topic Re: Should I cancel any of these cards? in Credit Cards

Should I cancel any of these cards?

Anonymous — Thu, 29 Apr 2021 12:28:30 GMT

Finally taking control of my credit report and trying to do some cleaning up! Working on old information and a couple collections, and my overall profile.

I recently read that having cards with low limits, can hurt your chances of getting a new card with a higher CL. Is this true? Unfortunately, my cards with the lowest limits are also my oldest cards. I recently got the Navy Federal credit card and am hoping for a good limit in a couple months on an increase and/or new card with them.

I've also heard having subprime cards aren't really good to keep once you are able to get prime cards. I didn't realize this when I got Credit One last summer. I was thinking of cancelling my Credit One. These are my current cards:

	Date Opened	Credit Limit
Capital One (Quicksilver)	7/2/2018	$500.00
Capital One (Platinum)	6/5/2019	$2,000.00
Citi Double Rewards	3/19/2020	$2,000.00
Credit One	8/23/2020	$1,000.00
Kohls	6/29/2015	$300.00
Navy Federal	4/16/2021	$500.00
Overstock	8/15/2020	$750.00
VS	9/14/2015	$100.00

Are there others I should cancel? The VS credit limit kills me (they dropped it a couple years ago) but again, one of my oldest cards.

Re: Should I cancel any of these cards?

Anonymous — Thu, 29 Apr 2021 13:07:39 GMT

Have you tried recently for increases on kohl's, VS, and Overstock? They're all SPs - I'd definitely try that before doing anything.

To an extent, it's possible that higher limits beget higher limits. On the other hand, personal experience has shown me that's not absolute (my CapOne QS is at $700, while six of my cards range individually from $8750 to $30,000).

I would keep at least one of either kohl's or VS since they're essentially the same age - if you're going to close one, keep whichever is more beneficial. Your AoOA won't change, but when the closed card eventually falls off your reports (as much as ten years from now) your AAoA will get dinged a little, but chances are it'll be minor as you'll likely have other cards that have aged that ten years as well.

The only reason I see to not close Credit One this moment would be if you have any appreciable utilization on your cards, since you'd be losing ~13% of your TCL, and that might drive your aggregate usage up over a scoring breakpoint and cost you points. If your balances are minimal or zero, there's no reason to keep it alive another day.

Re: Should I cancel any of these cards?

Anonymous — Thu, 29 Apr 2021 14:32:52 GMT

@Anonymous wrote:
Have you tried recently for increases on kohl's, VS, and Overstock? They're all SPs - I'd definitely try that before doing anything.

To an extent, it's possible that higher limits beget higher limits. On the other hand, personal experience has shown me that's not absolute (my CapOne QS is at $700, while six of my cards range individually from $8750 to $30,000).

I would keep at least one of either kohl's or VS since they're essentially the same age - if you're going to close one, keep whichever is more beneficial. Your AoOA won't change, but when the closed card eventually falls off your reports (as much as ten years from now) your AAoA will get dinged a little, but chances are it'll be minor as you'll likely have other cards that have aged that ten years as well.

The only reason I see to not close Credit One this moment would be if you have any appreciable utilization on your cards, since you'd be losing ~13% of your TCL, and that might drive your aggregate usage up over a scoring breakpoint and cost you points. If your balances are minimal or zero, there's no reason to keep it alive another day.

I haven't requested CLIs. I have some high balances which will be paid in a couple weeks, so I figured CLIs will be denials anyway.

Re: Should I cancel any of these cards?

Anonymous — Thu, 29 Apr 2021 15:06:07 GMT

Try them out once you're paid down and the new balances (and scores) are reflected - you may get approved.

Re: Should I cancel any of these cards?

gdale6 — Thu, 29 Apr 2021 16:08:36 GMT

Going to move this to the main credit forum for addl input

Re: Should I cancel any of these cards?

MitchDeerfield — Thu, 29 Apr 2021 17:22:25 GMT

Which ones do you use? Closing credit cards doesn't raise you credit score. I would close the one or two low-limit cards that you never use.

Re: Should I cancel any of these cards?

Remedios — Thu, 29 Apr 2021 17:30:02 GMT

@Anonymous wrote:
Finally taking control of my credit report and trying to do some cleaning up! Working on old information and a couple collections, and my overall profile.

