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Making sure I'm doing the right thing

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peme6040
New Contributor

Making sure I'm doing the right thing

My first credit cards right after I filed bankruptcy many years ago were from HSBC-then they got bought out by Capital One.  Unfortunately these cards came with an Annual Fee.  They both are my oldest tradelines ('03 & '04).  I've worked hard since to repair my credit and have been able to get better credit offerings, much high limits, and lower APR's since 2011.  My Capital One cards also have my lowest credit line limits.  I'm wanting to close those two tradelines due to the Annual Fees (I've called them & they won't take them away) & higher APR's but I've hesitated since they are my oldest tradelines.  Is it going to affect my credit much closing these two accounts??


Starting Score: 645
Current Score: 713!
Goal Score: 700


Take the myFICO Fitness Challenge
Message 1 of 5
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Anonymous
Not applicable

Re: Making sure I'm doing the right thing

peme6040 wrote:

My first credit cards right after I filed bankruptcy many years ago were from HSBC-then they got bought out by Capital One.  Unfortunately these cards came with an Annual Fee.  They both are my oldest tradelines ('03 & '04).  I've worked hard since to repair my credit and have been able to get better credit offerings, much high limits, and lower APR's since 2011.  My Capital One cards also have my lowest credit line limits.  I'm wanting to close those two tradelines due to the Annual Fees (I've called them & they won't take them away) & higher APR's but I've hesitated since they are my oldest tradelines.  Is it going to affect my credit much closing these two accounts??



If it does, it will only be temporary as they will continue to report for another 10 years.  You never did mention what your other limits are? No one can predict how much your score will drop, but if the cards don't count a lot towards your UTI, then it shouldn't be much if anytihing at all.  Congrats on your rebuilding success. 

Message 2 of 5
Anonymous
Not applicable

Re: Making sure I'm doing the right thing


@peme6040 wrote:

My first credit cards right after I filed bankruptcy many years ago were from HSBC-then they got bought out by Capital One.  Unfortunately these cards came with an Annual Fee.  They both are my oldest tradelines ('03 & '04).  I've worked hard since to repair my credit and have been able to get better credit offerings, much high limits, and lower APR's since 2011.  My Capital One cards also have my lowest credit line limits.  I'm wanting to close those two tradelines due to the Annual Fees (I've called them & they won't take them away) & higher APR's but I've hesitated since they are my oldest tradelines.  Is it going to affect my credit much closing these two accounts??


Closing them should not affect scores much - what are your current scores? What are the fees on the cards? What are their limits? What other accounts do you have?

Message 3 of 5
peme6040
New Contributor

Re: Making sure I'm doing the right thing

My score according to Credit Sesame is 703.  According to Discover it is 733.  One of the cards fees is $39, the other is $59.  Both have 0 balances and limits of $800 and $950.  My other cards have limits of $3250 (Cap One), 7500 (Discover), 7000 (Triumph Credit Card-issued by my bank), 2000 (Chase), 6000 (Walmart), 3000 (Home Depot), 500 (Vibrant Credit Union-another bank of mine), & another 3000 (State Farm).  I carry a balance of $2300 on State Farm (lowest APR).


Starting Score: 645
Current Score: 713!
Goal Score: 700


Take the myFICO Fitness Challenge
Message 4 of 5
Anonymous
Not applicable

Re: Making sure I'm doing the right thing


@peme6040 wrote:

My score according to Credit Sesame is 703.  According to Discover it is 733.  One of the cards fees is $39, the other is $59.  Both have 0 balances and limits of $800 and $950.  My other cards have limits of $3250 (Cap One), 7500 (Discover), 7000 (Triumph Credit Card-issued by my bank), 2000 (Chase), 6000 (Walmart), 3000 (Home Depot), 500 (Vibrant Credit Union-another bank of mine), & another 3000 (State Farm).  I carry a balance of $2300 on State Farm (lowest APR).


Since you have another cap one card, you should be able to combine them into that card. Combine whichever one has the AF coming up up first. Request a CLI before combining. You may have to wait 6 months to combine the second card.

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