Close or not to close?

[Anonymous]

I have been without CC’s other than an old Best Buy CC since 2016 when I had many Co’s.  Ive since paid off all of the CO’s and started to get a few new CC’s back in February.  My first card back in the game was a CreditOne Cash Back.  I really regret getting this card as I have no use for it now.  There is no grace period and an annual fee.  I will never use it!  I have the following other cards in my wallet since the CreditOne:

Best Buy CC - Have had this card for 5 yrs, only $350 limit.  Try to use it at least once per year to keep some activity.

Cap1 Quicksilver One - Another starter card, but I’m hopeful to a large CLI or PC on this one.

USAA - Another starter, however has a $1000 CL and I’ve been told will “Graduate” at some point.

AMEX Gold - just got this card a couple weeks ago.

Barclays Arrival+ - just got this card & received $2500 CL.

Question: Can I/should I close the CreditOne account and if so, would it have any concerning impact on my CR?

thanks!

[Anonymous]

Close it!!!!  you won't see anything related happen to your CR for 10 years.

[Anonymous]

Close it!! The only reason it would hurt your score is if you have high UTIL.

[Anonymous]

Thank you both, I will be closing immediately!  

[CreditInspired]

As others have said, “absolutely close it!”

However, and this is EXTREMELY important, watch your next 2-3 statements like a hawk for trailing interest and other fees that may accumulate and PIF!!!

[pinkandgrey]

---

@CreditInspired wrote:
As others have said, “absolutely close it!”

However, and this is EXTREMELY important, watch your next 2-3 statements like a hawk for trailing interest and other fees that may accumulate and PIF!!!

---

+1

Close away

[TheBoondocks]

I have 8 cards that I rarely use but 4 cards that I really don't use and I got it because during that time it made sense but now I have no use for it. Most of all the cards are about 1 year old, should I close them? I have the Simplicity, NFCU Platinum, CU F rate of 8% and the Hilton card which I had for about 4 years. I really don't use the Hilton but I keep it due to the age, I have another card that is older than that by 3 years. I know that the Simplicity and Platinum cards have ongoing promotions even after the initial promo ended.

The other 4 are like annual credits which I have to use anyway so it's good that I swipe it at least once a year.

Thanks!

[NRB525]

Congrats on your progress and on taking steps to improve your card portfolio.

[Anonymous]

---

@TheBoondocks wrote:
I have 8 cards that I rarely use but 4 cards that I really don't use and I got it because during that time it made sense but now I have no use for it. Most of all the cards are about 1 year old, should I close them? I have the Simplicity, NFCU Platinum, CU F rate of 8% and the Hilton card which I had for about 4 years. I really don't use the Hilton but I keep it due to the age, I have another card that is older than that by 3 years. I know that the Simplicity and Platinum cards have ongoing promotions even after the initial promo ended.

The other 4 are like annual credits which I have to use anyway so it's good that I swipe it at least once a year.

Thanks!

---

Why would you close young CC's? 

You got them for a purpose right? 

They have some use beyond the initial bonus right?  

I would DEF keep the FIXED APR CU card around for an emergency if you ever need to BT quickly if it's got a $0 BT Fee.

[TheBoondocks]

Obscure, reason why I closed young accounts is it's better if it gets closed sooner than later. I don't want to close old accounts, maybe the max would be 2 years. And my oldest is 6 years.

I did got them for a purpose but over time, things tend to change and it just doesn't fit me anymore.

Yeah, I heard the Platinum and Simplicity does, it's why I'm keeping them. Actually, due to this post I'm going to keep all of them. I thank you for your guys thoughts, opinions and analysis!

Most def, it's the only lowest Fixed card I have!