Should I cancel my Merrick Bank Card?

[RCFL]

Hello guys, 

Ive been thinking about cancelling my Merrick Bank Credit Card - currently $1800 CL. The reason why I am thinking of cancelling it because it chargest me $3 dollars a month (annual fee), 36$ a year....

As for Average Age of Account wise, since filed for BK, I am an authorized user on my dad's credit card (since 5/11) and my MB bank opened 5/12 (oldest account under my own name since BK).

If i cancelled this, will this affect my credit score much? 

My overall util. is 1% - There is no balance on the Authorized Account, no balance on my secured Cap One card and 1% balance on my Barclays Reward card. So cancelling MB card would not interfere with my overall util. percentage. 

What do you guys think?

[gdale6]

There maybe a small drop as you need 3 revolving bankcards for best FICO score attainment. I would app for another bankcard prior to closing it out. This is the only change I would expect, your util is in order and it will stay around uo to 10 yrs post close for AAoA.

[RCFL]

I am the AU on 2 of my dad's Capital One. I also have a secured Capital One and a Barclays under my own name.  if i count the AU cards too, I'll have 4 cards on my credit report.

And I am hestitate in app'ing for another card as I got my Barclays Reward last month. I have read horror stories about how Barclays is soooooo sensitive to new inquiries.....ehhh

[Creditaddict]

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@RCFL wrote:

I am the AU on 2 of my dad's Capital One. I also have a secured Capital One and a Barclays under my own name.  if i count the AU cards too, I'll have 4 cards on my credit report.

And I am hestitate in app'ing for another card as I got my Barclays Reward last month. I have read horror stories about how Barclays is soooooo sensitive to new inquiries.....ehhh

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It's overrated.

i would look into maybe your own capital one or perhaps a store card or two before closing the merrick

[Anonymous]

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@RCFL wrote:

And I am hestitate in app'ing for another card as I got my Barclays Reward last month. I have read horror stories about how Barclays is soooooo sensitive to new inquiries.....ehhh

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I don't believe it...

See the accounts in my sig?  All the accounts after my Barclays card were opened 1-3 months later... they never said a word.

[Kenny]

I'd app for another card that is actually your's before you close it. The AU's don't mean too terribly much when you're applying for some creditors later on when the scores rebound.

Like others have said, Barclays would be a good card for you right now as they reward gardening which is what it sounds like you will be doing in spades to get your scores back rebounding after your BK.

Also, I'd do Cap 1... if you get both I'd cancel the Merrick.

But otherwise, it's just 36/year to have it count as one of your own TLs.. I'm sure you've wasted more than that before..

Best of luck!

[coldnmn]

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@RCFL wrote:

I am the AU on 2 of my dad's Capital One. I also have a secured Capital One and a Barclays under my own name.  if i count the AU cards too, I'll have 4 cards on my credit report.

And I am hestitate in app'ing for another card as I got my Barclays Reward last month. I have read horror stories about how Barclays is soooooo sensitive to new inquiries.....ehhh

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You could wait until you have 6 months with Barclay to close the MB card. That would help Barclay from getting nervous with your bankrupsy. AU for some companys arn't considered with some cc companys as stated. Also when you do close a card it is apositive TL for 10 years. Good Luck with your credit journey.

[TiggerDat]

Truthfully, I would wait to close it too.  I think at the anniversary date you should ask them about removing the AF.  (The year mark or two year mark, something like that.)  With the limited amount of credit and cards you have I would think it wisest to suck it up and just pay for a while longer.  From my experience with Merrick they can be stubborn about things, mostly because most of their customers don't have many other options.  The fee you pay isn't really that much actually while you are rebuilding.  Even if you got a Cap One care, it would probably have a fee with it too. 

I would also suggest that you get a few more cards, maybe Walmart, a gas card, and then simply be patient and garden for a while more.

It took me about 5 years to properly rebuild to where I am today.  I let my Merrick Card age for a long time.  I held true to the goal.  I now have about $65K worth of credit and that includes closing some cards last year and one the year before.  Hold true to what you want for your future!

[wacdenney]

I also allowed my Merrick bank card to remain open untill I had aquired several additional lines.  I used it once a month for a pack of smokes and let it sit in the SD the rest of the time.  Look at the $3 per month as a way to access your Fico score every month.  At some point you will likely want to close it, but I wouldn't rush it.

[RCFL]

Thank you all for the advice. I think I'll suck it up and stay with Merrick a bit longer. I guess I can live with 3$ a month in fee. My plan is to get into a credit union and then try to get a card from them. Thank you guys.