Can I lose Credit One easily?

Anonymous · ‎12-02-2008

Hi all,

I got a few rebuilder CCs because my scores were really bad. Credit One was the first, which raised my scores as planned, but then I got Orchard, Capital One, and Target. Now I'm showing too many new accounts, I think. Can I ask Credit One to close my account AND delete the TL? I know I will pay a fee, but it's expensive to have when it's not of much benefit, it lowers my average age and won't ever have a high CL.

MidnightVoice · ‎12-02-2008

Accounts are supposed to stay on your file for 10 years after they are closed. Technically, they should not be deleted

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Anonymous · ‎12-02-2008

@Anonymous wrote:
Hi all,

I got a few rebuilder CCs because my scores were really bad. Credit One was the first, which raised my scores as planned, but then I got Orchard, Capital One, and Target. Now I'm showing too many new accounts, I think. Can I ask Credit One to close my account AND delete the TL? I know I will pay a fee, but it's expensive to have when it's not of much benefit, it lowers my average age and won't ever have a high CL.

Just close the account. Do not delete the account.

Junejer · ‎12-02-2008

You don't want to delete it. If it was the first one that you opened, it is doing more good to your AAoA than the other CCs. It will help you as it ages, closed or not. Keep it on your CRs.

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Anonymous · ‎12-03-2008

No I have much older accounts too, closed long ago, and a 10 year old mortgage, but I just haven't had an open credit card in years. We had to finance a few things, so I've been rebuilding. I started in September, got a car loan in Oct, and added 5 new CCs as I repaired. Now because there are so many new ones, that may actually be dropping my scores. When the latest card reported, my EX score dropped 13 pts. It hasn't hit the others yet.

TThe Credit One, which is only 3 months old, has an oh-so-generous CL of $200, so I could conceivably drop it altogether. I was also approved for a secured BoA instead, and for an Exxon Mobil gas card, and I'd rather have one of those.

I would have applied for one at a time, but my mortgage has a lot of baddies for months before June, and it will be a while till those age off, so I figured getting a couple cards now, they can age too, since my scores are tanked anyway.

So maybe dumping the Credit One and getting BoA and/or ExxonMobile is better?