I recently read that having cards with low limits, can hurt your chances of getting a new card with a higher CL. Is this true? Unfortunately, my cards with the lowest limits are also my oldest cards. I recently got the Navy Federal credit card and am hoping for a good limit in a couple months on an increase and/or new card with them.

I've also heard having subprime cards aren't really good to keep once you are able to get prime cards. I didn't realize this when I got Credit One last summer. I was thinking of cancelling my Credit One. These are my current cards:

Date Opened Credit Limit
Capital One (Quicksilver) 7/2/2018 $500.00
Capital One (Platinum) 6/5/2019 $2,000.00
Citi Double Rewards 3/19/2020 $2,000.00
Credit One 8/23/2020 $1,000.00
Kohls 6/29/2015 $300.00
Navy Federal 4/16/2021 $500.00
Overstock 8/15/2020 $750.00
VS 9/14/2015 $100.00

Are there others I should cancel? The VS credit limit kills me (they dropped it a couple years ago) but again, one of my oldest cards.

It really depends.

Does Credit One have monthly fees? Does it have grave period? Are you using it?

It's a fairly new card, but unless it's fee-free and with grace period, it should go.

As far as your store cards, it's up to you.

If you are using them, keep them.

Limit on VS is low, but it might grow after the reasons for CLD are resolved.

I wouldn't do anything (other than close Credit One).

Instead, focus on letting what you have age, work on your negatives since they are primary reason for low(ish) limits, and be patient.

Closing cards to open cards might work with clean profiles, but it doesn't really work that well while there is some work on CR left to be done.

Re: Should I cancel any of these cards?

M_Smart007 — Thu, 29 Apr 2021 17:32:09 GMT

Try to keep your oldest card.

Re: Should I cancel any of these cards?

Anonymous — Thu, 29 Apr 2021 17:32:19 GMT

@MitchDeerfield wrote:
Which ones do you use? Closing credit cards doesn't raise you credit score. I would close the one or two low-limit cards that you never use.

I use them all at some point.

My concern with Credit One specifically was that it's a subprime card and I recently read that they are not good to have on your credit once you get prime cards, for when other lenders look at your credit for bigger credit limits. Same with low limit cards.

I'm brand new to cleaning up my credit, so I don't know what's all accurate and what is not. I just want to do what I can to work on it.

Re: Should I cancel any of these cards?

Anonymous — Thu, 29 Apr 2021 17:35:43 GMT

@Remedios wrote:
@Anonymous wrote:
Finally taking control of my credit report and trying to do some cleaning up! Working on old information and a couple collections, and my overall profile.

I recently read that having cards with low limits, can hurt your chances of getting a new card with a higher CL. Is this true? Unfortunately, my cards with the lowest limits are also my oldest cards. I recently got the Navy Federal credit card and am hoping for a good limit in a couple months on an increase and/or new card with them.

I've also heard having subprime cards aren't really good to keep once you are able to get prime cards. I didn't realize this when I got Credit One last summer. I was thinking of cancelling my Credit One. These are my current cards:

Date Opened Credit Limit
Capital One (Quicksilver) 7/2/2018 $500.00
Capital One (Platinum) 6/5/2019 $2,000.00
Citi Double Rewards 3/19/2020 $2,000.00
Credit One 8/23/2020 $1,000.00
Kohls 6/29/2015 $300.00
Navy Federal 4/16/2021 $500.00
Overstock 8/15/2020 $750.00
VS 9/14/2015 $100.00

Are there others I should cancel? The VS credit limit kills me (they dropped it a couple years ago) but again, one of my oldest cards.

It really depends.
Does Credit One have monthly fees? Does it have grave period? Are you using it?
It's a fairly new card, but unless it's fee-free and with grace period, it should go.

As far as your store cards, it's up to you.
If you are using them, keep them.
Limit on VS is low, but it might grow after the reasons for CLD are resolved.

I wouldn't do anything (other than close Credit One).
Instead, focus on letting what you have age, work on your negatives since they are primary reason for low(ish) limits, and be patient.
Closing cards to open cards might work with clean profiles, but it doesn't really work that well while there is some work on CR left to be done.

It does have fees, and I do use it sometimes.

