When is too soon to say good bye?

[Anonymous]

So I have acquired all of the cards that I would like to get for now and also all of the cards that I can possibly use at the moment, especially due to the Amex 3X CLI that I am looking forward to in approx 60 days.

Now, the question is... when should I get rid of my two credit one credit cards that have been the backbone of this rebuild?

I am an avid reader of the forum and I understand EVERYONE says to get rid of credit one credit cards even before they arrive in the mail... but I have also read how touchy some large banks are with changes on the account. I have already ran my minimum spend through each of my cards and paid them in full in their first month, but I do not want to start pulling old credit card companies away the day new ones start coming on board.

I guess I am just being a little wary / cautious as I do not want to lose a good thing, either my chase or my amex.

As they both have extended me lines of credit due to the fact that the 2 credit one credit cards have been on my account for 2 years.

Thank you for any advice in regards to this specific situation.

[hernaemm90]

You didn't specifically say it in your post but I take it the cards in your signature are the cards you own right now. Since you already have Chase and Amex cards you can and should cancel your credit one cards. I doubt Chase or Amex will close your accounts just because you close another competitors account

[Anonymous]

New card in hand, activated, and tested to be working? Cancel Credit One!

Other accounts won't care that you closed their competitors' cards if it was in good standing. They'd only care if it was in bad standing or if you started to add more *new* accounts than they're comfortable with. You closing old ones = new cards more likely to get your new business = them happy.

[pinkandgrey]

I agree with the other posts. CLOSE THEM. You already have the new cards. The lenders for your new cards don’t care about your old accounts. If anything, they’ll be happy that you’re using their cards exclusively. Yes, the Credit One cards were valuable in proving responsible history, but they’ve done their job now. History is proven. 

[simplynoir]

First off congrats on you rebuild so far. Those are some solid cards to build a foundation on for the foreseeable future.

For your question/concern I think if you feel better holding off til your new cards report that should be fine for now but don't pay any sort of fees to keep them active either. Closed accounts will still report to the bureaus for the immediate future which is your primary concern. Personally, the sooner you get rid of them the better; they served their purpose as you said it's time to say adios and farewell to them.

[FinStar]

Echoing what's been mentioned above, there will be no repercussions from your new lenders with regard to closing the Credit One accounts.

They have provided a viable way during your rebuild to obtain newer products with better terms.

You mention having them for 2 years. Excluding your newer CCs, and aside from Credit One, do you have any other tradelines such as installment loans, previously closed CCs, etc.?

[Anonymous]

Thank you everyone for the positive reinforcement and encouraging responses on closing out the credit one credit cards and properly advancing my road to excellent credit.


@FinStar

The only other thing that I have on my report / reporting ( besides my signature ) is a navient student loan that is currently placed in some sort of deferment program

[FinStar]

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@Anonymous wrote:

Thank you everyone for the positive reinforcement and encouraging responses on closing out the credit one credit cards and properly advancing my road to excellent credit.


@FinStar

The only other thing that I have on my report / reporting ( besides my signature ) is a navient student loan that is currently placed in some sort of deferment program

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Ok, how long have you had the navient loan, even if on deferment?  Is it older than 2 years?   Of noteworthy, even if you close your Credit One accounts, they'll continue to factor into your AAoA for up to ~10 years in good standing.

[Anonymous]

@FinStar

I just checked, the navient is 1 year and 8 months old. Not that it matters too much, but the single navient loan is a reconsolidation of loans dating back to 2011.

I say, "not that it matters that much" because navient is the only one showing on my record as an active account.

Thank you for your time in working through this with me.

[AverageJoesCredit]

Just to be clear, Amex and Chase did not approve you because you had a Credit One credit card. You were approved because your overall credit profile, income, etc were sufficient to meet lending criteria.