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Credit one Visa card has been AXED 😀

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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 37
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:     
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 32 of 37
Established Member

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 37
Community Leader
Super 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.
#ChaseCreditCardHobby Enthusiast
Message 34 of 37
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 37
Community Leader
Super Contributor

Re: Credit one Visa card has been AXED 😀

Glad to see you lurking @BurgeoningHopeSmiley Happy
#ChaseCreditCardHobby Enthusiast
Message 36 of 37
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 37
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