topic Re: When to kick CreditOne to the curb in Credit Cards

When to kick CreditOne to the curb

bridgetkaryn — Wed, 30 Jul 2008 16:24:05 GMT

Hi All,

I have had a CreditOne card for almost 1 year... As of Aug 10, my question is, since my 1 year is about to come up, is it worth paying their stupid fee's for another year for this history (I am about to sockdrawer it) or should I cancel before i get another set of fee's? My Utl is at 4% (0 on this card) and I just got approved for a Citi AAdvantage Planium card w/ a $9000 limit.

Thanks!

Bridget

Re: When to kick CreditOne to the curb

Anonymous — Wed, 30 Jul 2008 16:30:16 GMT

WTG on the new Citi card with the monster limit!

My advice would be to cancel Credit One at the 1 year mark. If you have clean enough reports for a Citi card with that high of a CL you seriously have no use for Credit One.

Re: When to kick CreditOne to the curb

jaysdad2k — Wed, 30 Jul 2008 17:00:42 GMT

I used my Cred One last month for $50 in gas, for the first time in 6 months. PIF'ed it and the fee.

The 2 year anniversary is this December. Is there any benefit in having 2 full years of payment history versus dumping it right now?

Re: When to kick CreditOne to the curb

Anonymous — Wed, 30 Jul 2008 17:38:39 GMT

@jaysdad2k wrote:
I used my Cred One last month for $50 in gas, for the first time in 6 months. PIF'ed it and the fee.

The 2 year anniversary is this December. Is there any benefit in having 2 full years of payment history versus dumping it right now?

Unless I'm mistaken, I believe the only benefit of leaving it open is that it continues to help your average age of accounts.

Re: When to kick CreditOne to the curb

llecs — Thu, 31 Jul 2008 00:13:56 GMT

@Anonymous wrote:

@jaysdad2k wrote:
I used my Cred One last month for $50 in gas, for the first time in 6 months. PIF'ed it and the fee.

The 2 year anniversary is this December. Is there any benefit in having 2 full years of payment history versus dumping it right now?

Unless I'm mistaken, I believe the only benefit of leaving it open is that it continues to help your average age of accounts.

One down-side is the affect on utilization.

Another benefit is a mix of credit. If this is only 1 of one or one of two or three cards in your CC collection, then cancelling it could hurt your score.

In other words, when I started this process last August, I had 0 CCs. I got a large bump for the first CC to report. A not-so-large bump for the 2nd and a large bump for the third (a charge card). Working backwards, if I only had those three reporting today (have 8, but ignoring that), removing any of the 3 would lead to a score drop, regardless of history. (I had lost points on cards 4-8 due to the affect on history).

Re: When to kick CreditOne to the curb

jaysdad2k — Thu, 31 Jul 2008 02:17:46 GMT

Kudos to Bridget for the big CL!

I didn't mean to hijack your thread.

I have Orchard from 8/06 (2 were combined in May/08), Cred One from 12/06, Cap One from 5/07, BJ Junny from 4/08, Amex Gold 5/08, Costco Amex 6/08. Dang! No new accounts in July!

Total CL from all is about 7500 with 1-3% util. I have a paid and closed car loan from 99, and a current car loan from 05.

The Cred One is $550, so I'm not concerned about the util or the hit on CL. And the age would stay even if closed, right?

Re: When to kick CreditOne to the curb

Anonymous — Thu, 31 Jul 2008 02:23:57 GMT

kick them to the curb- you have outgrown them

The only affect is UTL- that should not be an issue with the new card.

Re: When to kick CreditOne to the curb

Verde — Thu, 31 Jul 2008 06:30:55 GMT

I closed my credit1 acc a month ago, i had 9 months history and i am glad i canceled it!

Re: When to kick CreditOne to the curb

Anonymous — Thu, 31 Jul 2008 14:53:54 GMT

I have had my Credit One "Platinum" Visa for close to a year. I plan to keep it longer and use it for primarily takeout and dining every blue moon.

Re: When to kick CreditOne to the curb

Anonymous — Thu, 31 Jul 2008 14:59:11 GMT

i'm waiting on my 7th statement in a few days and want to see if i get a CL. a lot of use and PIF every month the usual routine i wanna see if it works with them. If i can get it to $1000 by the first birthday, if not then i'll think about getting rid of it.

Re: When to kick CreditOne to the curb

Anonymous — Thu, 31 Jul 2008 15:03:00 GMT

Good luck.

Re: When to kick CreditOne to the curb

bridgetkaryn — Thu, 31 Jul 2008 19:10:45 GMT

Hi All,

So i was thinking i should keep it another year just for the history... as this is my second oldest card at just barely a year... here is where I stand with my cards after my App spree in June/July (no denials btw!)... BTW, my utl is at 3% only because I timed my payment wrong on one card... grrrrr....

Orchard Bank- 2/07- $300cl (never an increase!)

Credit One- 8/07- $700 (just got a $100 boost this month!)

Target Redcard- 2/07- $200 (no CLI either)

B of A- 5/08- $500 (unsecured)

Macy's- 6/08- $100

Cap1- 6/08- $1000

Hooters- 6/08- $500

WaMu- 6/08- $2500

Crown Jewelers- 6/08-$2500

Chase Freedom- 7/2008- $1000

Citi AAdvantage- 7/2008- $9000

I am done applying for atleast the next year or two... though I was considering seeing if my BF will add me as a AU to add some age to my accounts (I date Mr. Responsible... 810 Avg Credit Score)...

Now after looking at all my new credit, do I need CreditOne or should I dump them? Same with Orchard Bank... though since I paid the fee, I will keep it til Feb... Any advice would be much appreciated

Re: When to kick CreditOne to the curb

Anonymous — Thu, 31 Jul 2008 19:13:19 GMT

I really want an CITI AAdvantage card for the miles, but CITI will have no parts of me. Yet Chase does?

Go figure.

Re: When to kick CreditOne to the curb

bridgetkaryn — Thu, 31 Jul 2008 19:30:03 GMT

trust me, I question how and why Citi gave me an AAdvantage card... with all the app's and new accounts my EQ score has dipped to 596 (from 620). Maybe it was a mistake on their part, but I am going to bathe in my 25,000 miles and my $9000 CL!