topic Re: Cards to Close??? in Credit Cards

Cards to Close???

Anonymous — Thu, 23 Jan 2020 20:39:29 GMT

Looking to close these. Can anyone agree or disagree with why I should close or leave open. I am torn because the CL's will be about $7250 but I never use them. See my other cards in signature.

Cap 1 QS- $500

Credit 1- $1150

Credit 1- $1850

First Financial Legacy- $2100

Merrick- $1650

They are all zero balances.

Thanks for advice.

Re: Cards to Close???

manwoot — Thu, 23 Jan 2020 20:40:57 GMT

I assume you're paying AFs on at least a couple of those?

I'd close everything that has an AF associated with it and put the rest in the SD. They'll close eventually, but may as well leave them open in the mean time.

That's just my approach.

Re: Cards to Close???

gdale6 — Thu, 23 Jan 2020 20:41:15 GMT

Close em if you dont want or use them.

Re: Cards to Close???

Anonymous — Thu, 23 Jan 2020 20:44:02 GMT

All of those have an AF except the Cap 1 and it has been at $500 for over 5 years, they will not budge on a cli. Granted the AF's are not killer but then does the name Credit One on my report hurt me?

Re: Cards to Close???

wasCB14 — Thu, 23 Jan 2020 20:46:21 GMT

I'd go ahead and close anything with a fee that you don't use.

Then, in a month or two, revisit the no-fee cards you don't use. You may want to keep one if it is older than your better cards.

Re: Cards to Close???

wasCB14 — Thu, 23 Jan 2020 20:54:00 GMT

Where is your overall utilization? What is your approximate monthly spend?

You have plenty of nice CLs, so at first glance I don't see how losing $7,250 of available credit would really be a problem.

Re: Cards to Close???

M_Smart007 — Thu, 23 Jan 2020 21:01:01 GMT

Definitely close the Fee cards and check a few statements after, just to make sure you don't get hit with anything,

that would potentially cause a late.

The $500 Cap1 is bucketed and won't grow without massive spend. Just not worth it.

You have plenty of other nice cards.

I agree with the other poster, keep your oldest no fee card open for age, put a little spend on it every 6 months or so.

Re: Cards to Close???

Anonymous — Thu, 23 Jan 2020 21:07:53 GMT

I actually just called today and closed my credit one mastercard with a $500 SL. It has only been open for 11Months and I just paid it off so it was actually hurting my AAoA. Suprising they were super nice on the phone and even though I cancelled the card, they credited my Visa account with every AF I have ever paid (even though it is fully paid off). With this account closed I should go up about 3 months to a 3 Year AAoA. I however have my original credit one visa that's been open for 4 Years and has a SL of $1,250. I have made the decision to keep this open as my credit is still fairly new and this card is helping my AAoA. For you however, I would take everyone elses advice and close the accounts with AF's...

Re: Cards to Close???

Girlzilla88 — Thu, 23 Jan 2020 21:33:26 GMT

Could just be me but I would X Merrick and Credit 1 that would be your 3 but that is just me...lol

Re: Cards to Close???

Anonymous — Thu, 23 Jan 2020 21:44:05 GMT

@Anonymous wrote:
I actually just called today and closed my credit one mastercard with a $500 SL. It has only been open for 11Months and I just paid it off so it was actually hurting my AAoA. Suprising they were super nice on the phone and even though I cancelled the card, they credited my Visa account with every AF I have ever paid (even though it is fully paid off). With this account closed I should go up about 3 months to a 3 Year AAoA. I however have my original credit one visa that's been open for 4 Years and has a SL of $1,250. I have made the decision to keep this open as my credit is still fairly new and this card is helping my AAoA. For you however, I would take everyone elses advice and close the accounts with AF's...

For FICO, AAoA doesn't work that way. It counts open and closed accounts (that are on your report). So closing a card typically has no impact on your AAoA, until it drops off, which can be about 10 years later. Credit Karma and other systems that use Vantage use only open accounts, so there the AAoA will increase.

Re: Cards to Close???

GApeachy — Thu, 23 Jan 2020 22:05:54 GMT

@Anonymous wrote:
does the name Credit One on my report hurt me?

Idk, I've thought about that too.

Just be sure to continually log in to your closed accts. periodically and make sure a fee or some weirdo charge isn't popping up. Don't trust anything.

Re: Cards to Close???

AverageJoesCredit — Thu, 23 Jan 2020 23:24:21 GMT

Holy fico looking at your siggy im suprised those are still open🥴 i closed a 9k Comenity Zales card, i eventually picked up that limit plus sum on better cards. Just pull off the bandaid, lessons the pain lol.

Re: Cards to Close???

HeavenOhio — Wed, 19 Feb 2020 14:27:55 GMT

@Anonymous wrote:
@Anonymous wrote:
I actually just called today and closed my credit one mastercard with a $500 SL. It has only been open for 11Months and I just paid it off so it was actually hurting my AAoA. Suprising they were super nice on the phone and even though I cancelled the card, they credited my Visa account with every AF I have ever paid (even though it is fully paid off). With this account closed I should go up about 3 months to a 3 Year AAoA. I however have my original credit one visa that's been open for 4 Years and has a SL of $1,250. I have made the decision to keep this open as my credit is still fairly new and this card is helping my AAoA. For you however, I would take everyone elses advice and close the accounts with AF's...
For FICO, AAoA doesn't work that way. It counts open and closed accounts (that are on your report). So closing a card typically has no impact on your AAoA, until it drops off, which can be about 10 years later. Credit Karma and other systems that use Vantage use only open accounts, so there the AAoA will increase.

@Anonymous, VantageScore actually does count closed accounts toward aging stats. It's Credit Karma's front end software that doesn't. To be fair, CK calls it the average age of *open* accounts. But that's still misleading and useless as the age of open accounts isn't a factor in the two big scoring systems.