@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.
@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.
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."
Glad to see you PROMOTED, AJC! I'd tag you, but I can't 
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"!
