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Close Credit One?

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Regular Contributor

Close Credit One?

My credit rebuild journey is over, has been over, and now i'm affraid to close the Credit One because it's my oldest card. So, my question is:

 

Should i close it, even though it is my oldest card? My goal is to get my scores in the 800s or as close as possible, get my total available credit above 100k across all cards, and i plan to open 3-4 more CC's and an Amex charge card over the next 6-24 months.

Is there any possibility i would be able to get them to drop the $99 AF if i threaten to close it?

The $99 AF wouldn't be that bad to just deal with for a little bit longer, however they throw $8.25 every month on the card, instead of the full $99 as a one time fee.

 

Looking for opinions, thoughts, and everything in between.

Thanks!



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Message 1 of 9
8 REPLIES 8
Super Contributor

Re: Close Credit One?

If you have ANY other cards, it's time to close Credit One.

11/01/19 Fico 8: EX 726, EQ 721, TU 747.
11/08/19 Fico 9: EX 733, EQ 740, TU no idea...
Zero percent financing is where the devil lives...

Firmly in the garden until the next pre-approval arrives!
Message 2 of 9
Super Contributor

Re: Close Credit One?

When the question is whether or not to close Credit One, the answer is always "Yes."

Message 3 of 9
Established Contributor

Re: Close Credit One?

I am guessing that your concern is losing account age, since it is your oldest card. But, you will not lose account age for a decade, by which time it probably won't matter. It will stay on your credit for around ten years even after being closed.

Short answer, yes, I'd close it. JMO, good luck!



FICO 8 scores are deceptively high. My profile is very young with a lot of recently opened accounts and large number of inquiries. No derogs. Over 5/24 until summer 2021.

Authorized user / Corporate

Closed but still on reports: ExxonMobil, $950, 10/08-02/11 (Equifax only) | Citi secured, $200, 045/19-09/19 | Capital One secured, $300, 04/19-08/19 | My Jewelers Club, $5,000, 05/19-08/19 | Green Dot Primor, $300, 05/19-08/19 | Unsecured personal loan from Coastal, $1,000, 05/19-08/19.

Goal cards: Ducks Unlimited, Chase Sapphire Reserve (or Preferred, haven't decided). Increased CLs across the board.
Long-term goal: Legitimate 770s on EX/EQ/TU, able to qualify for most normal credit products. Prime-rate mortgage.
Message 4 of 9
Community Leader
Senior Contributor

Re: Close Credit One?

Should you close your Credit One card/account... Answer is almost always Yes, yes, oh yes......Uhm  yes?

This card is like a tissue, you use it (to get a better product) and then you throw it away...

 

Every time someone closes a subprime or predatory account, a credit angel gets their wings..........

-J

 

Message 5 of 9
Community Leader
Super Contributor

Re: Close Credit One?

CC1? SI SISmiley Wink
#ChaseCreditCardHobby Enthusiast
2022
!
Message 6 of 9
Senior Contributor

Re: Close Credit One?

yes.gif





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 7 of 9
Frequent Contributor

Re: Close Credit One?

They will miss you and they will let you know for the next two years Smiley Happy GL when you actually call to close it.


Message 8 of 9
Frequent Contributor

Re: Close Credit One?


@FireMedic1 wrote:

yes.gif


LOL

Message 9 of 9
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