Closing Credit Card?

Anonymous · ‎01-31-2015

I have a Credit One card (I know, I know their rates are awful and high fees). I am nearing my year with this card - I just paid it off completely. My question is - I plan to close this card due to Cap1 approvals and the exorbitant AF, is this going to hurt my rebuilding efforts?

gdale6 · ‎01-31-2015

@Anonymous wrote:
I have a Credit One card (I know, I know their rates are awful and high fees). I am nearing my year with this card - I just paid it off completely. My question is - I plan to close this card due to Cap1 approvals and the exorbitant AF, is this going to hurt my rebuilding efforts?

Nope, go ahead and close it, its done its job.

Anonymous · ‎01-31-2015

@gdale6 wrote:
@Anonymous wrote:
I have a Credit One card (I know, I know their rates are awful and high fees). I am nearing my year with this card - I just paid it off completely. My question is - I plan to close this card due to Cap1 approvals and the exorbitant AF, is this going to hurt my rebuilding efforts?
Nope, go ahead and close it, its done its job.

+1. You don't need that in your portfolio any longer.

Anonymous · ‎01-31-2015

Thanks! That's what I thought - but wanted some reassurance. Now to work on getting a couple PFDs done and then staying under the radar for awhile - hopefully can get into the 650s by the end of the year. Not sure if that's doable, but it's a goal.

Anonymous · ‎01-31-2015

They offered to lower my $75 AF to $35 and drop my interest rate from 24.9 to 18.9 for 6 months - but I held strong and still closed it. LOL Would rather build a relationship with a better card company.

TheGardner · ‎01-31-2015

You have it's replacement. Close the card, it won't effect you at all. It will continue for AAoA for 10 more years.

If anyone needs me I will be In The Garden. Goal Score: 760 for all in 2015.

Current FICO Scores EX: 715 EQ: 756 TU: 762
Last APP April 21, 2015.
Victim of The great AMEX HP heist of Dec 1st, 2nd and 3rd of 2014.

Anonymous · ‎01-31-2015

Thanks! It is closed, the CSR guy seemed sad when I stuck to my guns about closing it. Hope he doesn't get flogged or anything for letting one out of their clutches LOL

gdale6 · ‎01-31-2015

@Anonymous wrote:
Thanks! It is closed, the CSR guy seemed sad when I stuck to my guns about closing it. Hope he doesn't get flogged or anything for letting one out of their clutches LOL