topic Closing out Subprime Cards? in Rebuilding Your Credit

Closing out Subprime Cards?

Anonymous — Tue, 07 Apr 2015 15:54:16 GMT

Hello all,

After putting all of the wonderful advice on this forum to use my score has improved by over 120 points in just four months! I have just been approved for a $1,500 CL with the Discover It Miles card and a $6,000 CL with Navy Fed GoRewards card!!

I have two subprime credit cards I would love to close out, but I dont want it to distroy my credit scores. I have a secured Capital One card with a $700 CL which I have had since 2012 and a $300 Credit One card which I have had since 2013. I belive my Capital One secured card is my oldest positive trade line at this time, which is why I am hesitant to close it....

Does anyone have any recomendations on how to close these out with the smallest damage possible?

Thank you!

Re: Closing out Subprime Cards?

creditstalker — Tue, 07 Apr 2015 15:58:34 GMT

Do the cards have any fees?

Honestly, I would keep them open and cut them up if you don't plan on using them. But I wouldn't close them.

Re: Closing out Subprime Cards?

Anonymous — Tue, 07 Apr 2015 16:00:13 GMT

@creditstalker wrote:
Do the cards have any fees?

Honestly, I would keep them open and cut them up if you don't plan on using them. But I wouldn't close them.

The Credit One card does have a fee, something like $79 annually. Also my money is tied up with Capital One Secured...it would be nice to eventually have that $700 back....

Re: Closing out Subprime Cards?

Anonymous — Tue, 07 Apr 2015 16:01:19 GMT

Close out Credit One first, and let your other cards age for a bit before closing Cap1, if you're hesitant.

Your AAoA shouldn't take a hit, after closing a positive trade line, for 10 years (barring other changes, of course).

Re: Closing out Subprime Cards?

Anonymous — Tue, 07 Apr 2015 16:06:11 GMT

I would suggest apping for an unsecured Cap One card, then closing both accounts, then apping for a second Cap One card. You should be able to get a QS card easily. Since you have at least two years of payment history, you might try for a Barclay rewards card as well.

Re: Closing out Subprime Cards?

ruafraidofme — Tue, 07 Apr 2015 16:34:54 GMT

Get rid of Credit One. this card serves a purpose early on but now that you are getting cards with no annual fees you might as well not flush money down the toliet by using credit one.

Re: Closing out Subprime Cards?

Anonymous — Tue, 07 Apr 2015 16:51:50 GMT

Thank you everyone for your feedback! I think I will close Credit One right away and let the Capital One linger for a few more months then close it.

Re: Closing out Subprime Cards?

Anonymous — Tue, 07 Apr 2015 17:41:33 GMT

Won't Credit One close itself if you don't use it for a while?

Re: Closing out Subprime Cards?

ruafraidofme — Tue, 07 Apr 2015 18:21:44 GMT

No Creditone will not close itself cuz they want you to forget about that monthly fee so you can get some late fees added.

Re: Closing out Subprime Cards?

Anonymous — Tue, 07 Apr 2015 18:29:00 GMT

^^^^^ +1

Bingo!