CC help

[kmorr2586]

Hey Guys,

I've been hanging around the board for a while- posted here and there in the mortgage section (ps we did end up getting approved/closed 8/15).

Anyways, I'm looking for some help as I'm not sure what the right thing to do is. I've made some pretty terrible credit decisions in the past, and seem to have righted the ship in the last few years.

In my wallet, from oldest to more recent, but still a few years old are:

First Premier ($400 limit)

First Premier ($325 limit)

Credit One ($650 limit)

Merrick Bank ($1150 limit)

I just took advantage of a BoA mail offer and was approved for a BankAmericard Platinum Plus MC with $1800 limit and Capital One Quicksilver One $300 limit.

I know the others won't grow that much if any at all with me- is it worth closing them, or at least the First Premier's, even though they're the oldest?

Thanks so much!

[Anonymous]

Congratulations, and welcome to the forums!

That BoA approval is particularly nice. You have a starting CL that's higher than your two First Premier accounts combined, and it has the potential to grow with you over time.

That being said, please know that if you close your FP accounts, they will still show up on your reports for approximately 10 years. So, your AAoA won't be affected by closing them now. We'll assume that you'll receive some other new cards during the next decade, and your new BoA and Cap1 accounts will also continue to age and report. So, by the time that FP ages off your reports, your AAoA shouldn't be severely affected. Since FP carries a substantial AF, I would recommend that you close those accounts either now or certainly before the next AF hits.

Again, congratulations! Many of us, including myself, have been in the position of rebuilding and can appreciate where you're at with your credit journey. You've reached a wonderful milestone and have every reason to be proud. Good for you, and keep up the good work!

[kmorr2586]

Thanks tinuviel!

The Capital One Quicksilver One has a $39AF- which to me is worth keeping because the card will grow quicker than the others and will be eligible for PC's down the road, the others will not. Each Frist Premier card has a $98 AF- billed at $7/mo on each statement.

[Anonymous]

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@kmorr2586 wrote:

Thanks tinuviel!

The Capital One Quicksilver One has a $39AF- which to me is worth keeping because the card will grow quicker than the others and will be eligible for PC's down the road, the others will not. Each Frist Premier card has a $98 AF- billed at $7/mo on each statement.

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Yes, that's a reasonable AF and you'll get rewards on it. I have a Cap1 cash rewards MC that has a $39 AF. I would have closed it when I completed my rebuild, but I put my college aged daughter on as an AU and let her have it to help establish her credit. It just received a CLI from 750 -> 1250. Her usage more than covers the AF, so it's a win-win.

Enjoy your new cards!