I wasn't sure if closing it would help my credit, with it being a subprime card and that I have other prime cards. I am willing to close it if it were to help my profile.

Re: Should I cancel any of these cards?

Anonymous — Thu, 29 Apr 2021 17:54:23 GMT

@Anonymous wrote:
@Remedios wrote:
@Anonymous wrote:
Finally taking control of my credit report and trying to do some cleaning up! Working on old information and a couple collections, and my overall profile.

I recently read that having cards with low limits, can hurt your chances of getting a new card with a higher CL. Is this true? Unfortunately, my cards with the lowest limits are also my oldest cards. I recently got the Navy Federal credit card and am hoping for a good limit in a couple months on an increase and/or new card with them.

I've also heard having subprime cards aren't really good to keep once you are able to get prime cards. I didn't realize this when I got Credit One last summer. I was thinking of cancelling my Credit One. These are my current cards:

Date Opened Credit Limit
Capital One (Quicksilver) 7/2/2018 $500.00
Capital One (Platinum) 6/5/2019 $2,000.00
Citi Double Rewards 3/19/2020 $2,000.00
Credit One 8/23/2020 $1,000.00
Kohls 6/29/2015 $300.00
Navy Federal 4/16/2021 $500.00
Overstock 8/15/2020 $750.00
VS 9/14/2015 $100.00

Are there others I should cancel? The VS credit limit kills me (they dropped it a couple years ago) but again, one of my oldest cards.

It really depends.
Does Credit One have monthly fees? Does it have grave period? Are you using it?
It's a fairly new card, but unless it's fee-free and with grace period, it should go.

As far as your store cards, it's up to you.
If you are using them, keep them.
Limit on VS is low, but it might grow after the reasons for CLD are resolved.

I wouldn't do anything (other than close Credit One).
Instead, focus on letting what you have age, work on your negatives since they are primary reason for low(ish) limits, and be patient.
Closing cards to open cards might work with clean profiles, but it doesn't really work that well while there is some work on CR left to be done.

It does have fees, and I do use it sometimes.
I wasn't sure if closing it would help my credit, with it being a subprime card and that I have other prime cards. I am willing to close it if it were to help my profile.

Get rid of it if it has an annual fee. The only thing that's hurting you with all these cards would be the low limits but once you pay down your debt you can ask for increases and move right past that problem. Generally speaking, you only want to close cards that have annual fees. There is no penalty for having what are deemed "subprime" cards.

Re: Should I cancel any of these cards?

Remedios — Thu, 29 Apr 2021 17:57:49 GMT

@Anonymous wrote:
@Remedios wrote:
@Anonymous wrote:
Finally taking control of my credit report and trying to do some cleaning up! Working on old information and a couple collections, and my overall profile.

I recently read that having cards with low limits, can hurt your chances of getting a new card with a higher CL. Is this true? Unfortunately, my cards with the lowest limits are also my oldest cards. I recently got the Navy Federal credit card and am hoping for a good limit in a couple months on an increase and/or new card with them.

I've also heard having subprime cards aren't really good to keep once you are able to get prime cards. I didn't realize this when I got Credit One last summer. I was thinking of cancelling my Credit One. These are my current cards:

Date Opened Credit Limit
Capital One (Quicksilver) 7/2/2018 $500.00
Capital One (Platinum) 6/5/2019 $2,000.00
Citi Double Rewards 3/19/2020 $2,000.00
Credit One 8/23/2020 $1,000.00
Kohls 6/29/2015 $300.00
Navy Federal 4/16/2021 $500.00
Overstock 8/15/2020 $750.00
VS 9/14/2015 $100.00

Are there others I should cancel? The VS credit limit kills me (they dropped it a couple years ago) but again, one of my oldest cards.

It really depends.
Does Credit One have monthly fees? Does it have grave period? Are you using it?
It's a fairly new card, but unless it's fee-free and with grace period, it should go.

As far as your store cards, it's up to you.
If you are using them, keep them.
Limit on VS is low, but it might grow after the reasons for CLD are resolved.

I wouldn't do anything (other than close Credit One).
Instead, focus on letting what you have age, work on your negatives since they are primary reason for low(ish) limits, and be patient.
Closing cards to open cards might work with clean profiles, but it doesn't really work that well while there is some work on CR left to be done.

