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Closed the worst card in my sock drawer!

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citymunky
Established Contributor

Closed the worst card in my sock drawer!

Closed the worst card in my sock drawer before the AF was due (Apr 19th) and I will be using it for target practice later on! (JK). What is the worst card I currently hold you ask? Well it was my Prosper Card.....a non-fills, FINTECH card that was a nightmare to use that I originally opened in Jan 2022 as I was opening every account that approve me (not smart in hindsight). How can a card be opened in Jan, but have a AF that is due in Apr? Well.....

 

  • Upon my approval back in Jan 2022, my account was closed before I even received the card. (Recap-->Here). 
  • Took 3 months of dealing CSRs to open my account (I took the HP, I was approved and at the time was my highest SL, so I wanted my card and I wasn't going to take no as an answer).
  • Use the card on minor small purchases a hand fill of times (less the $50), and over half of the time my account was suspended for "suspicious activity."
  • Had to spend hours on the phone with CSR to find out more info, but I was never told a valid reason and my account status had to reviewed by the "Back Office." The review would take 3-5 business days before they could unsuspend my account. 
  • Was issued a total of 3 cards with different card acct numbers as a results of all the "suspicious activity."
  • CSRs are powerless, and there is no way to reach a supervisor on the phone. Any real change comes from the "Back Office" that we can't directly access. Need to submit request via CSRs. 
  • The website and app are meh, payments take days to post.
  • Can't request a CLI that I found.

My warning to anyone looking at this card as credit builder, move on and pick anything else!

 Screenshot 2024-04-02 204450.png

 

Rebuilding since 2021


Closed CCs
USAA (Jul 2019| Settled CO), Jasper $1 CL (Jul21-Jul22), Sable $250CL{Secured} (Jan22-Jun23), CreditOne Platinum $750CL (Jul21-Aug23), Prosper $1.9K CL (Jan22-Apr24)

Starting FICO 8 Scores:
Current FICO 8 Scores:


Message 1 of 9
8 REPLIES 8
keekers556
Established Contributor

Re: Closed the worst card in my sock drawer!

Good riddance!


Message 2 of 9
CorpCrMgr1
Established Contributor

Re: Closed the worst card in my sock drawer!

More patience than I have! Good move!!

Message 3 of 9
KateInquires
New Contributor

Re: Closed the worst card in my sock drawer!

Wow. Sounds like an awful experience. I have heard nothing but negativity about this card. 

While i agree it isnt the most user friendly, i obtained this card in may 22 when i was rebuilding. My SL was a measly $800.

Like clockwork, i recieve a cli every 3 months since. Its now at $3200. No AF so maybe my terms were different. Anyway, glad you can move on! 

Message 4 of 9
zerofire
Valued Contributor

Re: Closed the worst card in my sock drawer!

I think this is one of those cases where the card company was putting in hints that it was not interested and in the end you finally got on the same page. I had similar issues with Wells Fargo earlier in life. I put in an application for the Wells Fargo Propel AmEx and with almost a 800 FiCO they gave me a decline. This was just a year or two after their last legal troubles. I reached my hand out to them and they slapped it away. Ironically a week later they send me a pre-approval in the mail for the same card as a consolation as if I was going to go for that after overriding my existing concerns. I think this will be a good step forward for you as you go forward to greatness.

TU:837 09/19/23 Bank of America--EX: 841 09/20/23 Experian--EQ:832 09/21/23 myFICO--Gardening since N/A
Active:
Bank of America (Unlimited Cash Rewards WMC, Customized Cash Rewards WMC, Customized Cash Rewards VSC), Capital One Walmart WMC, Chase(Amazon Prime VSC, Freedom Flex WEMC [x2], Freedom Unlimited VC), Citi Dividend MC, Citizens GreenSense MC, Curve WEMC, Discover It C, FNBO Ducks Unlimited VSC, PenFed (Platinum Rewards VSC, Pathfinder Rewards VSC), Synchrony Bank PayPal Cashback MC, UMB Bank Simply Rewards VC[Milford Federal], US Bank (Altitude Go VSC, Cash+ VSC [x2], Pick n Save/Metro Market WEMC)
Wishlist: AAA Daily Advantage Visa, AOD Signature, Bellco Colorado Rewards, Citi Custom Cash, EBates, Nusenda Platinum Cash Rewards, Ollo Optimum, Redstone Signature, Security Service Power Travel Rewards, Vantage West Connect Rewards
Message 5 of 9
flexin222
Regular Contributor

Re: Closed the worst card in my sock drawer!

Good for you, Citymunky! I wanted to ask about this topic, because I've never closed a card personally. Are there any ill effects? You know the usual with credit score dropping and that stuff. Thanks









Message 6 of 9
FireMedic1
Community Leader
Mega Contributor

Re: Closed the worst card in my sock drawer!

C-Ya! Dont let it hit y on the way out. Congrats!


Message 7 of 9
Rogue46
Established Contributor

Re: Closed the worst card in my sock drawer!


@flexin222 wrote:

Good for you, Citymunky! I wanted to ask about this topic, because I've never closed a card personally. Are there any ill effects? You know the usual with credit score dropping and that stuff. Thanks


@flexin222 

Everyone gets scared of closing cards, If the card doesn't work for you I say close it. The positive tradeline will stay on your reports for up to 10 years. The only downside is if by closing the card it bumps up your utilization then you might need to rethink it.





Message 8 of 9
citymunky
Established Contributor

Re: Closed the worst card in my sock drawer!


@Rogue46 wrote:

@flexin222 wrote:

Good for you, Citymunky! I wanted to ask about this topic, because I've never closed a card personally. Are there any ill effects? You know the usual with credit score dropping and that stuff. Thanks


@flexin222 

Everyone gets scared of closing cards, If the card doesn't work for you I say close it. The positive tradeline will stay on your reports for up to 10 years. The only downside is if by closing the card it bumps up your utilization then you might need to rethink it.


@Rogue46, The short answer in my case, I don't expect to see any changes in my FICO 8 scores.

Long answer:

  • I have over 20 accounts reporting (to include AUs), closing this $1.9K tradeline will not have a major effect on my overall total available credit limit.
  • I'm only let less than 10% of credit utilization report (currently at 2%), therefore with closing this card, my UTI might go up to 3%.
  • This is not my oldest account, and I will only have 2 years of history being closed.
  • This would be my 4th sub-prime card closed, the prior 3 had no effect on score. 
  • This was a AF, but no rewards, no bonues, no-fills
  • I was recently approved for another card last month with a SL of $14K to made up for my loss, and I had to two CLIs on two of my cards last month as well. 
Rebuilding since 2021


Closed CCs
USAA (Jul 2019| Settled CO), Jasper $1 CL (Jul21-Jul22), Sable $250CL{Secured} (Jan22-Jun23), CreditOne Platinum $750CL (Jul21-Aug23), Prosper $1.9K CL (Jan22-Apr24)

Starting FICO 8 Scores:
Current FICO 8 Scores:


Message 9 of 9
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