topic Is time to ditch .... in Credit Cards

Is time to ditch ....

Anonymous — Sat, 14 Apr 2012 06:17:30 GMT

With my recent AMEX Zynch, Capital One Green Card, and Discover Card success should I cancel out these out?

First Premier - credit line of $650, zero balance, I actually have a $49.00 credit on the account

Orchard Bank - one was opened in 2003 and the 2nd opened in 2007. The one opened in 2007 has a $500 credit limit, zero balance and the 2003 one has a $800 credit limit.

Will I take a credit score hit? Thanks

Re: Is time to ditch ....

Revelate — Sat, 14 Apr 2012 06:22:44 GMT

@Anonymous wrote:
With my recent AMEX Zynch, Capital One Green Card, and Discover Card success should I cancel out these out?

First Premier - credit line of $650, zero balance, I actually have a $49.00 credit on the account

Orchard Bank - one was opened in 2003 and the 2nd opened in 2007. The one opened in 2007 has a $500 credit limit, zero balance and the 2003 one has a $800 credit limit.

Will I take a credit score hit? Thanks

FP typically has a boatload of fees associated with it, absolutely close that one as they probably equal the rest of your AF's combined.

Orchard bank AF's are all over the map, whether it's worth it to you for cards you probably don't use much, probably not.

You certainly don't "need" any of those cards, and you won't take an immediate hit to your score. The only thing lost is those tradelines will no longer continue to age, and are now set in stone in terms of their history for the next 10 years. Whether that's a serious problem or not depends on where you are in your credit journey, and in some cases may make no difference at all. You are legitimately past the point of needing those other cards, and unless you're looking at anything else in the short-term future (car, mortgage, etc) I'd probably just close the accounts and be done with them before the next round of fees hit.

Re: Is time to ditch ....

Anonymous — Sat, 14 Apr 2012 06:30:41 GMT

When I recently closed my 2nd FP account, my FICO score did go down 3 points which I thought was odd.

I haven't been late on any of these credit card payments ever. One of the Orchard accounts did get hit with a $59 AF, but when I called to close the account they credited my account $59.

Re: Is time to ditch ....

LS2982 — Sat, 14 Apr 2012 09:56:50 GMT

I would axe both of them, you have better cards now and there is no need to pay them fees.

Re: Is time to ditch ....

Anonymous — Sat, 14 Apr 2012 15:28:39 GMT

I would agree that you should close cards with annual fees and monthly fees as soon as it's ok. I have just done the same - closed my 2 of my 3 oldest CC's with First Premeir and Cap1 due to the fees that they carry. I app'd and got approved for a Chase Freedom, Walmart Discover and Discover More. My AAoA will drop because of the 3 new accounts, but I'll be gardening for quite some time and it's worth it to have the cards that I like and plan on having for a while.

Re: Is time to ditch ....

nick125 — Sat, 14 Apr 2012 15:34:21 GMT

I would axe any of those sub-prime cards with an annual or monthly fee. You don't need them...

Re: Is time to ditch ....

Anonymous — Sat, 14 Apr 2012 16:12:12 GMT

Make 'em swim with da fishies.

Re: Is time to ditch ....

pipeguy — Sat, 14 Apr 2012 16:26:11 GMT

@LS2982 wrote:
I would axe both of them, you have better cards now and there is no need to pay them fees.

100% Agree - close these sub-prime accounts and their fees

Re: Is time to ditch ....

Anonymous — Sat, 14 Apr 2012 16:52:07 GMT

Thanks for your responses!