What to do with Credit One

luckydiva95 · ‎06-17-2015

I have a Credit One card that I've had since my rebuilding phase. I recently received another CL increase. I started at $300 and now I'm at $1700. The fees are crazy along with the time that it takes to have access to the funds once you make a payment. I only use it once or twice a month so it has activity. I have other cards that have decent limits. I was just approved for the Discover IT for $1400. Should I cancel Credit One since I now have the Discover It Card since it's a better card? My only hesitation is that the Discover is $300 less than Credit One and it was the first card to give me a 2nd chance. My ultimate goal is to eventually to get rid of it. Any advice would be greatly appreciated.

TRC_WA · ‎06-17-2015

I'd get rid of it.

Garbage card... You are well on your way and don't need it for rebuilding.

FICO8 current as of : 4-6-25 EQ: 736 TU: 728 EX: 722
Hard INQs last 12 months: EQ: 0 | TU: 0 | EX: 0
Verizon Visa $8500 Amex Delta Reserve $10,000 Care Credit $18,000
NFCU CashRewards $7500 Apple Card $7000 Best Buy $8000 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) 6.95%
NFCU motorcycle loan (2024 Harley Davidson Road Glide - Alpine Green & Chrome) 9.45%
Total CL: $64,000 --- Total CC UTI: 31% --- AAoA: 6.5 years --- Income: $200k
Last app: 4-6-24

baller4life · ‎06-17-2015

Burn it!

Anonymous · ‎06-17-2015

I unfortunately opened Credit One in Feb. Being I paid a year's worth of AF, I'm keeping mine until January. Than I'll burn it. But seeing I don't use it accept for my once a month $7.99 Netflix bill, and pay it immediately after it posts, I'm not paying any interest. So I'll keep it and get 11 month's of posting with it.

MissMoni223 · ‎06-17-2015

Get rid of it and don't look back. One of the BEST credit decisions you'll ever make.

Gardening Until Further Notice
15 Credit Cards (12 Major Banks & 3 Store Cards)

Anonymous · ‎06-17-2015

@luckydiva95 wrote:
I have a Credit One card that I've had since my rebuilding phase. I recently received another CL increase. I started at $300 and now I'm at $1700. The fees are crazy along with the time that it takes to have access to the funds once you make a payment. I only use it once or twice a month so it has activity. I have other cards that have decent limits. I was just approved for the Discover IT for $1400. Should I cancel Credit One since I now have the Discover It Card since it's a better card? My only hesitation is that the Discover is $300 less than Credit One and it was the first card to give me a 2nd chance. My ultimate goal is to eventually to get rid of it. Any advice would be greatly appreciated.

Yes, you should get rid of it. It isn't really impacting your utilization. For example, if you were running 10% utilization ($700 reporting, given the 3 cards you have showing), and cancelled your CreditOne card, you would only go to 13% utilization. You have two decent cards that give better rewards with no annual fee. Additionally, it has high fees and you aren't really using it any more.

In general, you should get rid of cards that you have no use for. You have no use for CreditOne any more. Ergo, you should get rid of it.

luckydiva95 · ‎06-18-2015

As soon as my statement cuts, I'm going to pay the balance and cancel the card.