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Credit One Closure

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
New Contributor

Credit One Closure

After successfully securing a NFCU Platinum and Discover Chrome yesterday, I started the process of shutting down the predatory cards in my wallet. First on the chopping block was Credit One, as its annual fee is coming up at the end of the month. They transferred me to 3 different CS reps, each trying to talk me in to keeping the line open....seriously? Finally, it’s was closed out...Next on the chopping block, First Premier.
FICO 8 as of 4/15/19

FICO 9 as of 4/15/19


Daily Rotation: Discover Chrome $12K. Costco Citibank Visa $6.5K. NFCU Platinum $5K. Paypal MC $2K. AMEX Delta Gold $1K.

Sock Drawer: USAA VISA (secured) $2.5K. Capital One QS1 $750. Wayfair $1.5K. Ulta $400

Goal: 700 Club by 9/2019

Message 1 of 13
12 REPLIES 12
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Established Contributor

Re: Credit One Closure

Good for you!! And congrats on your NFCU & Disco approvals Smiley Wink 

Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/06/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 03/11/2019: EX 743 ✦ EQ 716 ✦ TU 730
Current FICO 9s | 03/11/2019: EX 747 ✦ EQ 735 ✦ TU 719
Highest FICO-8 Ever | 10/2018: 780 [on dirty report]

2019 Goal Score | 780s


My AAOA: 2.5 years not incl. AU / 2.8 years incl. AU
My AoOA: 6.2 years not incl. AU / 8.2 Years incl. AU
**I FINALLY Have Squeaky Clean Reports as of 2/2019**

Tending my Garden til 2/2021


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 2 of 13
Valued Contributor

Re: Credit One Closure

Wise. Just get them GONE lol. Congrats!

