@Anonymous wrote:
@SRT4kid93 wrote:Savor one and chase freedom unlimited. But the credit one is my longest standing card, and has the most positive payment history. The other 2 cards are brand new and haven't even generated on my credit report yet
@SRT4kid93 wrote:Creditor is credit one, my plan was to add an Amex and 1 other card to my collection before closing this card so that my profile wouldn't become too thin. But if they don't grant me a CLI at the 1 year mark I'm considering just closing the card now
You have the new SavorOne and the Freedom. The Credit One has served it's purpose. Time to close it and not pay them another dime.
And to quote replies from the first post you made on the forum.
@Horseshoez wrote:Join a credit union and then in quick succession, apply for a CapOne card, a Discover card, and a card from the credit union of your choice. My bet is you'll get approved for two out of three, possibly all three. With your new cards in hand, close your Credit One accounts and say, "Good riddance."
@Horseshoez wrote:
@SRT4kid93 wrote:
and closing my credit one card would still close my oldest and longest standing account killing my length of credit history.
In order:
- Credit unions often offer higher credit limits than other financial institutions; NFCU is known to especially generous
- A few hard pulls will sting you for a few points, but your scores will recover pretty quickly
- Closing your Credit One will not do anything to your age of your oldest account, it will continue to report for up to 10-years
- I wouldn't bother keeping the account open, just close it and say goodbye
@FicoMike0 wrote:
I would hold on to the present card until you get another. Then, move on.
@SRT4kid93 wrote:but they are also known to be terrible and have ridiculous fees. They used to charge a fee to raise your credit limit. There's the $75 annual fee, and the fee every time you make a payment. And if you don't pay the fee, it takes forever to process your payment.
@FicoMike0 wrote:That's all pretty crazy! Now that you have capone, I'd go ahead and close that vampire account.
this comment is absolutely gold! Thanks for the time putting that together!
+1 on all points.
@NoMoreE46 wrote:Holding onto the Credit One
for utility padding is a good reason to do so ( i.e., paying the fees) for now.
As you strengthen your credit profile over the next 6 / 12 months, reexamine if it is worth the cost.
Personally, I wouldn't bother. That's me though. I would rather have the extra CASH (even if it's "ONLY" a couple coffees) in my bank.
the "negatives" of closing it IMO are very minuscule and won't matter in 6 months. And 6 months is nothing.
Stop logging in on here and time speeds up when your not thinking about credit. 😉🙃😛
PS "padding" only matters for what you allow to report when the statement closes. It's sometimes easier to borrow for a month and PIF. If you don't expect to open a new card in the next month or so feel free to allow it to report. When you are looking to max the score PIF and only allow the magic 9.4% (8.9%?) to report.
Time is what you need - that will grow your credit limits. Chase is good (ignoring their evil)
hope I help
Just to clarify I'm not really worried about the average age of accounts I know that closing a card will not affect this as it will still report.
im more worried that the credit one is the only open card currently with over a year of positive payment history. Like I said the other 2 haven't been shown on my report yet. So closing the card now would mean having 2 open accounts with absolutely no positive payment history. So this would throw a wrench into my goal of getting approved for an Amex In The next year no?
amex is the easiest and quickest to grow and so that is my ultimate goal right now. And so doing what is best in order to get approved for an Amex is my current priority. However, I am unsure if the presence of a sub prime card with a very low limit will hurt my approval chances, maybe they see that on my report and they don't like that. Who can really say ?
Also it would slightly damage my total credit line and aggregate utilization
you know it's funny you say that " time goes faster when you aren't thinking about credit"
Cause I literally went from 1 end of the spectrum to the other. I spent the last 6-7 years not having any credit cards, never thinking about credit. Not caring at all.
then when I took the time to properly learn how it all worked and decided to get back Into it, and now I am the other end of the spectrum where I probably care too much. Like I wanna make up for all that lost time? Which I know is impossible
Right, I said I would have 2 open accounts with positive history. And that closing this card would leave me with 2 open accounts. Neither of which have any history yet.
i could be wrong but I feel like creditors would rather see open accounts with positive history rather than closed accounts.
I realize it has no impact on your score, but I'm wondering if it could still impact applications. That's what I was asking
@SRT4kid93 wrote:Right, I said I would have 2 open accounts with positive history. And that closing this card would leave me with 2 open accounts. Neither of which have any history yet.
i could be wrong but I feel like creditors would rather see open accounts with positive history rather than closed accounts.
I realize it has no impact on your score, but I'm wondering if it could still impact applications. That's what I was asking
I don't think it's going to matter. Are you trying to open a mortgage in the next month? You still have the payment history as stated. What is the purpose of having "positive payment history" with a card that's just opened? It's not negative. No need to worry about it.
again time is on your side (wait I didn't post my comment...)