topic Re: To close or not close my Credit One account in Credit Cards

To close or not close my Credit One account

Anonymous — Tue, 27 Sep 2016 19:11:58 GMT

I just got approved for an upgrade on my Cap One card from a Platinum Mastercard to the Quiksilver. MY cl is $2,500. I was also just approved for a Barclays Rewards card for $500. My question is, I have a Credit One card for about the past year but the interest is so high on it that I barely use it. Should I close this account since I am moving up to prime cards or just sock drawer the Credit One card? The Credit One card is a year old as of December.

Re: To close or not close my Credit One account

Burned2manybridgesB4 — Tue, 27 Sep 2016 19:15:22 GMT

Dump the sucker. Sooner you move away from Usery cards, the happier you will be. Don't even worry about scoring, or AAOA at the moment.

Re: To close or not close my Credit One account

schsa210 — Tue, 27 Sep 2016 19:58:03 GMT

Plus 1 on on saying bye bye to CreditOne

Re: To close or not close my Credit One account

Anonymous — Tue, 27 Sep 2016 20:32:37 GMT

@Anonymous wrote:
I just got approved for an upgrade on my Cap One card from a Platinum Mastercard to the Quiksilver. MY cl is $2,500. I was also just approved for a Barclays Rewards card for $500. My question is, I have a Credit One card for about the past year but the interest is so high on it that I barely use it. Should I close this account since I am moving up to prime cards or just sock drawer the Credit One card? The Credit One card is a year old as of December.

Ande - dump that card today! You already have far better cards in your wallet. Closing the Credit One Card will not affect your AAoA (Avg Age of Account) because positive accounts / tradelines stay on your report for 10+ years from date of last activity. Garden for a little bit, use your new cards wisely. Keep your utilization low. Let the new accounts age a little bit. It's hard to wait but in 3 months (depending on your total profile) you should be read for another card. When you apply next, try to make sure that all of your credit reports show all of your cards under 10% (so 9% or less) utilization individually and combined.

Re: To close or not close my Credit One account

Siopao — Tue, 27 Sep 2016 22:57:39 GMT

I would say close that card before the AF kicks in. I made the mistake of holding on to Credit One for too long, a little over 3 years. I finally closed them a couple months back and it felt good not having to worry about that $8 per month I had to pay.

It's not worth it, you have better cards now.

Re: To close or not close my Credit One account

joltdude — Wed, 28 Sep 2016 02:12:03 GMT

DUMP CREDIT ONE....

Cancel it.

Burn it

Shred it

You dont need it...

-J

Re: To close or not close my Credit One account

Anonymous — Wed, 28 Sep 2016 13:33:51 GMT

Get rid of Credit One as soon as possible. It served its purpose and it's a leech and will suck you dry if you let it with the no grace period and the fees and all of that.

Congats on your recent approvals

Re: To close or not close my Credit One account

Anonymous — Wed, 28 Sep 2016 14:30:03 GMT

You're moving up in the credit world. Credit One served its purpose when you were rebuilding. Now it's time to move on. Get rid of them before they kick you with any fee. Call them and cancel the account. They will try to offer you something to stay. Do not take the offer. Confirm your balance is at zero. Ask for a written letter to be sent to you confirming your zero balance and account closure. It's the best thing.

Re: To close or not close my Credit One account

android01 — Wed, 28 Sep 2016 15:59:50 GMT

Nothing, absolutely nothing is worth having Credit One in your portfolio. Although closing it won't affect your scores as mentioned earlier, merely having it on your report is a stain on your portfolio, even if it is closed. It is possible it could affect future applications if they are done by manual review. Lendors see it and automatically know that you've had credit problems in the past. Close it yesterday!