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Should I close this subprime card?

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dangerously_caffeinated
Valued Member

Should I close this subprime card?

Hey MyFico -

 

Should I close my subprime Mercury Mastercard? It's currently 2 years 11 months old and has a $2,350 limit. I have the following cards with the following age:

 

Capital One QS $5,350 3years 5months

Capital One S1 $1,000 1year

Apple Card $3,500 8months

Capital One Venture X $31,000 8months

Chase Freedom Flex $1,800 3months

Chase Sapphire Preferred $5,000 not yet reporting

Chase Freedom Unlimited $3,500 not yet reporting.

 

Thanks!

Message 1 of 8
7 REPLIES 7
FLLGuy
Frequent Contributor

Re: Should I close this subprime card?

You have options at your disposal. You can either sock drawer the card or close it considering you've raked in some quality cards w/nice SLs.   The good news, if you close it the positive history will remain on your reports.  

To summarize most of us, including myself, have retired our starter/rebuilder cards.  Overall consensus here is the starters have served their purpose.   Congrats on launching further.   Nice job !!   Smiley Happy




Message 2 of 8
NoMoreE46
Community Leader
Senior Contributor

Re: Should I close this subprime card?

Given those cards you have now,  I would.

 

Message 3 of 8
WasteMgmt
Regular Contributor

Re: Should I close this subprime card?

With your remaining cards I think the option is up to you. I may close it since you have some good prime cards and it will stay on your credit report for 10 years. One less card to worry about. Other option is to make a small purchase every few months to keep it open. I personally don't find much use doing that and tend to close subprime cards.


CapitalOne Venture X, CapitalOne Quicksilver, Chase Sapphire Preferred, Chase Freedom OG, Chase Freedom OG, Amex BCE, Wells Fargo Autograph
Last application 5/2023
Message 4 of 8
SouthJamaica
Mega Contributor

Re: Should I close this subprime card?


@dangerously_caffeinated wrote:

Hey MyFico -

 

Should I close my subprime Mercury Mastercard? It's currently 2 years 11 months old and has a $2,350 limit. I have the following cards with the following age:

 

Capital One QS $5,350 3years 5months

Capital One S1 $1,000 1year

Apple Card $3,500 8months

Capital One Venture X $31,000 8months

Chase Freedom Flex $1,800 3months

Chase Sapphire Preferred $5,000 not yet reporting

Chase Freedom Unlimited $3,500 not yet reporting.

 

Thanks!


Yeah you can close it now. You're past that.


Total revolving limits 569520 (505320 reporting) FICO 8: EQ 699 TU 696 EX 673




Message 5 of 8
Anonymous
Not applicable

Re: Should I close this subprime card?


@dangerously_caffeinated wrote:

Hey MyFico -

 

Should I close my subprime Mercury Mastercard? It's currently 2 years 11 months old and has a $2,350 limit. I have the following cards with the following age:

 

Capital One QS $5,350 3years 5months

Capital One S1 $1,000 1year

Apple Card $3,500 8months

Capital One Venture X $31,000 8months

Chase Freedom Flex $1,800 3months

Chase Sapphire Preferred $5,000 not yet reporting

Chase Freedom Unlimited $3,500 not yet reporting.

 

Thanks!


You overcame Chase's 5/24 rule??! Congrats 

Nix it!

Message 6 of 8
dangerously_caffeinated
Valued Member

Re: Should I close this subprime card?


@Anonymous wrote:

@dangerously_caffeinated wrote:

Hey MyFico -

 

Should I close my subprime Mercury Mastercard? It's currently 2 years 11 months old and has a $2,350 limit. I have the following cards with the following age:

 

Capital One QS $5,350 3years 5months

Capital One S1 $1,000 1year

Apple Card $3,500 8months

Capital One Venture X $31,000 8months

Chase Freedom Flex $1,800 3months

Chase Sapphire Preferred $5,000 not yet reporting

Chase Freedom Unlimited $3,500 not yet reporting.

 

Thanks!


You overcame Chase's 5/24 rule??! Congrats 

Nix it!


I was approved for a chase card at 4/24 and applied for the last one I needed before it reported to my credit report Smiley Wink

Message 7 of 8
OmarGB9
Community Leader
Super Contributor

Re: Should I close this subprime card?


@dangerously_caffeinated wrote:

@Anonymous wrote:

@dangerously_caffeinated wrote:

Hey MyFico -

 

Should I close my subprime Mercury Mastercard? It's currently 2 years 11 months old and has a $2,350 limit. I have the following cards with the following age:

 

Capital One QS $5,350 3years 5months

Capital One S1 $1,000 1year

Apple Card $3,500 8months

Capital One Venture X $31,000 8months

Chase Freedom Flex $1,800 3months

Chase Sapphire Preferred $5,000 not yet reporting

Chase Freedom Unlimited $3,500 not yet reporting.

 

Thanks!


You overcame Chase's 5/24 rule??! Congrats 

Nix it!


I was approved for a chase card at 4/24 and applied for the last one I needed before it reported to my credit report Smiley Wink


Beware Chase can and does keep tabs on you post-approval.


Last App: 1/10/2023
Penfed Gold Visa Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 8 of 8
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