Hello All,
Need some advice. I have been rebuilding my credit for quite some time (since 2015 to be exact) and of course, I started with the usual rebuild cards such as First Premier ($1650 & a second one for $1700), 2 Credit One cards ($700 & $800), Indigo ($300), Mission Lane ($500) and First Savings ($2100).
Since then I currently have credit cards with much higher limits with my total amount of credit close to $165K. I know that the Average Age of Accounts is important and i do not want to jeopardize my credit score which is in the mid 700's.
Is it ok to close the rebuilder cards? Any information you can give me would be most appreciated.
Thank you!!
AAoA will still continue to count closed accounts for up to 10 years, so you should be fairly safe to close out your rebuilding cards.
I can't find anything in the primer from the forum Primer or older DPs from people here that suggest that once you're credit established with multiple high-limit cards, closing rebuilder cards would be a bad thing.
10+ years from now when those accounts fall off of your reports, you might have a tiny dip because your oldest revolvers will be younger than your rebuilder cards would have been but it will be entirely negligible assuming you maintain you continue to maintain your credit.
I'd definitely appreciate additional DPs on this though
If you no longer have a need for them, close them down especially if they have an AF.
Wouldn't it be prudent to keep your oldest non-AF card, even if it is a starter card to maintain AoOA?
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I may keep the oldest no annual fee card open. Probably close the CreditOne cards. And when you get some more prime cards evaluate cutting out some others as they stay on your report for 10 years.
@Ontherise2020 wrote:Hello All,
Need some advice. I have been rebuilding my credit for quite some time (since 2015 to be exact) and of course, I started with the usual rebuild cards such as First Premier ($1650 & a second one for $1700), 2 Credit One cards ($700 & $800), Indigo ($300), Mission Lane ($500) and First Savings ($2100).
Since then I currently have credit cards with much higher limits with my total amount of credit close to $165K. I know that the Average Age of Accounts is important and i do not want to jeopardize my credit score which is in the mid 700's.
Is it ok to close the rebuilder cards? Any information you can give me would be most appreciated.
Thank you!!
Yes it's ok. They'll continue to be factored into your FICO aging metrics so long as they continue to be reported, which is usually many years down the road.
If I'm being completely honest here, if I had the same TCL as you, I would close all of the rebuild cards and not look back.
I have a CapOne QS card with no AF that I am thinking ofd closing.
It is one of my oldest, but not 'THE' oldest and is my second lowest CL card.
It really does not serve a purpose so I was just running a small monthly subscription through it to keep it current.
I just moved the subscription to another card and was ready to hit the cancel button but should I just wait til CapOne closes it on their end?
i guess there comes that moment in our credit journey to reassess. I like this topic as it personally struck a chord with me and my line up.
Starter cards I've let go after a 1yr post BK13 discharge:
- Credit One / CL $700
- OllO Rewards / CL $2,100
- AU - Amex BCP pc'd to Blue Everyday / CL $2,000
Next - soon enough Overstock CL $19,750 and my two other AU Amex cards.
Chop ANY rebuilder cards with an annual fee yesterday... yesterday. As for the next wave, totally up to you, but if no annual fee you can sock drawer them, it doesn't hurt. For me? I'm closing even the 2nd wave cards. All will continue to report for 10 years, and once you have a high enough aggregate (say $40-50,000) what value does a $1-2000 card add to your utilization really?
