Hello All,
I started my rebuild in February 2018 and opened a few cards that I feel I no longer have a need for. My full lineup is listed in my signature but i'm wondering, when should I close the following cards:
- OpenSky, February 2018, $300 secured
- CreditOne, April 2018, $500 unsecured
- Victoria's Secret, April 2018, $350 unsecured
- BrylaneHome, June 2018, $750 unsecured
Originally, I planned to leave these cards open until they charged an AF (then would cancel) or until the lender closed the cards on their own. Is this the right approach or is there a more compelling reason to shut down now? All cards listed have a $0 balance.
@19eighty5 wrote:Hello All,
I started my rebuild in February 2018 and opened a few cards that I feel I no longer have a need for. My full lineup is listed in my signature but i'm wondering, when should I close the following cards:
- OpenSky, February 2018, $300 secured
- CreditOne, April 2018, $500 unsecured
- Victoria's Secret, April 2018, $350 unsecured
- BrylaneHome, June 2018, $750 unsecured
Originally, I planned to leave these cards open until they charged an AF (then would cancel) or until the lender closed the cards on their own. Is this the right approach or is there a more compelling reason to shut down now? All cards listed have a $0 balance.
Annual fee with montly fees? C-Ya! Dont melt with their incentives.
Concur with the above posts: Cut the cord, congrats on the success!
Depending on how long you've had them and when you got your new ones, I would stagger closing them so you don't have a huge drop in average age in 6-10 years. Maybe close one every 3 months as long as it isn't affecting you now as in fees or something like that.
If you already have decent cards I would cut them out asap and take the hit now so you can be good later on....... Monthly fees.... So predatory
@19eighty5 wrote:Hello All,
I started my rebuild in February 2018 and opened a few cards that I feel I no longer have a need for. My full lineup is listed in my signature but i'm wondering, when should I close the following cards:
- OpenSky, February 2018, $300 secured
- CreditOne, April 2018, $500 unsecured
- Victoria's Secret, April 2018, $350 unsecured
- BrylaneHome, June 2018, $750 unsecured
Originally, I planned to leave these cards open until they charged an AF (then would cancel) or until the lender closed the cards on their own. Is this the right approach or is there a more compelling reason to shut down now? All cards listed have a $0 balance.
Except for those with an annual fee, there's no pressing need to close them. The longer they stay open the better for your credit scores. So I would just sock drawer them or cut them up but not close the accounts. As to those with an annual fee, close them.
Eventually one or more of the open ones might be closed by the lender for inactivity, but there is absolutely no harm in that.
Y2k
@19eighty5 wrote:Hello All,
I started my rebuild in February 2018 and opened a few cards that I feel I no longer have a need for. My full lineup is listed in my signature but i'm wondering, when should I close the following cards:
- OpenSky, February 2018, $300 secured
- CreditOne, April 2018, $500 unsecured
- Victoria's Secret, April 2018, $350 unsecured
- BrylaneHome, June 2018, $750 unsecured
Originally, I planned to leave these cards open until they charged an AF (then would cancel) or until the lender closed the cards on their own. Is this the right approach or is there a more compelling reason to shut down now? All cards listed have a $0 balance.
Closing CreditOne is always a good idea. Some people were helped in rebuilding by this company but their accounts are such a trap for vulnerable borrowers. Since you have NFCU and discover, you really don't need their help. Just my 2 cents.
