topic Re: Closing Accounts? in Credit Cards

Closing Accounts?

Breakthecycle2 — Sun, 12 Jan 2020 02:00:02 GMT

Hey guys.

A few years ago I was doing another rebuild again. I took a CreditOne card with a $300 starting limit. I PIF every month and a now Im up to $1500. In between they gave me their Mastercard with a starting CL of $800. Im up to $1250 now. Today I decided to apply for two new ones. Discover IT and Citi Diamond Prefered. I'm pretty excited I was approved for both. $7500 and $11K! I want to get rid of the Credit Ones because of the yearly fees. If I closed it, am I going to get dinged on my credit report?

Re: Closing Accounts?

mikesonthemend — Sun, 12 Jan 2020 02:19:40 GMT

Only by the FAKO scores.

Congratulations!

Re: Closing Accounts?

Anonymous — Sun, 12 Jan 2020 02:22:59 GMT

@Breakthecycle2 wrote:
Hey guys.

A few years ago I was doing another rebuild again. I took a CreditOne card with a $300 starting limit. I PIF every month and a now Im up to $1500. In between they gave me their Mastercard with a starting CL of $800. Im up to $1250 now. Today I decided to apply for two new ones. Discover IT and Citi Diamond Prefered. I'm pretty excited I was approved for both. $7500 and $11K! I want to get rid of the Credit Ones because of the yearly fees. If I closed it, am I going to get dinged on my credit report?

Close them. With the widely used credit scores there will be no impact. You can possibly grow the new cards by more than old card’s limits so no point keeping open for utilization.

Re: Closing Accounts?

Anonymous — Sun, 12 Jan 2020 03:31:09 GMT

They will continue to report for 10 years so closing them will not hurt you. Kick them to the curb because now they'll all want you more than you need them.

Re: Closing Accounts?

AverageJoesCredit — Sun, 12 Jan 2020 14:49:35 GMT

Those are pretty massive approvals. Id send copies of those to Credit One and tell them " Match or Hatch!" 😏 Without knowing your scores, hps, etc, i would still recommend maybe picking up 1 more other lender to have the recommended 3 ccs for scoring purposes. You already have it now but anytime you can kick Credit 1 to curb a credit Angel gets its wings

Re: Closing Accounts?

M_Smart007 — Sun, 12 Jan 2020 15:51:45 GMT

" anytime you can kick Credit 1 to curb a credit Angel gets its wings"

Re: Closing Accounts?

M_Smart007 — Sun, 12 Jan 2020 15:53:42 GMT

@Breakthecycle2 wrote:
Hey guys.

A few years ago I was doing another rebuild again. I took a CreditOne card with a $300 starting limit. I PIF every month and a now Im up to $1500. In between they gave me their Mastercard with a starting CL of $800. Im up to $1250 now. Today I decided to apply for two new ones. Discover IT and Citi Diamond Prefered. I'm pretty excited I was approved for both. $7500 and $11K! I want to get rid of the Credit Ones because of the yearly fees. If I closed it, am I going to get dinged on my credit report?

I would close Credit One yesterday! ..JMO