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Shoud I close account?

Amiashu12
Regular Contributor

Shoud I close account?

Hi Everyone. This community has helped me tremendously. After reading some about penfed, I opened my savings account and then applied for their power cash back. I was approved for $3500 and no AF. My question is about if I should close any account. Thanks

Creditone with AF $100 CL is $400

Mission lane no AF CL is $300

Penfed no AF CL is $3500

Self lender $25 a month. 

9 months post chapt 7

Message 1 of 9
8 REPLIES 8
AllZero
Super Contributor

Re: Shoud I close account?

Congratulations on your approval!

I would recommend closing any card that has a monthly or annual fee.

Does Credit One have a monthly fee? If not, perhaps close it when annual fee is about to arrive?

In 3-6 months you may be able to obtain another PenFed card to get you to your 3 open revolvers and close the Credit One.

Message 2 of 9
Amiashu12
Regular Contributor

Re: Shoud I close account?

Thanks for your quick response. I called  creditone and the AF monthly of $8.25 does not arrive til April 2021. Would it be wise to close this account if I m not using my card at all? Thanks again. 

Message 3 of 9
AllZero
Super Contributor

Re: Shoud I close account?

@Amiashu12.  How old is the account?

Message 4 of 9
Amiashu12
Regular Contributor

Re: Shoud I close account?

Since April 2020. 

Message 5 of 9
AllZero
Super Contributor

Re: Shoud I close account?

I was reviewing their website for terms and conditions. I presume you all ready paid in advance the $95 annual fee for the first year? If yes, perhaps keep it for now, then close the card before April 2021 when the 2nd annual fee is due or until you get a card to replace it.

 

Do keep an eye on it for any fees or charges if it's in the sock drawer.

Message 6 of 9
DebtStinks
Established Contributor

Re: Shoud I close account?

Ditto what @AllZero recommended.

PenFed Visa Signature $35000 (Opened 6/20) - NFCU More Rewards AMEX (Opened 1/19) $17000 - NFCU Platinum $15000 (Opened 1/21) - Capital One World Elite MC $11200 (Opened 11/17) - TTCU Platinum Visa $10000 (Opened 10/18) - Uber Visa $5000 (Opened 1/19) - Target Store Card $2000 (Opened 10/18) - Floor & Decor Store Card $36500 (Opened 10/18)
Total CL - $131700

CH7 BK Filed 8/1/17 Discharged 11/7/17

Scores as of 2/18/21:




Inquiries Last 12 Months:
Message 7 of 9
Amiashu12
Regular Contributor

Re: Shoud I close account?

Thanks a lot again. Just letting you know my plan was to wait til april 2021 to close it but I had call them to ask for Annual fee and I told them ill be closing my again sometimes in april 2021. I received an email today stating my account with creditone is closed. Will it impact my scores? Thanks

Message 8 of 9
AllZero
Super Contributor

Re: Shoud I close account?


@Amiashu12 wrote:

Thanks a lot again. Just letting you know my plan was to wait til april 2021 to close it but I had call them to ask for Annual fee and I told them ill be closing my again sometimes in april 2021. I received an email today stating my account with creditone is closed. Will it impact my scores? Thanks


@Amiashu12   That is quite unfortunate. I guess CSR misinterpreted your intention? I do not know if one can open an account after it's been closed with Credit One. It all depends on your desire.

 

In the grand scheme, no it will not negatively impact your scores.

 

It would have been nice to have that open account age for a bit before closing it since you paid the annual fee. Once closed, it will still factor into your age metrics up to 10 years or until it is removed from the CRA Credit Reporting Agencies.

 

Having it open would have been an account you needed to watch over in case of any unexpected charge or fee pop up. Having it closed now will avoid that and any delinquency if you were not watching it closely.

Message 9 of 9
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