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When to cancel the sub-prime cards?

Senior Contributor

Re: When to cancel the sub-prime cards?

DiabolicallyRandom wrote:

Macys $1500 1 year

BrandSource/ Citi $2000 6 months

Kohls  $500 3.5 years

Orchard Bank $300 3 years 59 annual fee

best buy reward zone mastercard $500 1.5 years 59 annual fee


Yeah I have banked with them for 7 years and I kept receiving "pre-qualified" offers so i finally just bit the bullet and they approved me for $4000.  I was thinking it was somehting I could build on my path to better and I was too scared to apply for better lol.

I also just  got the Wells Fargo cash back.   For 6 months you get 3% rewards and 0%APR, so most all expenses are going through that card now.


On the Orchard and Best Buy, call them when the AF  is due and try to negoiate a waiver or reducton of AF before closing it.  Or on the other hand, You may get a better card for either Orchard or BB as both are transisitoning to new banks, so waiting might be worth it.



Message 11 of 13
Valued Contributor

Re: When to cancel the sub-prime cards?

I would hold off on canceling the Orchard until you see what it will become after the Cap1 transition is complete. You can call the EO to get the AF removed.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 12 of 13
New Contributor

Re: When to cancel the sub-prime cards?

Although the rewards are lacking of the WF card, it will grow steadily with you. I started at $3000 limit. Called and asked for more after some time and it was raised to $5000. Then to $7500. Now my CL is $10000. Although I called in for all of these CLIs, none of them were a HP on my CRs.
Current FICO scores: EQ 762, EX 761, TU 773
Message 13 of 13