topic Re: When should I close my sub-prime cards? in Credit Cards

When should I close my sub-prime cards?

19eighty5 — Sun, 09 Sep 2018 17:11:59 GMT

Hello All,

I started my rebuild in February 2018 and opened a few cards that I feel I no longer have a need for. My full lineup is listed in my signature but i'm wondering, when should I close the following cards:

- OpenSky, February 2018, $300 secured

- CreditOne, April 2018, $500 unsecured

- Victoria's Secret, April 2018, $350 unsecured

- BrylaneHome, June 2018, $750 unsecured

Originally, I planned to leave these cards open until they charged an AF (then would cancel) or until the lender closed the cards on their own. Is this the right approach or is there a more compelling reason to shut down now? All cards listed have a $0 balance.

Re: When should I close my sub-prime cards?

Jnbmom — Sun, 09 Sep 2018 17:15:27 GMT

With the cards you have in your orofile, I would close them all now . You don't need them anymore and you don't want a creditor to close an account.

Re: When should I close my sub-prime cards?

FireMedic1 — Sun, 09 Sep 2018 17:51:32 GMT

@19eighty5 wrote:
Hello All,

I started my rebuild in February 2018 and opened a few cards that I feel I no longer have a need for. My full lineup is listed in my signature but i'm wondering, when should I close the following cards:

- OpenSky, February 2018, $300 secured
- CreditOne, April 2018, $500 unsecured
- Victoria's Secret, April 2018, $350 unsecured
- BrylaneHome, June 2018, $750 unsecured

Originally, I planned to leave these cards open until they charged an AF (then would cancel) or until the lender closed the cards on their own. Is this the right approach or is there a more compelling reason to shut down now? All cards listed have a $0 balance.

Annual fee with montly fees? C-Ya! Dont melt with their incentives.

Re: When should I close my sub-prime cards?

Cred4All — Sun, 09 Sep 2018 17:52:51 GMT

Concur with the above posts: Cut the cord, congrats on the success!

Re: When should I close my sub-prime cards?

Brian_Earl_Spilner — Sun, 09 Sep 2018 17:54:31 GMT

Depending on how long you've had them and when you got your new ones, I would stagger closing them so you don't have a huge drop in average age in 6-10 years. Maybe close one every 3 months as long as it isn't affecting you now as in fees or something like that.

Re: When should I close my sub-prime cards?

MrDFinance — Sun, 09 Sep 2018 18:01:29 GMT

If you already have decent cards I would cut them out asap and take the hit now so you can be good later on....... Monthly fees.... So predatory

Re: When should I close my sub-prime cards?

SouthJamaica — Sun, 09 Sep 2018 18:03:08 GMT

@19eighty5 wrote:
Hello All,

I started my rebuild in February 2018 and opened a few cards that I feel I no longer have a need for. My full lineup is listed in my signature but i'm wondering, when should I close the following cards:

- OpenSky, February 2018, $300 secured
- CreditOne, April 2018, $500 unsecured
- Victoria's Secret, April 2018, $350 unsecured
- BrylaneHome, June 2018, $750 unsecured

Originally, I planned to leave these cards open until they charged an AF (then would cancel) or until the lender closed the cards on their own. Is this the right approach or is there a more compelling reason to shut down now? All cards listed have a $0 balance.

Except for those with an annual fee, there's no pressing need to close them. The longer they stay open the better for your credit scores. So I would just sock drawer them or cut them up but not close the accounts. As to those with an annual fee, close them.

Eventually one or more of the open ones might be closed by the lender for inactivity, but there is absolutely no harm in that.

Re: When should I close my sub-prime cards?

AverageJoesCredit — Sun, 09 Sep 2018 18:10:17 GMT

Y2k

Re: When should I close my sub-prime cards?

wingennis — Sun, 09 Sep 2018 19:33:29 GMT

@19eighty5 wrote:
Hello All,

I started my rebuild in February 2018 and opened a few cards that I feel I no longer have a need for. My full lineup is listed in my signature but i'm wondering, when should I close the following cards:

- OpenSky, February 2018, $300 secured
- CreditOne, April 2018, $500 unsecured
- Victoria's Secret, April 2018, $350 unsecured
- BrylaneHome, June 2018, $750 unsecured

Originally, I planned to leave these cards open until they charged an AF (then would cancel) or until the lender closed the cards on their own. Is this the right approach or is there a more compelling reason to shut down now? All cards listed have a $0 balance.

Closing CreditOne is always a good idea. Some people were helped in rebuilding by this company but their accounts are such a trap for vulnerable borrowers. Since you have NFCU and discover, you really don't need their help. Just my 2 cents.

Re: When should I close my sub-prime cards?

601flyguy — Sun, 09 Sep 2018 19:47:49 GMT

Id close the ones with fees and leave the others open. With the comenity cards, just send them a dollar every few months to show usage. I've done that for 2 years with 3 cards. Never made a purchase, never get my dollars back either...

Re: When should I close my sub-prime cards?

Anonymous — Sun, 09 Sep 2018 21:51:42 GMT

I would just get rid of the ones with fees. No need to keep those hanging around.