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Closing CC

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Regular Contributor

Closing CC

I closed Credit One, next I might close Captial One Platium and Quicksilver, why? They are joke.

Should I close them? I've been with them for 7 mos, I know I'll get good AAoA fore 10 years, right?

As long balance is $0!

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Valued Contributor

Re: Closing CC

It depends how many cards you have and what your CLs total and what your balances total, and how closing the cards would affect those numbers. If closing those cards wouldn't affect the numbers and if you have several other cards, I don't think closing these cards would numerically affect your score much. The other question is if closing accounts too early might set off "churner" automated alarms, even though these particular cards aren't ones anybody would churn. I doubt it, but that is something I'd think about, if in your place.

 

If the Platinum is unsecured, you can change it for the QuickSilver with no annual fee after about five or six months. And if the QuickSilver is the version without an annual fee, personally, I'd keep it for random spend when I don't have a category covered with another card, or just for CL ballast. If it's the QuickSilver version with an annual fee, I would suggest closing it before the next annual fee is due. That said, if you just don't like Cap 1 or something, closing won't kill you. Good luck!


No derogs, but tons of inquiries and heavy credit-seeking behavior. 18/24, if I am counting the correct stuff. In March of 2019, I had no open accounts, a charge-off, two collections, and scores in the low 500s. What I call the "thick build method" worked for me, but may not work for every situation.
Cards

Authorized user / Corporate / Auto loan / Personal loan

Card CLs total $90,200, not counting the AU card. The AU card brings the total to $115,200. In March 2019, card CLs totaled $0.

Closed but still on reports: ExxonMobil, $950, 10/08-02/11 (Equifax only) | American Express Delta Gold, $1,000, 09/19-10/20 | Citi secured, $200, 04/19-09/19 | 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 | Self Lender secured $500 loan, 04/19-01/20 | Unsecured personal loan from Coastal, $1,000, 06/19-08/19.
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Community Leader
Super Contributor

Re: Closing CC


@IrishGuy77 wrote:

I closed Credit One, next I might close Captial One Platium and Quicksilver, why? They are joke.

Should I close them? I've been with them for 7 mos, I know I'll get good AAoA fore 10 years, right?

As long balance is $0!


Since they’re a joke for you, I suggest letting them age to 1 yr; and make sure balance is $0 with no trailing interest. And close them. 


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
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