Safe To Close Credit One?

[Anonymous]

It's been a long road and I am ready to get rid of Credit One.  Can't believe I ever signed up for them to begin with but you have to start somewhere I guess?   It's a $700 card.  They are trying to increase my limit a whopping $125 and charge me $25 for doing so.  They are offering me another $500 card for a fee.  They just sent me a $200 cash advance check in the mail.  Yeah, they need to go.

When is it safe to close them down?  Recently opened a few new cards and a new mortgage.  Should I let that settle a few months first?  I don't plan on anything else for a while. So I am ok with closing them now if that's an option.  Merrick is next on the block.

[FinStar]

Right now would be a good time to close it. I'm assuming it's paid off and should not impact your utilization?

That said, it's served its purpose and it sounds like you've moved on to better CC options.

Congrats on the recent new mortgage btw!

[Anonymous]

Paid off.  Actually have a credit of $35 sitting on it.  

Also, thank you!  It's been a long road.   - Had a lot of help.  Lot's of hard work but worth it.

[FinStar]

Sounds good. Looks like you're set and can close it.

Your hard work has certainly paid off 😊

[Anonymous]

Thanks for the info.  Just closed it.  Glad I did.  Got the spiel from customer service about blah blah blah, let's keep it open, we can waive the fee you're getting next month $45 dollars (didn't know that).  I was like, no.  Just close it. Never talked to their customer service before.  If I could post the shady gif, I would.

Feels so good!

[AverageJoesCredit]

A Credit Angel Just got its wings
- @joltdude

[Anonymous]

Make sure you give it a good send off with a proper ceremony. I could think of a few that would make sure it would never possess the soul of another rebuilder.... (cue the Excorcist bedroom scene)

[Anonymous]

I have a bottle of Dom P for occasions like this. 😆.

I will say though, these cards exist to help those that need it. You reach a point where you finally out grow them. So they aren’t bad on all levels. Did I really need it? No. Just happy to be rid of it.

[Anonymous]

If you have another card, I would close Credit One and Merrick immediately, especially as you already have a mortgage. The point behind good credit is to help save you money, not lose it through stupid and excessive fees. Burn that ship, and revel in your new, better cards.