topic Re: To close or not to close Credit One Card in Rebuilding Your Credit

To close or not to close Credit One Card

Anonymous — Fri, 13 Dec 2019 22:56:51 GMT

How are ya folks? I've been lurking around this forum for a few months now and recently decided to join and participate officially. So I've been back and forward on the thought of closing out my Credit One card, it has a fairly low limit and I'm not sure if its helping or hurting at this point in my rebuild journey. I'm just looking for some thoughts and opinions. (DP included below)

Current AAoA - 1 yr 6 mos

Util- 27%

Credit One Plat - $450 - Opened 7/2018

QuickSilver - $600 - Opened 7/2018

Fingerhut - $600 - Opened 10/2019

Fortiva - $700 - Opened 02/2019

Car Care (AU) - $700 - Opened 04/2014

Discover IT - $750 - Opened 07/2019

First National Credit Card - $850 - Opened 11/2019

Apple Card - $1500 - Opened 10/2019

PenFed Promise - $2500 - Opened 12/2019 (Not reported yet)

Kay Jewelers - $4000 Opened 02/2019

Major Financial - $5000 (padding purposes) - Opened 09/2019

Re: To close or not to close Credit One Card

flexin222 — Fri, 13 Dec 2019 23:49:07 GMT

Hey Lesteraw, I too had a Credit One Bank card and back during my credit card rookie years, I had no idea how low this credit card rated. Check out this Graham Stephan vid...https://www.youtube.com/watch?v=J78ARAx-1Gk

My horror story: Attempted to close in March eventhough I'd lose credit history and didn't confirm! My mistake cause I didn't keep my attention on it. They kept it open for 2 months and hit me with annual fee and 60 day late fees. Finally, closed it with confirmation and what happens next? Credit score dropped about 60 points and credit companies now have delinquent accounts on file. STILL trying to dispute the actual closing on my terms. BTW...I had a balance of $50+ and they kindly waived the annual fee...So nice of freakin Credit One Bank!

I've researched closing credit card accounts and from what I gather...DON'T, but if you absolutely have to then pay the balance low or completely off and just lock it in a safe. Make sure you can autopay cause they love to charge up unused credit cards. Eventually, the company will close out the account, supposedly. Any vets in here will school us further... Good luck!!!

Re: To close or not to close Credit One Card

OmarGB9 — Fri, 13 Dec 2019 23:49:13 GMT

I think you've got plenty to work with, so you can go ahead and close it. Just be sure it's paid to zero and you get a letter confirming it's been closed. And check on it a month after it's been closed to be sure there isn't any trailing interest charges that still need to be paid.

Re: To close or not to close Credit One Card

FireMedic1 — Sat, 14 Dec 2019 00:26:51 GMT

On a side note. No more apps. You got way ahead of yourself with all those new accounts this year. I wouldnt apply for another card until 2021. They all have to cool down and let them start to recover and your scores will follow with them. Good Luck! Bye C1!

Re: To close or not to close Credit One Card

Anonymous — Sat, 14 Dec 2019 04:19:01 GMT

Thank you all so very much for your reply, I did get kinda stupid with the apps, I felt like......get what I wanted out of the way now, take the hit, garden for a year and build from there, but all of ya’lls advice is noted, thanks again.