@luckydiva95 wrote:I think I should dump one of my cards, im not sure which of the two I should cancel. I have a Capital one Secured with a limit of $500 that I got in March 2014 or Credit One with a limit of $1700 that I got in 2008. I was approved for a Wells Fargo Cash Rewards to replace one of the cards. Credit One has crazy fees that are ridiculous. My secured card is a great card & I do travel so it's useful because of no foreign transaction fees. The only thing to consider is that the Wells Fargo card only has a $1000.00 credit line. I'm think to considering of recon to get a higher credit limit. Any advice would be greatly appreciated.
Definitely get rid of Credit One. I know the card is old but is the cost of the fees worth the history? You have some other good cards and you can probably close it. It'll still report for 10 years and by the time it stops, everything else will be 10 years older anyway. You can probably get rid of the secured card too and get your money back.
Quicksilver $10,000 | Better Balance Rewards $2000 | Sallie Mae $3500 | Freedom $3500
@Anonymous wrote:The problem with getting rid of the one card is you have 7 years history with them. How much are the fees? When do you hit the 7 year marks?
Even after they close the card out it will remain on the credit report for years, so paying fees to keep the card open for account history doesn't make much sense. To OP it looks like you have some normal credit cards now. I would close out secured cards (actually I would call and see if you can get it converted to unsecured) and wouldn't be paying fees just to keep a credit card account open (again call and see if there is a way to ditch the fees). .
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@Callandra wrote:
@luckydiva95 wrote:I think I should dump one of my cards, im not sure which of the two I should cancel. I have a Capital one Secured with a limit of $500 that I got in March 2014 or Credit One with a limit of $1700 that I got in 2008. I was approved for a Wells Fargo Cash Rewards to replace one of the cards. Credit One has crazy fees that are ridiculous. My secured card is a great card & I do travel so it's useful because of no foreign transaction fees. The only thing to consider is that the Wells Fargo card only has a $1000.00 credit line. I'm think to considering of recon to get a higher credit limit. Any advice would be greatly appreciated.
Definitely get rid of Credit One. I know the card is old but is the cost of the fees worth the history? You have some other good cards and you can probably close it. It'll still report for 10 years and by the time it stops, everything else will be 10 years older anyway. You can probably get rid of the secured card too and get your money back.
I always confuse this. Do the cards continue to report for 10 years and its the baddies that disappear after 7 years?
@red259 wrote:
@Callandra wrote:
@luckydiva95 wrote:I think I should dump one of my cards, im not sure which of the two I should cancel. I have a Capital one Secured with a limit of $500 that I got in March 2014 or Credit One with a limit of $1700 that I got in 2008. I was approved for a Wells Fargo Cash Rewards to replace one of the cards. Credit One has crazy fees that are ridiculous. My secured card is a great card & I do travel so it's useful because of no foreign transaction fees. The only thing to consider is that the Wells Fargo card only has a $1000.00 credit line. I'm think to considering of recon to get a higher credit limit. Any advice would be greatly appreciated.
Definitely get rid of Credit One. I know the card is old but is the cost of the fees worth the history? You have some other good cards and you can probably close it. It'll still report for 10 years and by the time it stops, everything else will be 10 years older anyway. You can probably get rid of the secured card too and get your money back.
I always confuse this. Do the cards continue to report for 10 years and its the baddies that disappear after 7 years?
Yup! Cards will reports for up to 10 years and baddies (although there are exceptions, ie- BK7) are usually for no more than 7 years plus 180 days.