Should I cancel any of these credit cards?

[ScottL]

I have been trying to rebuild my credit for the past 2 years. Finally starting to make progress. Currently at 640 and have high credit card utilization.  Good news is, I do not have much in terms of credit cards, so I owe less than $1700 and will all be paid off in the next month.  So I assume that 640 will bump back up to the 660 range where it was before I racked up my cards before vacation.

I also just paid off a collection in full, and am in process of sending them GW letters in hopes to have it removed. So hopefully, fingers crossed, that goes away and maybe bumps up even more.  So I have the potential to be 660+ scores in the very near future.

That said, I have a few credit cards, all of them very low credit limits and high rates.  I obviously want to eventually get better cards.  The only reason I even have these cards is because 2 years ago I had ZERO credit cards and started a secured card to start helping my credit. Then got more and more in hopes it would help.  I think they have served their purpose.  That said, if my goal is to just increase my score, and hope to get approved for bigger and better things down the road. What should I do? keep these cards or close them?  I dont know if closing them would be a good thing, or keeping them open?

Capital One Secured - $750 limit - Opened January 2013

Credit One - $600 limit - Opened May 2014

Capital One Quick Silver - $600 limit - Opened September 2014

JCrew/Comenity - $500 limit - Opened May 2015

Overstock/Comenity - $500 limit - Opened July 2015

Express/Comenity - $500 limit - Opened August 2015

[Anonymous]

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@ScottL wrote:

I have been trying to rebuild my credit for the past 2 years. Finally starting to make progress. Currently at 640 and have high credit card utilization.  Good news is, I do not have much in terms of credit cards, so I owe less than $1700 and will all be paid off in the next month.  So I assume that 640 will bump back up to the 660 range where it was before I racked up my cards before vacation.

I also just paid off a collection in full, and am in process of sending them GW letters in hopes to have it removed. So hopefully, fingers crossed, that goes away and maybe bumps up even more.  So I have the potential to be 660+ scores in the very near future.

That said, I have a few credit cards, all of them very low credit limits and high rates.  I obviously want to eventually get better cards.  The only reason I even have these cards is because 2 years ago I had ZERO credit cards and started a secured card to start helping my credit. Then got more and more in hopes it would help.  I think they have served their purpose.  That said, if my goal is to just increase my score, and hope to get approved for bigger and better things down the road. What should I do? keep these cards or close them?  I dont know if closing them would be a good thing, or keeping them open?

Capital One Secured - $750 limit - Opened January 2013

Credit One - $600 limit - Opened May 2014

Capital One Quick Silver - $600 limit - Opened September 2014

JCrew/Comenity - $500 limit - Opened May 2015

Overstock/Comenity - $500 limit - Opened July 2015

Express/Comenity - $500 limit - Opened August 2015

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I would first close the Capital One secured card, and open a second Cap One account (wait a day for the closure to process in their system). You should be able to grow that Cap One QS card - are you requesting CLI's? I would also app for a Barclays Reward MC - if denied call to recon and find out what the sticking point is. If you can't get the Barclays now (they may want 2 years history, which you're a little short of), use the funds from the Cap One secured card to open an account with SDFCU and get a secured card from them, for your third bank card. Then try for Barclays again early next year. Once you've got another card, close out the Credit One account.

[ScottL]

when you say open a Cap One account, do you mean checking or something?  I did just last week open a DCU savings account in hopes to use them next time I need an auto loan.

[Anonymous]

I think he wants you to app for a Cap One Platinum card after you close the secured card.   Cap One will let you have 2 rebuilding accounts - but that way you have access to the deposit from the secured card.

I have the Cap One Plat and the Cap One QS cards - $500 each - just have to wait for time to go by to CLI

[Anonymous]

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@ScottL wrote:

when you say open a Cap One account, do you mean checking or something?  I did just last week open a DCU savings account in hopes to use them next time I need an auto loan.

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I mean a second Capital One credit card - if you have a QS1 now, then open a Platinum account (no AF).

[ScottL]

oh, so the platinum card is another rebuild card that i would certainly get approved for? 

[ScottL]

what about the age of the account? by closing accounts does it hurt that?  that secured card is actually my oldest open revolving account.

[Anonymous]

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@ScottL wrote:

what about the age of the account? by closing accounts does it hurt that?  that secured card is actually my oldest open revolving account.

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It will still count towards your AAoA for ten years from the closure date. Your other accounts will age over time whether that one is open or closed, so it really just not an issue to me.