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Should I close these cards?

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Should I close these cards?

Should I close both Credit One cards and Capital One?   They were excellent in my rebuilding process over the last 14 months to bring me from low 500s to now. 

 

My AAoA including mortgage, etc. is 2y,11mo.  I have 2 cards below that should start reporting within the next 2 weeks which will bring it down to about 2y,4mo.  I also plan to get the NFCU FS (hopefully 25K SL) in 7 weeks.

 

Credit One Visa - 1/2017

Credit Once MC - 8/2018

Amex Zync - 8/2011

Captial One QS - 11/2016

Amex CM (should report this month - 2nd statement)

NFCU CR (should report this month - 2nd statement)

 

Should I wait to see what happens after the new cards report? 

I have negative balances on Credit One and Cap One so I assume they will send me a check if I close them.

Message 1 of 9
8 REPLIES 8
Community Leader
Super Contributor

Re: Should I close these cards?

Once Navy and Amex report, ax Credit One for sure. Im no fsn of Cap One, but with no af and 3 years in, really dont see a reason to close a rewards card like QS. You may want to keep a card that is known to whether stormsSmiley Wink. Oh, snd as for FS, lol, dont count your chickens before they are hatched..25k isnt guaranteed to anyoneSmiley Wink
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Message 2 of 9
Frequent Contributor

Re: Should I close these cards?


@AverageJoesCredit wrote:
Once Navy and Amex report, ax Credit One for sure. Im no fsn of Cap One, but with no af and 3 years in, really dont see a reason to close a rewards card like QS. You may want to keep a card that is known to whether stormsSmiley Wink. Oh, snd as for FS, lol, dont count your chickens before they are hatched..25k isnt guaranteed to anyoneSmiley Wink

 

lol, I know...25k is just wishful thinking lol.  I'd be happy with another 10k as well and I will do a CLI on the CR after approval on the 2nd card....thinking positive thoughts lol.

Message 3 of 9
Valued Contributor

Re: Should I close these cards?

I'd cut the Credit1 asap. Besides that, hold onto the Cap1 for now. It's a decent backup card in case you go out of town or AmEx is taken at any location. I recommend keeping at least 1 Visa/MC/AmEx in my pocket at all times.


Scores - All bureaus 750 +/-
TCL - Est. $275K
Message 4 of 9
Frequent Contributor

Re: Should I close these cards?

Agree with AJC and @xaximus: close Credit1 but keep Cap1. And definitely keep at least 1 Visa/MC at all times - I was at a restaurant the other day that didn't take Amex (my main card right now) and was relieved to have a Visa backup.


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Message 5 of 9
Frequent Contributor

Re: Should I close these cards?

NFCU CR is Visa so I am good there.

 

Message 6 of 9
Frequent Contributor

Re: Should I close these cards?


@FicoGuy2019 wrote:

NFCU CR is Visa so I am good there.


 

Mine's an Amex, lol Smiley Frustrated


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Message 7 of 9
Community Leader
Valued Contributor

Re: Should I close these cards?

Definitely cut the Credit One. Honestly I would cut ALL low limit cards you’re not using or don’t want. You already have a mortgage so I would be especially unconcerned with AAoA. I don’t worry about AAoA anyway lol

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Citi DC: 5.7k
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Message 8 of 9
Frequent Contributor

Re: Should I close these cards?

True...I've had a mortgage for 10 years lol...just working on building all my high limit cards now.

Message 9 of 9
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