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Credit one Visa card has been AXED 😀

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Established Member

Re: Credit one Visa card has been AXED 😀

I agree although in my situation I closed a cap one horrible card and lost 18 points, my scores are in the mid 700s 13 yrs AAoA no baddies It still remains on my credit although closed but the fact they don't report I think is the issue. For me I say don't rock the boat unless you just can't afford the AF in that respect sure close thrm.
Message 21 of 37
Established Contributor

Re: Credit one Visa card has been AXED 😀


@Quinton wrote:
I agree although in my situation I closed a cap one horrible card and lost 18 points, my scores are in the mid 700s 13 yrs AAoA no baddies It still remains on my credit although closed but the fact they don't report I think is the issue. For me I say don't rock the boat unless you just can't afford the AF in that respect sure close thrm.

Your score change was not AAoA related associated with closing that card.  I won't speculate what it was related to.  

 

050719:     
090419:     

A regretful expert. I have repaired before, I will repair again. My current goal is 670 FICO08 across the board by November 2019.
Message 22 of 37
Established Member

Re: Credit one Visa card has been AXED 😀

If you look at AUs they instantly boost your score but when they stop reporting it's back to where you were, this is a easy way to grasp the AAoA algorithm.
Message 23 of 37
Established Contributor

Re: Credit one Visa card has been AXED 😀


@Quinton wrote:
If you look at AUs they instantly boost your score but when they stop reporting it's back to where you were, this is a easy way to grasp the AAoA algorithm.

No.  I don't think I can convince you otherwise, but it is important that anyone in the future reading this is not misled.

 

It is quite simple:  your Average Age of Accounts includes your own closed accounts for as long as they remain reported and reportable prior to exclusion.  For accounts in good standing, that is typically 10 years.  Closing an account in good standing that you are the account owner for will NOT have a negative immediate effect on your Average Age of Accounts (nor your age of oldest account for that matter).

 

AU accounts are another matter, and inconsistent in and of themselves.  However, if you are reoved as an AU on someone elses card, and the tradeline no longer appears on your own credit report, it is obviously not used to calculate AAoA.

 

050719:     
090419:     

A regretful expert. I have repaired before, I will repair again. My current goal is 670 FICO08 across the board by November 2019.
Message 24 of 37
Established Member

Re: Credit one Visa card has been AXED 😀

O ok good to know nice chstting.
Message 25 of 37
Established Contributor

Re: Credit one Visa card has been AXED 😀

Congratulations OP for being able to get rid of Credit One!!! 👍🏻 I had them as well, with a SL of $300 and it eventually got to $450. I opened it 02/18 and closed mine 02/19. It was a stepping stone to assist along your credit journey. Glad to hear you are able move beyond them, which means you are making credit progress!!!   Smiley Happy

“Most people work just hard enough not to get fired and get paid just enough not to quit.”
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Message 26 of 37
Valued Contributor

Re: Credit one Visa card has been AXED 😀


@The-Credit-Disciple wrote:
Great morning Fico Family!!

This morning I called Credit one and closed My Platinum Visa Credit card. They asked me why and I truthfully said that you don't give out enough CLI(i only had 2 cli for $350 over the course of 2 years). Second thing is im eliminating useless Debt. So they closed it and im excited. Now the Credit one Mastercard will be next up on the chopping block. I will say this though, i thank Credit one for giving me a chance to establish credit, they were the first to help begin my credit journey. But now its time to move on.

Congratulations on giving Credit One the AX! As for Credit One giving you a "chance", you paid a predatory lender handsomely for that "chance". I look forward to when you post that you gave the Credit One MC the old heave hoe out the door as well.


















Your FICO credit scores are not just numbers, it’s a skill.

Message 27 of 37
Valued Member

Re: Credit one Visa card has been AXED 😀

Yeah I really need to AXE mine. I've outgrown it years ago credit wise. I received one of their mailers and applied for the card way back in 2010 when the only credit I had was a $300 Kohls card and was trying to build a credit history. Now that my credit score is over 700 and I have much better credit cards (USAA $10,000 - BBVA Compass $10,000) I only use my Credit One a couple times a year to keep it active (and still get hit with that dumb $7 monthly fee). I am a bit leary though because it is my second oldest account on my credit file, might ding my credit a bit in the short term.



Message 28 of 37
Established Member

Re: Credit one Visa card has been AXED 😀

Smart.
Message 29 of 37
Established Member

Re: Credit one Visa card has been AXED 😀

I'm my case I lost 18 points when I closed credit one but I have a high score so I'm still in the very good category. I've since bound back but it took awhile I keep 6 % uti hope this helps.
Message 30 of 37
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