my portfolio in the past year. Most recenty added AMEX BCE $1000 SL, AMEX Delta Skymiles Gold $1000 SL, and AMEX PRG NPSL. Currently have about $15900 in total SL including these cards so not really worried about losing the $1000 in SL and the effect on utilization.
The Continental card is charging me $10 a month and its just obnoxious to pay cause their website is terrible. First Premiere doesnt really bother me. Continental was open in December 2015, First Premiere was open in February 2016.
The only reason I could see keeping these is to boost my on time payment history as that took a real dive when I didnt pay my student loans for 5 years (have a mess of 120+ lates on them) Ive brought my on time payment % up to 81% from 30% when I started rebuilding.
What are your thoughts on these cards, keep them a bit longer? Cancel them? Any negative effect of canceling these?
Your good payment history remains no matter if the account is closed or not.
Unless you need the limits to mitigate utilization, I'd close them immediately.
Kick them to the curb ASAP.
Congrats on ending your relationship with them! They've served their purpose, onward and upward!
So canceling these wont effect my AAoA? Wont hurt me to cancel two cards? Keeping open a bit longer to get more positive payment history reported wouldnt be beneficial?
@Anonymous wrote:So canceling these wont effect my AAoA? No ... open or closed, they remain on your account for 10 years. As does the positive payment history.
Wont hurt me to cancel two cards? The only way it would hurt is if they significantly decreased your availabile credit, thus, increasing your UTI.
Keeping open a bit longer to get more positive payment history reported wouldnt be beneficial? See answer number one
Technically one of those cards is COSTING you money to keep open ... which is foolish given the rest of your tradelines.
+1
@Anonymous wrote:So canceling these wont effect my AAoA? Wont hurt me to cancel two cards? Keeping open a bit longer to get more positive payment history reported wouldnt be beneficial?
They will still still count towards you AAOA for another 10 years....you are good...go ahead and close them!! Congrats!!
I aggree Continental Finance their website is a joke. All my 30 day lates with them is caused by a website payment error. I currently have a dispute into them right now, (3rd round) trying to remove them, have not yet heard back. They kept on saying my autopay payments were returned NSF. Funny thing is I have never had a NSF in the 11 years I had this checking account they claimed I NSF.