topic Re: Cancel card? in Credit Cards

Cancel card?

nzbgsf — Tue, 08 Feb 2022 00:59:53 GMT

Today I received approval for a new Amex Hilton Surpass Card with a $15k line.

I have a Credit ONE Bank Visa card with horrible rates + annual fee with $1,600 line from way back when we emerged from Ch-13 in 2015. Only late on any credit payment since BK discharge due to a mix up with bank account#s

***IMHO Credit ONE Bank is a preditory lender & I'd like to finally cancel the card account on moral grounds***

How would that action impact my credit profile?

In addition to the new Amex I have a $5k World of Hyatt VISA, $9,500 Wells Fargo Rewards VISA, $5,900 PayPal MC, $5,000 Alliant CU VISA plus some store cards, Amazon etc.

Under 10% utilization on each.

Exp 744

TU 731

Eq 732

Re: Cancel card?

SoCalGardener — Tue, 08 Feb 2022 01:05:08 GMT

@nzbgsf wrote:
Today I received approval for a new Amex Hilton Surpass Card with a $15k line.
I have a Credit ONE Bank Visa card with horrible rates + annual fee with $1,600 line from way back when we emerged from Ch-13 in 2015. Only late on any credit payment since BK discharge due to a mix up with bank account#s
***IMHO Credit ONE Bank is a preditory lender & I'd like to finally cancel the card account on moral grounds***
How would that action impact my credit profile?

In addition to the new Amex I have a $5k World of Hyatt VISA, $9,500 Wells Fargo Rewards VISA, $5,900 PayPal MC, $5,000 Alliant CU VISA plus some store cards, Amazon etc.
Under 10% utilization on each.
Exp 744
TU 731
Eq 732

Personally, I'd dump it ASAP!

Why hold on to a predatory card when you're clearly in a better position now? Sure, its 6-year history helps your score--a little--but not enough, IMHO, to justify keeping such an awful card.

My vote? Scrap it immediately!

Re: Cancel card?

notmyrealname23 — Tue, 08 Feb 2022 01:09:57 GMT

Congratulations on the approvals and feel free to kill that starter card... I nuked my starter cards from orbit a while ago, they served a purpose but now they don't.

Re: Cancel card?

K-in-Boston — Tue, 08 Feb 2022 01:11:38 GMT

You are absolutely fine to close it given your other accounts. You have moved on, and keeping it will not be worth the fees.

The only real potential effect will be that when it falls off of your credit reports (typically in about 10 years), it will slightly reduce the average age of your accounts (likely very neglible) and if this is your oldest account it will slightly reduce the age of your oldest account later when that happens. However at that point all of your other accounts will have aged a decade, so it's really a moot point. Congrats on your successful rebuilding!

FWIW Credit One does issue many fee harvester cards, but "predatory" has a number of levels. They actually began to issue some traditional credit card accounts in recent years, and for rebuilding credit they can still provide a valuable short term solution.

Re: Cancel card?

mgood — Tue, 08 Feb 2022 03:26:13 GMT

Dump it.

Re: Cancel card?

SouthernCredit — Tue, 08 Feb 2022 04:23:24 GMT

You're really not going to take any kind of hit form closing this. Your profile is in pretty good shape and you don't need this to help you any longer. Pat yourself on the back for the hard work and move on from the low-end starter card.

Re: Cancel card?

805orbust — Tue, 08 Feb 2022 12:03:50 GMT

Cancel cancel cancel cancel cancel cancel cancel!!!

100% in agreement here. I scream all the time about this one here. I would have advised you to get rid of it the second you got approved for something better... mission accomplished.

Re: Cancel card?

pinkandgrey — Tue, 08 Feb 2022 12:48:00 GMT

@SoCalGardener wrote:
@nzbgsf wrote:
Today I received approval for a new Amex Hilton Surpass Card with a $15k line.
I have a Credit ONE Bank Visa card with horrible rates + annual fee with $1,600 line from way back when we emerged from Ch-13 in 2015. Only late on any credit payment since BK discharge due to a mix up with bank account#s
***IMHO Credit ONE Bank is a preditory lender & I'd like to finally cancel the card account on moral grounds***
How would that action impact my credit profile?

In addition to the new Amex I have a $5k World of Hyatt VISA, $9,500 Wells Fargo Rewards VISA, $5,900 PayPal MC, $5,000 Alliant CU VISA plus some store cards, Amazon etc.
Under 10% utilization on each.
Exp 744
TU 731
Eq 732

Personally, I'd dump it ASAP!

Why hold on to a predatory card when you're clearly in a better position now? Sure, its 6-year history helps your score--a little--but not enough, IMHO, to justify keeping such an awful card.

My vote? Scrap it immediately!

^^^ My thoughts exactly. Congrats on the awesome new card!

Re: Cancel card?

jcooks — Tue, 08 Feb 2022 14:35:43 GMT

I've heard of a rare instance of them product changing to a non AF card, but I wasn't successful at that. I did get an offer to have 0% apr for 6 months which I took to increase my age of accounts. Cancelled after that promo ended

Re: Cancel card?

SG43 — Tue, 08 Feb 2022 17:40:18 GMT

Finances before ficos. Dump it, it served its purpose!

Re: Cancel card?

pinkandgrey — Tue, 08 Feb 2022 19:49:09 GMT

@SG43 wrote:
Finances before ficos. Dump it, it served its purpose!

@SG43 Catchy! I like this slogan--may have to quote you in the future.

Re: Cancel card?

CreditAggie — Tue, 08 Feb 2022 21:20:03 GMT

If your profile is strong enough for a $15K Amex, you definitely don't need the Credit One! I'd close it and save the fees.

Re: Cancel card?

okurosetta — Tue, 08 Feb 2022 21:36:46 GMT

Definitely close it! If it is one where you pay monthly fees, keep a close eye on it for a bit after closing to make sure you aren't charged any.

Re: Cancel card?

SouthJamaica — Wed, 09 Feb 2022 04:00:03 GMT

@nzbgsf wrote:
Today I received approval for a new Amex Hilton Surpass Card with a $15k line.
I have a Credit ONE Bank Visa card with horrible rates + annual fee with $1,600 line from way back when we emerged from Ch-13 in 2015. Only late on any credit payment since BK discharge due to a mix up with bank account#s
***IMHO Credit ONE Bank is a preditory lender & I'd like to finally cancel the card account on moral grounds***
How would that action impact my credit profile?

In addition to the new Amex I have a $5k World of Hyatt VISA, $9,500 Wells Fargo Rewards VISA, $5,900 PayPal MC, $5,000 Alliant CU VISA plus some store cards, Amazon etc.
Under 10% utilization on each.
Exp 744
TU 731
Eq 732

Get rid of it. Don't even think twice about it. It won't affect your scores.

Re: Cancel card?

Anonymous — Wed, 09 Feb 2022 06:00:23 GMT

I completely agree with everyone else. You should definitely cancel it. It will still have a positive impact on your credit for another 10 years, when it drops off completely. You seem to have set yourself up for the future with other cards, so you should dump it as soon as possible.