Ok guys...I need the help of some of you pros on this one cause I don't want to mess myself up right when I start doing good! Here are a list of my cards and when they were opened (All prime are brand new) The list is also in order as of when I got my first card on.
Pottery Barn Store Card: July 2013
Victorias Secret Store Card: October 2013
Credit One Bank: November 2013 (This is the one I want to close)
First Premier bank: April 2014 (I just closed this one 2 weeks ago)
Bank of America: May/June 2014 (Not sure yet what they put as my actual opening day)
Capital One: June 2014
Barclays: June 2014
Chase: July 2014
AMEX: July 2014.
Discover: July 2014
CitiBank: July 2014
Ok...so as you an see most all my cards came from my recent app spree and are all less than 2 months old except for the top 3. I closed the first premier card because it was newer too and I knew it wouldn't really hurt, but my question now is where the Credit One Card is one of my oldest and all my credit is SOOO new would this hurt me to close it or should I ride it out a little longer? The annual fee on it is paid until November at which time I would be due another at the full amount of $95 (ridiculous I know) but the first year was only $25 and has already been paid. Leaving it open right now isn't hurting me as I don't use it anyway and have a $0 balance so the APR doesn't really matter, but I just hate so badly to have to pay that AF again. It was my first VISA/MC so I don't know if that matters or not? I am going to keep my PB and VS cards for the discounts so they would remain open. Can you guys please give me any advice on what I should do?
If it's costing you to keep it cancel it as soon as you can. It will continue to stay on your report for about 10 years which is when it would actually affect you. The immediate effect it would have is on our utilization % so if you have high balances now it would lower your score as it would increase your utilization %
It will remain a positive TL for ten years. In my opinion it hurts you more by being on your credit report because of the creditor then any utilization you would lose. I would dump it in a second with cards you have now.
Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
@coldnmn wrote:It will remain a positive TL for ten years. In my opinion it hurts you more by being on your credit report because of the creditor then any utilization you would lose. I would dump it in a second with cards you have now.
Thanks so much guys! And yes....coldnmn...I thought so too. That is why I dumped first premier the minute I got my BOA card, but I wasn't sure on how the whole AAoA worked and what not. It only has a $500 limit on it anyway so I don't think it would much matter on my util as I only have 3 other cards with balances and they are all under 10% so that shouldn't hurt should it? I didn't know that it stays on your account for 10 years...I guess i'll be calling today
Just glad to hear it! I know the AF is paid until November but I just hate seeing their name on my report now lol. They did help me with what I intended to use them for and I appreciate that...not trying to bash them or anything because I know most ppl despise them, but I do have to give props where they're deserved and they def served the purpose I needed as you can see it led me to much bigger and better companies but that is the only reason I wanted them and now that i've done that it just seems crazy to keep them around just b/c the fee is already paid!
Just got off the phone to them after trying to get through to a human being for over an hour!! They offered to increase my CL from $500 to $1500 offered to decrease the annual fee to $25 and reduce the APR from 22.99 to 18.99...lol...yeah...i told them no thanks and canceled it out. Thanks for helping me with this decision guys! I really appreciate it and am glad I got those sharks off my report. Now I'm all good with prime cards except for the Capital One which is a joke limit and AF but what do you guys think about it?? Its the QuickSilver One card with an annual fee of $39 which has already been paid and a CL of $300 which is a total joke:/ I wanted to be in with them and have a good rep with em but that is crazy. What do you think I should do....dump them too, or ride it out and see what happens??
Cancel all your annual fee cards if you aren't benefiting from them (rewards)
Oh when I'm ready to cancel my credit one bank card I hope they give me a higher limit.. I'd accept the offer if it was higher than my other cards... just to get my other cards to at least match them lol.. And then cancel
they most likely will lol its an easy annual fee for them