Dump Credit One?

[Anonymous]

Hi everyone!

Once again, I am very thankful to have such a great and wise community to interact with.

Last year, January, I opened my first credit card in a long time (CreditOne $300SL). Got a CLI to $450 after 6mo. I opened a Cap1 Plat ($300SL) the same day. Got the Cap1 CLI to $500 after 5mo and PC'd to QS in Dec. Rebuilding has taken a little while longer than I hoped for. I am slowly but surely getting there. The AF is about to hit with the CreditOne card ($99). If I dump the CreditOne, will my AAoA take a hit or will it be ok since I opened Cap1 the same day?

I'm thankful they gave me chance but now, I dont need them or the $99 AF. Thank you all!

[Anonymous]

Average Age of Accounts is any account, open or closed. If you are thinking of closing, you can PC to a card without an anual fee. I have had a hard time with capital one lately, but I only have one business card with them.

~Edit...Misread that CreditOne, definitly dump that ASAP

[FireMedic1]

Dump it like a hot potato ASAP! Your AAoA will report the same open or closed for up to 10 yrs.

[FireMedic1]

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@Anonymous wrote:

Average Age of Accounts is any account, open or closed. If you are thinking of closing, you can PC to a card without an anual fee. I have had a hard time with capital one lately, but I only have one business card with them. 

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A Credit One card? Maybe you meant Capital One.

[Anonymous]

Oh oh oh, Credit One....Yea dump that 

[Anonymous]

Your AAoA will be OK. But if you carry a balance, your utilization rate will be higher after closing a card - leading to a possible dip in your credit score.

Reference: https://www.thesimpledollar.com/does-closing-a-credit-card-hurt-your-credit-score/

[CreditRebuilder2020]

I would say you're on track to axe it......I'm in your neighborhood, slightly lower, and have some sub prime cards still but will be cancelling them soon enough. 

[Remedios]

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@Anonymous wrote:
Hi everyone!

Once again, I am very thankful to have such a great and wise community to interact with.

Last year, January, I opened my first credit card in a long time (CreditOne $300SL). Got a CLI to $450 after 6mo. I opened a Cap1 Plat ($300SL) the same day. Got the Cap1 CLI to $500 after 5mo and PC'd to QS in Dec. Rebuilding has taken a little while longer than I hoped for. I am slowly but surely getting there. The AF is about to hit with the CreditOne card ($99). If I dump the CreditOne, will my AAoA take a hit or will it be ok since I opened Cap1 the same day?

I'm thankful they gave me chance but now, I dont need them or the $99 AF. Thank you all!

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Congrats on your rebuild so far. 

Close it, you'll be fine. I'm sure you can find a better use for $99.00

[pinkandgrey]

Get rid of it!! It won’t affect AAoA for years anyway. 

[Anonymous]

With the cards you currently have opened, there is 0 incentive to keep it.