topic Can I get rid of Credit One? in Rebuilding Your Credit

Can I get rid of Credit One?

Anonymous — Wed, 21 May 2014 18:07:20 GMT

As of today I am officially in the garden and working on the real problems on my credit report. I plan to be here for the next 15 months, which is when I want to finance a car..

My current lines are:
Kay opened 5/14, $4000
US Bank secured card opened 5/14. $300
First Bankcard secured opened 5/14, $300
USAA secured MasterCard opened 5/15, $500
Victoria's Secret, opened 4/14, $500
Fingerhut, opened 2/14, $1100
Credit One Bank, opened 7/13, $400
Also 3 student loans with AES totaling 9000. Opened 2005.
Didn't utilization is $2 which Is 0%
The rest are derogatory items.

I was wondering if I closed credit one bank do I have enough TLs to build. My plan is to slowly increase the limit on the secured cards by adding$50 to $100 each month.

I really want to close because of the$99 annual fee and since I can't increase the limit automatically, recently denied increase because they stated I needed the card for an entire year to be considered.

Current ficos eq 563 ex 570 tu 582

Any advice appreciated :-)

Re: Can I get rid of Credit One?

meehan22 — Wed, 21 May 2014 18:17:06 GMT

rule of thumb it only takes 1-3 lines to build credit. If you have more than 2 you are fine. I'd close out any that have AF's and keep the rest open.

Re: Can I get rid of Credit One?

Anonymous — Wed, 21 May 2014 18:37:50 GMT

Thanks for responding, I opened more lines than expected. I have an extra secured card because I was initially declined for US bank or so I thought and applied for the first bank card, my plan was always to get rid of credit one I just didn't know if I should wait another year.

I opened Kay to replace finger hut, I don't plan on closing that account but I can't see myself ordering from them once every six months so it may close due to inactivity.

Re: Can I get rid of Credit One?

SunriseEarth — Wed, 21 May 2014 18:42:56 GMT

CreditOne really should only be used if you have absolutely no other credit options. I think you'd be fine to close them.

Re: Can I get rid of Credit One?

itgirl74 — Wed, 21 May 2014 18:43:04 GMT

I'm no expert, but my adivce would be to keep it and add to your positive payment history, then cancel it right before the next annual fee is charged. I'd want to get my $99 worth.

Re: Can I get rid of Credit One?

Anonymous — Wed, 21 May 2014 18:57:47 GMT

well my annual fee is due July I wanted to cancel in the first week oh June because I heard they can be difficult to cancel.

I was just wondering if I should cancel, I would have had this card 11 months when I cancel, always on time, don't know if that was long enough before closing, and my number of accounts felt limited but since 1 to 3 is all I need that is no longer an issue.

Re: Can I get rid of Credit One?

itgirl74 — Wed, 21 May 2014 19:07:32 GMT

Ah yes, I guess July is not so far off. In that case I agree with the others - cancel it.

Re: Can I get rid of Credit One?

meehan22 — Wed, 21 May 2014 19:11:19 GMT

maybe they'll agree to waive it when you talk to the retention department? Never know! If they do than yeah-- keep it open for another year. Back in the day I got First Premier to waive my AF a couple years till I finally closed it. I never did put a dang charge on it either and they still did it for me.

Re: Can I get rid of Credit One?

Anonymous — Wed, 21 May 2014 20:09:11 GMT

Thanks everyone. I'm going to call first week of June and when they ask why I'm going to say the AF maybe they'll waive it, but I'm not holding my breath. 25% of the limit is a steep AF, esp for a card with no rewards and charges interest daily.