Closing low limit cards

[icyhot]

Current line up includes 

NF Cash Rewards $15000

NF More Rewards $6500

NF Go Rewards $1500

PenFed Platinum Rewards $10000

PenFed Power Rewards $7500

Ollo Rewards $1500

Quicksilver Rewards $1050

edit: since posting Cash Rewards CLI to 20K, GoRewards CLI to $4500

I am going to close the Ollo and Quiksilver cards, I got them when I couldn't get approved for anything else but the QS is bucketed and the Ollo rewards is dismal. My only question is, does anyone else only own cards from 1-2 banks? I burned most major players in my BK. Is there a 3rd bank I could aspire to that is forgiving with high limits? If not, I can stay with Navy and Pen. I also have store cards 

[Anonymous]

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@icyhot wrote:

Current line up includes 

NF Cash Rewards $15000

NF More Rewards $6500

NF Go Rewards $1500

PenFed Platinum Rewards $10000

PenFed Power Rewards $7500

Ollo Rewards $1500

Quicksilver Rewards $1050

I am going to close the Ollo and Quiksilver cards, I got them when I couldn't get approved for anything else but the QS is bucketed and the Ollo rewards is dismal. My only question is, does anyone else only own cards from 1-2 banks? I burned most major players in my BK. Is there a 3rd bank I could aspire to that is forgiving with high limits? If not, I can stay with Navy and Pen. I also have store cards 

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Hmm. Would it be possible to ask Ollo if you could possibly get an Optimum?

If either the Ollo/Quicksilver are your oldest cards, and your remaining cards are much newer, then I might recommend keeping at least one of them around. Otherwise, if you have at least one similarly-aged card, and can't get Ollo to PC you to the Optimum, then I agree there's no good reason to keep the Ollo and Quicksilver around gathering dust.

Did you burn Discover, FNBO and Sync? Sync tends to be on the forgiving side; it might be worth trying with them now even if you burned them in your BK.

[icyhot]

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@Anonymous wrote:

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@icyhot wrote:

Current line up includes 

NF Cash Rewards $15000

NF More Rewards $6500

NF Go Rewards $1500

PenFed Platinum Rewards $10000

PenFed Power Rewards $7500

Ollo Rewards $1500

Quicksilver Rewards $1050

I am going to close the Ollo and Quiksilver cards, I got them when I couldn't get approved for anything else but the QS is bucketed and the Ollo rewards is dismal. My only question is, does anyone else only own cards from 1-2 banks? I burned most major players in my BK. Is there a 3rd bank I could aspire to that is forgiving with high limits? If not, I can stay with Navy and Pen. I also have store cards 

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Hmm. Would it be possible to ask Ollo if you could possibly get an Optimum?

If either the Ollo/Quicksilver are your oldest cards, and your remaining cards are much newer, then I might recommend keeping at least one of them around. Otherwise, if you have at least one similarly-aged card, and can't get Ollo to PC you to the Optimum, then I agree there's no good reason to keep the Ollo and Quicksilver around gathering dust.

Did you burn Discover, FNBO and Sync? Sync tends to be on the forgiving side; it might be worth trying with them now even if you burned them in your BK.

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So after looking at my report CapOne is the oldest card, I closed all my others with them so I don't think I will miss it. However, Ollo is actually newer (Feb 2021). I did burn Discover, I'm not a fan of Synchrony tho I do have their Care Credit card. What are data points for FBNO?

[Horseshoez]

@icyhot, I was going to recommend FNBO as well; while I do not have one of their cards, I've read nothing but great reviews on their cards on this and other sites.

[Anonymous]

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@icyhot wrote:
So after looking at my report CapOne is the oldest card, I closed all my others with them so I don't think I will miss it. However, Ollo is actually newer (Feb 2021). I did burn Discover, I'm not a fan of Synchrony tho I do have their Care Credit card. What are data points for FBNO?

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You can search the board for DPs for the FNBO Evergreen, which has a $0 AF and pays 2% cashback. Here's one DP that shows someone getting the FNBO Evergreen with a BK 2.5 years in the past.

[icyhot]

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@Anonymous wrote:

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@icyhot wrote:
So after looking at my report CapOne is the oldest card, I closed all my others with them so I don't think I will miss it. However, Ollo is actually newer (Feb 2021). I did burn Discover, I'm not a fan of Synchrony tho I do have their Care Credit card. What are data points for FBNO?

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You can search the board for DPs for the FNBO Evergreen, which has a $0 AF and pays 2% cashback. Here's one DP that shows someone getting the FNBO Evergreen with a BK 2.5 years in the past.

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Hmm I'm not sure how to apply it just takes me to a prequal which only gives me the secured card 

[SUPERSQUID]

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@Anonymous wrote:

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@icyhot wrote:
So after looking at my report CapOne is the oldest card, I closed all my others with them so I don't think I will miss it. However, Ollo is actually newer (Feb 2021). I did burn Discover, I'm not a fan of Synchrony tho I do have their Care Credit card. What are data points for FBNO?

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You can search the board for DPs for the FNBO Evergreen, which has a $0 AF and pays 2% cashback. Here's one DP that shows someone getting the FNBO Evergreen with a BK 2.5 years in the past.

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OLLO is cool because of the 0 af

[Gollum]

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@icyhot wrote:

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So after looking at my report CapOne is the oldest card, I closed all my others with them so I don't think I will miss it.

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Your Capital One credit card is your oldest credit card, so it increases your length of credit history (and thereby helps your FICO scores). If you decide to keep your Capital One credit card, you could do like I did: decrease its credit limit to $500, then use it twice per year to keep it active (for example, Christmas and your birthday).

[icyhot]

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@Gollum wrote:

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@icyhot wrote:

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So after looking at my report CapOne is the oldest card, I closed all my others with them so I don't think I will miss it.

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Your Capital One credit card is your oldest credit card, so it increases your length of credit history (and thereby helps your FICO scores). If you decide to keep your Capital One credit card, you could do like I did: decrease its credit limit to $500, then use it twice per year to keep it active (for example, Christmas and your birthday).

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It's not my oldest trade line, I have a lot of closed cards on my report that are in good standing dating back to 2014. I may have included about 8-9 cards in BK 

[Gollum]

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@icyhot wrote:

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@Gollum wrote:

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@icyhot wrote:

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So after looking at my report CapOne is the oldest card, I closed all my others with them so I don't think I will miss it.

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Your Capital One credit card is your oldest credit card, so it increases your length of credit history (and thereby helps your FICO scores). If you decide to keep your Capital One credit card, you could do like I did: decrease its credit limit to $500, then use it twice per year to keep it active (for example, Christmas and your birthday).

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It's not my oldest trade line, I have a lot of closed cards on my report that are in good standing dating back to 2014. I may have included about 8-9 cards in BK 

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As you probably know, your closed in good standing credit cards will probably show up on your credit reports for ten years after they were closed, thereby helping your FICO scores for those ten years. Now that I think about it, all of your current credit cards (including your NFCU credit cards) were probably opened after your 2018 bankruptcy, so they are all less than three years old. If that is the case, the difference in age between your Capital One Quicksilver and your credit union credit cards is insignificant, so I agree: close the Capital One Quicksilver.

In regard to your original query "My only question is, does anyone else only own cards from 1-2 banks?" (Message 1 in this thread):

Sorry, I do not (currently, anyway... in the past, as I slowly went from terrible credit to excellent credit, sure) only own credit cards from one or two banks. I prefer to not have all my eggs in one basket.