Amex BCE: 18k
Discover It: 17.2k
Citi DC: 4.7k
~~~~~~~~~~~~~~~~~~
Once you go Berner, you never go back.
Message 3 of 13
Senior Contributor

Re: Credit One Closure


@smorrison58 wrote:
After successfully securing a NFCU Platinum and Discover Chrome yesterday, I started the process of shutting down the predatory cards in my wallet. First on the chopping block was Credit One, as its annual fee is coming up at the end of the month. They transferred me to 3 different CS reps, each trying to talk me in to keeping the line open....seriously? Finally, it’s was closed out...Next on the chopping block, First Premier.

Congratulations! 






Message 4 of 13
Established Member

Re: Credit One Closure

Congratulations!

 

I am doing the same thing, have to call in couple days to close it too.

Now did you pay the full balance or paid more?

As i was reading some card holders paid the full balance and closed account and then after like 6,8 months they got some envolope that credit one was requesting to pay some fees that where not paid, even with acount closed.

Curios about this as i don't want surprises after is closed.

 

Thanks,

FICO 8 as of 4/15/19


Starting Score: 631
Current Score: 627
Goal Score: 850


Take the myFICO Fitness Challenge
Message 5 of 13
Valued Member

Re: Credit One Closure

Congrats on this, I haven't closed mine out of fear of them messing up my credit out of spite.  I've heard stories about them doing some dirty stuff after they say they've closed it, like charge late fees and stuff like that

Current cards: Chase - Sapphire Reserve, Amazon Prime Rewards. AMEX - Gold, Platinum, Everyday Preferred, Blue Cash Preferred, First Entertainment Credit Union Visa, Capital One Quicksilver
Message 6 of 13
New Contributor

Re: Credit One Closure


@patrocle wrote:

Congratulations!

 

I am doing the same thing, have to call in couple days to close it too.

Now did you pay the full balance or paid more?

As i was reading some card holders paid the full balance and closed account and then after like 6,8 months they got some envolope that credit one was requesting to pay some fees that where not paid, even with acount closed.

Curios about this as i don't want surprises after is closed.

 

Thanks,


I had paid down to zero before the last statement cut.  When that statement cut last week, there was an interest charge posted from the previous balance.  I paid the interest charge and waited until the account zero'd out then called.  They will try to pressure you to stay with promises of breaking up the AF into 12 monthly payments, and they also dangled cash back from last year that I could get if I stayed with them.  I was firm, but polite.  I did ask if there would be any trailing interest and the CS rep said there would not.  I will be watching them through my online access, though to make sure nothing turns up.

FICO 8 as of 4/15/19

FICO 9 as of 4/15/19


Daily Rotation: Discover Chrome $12K. Costco Citibank Visa $6.5K. NFCU Platinum $5K. Paypal MC $2K. AMEX Delta Gold $1K.

Sock Drawer: USAA VISA (secured) $2.5K. Capital One QS1 $750. Wayfair $1.5K. Ulta $400

Goal: 700 Club by 9/2019

Message 7 of 13
Established Member

Re: Credit One Closure


@smorrison58 wrote:

@patrocle wrote:

Congratulations!

 

I am doing the same thing, have to call in couple days to close it too.

Now did you pay the full balance or paid more?

As i was reading some card holders paid the full balance and closed account and then after like 6,8 months they got some envolope that credit one was requesting to pay some fees that where not paid, even with acount closed.

Curios about this as i don't want surprises after is closed.

 

Thanks,


I had paid down to zero before the last statement cut.  When that statement cut last week, there was an interest charge posted from the previous balance.  I paid the interest charge and waited until the account zero'd out then called.  They will try to pressure you to stay with promises of breaking up the AF into 12 monthly payments, and they also dangled cash back from last year that I could get if I stayed with them.  I was firm, but polite.  I did ask if there would be any trailing interest and the CS rep said there would not.  I will be watching them through my online access, though to make sure nothing turns up.


Thanks for that info.

Will be paying with in the next couple days , must have little time as i am moving but thanks for the advice how you done it.

I also have on my Chopping Block: First Premier $90 left, will be paying that too.

Let Us know on a new tread/post how that went too.

 

Thanks,

P.

FICO 8 as of 4/15/19


Starting Score: 631
Current Score: 627
Goal Score: 850


Take the myFICO Fitness Challenge
Message 8 of 13
Valued Contributor

Re: Credit One Closure

To echo what was mentioned above, pay those cards to zero. Wait for the next statement and pay any trailing interest that shows up. Soon as a statement cuts with a true zero balance, close them on the spot.

Congrats to all of you doing this - closing cards from those banks is a great thing and I love that kind of happy ending. Onward to better cards now Smiley Happy
Rebuild commenced 5/2018

AmEx Delta Skymiles Gold | AmEx Hilton Honors Ascend | AmEx Hilton Honors | Discover IT | Target | VS | Home Depot | Lowes | CapOne QuickSilver | Wayfair | Kohl’s

Charter Member of the Disco “No CLI For You!” Club



Message 9 of 13
New Contributor

Re: Credit One Closure


@ImTheDevil wrote:
To echo what was mentioned above, pay those cards to zero. Wait for the next statement and pay any trailing interest that shows up. Soon as a statement cuts with a true zero balance, close them on the spot.

Congrats to all of you doing this - closing cards from those banks is a great thing and I love that kind of happy ending. Onward to better cards now Smiley Happy

Thank you sir!  This whole rebuilding is certainly a marathon and not a sprint.  I'm learning so much along the way, and getting rid of the predatory cards is a biggie!

FICO 8 as of 4/15/19

FICO 9 as of 4/15/19


Daily Rotation: Discover Chrome $12K. Costco Citibank Visa $6.5K. NFCU Platinum $5K. Paypal MC $2K. AMEX Delta Gold $1K.

Sock Drawer: USAA VISA (secured) $2.5K. Capital One QS1 $750. Wayfair $1.5K. Ulta $400

Goal: 700 Club by 9/2019

Message 10 of 13