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I have a First Access credit card $300 limit, a Credit One Card $300 limit, First Premier $500 and Milestone $700 limit. Credit One is the only card that offers purchase rewards, up to 1% yet, I've had the card 6 months and only earned $1.18.
I did not know to research card perks before applying for these.
Credit One may at some point offer me a credit limit increase but they have a $49 annual fee and offer beyond minimal perks. The others offer NOTHING.
I've had each card between 4 and 6 months. Do I keep them until right before the new annual fees hit or would it be okay to get rid of them if right now? I have a secured Navy Federal card ($1100) and a Capital One card ($300) as well. My husband has also added me as an authorized user to multiple cards (Navy $1200, Chase Sapphire $1700, Southwest $2400). I don't use his accounts at all and he is much better with keeping his credit utilization under 10%. Input much appreciated. Thank you.
If it were me and I was in your position (and this is just my opinion on the matter), I would close all of those cards except for the Capital One QS and the secured NFCU card. Then I would practice AZEO (All Zero Except One) with those two cards with the Secured Navy Credit Card being the one that gets heavy use. Garden, watch your credit score grow and wait until that NFCU card graduates. Then go from there.
@TheRedHat wrote:If it were me and I was in your position (and this is just my opinion on the matter), I would close all of those cards except for the Capital One QS and the secured NFCU card. Then I would practice AZEO (All Zero Except One) with those two cards with the Secured Navy Credit Card being the one that gets heavy use. Garden, watch your credit score grow and wait until that NFCU card graduates. Then go from there.
I agree with this. Those starter cards aren't really helping you much. You can go ahead and close them now - they'll remain on your reports for up to 10 years.
Would it be of any benefit for them to remain open until right before the 1 year renewal dates?
@TheRedHat wrote:If it were me and I was in your position (and this is just my opinion on the matter), I would close all of those cards except for the Capital One QS and the secured NFCU card. Then I would practice AZEO (All Zero Except One) with those two cards with the Secured Navy Credit Card being the one that gets heavy use. Garden, watch your credit score grow and wait until that NFCU card graduates. Then go from there.
Does AZEO have an advantage with just two cards? You still get hit with one of the penalties (50% or more cards reporting a balance or something?)
OP, whatever you decide to close just be sure to log in periodically for many, many months...even a year+ to make sure those cards (aka predatory cards🤷) don't hit you with trailing interest and/or fees causing you to get late fees and possible 30, 60, 90, 120+ day Lates on your cr's.
Just cyb.
@TheRedHat wrote:If it were me and I was in your position (and this is just my opinion on the matter), I would close all of those cards except for the Capital One QS and the secured NFCU card. Then I would practice AZEO (All Zero Except One) with those two cards with the Secured Navy Credit Card being the one that gets heavy use. Garden, watch your credit score grow and wait until that NFCU card graduates. Then go from there.
In addition to what @longtimelurker mentioned, there is a small issue with AU accounts and AZEO.
EX and TU impose a penalty when no AU cards report a balance, but they also impose a penalty when more than 50% of AU accounts report a balance.
AZEO is not possible with two cards, with or without AU accounts.
In any case, AZEO is crazy idea propagated around here, and Fico 8 doesn't even care, older scoring models do but who is buying a house every month
@Remedios wrote:
@TheRedHat wrote:If it were me and I was in your position (and this is just my opinion on the matter), I would close all of those cards except for the Capital One QS and the secured NFCU card. Then I would practice AZEO (All Zero Except One) with those two cards with the Secured Navy Credit Card being the one that gets heavy use. Garden, watch your credit score grow and wait until that NFCU card graduates. Then go from there.
In addition to what @longtimelurker mentioned, there is a small issue with AU accounts and AZEO.
EX and TU impose a penalty when no AU cards report a balance, but they also impose a penalty when more than 50% of AU accounts report a balance.
AZEO is not possible with two cards, with or without AU accounts.
In any case, AZEO is crazy idea propagated around here, and Fico 8 doesn't even care, older scoring models do but who is buying a house every month
So are you saying that I need to use my AU accounts periodically to avoid penalty?
@Remedios wrote:
@TheRedHat wrote:If it were me and I was in your position (and this is just my opinion on the matter), I would close all of those cards except for the Capital One QS and the secured NFCU card. Then I would practice AZEO (All Zero Except One) with those two cards with the Secured Navy Credit Card being the one that gets heavy use. Garden, watch your credit score grow and wait until that NFCU card graduates. Then go from there.
In addition to what @longtimelurker mentioned, there is a small issue with AU accounts and AZEO.
EX and TU impose a penalty when no AU cards report a balance, but they also impose a penalty when more than 50% of AU accounts report a balance.
AZEO is not possible with two cards, with or without AU accounts.
In any case, AZEO is crazy idea propagated around here, and Fico 8 doesn't even care, older scoring models do but who is buying a house every month
Huh. The more you know.
I don't think I have ever cancelled are card in my life. I just stop using them. They eventually go gentle into that good night.
Keeping cards open can extend your credit history and lower your utilization rate.
For sure ax any annual fee cards.