Should I close my Credit One?

[mrsno]

I had a CreditOne card but kept it until I closed on my mortgage so as to not disrupt my credit score. As soon as I closed on my house, I called CreditOne and cancelled. It felt good.

I can't complain, however. Other than the high fees, it was a painless card.

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@Anonymous wrote:

I just paid off the small balance on it. It has a measly $300 CL. I got it in March and I definitely want to cut it up before the next annual fee, but I am planning on a car loan around November, so I don't know if it would hurt my score to get rid of it. It's not my oldest card.

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Do they charge you your AF once a year? When I had mine, they would charge me $8 each month to add up to the $100 AF, thus I didn't have a big problem holding on to for the months before I closed.

[SunriseEarth]

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@mrsno wrote:

I had a CreditOne card but kept it until I closed on my mortgage so as to not disrupt my credit score. As soon as I closed on my house, I called CreditOne and cancelled. It felt good.

I can't complain, however. Other than the high fees, it was a painless card.

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@Anonymous wrote:

I just paid off the small balance on it. It has a measly $300 CL. I got it in March and I definitely want to cut it up before the next annual fee, but I am planning on a car loan around November, so I don't know if it would hurt my score to get rid of it. It's not my oldest card.

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Do they charge you your AF once a year? When I had mine, they would charge me $8 each month to add up to the $100 AF, thus I didn't have a big problem holding on to for the months before I closed.

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That's how mine was too, until I threatened to close and got a a 6-month AF waiver.  I then SDed the card and closed before 6 months was up.  

[Anonymous]

It is bad enough that they charge a monthly fee on year two, but then also charge interest on it as well.

[Wovenyarn]

I did the same thing with First Premier.  They were one of my first cards and only had a $200 limit.  I pretty much stopped using the card until one day I got upset when I got hit with what I believe was an annual fee on top of their monthly "servicing" fee.  I closed the account the same day.  That card was the worse.  

[Anonymous]

They charged me $75 at once, but it said it was a promotional rate and I would be charged $99 next time.

[Anonymous]

IMHO, I would close it. Don't pay an AF just to keep an account open. I closed a Cap 1 account and I don't remember my scores being negatively impacted. I will be closing my Merrick Bank next month. Best of luck!!!

[taxi818]

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@Anonymous wrote:
Not only should you close it, you should burn the wallet you carried it in. 😊

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+1

[MarvelGTR]

OP, go for it! I just closed mine  = )

[Anonymous]

You really don't need them but I keep my credit one visa to serve as a reminder of how things were before my new  credit life .

[Anonymous]

Burn it into a small black charred piece, pick it up with pliers, double bag it and dispose of it like the toxic waste it is.

Good riddance and my Best Wishes on your improving credit journey!