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SHOULD I CLOSE OR NAW?????

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: 66. Cards: 14/24, 0/12, 0/6. Accounts including loans: 17/24, 1/12, 0/6. At first accidentally, later deliberately, I used what I call the "thick-start" build method, which leads to heavy credit-seeking for a while with the goal of coming out of it without needing to build a thin profile for years. There are pros and cons. Thread describing method
Cards (oldest to newest)

Authorized user / Corporate / Auto loan / Personal loan

Card CLs total $104,100, not counting the AU card. The AU card brings the total to $129,100. In March 2019, card CLs totaled $0.
CU and bank memberships: Coastal Credit Union, member since 1987, direct deposit; PenFed, member since 2019; Navy Federal, member since 2020; USAA, member since 2020; Chase Bank, member since 2020.

Closed but still on reports: American Express Delta Gold, $1,000, 09/19-10/20 | American Express Hilton Aspire, $3,100, 09/19-12/20 | Citi secured, $200, 04/19-09/19 | Capital One secured, $300, 04/19-08/19 | My Jewelers Club, $5,000, 05/19-08/19 | Green Dot Primor, $300, 05/19-08/19 | Self Lender secured $500 loan, 04/19-01/20 | Unsecured personal loan from Coastal, $1,000, 06/19-08/19.
Note: My signature is updated frequently, and updates appear on all instances of my signature including on old posts.
Message 11 of 22
TruSaintsFan
Frequent Contributor

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.......
CSP 17.8K
CHASE FU 7k
BECU VISA CARD 13K
BECU LOC 10K
CONNS(SYNCHRONY) 10K
MY JEWELERS 5K
NEW COAST DIRECT 5K
REGIONS PLATINUM 4K
BBT CASH REWARDS 3.5K
BBT TRAVEL 3.5K
PFU(ELAN FINANCIAL) 2K
CAP1 QS1 1.5K(closed GONE)
DISCOVER IT 2K
KAYS 1K(closed GONE)
NFCU CASH REWARDS 4.5k
CREDIT ONE 500(closed GONE)
OPENSKY 300(closed GONE)
DISCOVER(AU) 38.6K
CITI(AU) 12.5K

INCOME = 207K

Score for Fico are: Oct. 2019 Util 5%
Eq= 689
Trans= 719
Ex= 692
Inquires in last 24mths(Aug19)
Eq= 15
Trans= 12
Ex= 17
Accounts in Last 24mth= 19 6mths= 8(Aug19) 4 accounts have been closed
Car Loan= 1
Installment Loans= 5
CC= 12
4 AU accounts for AAoA since I have so many accounts(lol)
(1)10yrs, (3)8yrs
Message 12 of 22
TruSaintsFan
Frequent Contributor

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!

CSP 17.8K
CHASE FU 7k
BECU VISA CARD 13K
BECU LOC 10K
CONNS(SYNCHRONY) 10K
MY JEWELERS 5K
NEW COAST DIRECT 5K
REGIONS PLATINUM 4K
BBT CASH REWARDS 3.5K
BBT TRAVEL 3.5K
PFU(ELAN FINANCIAL) 2K
CAP1 QS1 1.5K(closed GONE)
DISCOVER IT 2K
KAYS 1K(closed GONE)
NFCU CASH REWARDS 4.5k
CREDIT ONE 500(closed GONE)
OPENSKY 300(closed GONE)
DISCOVER(AU) 38.6K
CITI(AU) 12.5K

INCOME = 207K

Score for Fico are: Oct. 2019 Util 5%
Eq= 689
Trans= 719
Ex= 692
Inquires in last 24mths(Aug19)
Eq= 15
Trans= 12
Ex= 17
Accounts in Last 24mth= 19 6mths= 8(Aug19) 4 accounts have been closed
Car Loan= 1
Installment Loans= 5
CC= 12
4 AU accounts for AAoA since I have so many accounts(lol)
(1)10yrs, (3)8yrs
Message 13 of 22
HeavenOhio
Community Leader
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
TruSaintsFan
Frequent Contributor

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?

