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SHOULD I CLOSE OR NAW?????

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KJinNC
Valued Contributor

Re: SHOULD I CLOSE OR NAW?????

I am on a similar path, though earlier on it. I'd be curious how you got the Chase cards. Seems like if you did it early, you wouldn't have a good enough profile, but if you did it late, you've be over 5/24. I hope to be you in 18 months Smiley Wink



FICO Resilience Index: 64. Cards: 5/24, 2/12, 2/6. Accounts including loans: 8/24, 4/12, 3/6. Card CLs total $213,900, or $240,400 including the AU card. Cards (oldest to newest)

Authorized user / Corporate / Auto loans / Personal loan
Message 11 of 22
Anonymous
Not applicable

Re: SHOULD I CLOSE OR NAW?????

@KJinNC. I bank with chase for about 10+ years but I got the CFU in may 18. I probably pif may 3 or 4 times in 12 mths. Usually about 2-3 hundred, then on the anniversary the doubled the cl. Went into the branch to close an old banking account in Feb 2019 and was told I was preapproved on my account for a new cc. I chose the SP. Gave me a 13k limit. Again barely pif in 6 mths and on my 6th statement got the new limit of almost 18k. I definitely had more than 5 cards at that time. I guess I slipped through the cracks on that one. I kept between 7-9k in my bank account so maybe that was it.......
Message 12 of 22
Anonymous
Not applicable

Re: SHOULD I CLOSE OR NAW?????

UPDATE!# Thanks to all the positive info, as of today my Kay jewelers and opensky are now closed. Im seriously considering closing the cap1(since it doesnt seem to wanna grow) and will close the credit1 next mth. Thanks again myfico family!

Message 13 of 22
HeavenOhio
Senior Contributor

Re: SHOULD I CLOSE OR NAW?????

Always close Credit One at one's earliest opportinity. Smiley Happy Don't worry a lot about scoring. Getting them out of your hair is much more important than your score.

 

You're going to want to zero in on that QS1 card because of its fee, not necessarily because of its limit. Before closing it, see if you have any upgrade offers. If you haven't been using it, there probably won't be offers. But if you've been using it every month, there might be.

 

Because the bulk of your cards were acquired within a two-year span, AoOA (age of oldest account) isn't a huge factor if you close a few. If you had a ten-year-old account, with the rest of your cards being three years old or less, you'd have a situation where you'd want to try to keep the old account. You'd still want to close if you had a card like Credit One. If the ancient card is a no-fee card whose only issue is something like a low limit, you'd likely want to keep it.

Message 14 of 22
Anonymous
Not applicable

Re: SHOULD I CLOSE OR NAW?????

@Heavenohio Ive called several times since i hit the year mark with them to try to upgrade the cap1 card but always same responce, no offers at this time.Since I got the discover I figured it was no use to have it anymore.....advise?

Message 15 of 22
KLEXH25
Valued Contributor

Re: SHOULD I CLOSE OR NAW?????

That Capital One card won’t grow, whether you PC or not. IMO I’d close it if you’re not using it, especially since you have better cards. If it still serves it’s purpose, keep it or try for a new card altogether so you can get a higher limit.


Message 16 of 22
Anonymous
Not applicable

Re: SHOULD I CLOSE OR NAW?????

@KLEXH25 I also took that into consideration as well. Since  I been kind of app crazy the last 6 mths, i checked their pre qual and had no results. Also not a fan of their triple pull either for new card.

Message 17 of 22
HeavenOhio
Senior Contributor

Re: SHOULD I CLOSE OR NAW?????

I'd close it.

 

The alternative would be to start using it each and every month and continuing to check for upgrade offers each and every month. I was able to upgrade two QS1s after 12 or 13 consecutive months of usage. It was worth the bother for me because those two cards were over a decade older than my next oldest cards. In your situation, trying to upgrade probably isn't worth the bother. But you can try if you'd like. Smiley Happy

Message 18 of 22
Anonymous
Not applicable

Re: SHOULD I CLOSE OR NAW?????

The card gets usage each mth but i guess im not on their good side right now. Past 6 mths, I pif each mth and saw no offers so the 6th mth i carried a balance to see if it would trigger anything. I can give them a while to open up a bit since i just paid my AF not too long ago. 

Message 19 of 22
KLEXH25
Valued Contributor

Re: SHOULD I CLOSE OR NAW?????

Well if you just paid the AF, it’s worth keeping until the renewal (at the very least). They seem to like HEAVY spend though.


Message 20 of 22
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