Does anyone know if I should close my subprime cards? I have some decent cards and some not so great cards. I was curious to know if perhaps it would be better if I close the sub Prime cards then lenders wouldn't see that I have sub Prime cards. Do they take that into consideration and offering you better cards or greater credit limits? I would just think logically if I were a bank and I saw somebody with a bunch of subprime cards, I don't think I would give them my card or certainly not up great starting limit. Should I try and get the sub primes off my roster? Talking about two Credit One cards $650 & $1200 and an Avant card $500 I also have a Capital One Savor one, $1000 Quicksilver, $600 Walmart rewards $300, Mercury Visa, $1750 Merrick Bank, (double your limit) $1300 and I just got approved for the bread American Express card $6000
Should I ditch at least some of the subprime cards? Thanks in advance for taking the time to read this.
Up to you. They're not hurting anything but building your age and history in your credit file. If any have annual fees. Yes ditch them. The limits you posted are kinda like subprime credit lines. Wait a while and then as more cards come along with bigger banks. The SL's might be higher. Takes time to go prime time.
You aren't kidding my scores aren't bad EQ 784 ex 777 tu 773. My average age is only one year 5 months, so I get it. Just wanted to know if the subprints were hurting me, maybe that's why I'm getting such paltry limits? Anyway thanks for your Insight!
Ahhhhhhhh! I miss that one LOL absolutely forgot! Thanks very much I will keep them for a while, considering I closed a couple subprime cards with Annual fees recently. The two credit ones aren't terrible they waive the annual fee this year, so that's not too bad. Thanks for taking the time!
@Shmike wrote:Does anyone know if I should close my subprime cards? I have some decent cards and some not so great cards. I was curious to know if perhaps it would be better if I close the sub Prime cards then lenders wouldn't see that I have sub Prime cards. Do they take that into consideration and offering you better cards or greater credit limits? I would just think logically if I were a bank and I saw somebody with a bunch of subprime cards, I don't think I would give them my card or certainly not up great starting limit. Should I try and get the sub primes off my roster? Talking about two Credit One cards $650 & $1200 and an Avant card $500 I also have a Capital One Savor one, $1000 Quicksilver, $600 Walmart rewards $300, Mercury Visa, $1750 Merrick Bank, (double your limit) $1300 and I just got approved for the bread American Express card $6000
Should I ditch at least some of the subprime cards? Thanks in advance for taking the time to read this.
In my opinion, yes should start weeding them out, starting with the ones that have an annual or monthly fee. But I would proceed slowly and gradually.
Once you've gotten rid of the ones with fees, you can take stock again. The credit-granting algorithms aren't going to care whether the accounts are prime or sub prime.
Yeah I don't mind the Mercury or even the Merrick so much but the credit ones have to go. I did close to First premieres they were terrible and terribly expensive! That was last month, so how long do you think I should wait before I start on the credit ones. Also, I have several hard inquiries so I have to fall back for at least 6 months before I start even thinking about opening new cards! Should I just sit on the subprimes until I'm eligible to open some prime cards? I do have a few Prime cards as well. Quicksilver saver 1 Walmart Rewards and I just got approved for $6,000 on the bread American Express my highest limit to date. Thanks for your insight.
@Shmike wrote:Yeah I don't mind the Mercury or even the Merrick so much but the credit ones have to go. I did close to First premieres they were terrible and terribly expensive! That was last month, so how long do you think I should wait before I start on the credit ones. Also, I have several hard inquiries so I have to fall back for at least 6 months before I start even thinking about opening new cards! Should I just sit on the subprimes until I'm eligible to open some prime cards? I do have a few Prime cards as well. Quicksilver saver 1 Walmart Rewards and I just got approved for $6,000 on the bread American Express my highest limit to date. Thanks for your insight.
Yes you do have some prime cards. And no you shouldn't be applying for anything new now.
No need to wait on closing the Credit One cards. Just proceed slowly, intervals of at least a month.