It does have fees, and I do use it sometimes.
I wasn't sure if closing it would help my credit, with it being a subprime card and that I have other prime cards. I am willing to close it if it were to help my profile.

Closing doesn't help your profile, working on negatives does.

It will help your wallet because you're a needlessly paying fees, you have better cards now.

Re: Should I cancel any of these cards?

Anonymous — Thu, 29 Apr 2021 18:52:20 GMT

I don't know what VS means but if you close it you'll end up trashing your AAoA. If it doesn't asses any fees why bother closing it.

Re: Should I cancel any of these cards?

Anonymous — Thu, 29 Apr 2021 18:58:46 GMT

When your scores are better, get rid of credit one bank. They assess all kinds of fees on their subprime credit cards. No one in their right mind would ever keep those cards in their wallets or sock drawers after their credit is more than sufficient to start applying for unsecured credit cards.

Re: Should I cancel any of these cards?

designated_knitter — Thu, 29 Apr 2021 19:51:31 GMT

Call Credit One and tell them you want to close the card. They will send you to retention and offer to eliminate the fees and credit back the ones you've already paid. while you're at it, as for a CLI which should be a SP ( lock your credit reports before just in case).

Keep it until the one year mark comes up and re-evaluate.

Also hit the LUV button on the Overstock... that should grow like a weed and be eligible for CLIs every 61 days.

Good luck!

Re: Should I cancel any of these cards?

Anonymous — Thu, 29 Apr 2021 20:29:24 GMT

@Anonymous wrote:
I don't know what VS means but if you close it you'll end up trashing your AAoA. If it doesn't asses any fees why bother closing it.

@Anonymous VS is Victoria's Secret. Closing the card will have zero immediate effect on OP's score. For one, the Kohl's card is the same age, and second, a closed account still contributes to all age factors until it completely falls off the reports, as far as ten years in the future after closure.

Re: Should I cancel any of these cards?

Anonymous — Fri, 30 Apr 2021 05:20:19 GMT

@Anonymous wrote:
@Anonymous wrote:
I don't know what VS means but if you close it you'll end up trashing your AAoA. If it doesn't asses any fees why bother closing it.
@Anonymous VS is Victoria's Secret. Closing the card will have zero immediate effect on OP's score. For one, the Kohl's card is the same age, and second, a closed account still contributes to all age factors until it completely falls off the reports, as far as ten years in the future after closure.

If it shows up on a credit report then it's there.

Re: Should I cancel any of these cards?

FinStar — Fri, 30 Apr 2021 05:27:14 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
I don't know what VS means but if you close it you'll end up trashing your AAoA. If it doesn't asses any fees why bother closing it.
@Anonymous VS is Victoria's Secret. Closing the card will have zero immediate effect on OP's score. For one, the Kohl's card is the same age, and second, a closed account still contributes to all age factors until it completely falls off the reports, as far as ten years in the future after closure.
If it shows up on a credit report then it's there.

@Anonymous, so the fact that it's on a credit report, how is that "trashing AAoA"?

Just to clarify, or maybe you're confused as to how AAoA works, but it doesn't "trash it". All that account does is, as explained further above by @Anonymous, it continues to factor (as far as metrics go) into the age of the OP's profile - closed or otherwise.

Re: Should I cancel any of these cards?

Anonymous — Fri, 30 Apr 2021 12:31:49 GMT

@Anonymous wrote:
Have you tried recently for increases on kohl's, VS, and Overstock? They're all SPs - I'd definitely try that before doing anything.

So I was laying in bed last night thinking about your suggestion and I was like, you know what? I'll try VS and Overstock anyway. Figured worse comes to worse it got denied and I'd try again in 6 months.

VS - $100 > $600

Overstock - $750 > $2250

Little nervous to pull the trigger on Kohl's - I know you said it's a SP but I know its also backed by Capital One and they can be stingy and sometime's still pull as a HP from what I've read.

This group is so great. I've been a lurker, and I love how supportive and helpful it is!

Re: Should I cancel any of these cards?

Anonymous — Fri, 30 Apr 2021 12:37:22 GMT

@designated_knitter wrote:

Also hit the LUV button on the Overstock... that should grow like a weed and be eligible for CLIs every 61 days.

Good luck!

I did the Overstock SP last night and it went from $750 > $2250! Thanks!!