Subprime a Negative?

[keithbward]

In any of your experience, is having subprime cards on your report viewed as a negative when applying for new credit or a factor in credit limits given?

[Creditaddict]

first premier and credit one are a couple that come to mind as possible hiccups with a few lenders.. .but usually the automated computers can't pick them out so it's more manual review.... i usually wouldn't worry about it but once you have better cards the point is to get rid of the sub prime anyway and stop paying the fees.

[keithbward]

That's understandable. So should I close them immediately or let them show at least a year on my report?

[Revelate]

There have been anecdotal reports of people's being declined for having a FP tradeline on their credit file, but this may not exist anymore.  Use them and close them, though in my opinion if you're starting from point zero in either a build or a rebuild, there's rarely any need to resort to these tradelines in particular for establishing one's credit.

If you have them recently, and can stomach the fees, I'd wait for the year prior to closing personally, though if you have other tradelines besides these then closing after 6 months even is fine imo.

[Creditaddict]

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@keithbward wrote:

That's understandable. So should I close them immediately or let them show at least a year on my report?

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with 31 accounts and scores in the mid 600-700 I would close any accounts that are costing you money because of monthly fees and close the ones with AF when they become due if they are not a good reward card that is worth keeping.

[Closingracer99]

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@Creditaddict wrote:

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@keithbward wrote:

That's understandable. So should I close them immediately or let them show at least a year on my report?

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with 31 accounts and scores in the mid 600-700 I would close any accounts that are costing you money because of monthly fees and close the ones with AF when they become due if they are not a good reward card that is worth keeping.

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Why would somebody even need 31 accounts lol?

[Themanwhocan]

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@Closingracer99 wrote:

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@Creditaddict wrote:

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@keithbward wrote:

That's understandable. So should I close them immediately or let them show at least a year on my report?

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with 31 accounts and scores in the mid 600-700 I would close any accounts that are costing you money because of monthly fees and close the ones with AF when they become due if they are not a good reward card that is worth keeping.

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Why would somebody even need 31 accounts lol?

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Because in order to get 32 accounts, you first need to get 31 accounts.

[Closingracer99]

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@Themanwhocan wrote:

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@Closingracer99 wrote:

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@Creditaddict wrote:

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@keithbward wrote:

That's understandable. So should I close them immediately or let them show at least a year on my report?

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with 31 accounts and scores in the mid 600-700 I would close any accounts that are costing you money because of monthly fees and close the ones with AF when they become due if they are not a good reward card that is worth keeping.

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Why would somebody even need 31 accounts lol?

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Because in order to get 32 accounts, you first need to get 31 accounts.

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Lol  

Seriously though I think even 10 is to much and I have like 13 lol

[OHWWCB]

I was recently 7-10 day messaged from Barclaycard and when I called she actually gave me props on my positive payment history with Credit One. I just canceled the card last month but it served it's purpose I suppose. My CS did go from 530 when I got it to 680 when I closed it.

[mongstradamus]

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@OHWWCB wrote:

I was recently 7-10 day messaged from Barclaycard and when I called she actually gave me props on my positive payment history with Credit One. I just canceled the card last month but it served it's purpose I suppose. My CS did go from 530 when I got it to 680 when I closed it.

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what is considered subprime FP and credit one? just wondering where they draw the line , are all secured cards considered subprime?