cancel
Showing results for 
Search instead for 
Did you mean: 

Credit one Visa card has been AXED 😀

Highlighted
Valued Contributor

Re: Credit one Visa card has been AXED 😀


@Dervrak wrote:

 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.


Closing a tradeline in itself will not affect your credit score. The tradeline will continue on your credit reports for up to 10 years. The effect of increasing your total credit utilization is what might lower your FICO scores. You already have $20K in credit and as long as your total utilization is between 9% and 30%, you should not see any change in your FICO scores. You do get a scoring bonus if your UTI is below 9% or a scoring penalty if your UTI is above 30%,  so if your UTI increases with canceling CreditOne then you could see a drop which is an easy fix. Just pay down your other balances to reflect a UTI of 8.9% or less than 30% respectively.

 

 

















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

Message 31 of 39
Highlighted
Established Contributor

Re: Credit one Visa card has been AXED 😀


@Dervrak wrote:

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.


@Dervak

 

Closing this account will have no immediate impact on your credit age calculation.

 

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).

 

One should always give consideration when closing accounts, for various reasons.    We might ask what your utilization on those remaining revolving credit lines is, and how many total revolving lines of credit you have for example.    However, an immediate impacte to FICO score based on changing the average age of your reporting accounts is not one of those reasons.   

 

050719:     
080420:     

Message 32 of 39
Highlighted
Regular Contributor

Re: Credit one Visa card has been AXED 😀

Don't know about your Credit One card but I'm charged $9 per month when I don't use it.  I have Amex, Cap 1, Navy Fed & a Rooms to Go card....None of them charge me a monthly fee.  

Message 33 of 39
Highlighted
Community Leader
Mega Contributor

Re: Credit one Visa card has been AXED 😀

If one has Navy, Cap One and Amex, there should be no need for Credit One, esp for an AF card. Credit One should be used as a stepping stone not a cornerstone of a rebuild/build.
Message 34 of 39
Highlighted
Frequent Contributor

Re: Credit one Visa card has been AXED 😀

Logged in just to kudo and underline AJC's comment: "Credit One should be used as a stepping stone not a cornerstone of a rebuild/build."


Message 35 of 39
Highlighted
Community Leader
Mega Contributor

Re: Credit one Visa card has been AXED 😀

Glad to see you lurking @BurgeoningHopeSmiley Happy
Message 36 of 39
Highlighted
Frequent Contributor

Re: Credit one Visa card has been AXED 😀

Glad to see you PROMOTED, AJC! I'd tag you, but I can't Smiley Happy Life's kind of insane out my way, but hopefully settling down in a couple of months. Then maybe I'll be more active than "lurking"!


Message 37 of 39
Highlighted
Established Member

Re: Credit one Visa card has been AXED 😀

Interesting.  I just came on to search this exact topic.  I paid mine off a couple months ago and thpught I was losing my mind that there has been an 8-9 dollar charge monthly.  What a load of crap.  I tried calling and couldn't get anyone on the phone- per usual.  I want to cancel but dont want to risk causing my score to drop.  What nonsense!  I guess I will follow your suggestion and have a single charge a month- of course they are so antiquated they do not have a monthly auto pay so you have to remember to log on and pay.  Such garbage.  

Message 38 of 39
Highlighted
Established Member

Re: Credit one Visa card has been AXED 😀

Hello, yes I totally understand that, I think after a few years or when your score is considered very good ( Experian ) then it would be time to axe credit one. Good luck😁
Message 39 of 39
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.