Posts: 98
Registered: ‎08-09-2007
Should I close these cards.....struggling to understand utilization...PLEASE help???

I am recovering from a Chapter 7 that was filed in mid 2009.  I have been very successful in rebuilding my credit and now have options. Yippie!!


I have a card with Credit One Bank with a $700 limit which I opened up in early 2010 when I was struggling with credit issues. The monthly fee for this card is $8.25 plus a min. interest charge of $1...So, I bitterly pay $9.25 in fees whether I use this card or not. I pay off any outstanding balance immediately and do not owe a balance at this time on this card. I was recently approved for a $500 card with Citibank and it has no fees.....I was thinking I should close the Credit One card to avoid paying fees now that I have the Citibank card. But I am concerned that closing the Credit One card will hurt my score since it is older than the Citibank card. Please advise what I should do. 


I also have a secured card with NFCU with a $500 credit limit also opened in early 2010.  I have another card with NFCU with a $3000 limit opened in 2011 that now has a $1516 balance. I was thinking of having the $500 secured account closed and applying the $500 deposit to the  $1516 balance which would be reduce it to about $950 after the recent payment I just made.  I would appreciate help in figuring this out as well. 


I do not have a clear understanding of utilization and all of that and I would appreciate any help you guys can give me.  You have been awesome in helping me rebuild my credit thus far after my BK and I thank you so much!!!!!