Advice Needed on Closing Rebuilders

[shalimarcat]

  Hello everyone. I would appreciate some advice on closing my two rebuilder cards, the Capital One Quicksilver. and the Merrick Double Line.  I got the QS in 10/21 with a starting limit of $500. I've paid in full and on time each month, but was twice turned down for a cli. Considering how Cap One buckets their cards, I do not think this card will grow with me. They also do not have any offers for me. The Merrick card is at $1,400, but there are no rewards or perks, and I pay $3 per month. I got it in 11/21. 

  With my recent Citi approval for the Rewards +, I have a $3,300 sl that makes my rebuilders unnecessary. I also have a HH at $1,000 and a Green. In your opinion, when should I close my rebuilders?  Thanks in advance.

[FinStar]

Provided your utilization is very minimal and would not skyrocket or escalate by the closing of these 2 particular cards, you can close them at any time. Just be sure to obtain confirmation from both that the accounts are closed and make sure the balances are $0. If they have fulfilled their purpose with rebuilding, there's nothing wrong with moving on.

[shalimarcat]

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@FinStar wrote:

Provided your utilization is very minimal and would not skyrocket or escalate by the closing of these 2 particular cards, you can close them at any time. Just be sure to obtain confirmation from both that the accounts are closed and make sure the balances are $0. If they have fulfilled their purpose with rebuilding, there's nothing wrong with moving on.

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  Thank you, that was my thought, as well. As for utilization, I have been keeping it pretty low, mostly less than 10%. 

[NYC_Fella]

I closed all my rebuilders (close to a dozen) a couple of years ago and have never regretted it.

[shalimarcat]

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@NYC_Fella wrote:

I closed all my rebuilders (close to a dozen) a couple of years ago and have never regretted it.

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   Fantastic! Did you close them simultaneously, or space it out over a few months?

[FinStar]

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@shalimarcat wrote:

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@FinStar wrote:

Provided your utilization is very minimal and would not skyrocket or escalate by the closing of these 2 particular cards, you can close them at any time. Just be sure to obtain confirmation from both that the accounts are closed and make sure the balances are $0. If they have fulfilled their purpose with rebuilding, there's nothing wrong with moving on.

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  Thank you, that was my thought, as well. As for utilization, I have been keeping it pretty low, mostly less than 10%. 

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Since it's only 2 cards, there is no harm in closing them at the same time. They do not need to be staggered.

[citymunky]

If you have the no annual fee Cap1 QS, I would still consider still consider keeping it open as it's one of your foundation cards for your average age of accounts which you don't have to pay to keep open. The other card I would cost ASAP due to that monthly fee.

[FinStar]

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@citymunky wrote:

If you have the no annual fee Cap1 QS, I would still consider still consider keeping it open as it's one of your foundation cards for your average age of accounts which you don't have to pay to keep open. The other card I would cost ASAP due to that monthly fee.

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The OP appears to have scored some decent CCs recently. Aside from that, it's not like the closure of QS or Merrick stop the aging process or metrics.

If the QS account was 5+ years age-wise, maybe. But, if the OP wants more flexibility and less aggravation in the future with the $500 limit, there's really no loss, even without AF. The closed account(s) will still be factored into their AAoA until they drop off CRs (give or take up to ~10 years).

[mfinsmi1]

@shalimarcat i closed all my 3 subprime rebuilding cards within a 6 month time frame - there was no reason for it as closing the card had NO impact on my credit score or utilization, but i just wanted to space them out just so it didn't look like i open cards just to close them (that was my own personal choice , there's no reason why you can't just close them down at the same time) 

[Jeffster1]

I closed my 3 rebuilders (Ollo, Mercury and Merrick) in September 2022 and October 2022. I would have closed all 3 at the same time but had to wait for Merrick to fix its EQ reporting issue. I needed to ensure that Merrick reported zero balance when closed. I had initially gotten a Cap One Platinum very early in my rebuild, and was quickly converted to a QS. I don't know if I would call mine a rebuilder but it will be going bye-bye soon as I have moved on and never use it.