topic Re: Should I close credit one? in Credit Cards

Should I close credit one?

Anonymous — Wed, 29 Mar 2017 01:22:55 GMT

I know everyone is screaming YES at the top of their lungs, but hear me out.

First...I'm mad at them so I want to call them and tell them to _______.

I have applied for and received a lot of credit lately (Disco 13,500, Credit Union, 5k, Furniture account 3700 , kohls 3000, Walmart 5K, Amazon 5K, AMEX 1K (yuck). I have had 2 cap ones for awhile 2200 and 1800

Anyhow..I don't need my credit one account any longer, BUT it is my longest card and I have a perfect payment history.

I wasn't going to close it because I was afraid it would hurt me, but when I looked at my statement (just paid it off through a BT) I had a -100 balance yesterday and now I have a -67 balance. They charged me 8.25 annual fee and interest charges. I am just mad.

Should I close this account? I am just afraid it will hurt me score wise since I have a lot of new credit. Everything has been in the past 6 months other than the Cap ones,and Kohls. My score is 706/701/686 (real ficos) and I have a good income.

Re: Should I close credit one?

MyLoFICO — Wed, 29 Mar 2017 01:25:38 GMT

You have outgrown them. Close it and never look back. It will report on your credit for 10 years. You know what to do.

Re: Should I close credit one?

Anonymous — Wed, 29 Mar 2017 02:30:12 GMT

Just do it...and don't let anyone make you feel bad for doing it.

Re: Should I close credit one?

AverageJoesCredit — Wed, 29 Mar 2017 02:37:57 GMT

I can give you 13,500 reasons why to close them out

Re: Should I close credit one?

Anonymous — Wed, 29 Mar 2017 02:42:28 GMT

I've only read negative things about Credit One, so I see no reason to keep that account open since you've definitely taken on far better accounts.

Re: Should I close credit one?

Anonymous — Wed, 29 Mar 2017 02:55:20 GMT

Credit one was one of my oldest active cards, I closed it and it had no impact on my scores. Even if it cost me a few points or hit my AAOA a bit I was still willing to close it.

Re: Should I close credit one?

LuckyBird — Wed, 29 Mar 2017 02:57:09 GMT

yes. so much yes.

Close it.

Re: Should I close credit one?

Anonymous — Wed, 29 Mar 2017 03:08:50 GMT

Yep

Re: Should I close credit one?

oldman425 — Wed, 29 Mar 2017 03:30:42 GMT

Repeat after me...... bye bye bye

Re: Should I close credit one?

CreditMagic7 — Wed, 29 Mar 2017 03:54:39 GMT

Just to add my own 2 cents?

All Of The Above

Congratulations on graduating up the ladder to a better credit profile where opportunity is now yours

Re: Should I close credit one?

HeavenOhio — Wed, 29 Mar 2017 03:56:00 GMT

When people are building or rebuilding, they might start out with a company like Credit One. But they're going to follow up with new (and better) cards soon after that. Even if Credit One is your oldest account, your subsequent accounts aren't going to be that much newer. Your oldest account age and your average age of accounts aren't going to be affected by enough to matter. Getting Credit One out of your hair is going to matter a whole lot more. In this case, your sanity is the overriding factor.

Re: Should I close credit one?

grillandwinemaster — Wed, 29 Mar 2017 04:09:00 GMT

You should have dropped Credit1 like a bad habit when you got your first Discover, Amex, and/or Cap1!!