topic Re: Dump Credit One? in Credit Cards

Dump Credit One?

Anonymous — Sun, 20 Jan 2019 08:18:41 GMT

Hi everyone!

Once again, I am very thankful to have such a great and wise community to interact with.

Last year, January, I opened my first credit card in a long time (CreditOne $300SL). Got a CLI to $450 after 6mo. I opened a Cap1 Plat ($300SL) the same day. Got the Cap1 CLI to $500 after 5mo and PC'd to QS in Dec. Rebuilding has taken a little while longer than I hoped for. I am slowly but surely getting there. The AF is about to hit with the CreditOne card ($99). If I dump the CreditOne, will my AAoA take a hit or will it be ok since I opened Cap1 the same day?

I'm thankful they gave me chance but now, I dont need them or the $99 AF. Thank you all!

Re: Dump Credit One?

Anonymous — Sun, 20 Jan 2019 10:06:59 GMT

Average Age of Accounts is any account, open or closed. If you are thinking of closing, you can PC to a card without an anual fee. I have had a hard time with capital one lately, but I only have one business card with them.

~Edit...Misread that CreditOne, definitly dump that ASAP

Re: Dump Credit One?

FireMedic1 — Sun, 20 Jan 2019 09:21:44 GMT

Dump it like a hot potato ASAP! Your AAoA will report the same open or closed for up to 10 yrs.

Re: Dump Credit One?

FireMedic1 — Sun, 20 Jan 2019 09:24:13 GMT

@Anonymous wrote:
Average Age of Accounts is any account, open or closed. If you are thinking of closing, you can PC to a card without an anual fee. I have had a hard time with capital one lately, but I only have one business card with them.

A Credit One card? Maybe you meant Capital One.

Re: Dump Credit One?

Anonymous — Sun, 20 Jan 2019 10:05:49 GMT

Oh oh oh, Credit One....Yea dump that

Re: Dump Credit One?

Anonymous — Sun, 20 Jan 2019 10:59:36 GMT

Your AAoA will be OK. But if you carry a balance, your utilization rate will be higher after closing a card - leading to a possible dip in your credit score.

Reference: https://www.thesimpledollar.com/does-closing-a-credit-card-hurt-your-credit-score/

Re: Dump Credit One?

CreditRebuilder2020 — Sun, 20 Jan 2019 11:27:36 GMT

I would say you're on track to axe it......I'm in your neighborhood, slightly lower, and have some sub prime cards still but will be cancelling them soon enough.

Re: Dump Credit One?

Remedios — Sun, 20 Jan 2019 13:37:22 GMT

@Anonymous wrote:
Hi everyone!

Once again, I am very thankful to have such a great and wise community to interact with.

Last year, January, I opened my first credit card in a long time (CreditOne $300SL). Got a CLI to $450 after 6mo. I opened a Cap1 Plat ($300SL) the same day. Got the Cap1 CLI to $500 after 5mo and PC'd to QS in Dec. Rebuilding has taken a little while longer than I hoped for. I am slowly but surely getting there. The AF is about to hit with the CreditOne card ($99). If I dump the CreditOne, will my AAoA take a hit or will it be ok since I opened Cap1 the same day?

I'm thankful they gave me chance but now, I dont need them or the $99 AF. Thank you all!

Congrats on your rebuild so far.

Close it, you'll be fine. I'm sure you can find a better use for $99.00

Re: Dump Credit One?

pinkandgrey — Sun, 20 Jan 2019 15:16:34 GMT

Get rid of it!! It won’t affect AAoA for years anyway.

Re: Dump Credit One?

Anonymous — Sun, 20 Jan 2019 15:42:10 GMT

With the cards you currently have opened, there is 0 incentive to keep it.

Re: Dump Credit One?

DEcreditguy — Sun, 20 Jan 2019 17:05:41 GMT

As others have said, dump it, ASAP!

Ideally you want zero subprime cards in your portfolio and you don't even want to be tempted to use that garbage by holding on to it.

Re: Dump Credit One?

AverageJoesCredit — Sun, 20 Jan 2019 21:29:06 GMT

I say dump Capitol One! Any company that makes you jump through so many hoops to get a decent limit by getting multiple credit cards just so that you can combine later on is just predatory imo!

Re: Dump Credit One?

AverageJoesCredit — Sun, 20 Jan 2019 21:29:46 GMT

Just kidding Dump Credit One over the ocean

Re: Dump Credit One?

Anonymous — Sun, 20 Jan 2019 23:20:33 GMT

Thank you for confirming what I've been thinking for a while. I currently have a balance on it. Plans are to BT to my WF propel (0% for 12mo). Would this be a good move or would it be much better to PIF?

Re: Dump Credit One?

AverageJoesCredit — Mon, 21 Jan 2019 01:25:55 GMT

If you can pif now probably better for you so you dont pay bt fee but if not and you dont mind paying off over next 12 months or not using the WF card, you are good to go. I recommend not using a card that has a bt on it not to complicate your life

Re: Dump Credit One?

Anonymous — Mon, 21 Jan 2019 01:55:29 GMT

Thanks for the advice, Joe. I assume speaking from experience, yours or someone else's. Lol. These forums are such a great tool! Hopefully one day I'll be a credit master as well.

Re: Dump Credit One?

Anonymous — Mon, 21 Jan 2019 05:37:13 GMT

Is it true Credit One offers a grace period for some customers but not for others?