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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 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 !!
Given those cards you have now, I would.
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.
@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.
@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!
@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
@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
Beware Chase can and does keep tabs on you post-approval.