topic Re: I have crap cards! in Credit Cards

I have crap cards!

JLL2104 — Thu, 23 May 2019 22:54:59 GMT

I didn’t find this message board until a year into my rebuild unfortunately. Here I am seeing decent progress but my credit age is low....and the oldest cards I have are crap. Avant, First Premier, credit one, first national legacy, indigo.
I don’t want these cards anymore but afraid closing them will negatively affect my credit age and total available credit.
You guys have been so very helpful so far. Can’t wait to read your replies.

Re: I have crap cards!

Anonymous — Thu, 23 May 2019 22:56:27 GMT

would be helpful to see the full line up of your current holdings to help more.

Re: I have crap cards!

JLL2104 — Thu, 23 May 2019 23:02:48 GMT

What do you by line up? Each card plus credit limit?

Re: I have crap cards!

NaaryalHead — Thu, 23 May 2019 23:03:17 GMT

Without basic stats we'd be just guessing about your profile.

What are your FICO credit scores. Oldest / average account age, credit limit on each card?

Re: I have crap cards!

coreysw12 — Thu, 23 May 2019 23:08:11 GMT

Generally speaking, I believe it's a good idea to have your new cards in hand before you start cancelling the old ones. Sort of like how it's best to have another job lined up before you quit your current one.

Re: I have crap cards!

wasCB14 — Thu, 23 May 2019 23:15:07 GMT

A year can feel like a lot of history, especially a year of rebuilding, but it's really not much. *That is, in closing them, you won't be losing much.*

You're right that they're all crap, and they need to go soon. But do get some better options in place first.

Do you have the cash (a few hundred to a few thousand dollars) to get a secured card? You could pay little or nothing in fees and maybe earn some rewards.

Any government or military affiliation? That may expand your options as far as certain credit unions. Certain geographic regions or private sector employers may help you get into a good credit union.

Re: I have crap cards!

pinkandgrey — Thu, 23 May 2019 23:42:58 GMT

I wouldn’t worry about account age. However, if you don’t have any other cards, don’t close ALL of the “crap” ones. Try for a Discover, secured if necessary. Or a Cap One Platinum. Neither has an AF and both are good for bad/limited credit. Once you have better cards in hand, close away. Good luck!!

Re: I have crap cards!

JLL2104 — Thu, 23 May 2019 23:52:08 GMT

I have:

Credit One - opened 6/18 - CL 600

First Premeir - opened 3/1 - CL 700

First National/Legacy - opened 11/18 - CL 500

Citi Secured - opened 10/17 - CL 200 (They say my graduation date is 4/20 - after being told it would graduate in 18 months)

Indigo - opened 8/18 - CL 300

Avant - opened 9/18 - CL 300

Capitol One Plat - opened 3/19 - CL 3000

AMex Green - opened 2/19 - No limit

All cards carry close to zero balances and have never been late

I have 5/6/7 inquiries

Fico EX - 674

Fico EQ - 653

Fico TU - 682

Discover IT - opened 4/19 - CL 750

Re: I have crap cards!

JLL2104 — Thu, 23 May 2019 23:54:29 GMT

First Premeir - opened 3/19 - CL 700

Re: I have crap cards!

Anonymous — Thu, 23 May 2019 23:58:44 GMT

Yes, that's an ugly picture but, it's part of the process.

Citi pushed you out further most likely for the additional apps or for lack of use. The key to making things grow or unsecure is to make sure there is always something charged and something paid every statement period.

So, it looks like you're turning the corner with the Cap1 / Amex / Disco adds recently and your scores aren't all that bad considering all of the apps.

I would probably go ahead and wipeout the cards that are costing you $$ in fees each month or annually and then work from there. As for apps... I wouldn't really suggest much other than maybe BOA or Barclays to round things out.

~~Credit One - opened 6/18 - CL 600~~

~~First Premeir - opened 3/1 - CL 700~~

~~First National/Legacy - opened 11/18 - CL 500~~

~~Indigo - opened 8/18 - CL 300~~

~~Avant - opened 9/18 - CL 300~~

Re: I have crap cards!

wasCB14 — Fri, 24 May 2019 00:01:04 GMT

Does Citi allow its secured card to be PCed to a main card like Double Cash?

