Start Closing Sub-Prime Cards?

[Supermama75]

Hi All-  Not sure what to do with all the sub-prime cards on my CR.  My FICO is about 650 and I'm starting to get some prime offers/cards.  In the last six months, I have obtained Discover It, NFCU Visa Sig CashRewards and Barclay Rewards.  I have a ton of Comenity and GERMB store cards in good standing, as well.  I just closed my Capital One Secured and and wondering what to do with my Credit One, Matrix, Show and Legacy, etc.  Will my report look better if those are closed or will that just mess up my average age???  Any suggestions would be great.  Thanks so much!

[indiolatino61]

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@Supermama75 wrote:

Hi All-  Not sure what to do with all the sub-prime cards on my CR.  My FICO is about 650 and I'm starting to get some prime offers/cards.  In the last six months, I have obtained Discover It, NFCU Visa Sig CashRewards and Barclay Rewards.  I have a ton of Comenity and GERMB store cards in good standing, as well.  I just closed my Capital One Secured and and wondering what to do with my Credit One, Matrix, Show and Legacy, etc.  Will my report look better if those are closed or will that just mess up my average age???  Any suggestions would be great.  Thanks so much!

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IMO, any card with exhorbitant fees (AF, monthly, maintenance) are better off closed when they have served their purpose, ie, established a credit base. You have decent cards, as well as store cards, so I say close the "shark" cards. Your AAoA and/or utilization may take a dip, but you will save a lot of money on the fees these cards charge. The best of luck to you.

[notfancy]

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@Supermama75 wrote:

Hi All-  Not sure what to do with all the sub-prime cards on my CR.  My FICO is about 650 and I'm starting to get some prime offers/cards.  In the last six months, I have obtained Discover It, NFCU Visa Sig CashRewards and Barclay Rewards.  I have a ton of Comenity and GERMB store cards in good standing, as well.  I just closed my Capital One Secured and and wondering what to do with my Credit One, Matrix, Show and Legacy, etc.  Will my report look better if those are closed or will that just mess up my average age???  Any suggestions would be great.  Thanks so much!

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HI there. If those accounts are costing you money or other wise not what you need any more, by all means, close them. It's best if you can make sure that they are all at least a year old first, but that's your call.

It will not affect your account age. They will still show paid, 0 balance for the next ten years. All it will affect is your current utilization.

[gdale6]

I advocate closing cards that have AF or MF attached to them once you feel their assistance is no longer needed, it is what I did immediately after receiving 2 prime cards and I have never regretted doing so. I have also pruned some of my store cards by interest rate, canceling the higher rate cards and keeping the lower rate ones.  Good luck

[Longroad]

Closed all of mine a couple of months ago and haven't regretted it at all. Moving on up and forward. Don't look back. 

[BearsAndTurtlesRtheBest]

+1000 to Longroad my sister did the same and she feels like weight was tooken off.

[sdwalt]

I closed any card that was not doing me any good or had a AF. Its a good feeling.