Canceling Sub Prime Cards - First Premiere & Continental

[Anonymous]

Can I tag a question on to this?  Do the experts around here think it is harmful when a potential lender reviews your credit to see those subprime accounts?  And does it appear any better to have closed them and have only open non sub prime accounts?

[Anonymous]

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@Anonymous wrote:

Can I tag a question on to this?  Do the experts around here think it is harmful when a potential lender reviews your credit to see those subprime accounts?  And does it appear any better to have closed them and have only open non sub prime accounts?

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An account shows as an account. The important things are payment history and utilization. The harmful part of the subprimes is the low limits normally associated with them. They can help serve a purpose for rebuilders to get better cards, but once they help you do that, it's a good time to cut them loose

[Anonymous]

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@Anonymous wrote:

Can I tag a question on to this?  Do the experts around here think it is harmful when a potential lender reviews your credit to see those subprime accounts?  And does it appear any better to have closed them and have only open non sub prime accounts?

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Not really. In a manual review if that's all you have someone may have personal feelings, but other than that... nope.

[Anonymous]

Well I successfully canceled Continental.

Called First Premiere to cancel. Was told a bunch of lies to try and get me to keep the account. Such as it will negatively impact my credit and the account will no longer age. 🙄 Anyway I just canceled it.

[Anonymous]

Congrats on kicking the junk to the curb

[RobertEG]

A consumer can close an account, but not cancel it.

Once closed, it will continue to be included in your AAoA scoring provided the creditor does not delete the account.

The "peril" in closing is that the consumer has no control over a creditor decision to then delete the account.

Deletion prevents need for any maintenance of any prior reporting or possibility of having to responsd to any disputes or good will requests filed by the consumer.

Ceasing payment of annual fees results in $ in pocket, and is considered by many as basis that trumps the few points that might be affected by the possiblity of account deletion after closure.  I would close it........