If yes, keep it and PC it later.

If not, get rid of it.

Re: I have crap cards!

JLL2104 — Fri, 24 May 2019 00:04:42 GMT

Thank you for the advice. I have a car-wash subscription $35/mo on that card. Always pay in full every month
If I close all my crap cards it won’t negatively impact my credit score and overall available credit line?

Re: I have crap cards!

Kforce — Fri, 24 May 2019 00:10:21 GMT

@JLL2104 wrote:
~~Credit One - opened 6/18 - CL 600~~
~~First Premeir - opened 3/1 - CL 700~~
~~First National/Legacy - opened 11/18 - CL 500~~
Citi Secured - opened 10/17 - CL 200
~~Indigo - opened 8/18 - CL 300~~
~~Avant - opened 9/18 - CL 300~~
Capitol One Plat - opened 3/19 - CL 3000
AMex Green - opened 2/19 - No limit
Discover IT - opened 4/19 - CL 750

Also stop getting cards for at least a year !!

Re: I have crap cards!

JLL2104 — Fri, 24 May 2019 00:09:55 GMT

All the pre-qualify sites for the big cards (disco, BOA, Chase, Citi, etc) say no offers available at this time

Re: I have crap cards!

Kforce — Fri, 24 May 2019 00:16:08 GMT

@JLL2104 wrote:
All the pre-qualify sites for the big cards (disco, BOA, Chase, Citi, etc) say no offers available at this time

It takes time, you are in to much of a rush.

Slow down, pay on time, use the cards you have and all will be ok.

Don't look, apply or think about CC's for a year !

Re: I have crap cards!

JLL2104 — Fri, 24 May 2019 00:17:32 GMT

Gotcha! Close the crap cards?

Re: I have crap cards!

JLL2104 — Fri, 24 May 2019 00:20:58 GMT

Also, I think Citi will graduate me if I complain enough. I’ve heard it takes a HP. Should I or just wait until April?

Re: I have crap cards!

Anonymous — Fri, 24 May 2019 00:27:48 GMT

It doesn't hurt to wait but, it's worth a shot either way.

Close the crap cards and you'll still have your 4 useable cards that will grow. The impact should be minimal since you don't carry a balance on them. Give things some TIME (not mentioned in scoring recommendations) and things will get better. Well, I suppose Time is mentioned but gets overlooked as AAOA instead of counting months/years to getting to the goal we set for ourselves.

Re: I have crap cards!

Anonymous — Fri, 24 May 2019 03:29:48 GMT

To address some of the scoring questions:

1 - closing the cards will not hurt from an age standpoint. Closed, good-standing accounts remain on your reports and contribute to age factors in scoring for up to ten years after closure.

2 - closing the cards only affects score if you have balances on the cards you’ll keep. Closing accounts reduces your total available credit, which will drive up your utilization percentages. If you aren’t carrying balances, or those balances are very low, the odds are much better that you will cross no usage thresholds and will not harm your scores.

Also I agree that you should not apply for anything over the next 12 months. Let these cards age - it’ll help as your youngest account crosses 3 months and again at 12 months. After a year, inquiries become unscoreable and that’ll regain you some lost points from the HPs you took to get these.

Also, I’m not a huge fan of CapOne due to the unnecessarily ridiculous nature of some of their practices, but your Platinum has a good limit and could easily grow quite a ways beyond its current limit. You can look to PC it into a Quicksilver and start getting 1.5% cash back on it. I wouldn’t be too quick to close it.

Re: I have crap cards!

aircobra — Fri, 24 May 2019 05:04:12 GMT

@JLL2104 wrote:
All the pre-qualify sites for the big cards (disco, BOA, Chase, Citi, etc) say no offers available at this time

You just opened a Disco card. You won't be eligible for another until a year later. Focus on your Disco and Cap1 cards and let those grow. Don't worry about getting any new cards right now. As others have said, close the crap cards.