topic Ooops. What to do with too many new accounts in Rebuilding Your Credit

Ooops. What to do with too many new accounts

Anonymous — Fri, 19 May 2017 18:10:20 GMT

In the credit rebuild process and currently have a Merrick Bank card with $1000 CL. Within the past month I opened a Fingerhut account with a $500 CL. A few days ago I activated a new Credit One card with a $300 CL and made the first minumum $25 payment. Today I applied for a Capital One Platinum card and to my suprise I was approved with a $500 CL. Suprised because a few years ago I had a Capital One card go to charge off. In additon I have a Mortgage in good standing, an auto loan in good standing and an RV loan in good standing. Really kicking myself for getting the Credit One account. Advice on what to do now?

Re: Ooops. What to do with too many new accounts

Anonymous — Fri, 19 May 2017 18:30:52 GMT

@Anonymous wrote:
In the credit rebuild process and currently have a Merrick Bank card with $1000 CL. Within the past month I opened a Fingerhut account with a $500 CL. A few days ago I activated a new Credit One card with a $300 CL and made the first minumum $25 payment. Today I applied for a Capital One Platinum card and to my suprise I was approved with a $500 CL. Suprised because a few years ago I had a Capital One card go to charge off. In additon I have a Mortgage in good standing, an auto loan in good standing and an RV loan in good standing. Really kicking myself for getting the Credit One account. Advice on what to do now?

Close Credit One, keep the others.

You've got a sufficient portfolio to start with you really don't need one charging you exorbant fees just to have the account.

I don't think you have too many honestly, unless you've got others you haven't mentioned. Just let them continue to age and request cli's every 6 months so they can grow. In a years time try applying for a prime card like Chase, Discover, or Amex.

Re: Ooops. What to do with too many new accounts

Anonymous — Fri, 19 May 2017 18:40:06 GMT

Do I still owe the balance of the $75 annual fee? I paid the initial $25 yesterday.

Re: Ooops. What to do with too many new accounts

rmduhon — Fri, 19 May 2017 18:47:20 GMT

You still owe it. I'd put it away and close it at 10 months. But before you do that, pay it off and setup email notifications of daily balance. And check the account weekly too.

Re: Ooops. What to do with too many new accounts

simplynoir — Fri, 19 May 2017 18:50:45 GMT

@rmduhon wrote:
You still owe it. I'd put it away and close it at 10 months. But before you do that, pay it off and setup email notifications of daily balance. And check the account weekly too.

You already owe the fee, might as well age the card as much as you can before closing it. And make sure to keep on eye on it like rmduhon said even after paying it off; there's a reason why Credit One has a bad rep around here.

Re: Ooops. What to do with too many new accounts

Anonymous — Fri, 19 May 2017 18:53:59 GMT

@Anonymous wrote:
Do I still owe the balance of the $75 annual fee? I paid the initial $25 yesterday. Yes..if you look at your contract, it's fee is non-negotiable

If you don't pay that balance (even after closing) they will not play nice and won't hesitate to report it bad...Just chalk that last 50 bucks as a " lesson learned" and IMO I would pay it in full, wait for it to post, then close.

I would also recommend that you use your cards wisely, do a small charge and pay it down, keep your UTI low and never ever be late...within a year or less your credit should be good for a "main player" like Discover, AMEX, Chase ect..

Good Luck!

Re: Ooops. What to do with too many new accounts

Anonymous — Fri, 19 May 2017 19:01:25 GMT

Thanks all.....very helpful! No Amex in my near future though.....large charge off a few years back.

Re: Ooops. What to do with too many new accounts

Anonymous — Fri, 19 May 2017 19:17:57 GMT

@Anonymous wrote:
Thanks all.....very helpful! No Amex in my near future though.....large charge off a few years back.

That stinks, sorry I mentioned it.

Re: Ooops. What to do with too many new accounts

Anonymous — Fri, 19 May 2017 19:18:49 GMT

@Anonymous wrote:
@Anonymous wrote:
Do I still owe the balance of the $75 annual fee? I paid the initial $25 yesterday. Yes..if you look at your contract, it's fee is non-negotiable
If you don't pay that balance (even after closing) they will not play nice and won't hesitate to report it bad...Just chalk that last 50 bucks as a " lesson learned" and IMO I would pay it in full, wait for it to post, then close.

I would also recommend that you use your cards wisely, do a small charge and pay it down, keep your UTI low and never ever be late...within a year or less your credit should be good for a "main player" like Discover, AMEX, Chase ect..

Good Luck!

Re: Ooops. What to do with too many new accounts

rmduhon — Sat, 20 May 2017 11:34:16 GMT

When you do close the Credit One, I would suggest having them send you a letter stating that the account is closed with a zero balance. Even if you want to close it very soon pay it off then wait until the second statement after that cuts to be sure there aren't any unexpected charges/fees/interest to be paid.