CSP 17.8K
CHASE FU 7k
BECU VISA CARD 13K
BECU LOC 10K
CONNS(SYNCHRONY) 10K
MY JEWELERS 5K
NEW COAST DIRECT 5K
REGIONS PLATINUM 4K
BBT CASH REWARDS 3.5K
BBT TRAVEL 3.5K
PFU(ELAN FINANCIAL) 2K
CAP1 QS1 1.5K(closed GONE)
DISCOVER IT 2K
KAYS 1K(closed GONE)
NFCU CASH REWARDS 4.5k
CREDIT ONE 500(closed GONE)
OPENSKY 300(closed GONE)
DISCOVER(AU) 38.6K
CITI(AU) 12.5K

INCOME = 207K

Score for Fico are: Oct. 2019 Util 5%
Eq= 689
Trans= 719
Ex= 692
Inquires in last 24mths(Aug19)
Eq= 15
Trans= 12
Ex= 17
Accounts in Last 24mth= 19 6mths= 8(Aug19) 4 accounts have been closed
Car Loan= 1
Installment Loans= 5
CC= 12
4 AU accounts for AAoA since I have so many accounts(lol)
(1)10yrs, (3)8yrs
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
TruSaintsFan
Frequent Contributor

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.

CSP 17.8K
CHASE FU 7k
BECU VISA CARD 13K
BECU LOC 10K
CONNS(SYNCHRONY) 10K
MY JEWELERS 5K
NEW COAST DIRECT 5K
REGIONS PLATINUM 4K
BBT CASH REWARDS 3.5K
BBT TRAVEL 3.5K
PFU(ELAN FINANCIAL) 2K
CAP1 QS1 1.5K(closed GONE)
DISCOVER IT 2K
KAYS 1K(closed GONE)
NFCU CASH REWARDS 4.5k
CREDIT ONE 500(closed GONE)
OPENSKY 300(closed GONE)
DISCOVER(AU) 38.6K
CITI(AU) 12.5K

INCOME = 207K

Score for Fico are: Oct. 2019 Util 5%
Eq= 689
Trans= 719
Ex= 692
Inquires in last 24mths(Aug19)
Eq= 15
Trans= 12
Ex= 17
Accounts in Last 24mth= 19 6mths= 8(Aug19) 4 accounts have been closed
Car Loan= 1
Installment Loans= 5
CC= 12
4 AU accounts for AAoA since I have so many accounts(lol)
(1)10yrs, (3)8yrs
Message 17 of 22
HeavenOhio
Community Leader
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
TruSaintsFan
Frequent Contributor

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. 

CSP 17.8K
CHASE FU 7k
BECU VISA CARD 13K
BECU LOC 10K
CONNS(SYNCHRONY) 10K
MY JEWELERS 5K
NEW COAST DIRECT 5K
REGIONS PLATINUM 4K
BBT CASH REWARDS 3.5K
BBT TRAVEL 3.5K
PFU(ELAN FINANCIAL) 2K
CAP1 QS1 1.5K(closed GONE)
DISCOVER IT 2K
KAYS 1K(closed GONE)
NFCU CASH REWARDS 4.5k
CREDIT ONE 500(closed GONE)
OPENSKY 300(closed GONE)
DISCOVER(AU) 38.6K
CITI(AU) 12.5K

INCOME = 207K

Score for Fico are: Oct. 2019 Util 5%
Eq= 689
Trans= 719
Ex= 692
Inquires in last 24mths(Aug19)
Eq= 15
Trans= 12
Ex= 17
Accounts in Last 24mth= 19 6mths= 8(Aug19) 4 accounts have been closed
Car Loan= 1
Installment Loans= 5
CC= 12
4 AU accounts for AAoA since I have so many accounts(lol)
(1)10yrs, (3)8yrs
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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