Re: When to drop my Sub-Primes?

Anonymous · ‎05-21-2015

Hey Guys and Gals

As you can see my credit profile below has become pretty well versed. This leaves me stuck with a few sub primers. These are of coure some of my oldest cards. I am trying to spread them out so I dont take a massive hit all at one. If when I call in and they offer to waive the AF or MSC I will take them up on that offer so I can leave the line open another year at least. (well all except for first premier) LOL

Oldest TL - Capl1 $1500 no fee opened 2006

Credit one - Sub prime (Monthly Service Charges) & Yearly Feee - Opened 2008(Limit above 2k)

First premier - Yearly Fee (Mothly Service Chage) - Opened 2008

Reward Zone Master Card - Yearly Fee. Opened 2008

Applied Bank - (MonthlyServuce Charge) & Yearly Fee Opened 2009 (Limit above 2k)

Total of Above:

Yearly Fee: $262

Monthly Service Charge: $234

I was thinking do one card every 6 months?

Start with:

RZMC

First Premier

Credit one

Appled Bank

What does the forum think?

jsucool76 · ‎05-21-2015

I'd close em all asap. three of them charge monthly fees which mean each day you keep them is costing you extra money.

takeshi74 · ‎05-21-2015

General advice is at least 2-3 cards for scoring purposes. Once you have 2-3 better cards you can close the starter cards whenever you're ready.

Read the "Closing Credit Cards" thread linked in the Helpful Threads sticky and consider that information in your decision.

DaveInAZ · ‎05-21-2015

With your other cards you don't need any of those sub-rpime cards, altho I wouldn't call the Best Buy RZ MC "sub-prime". Since Credit One, First Premier & Applied Bank charge you AF ech month I'd close them today. Closing accounts does not affect your AAoA, the positive TLs remain on your CR for 10 years - unless they're vindictive & delete the file completely from your CR. Since you've had them so long they've made plenty of $$$ from you on those fees, so they are unlikely to do that.

Since you got the BB RZ MC in 2008 & have an AF you must have gotten it originally from HSBC. Back then it was sub-prime, but for several years now it has been issued by Citi bank and is no longer sub-prime, it now can be hard to get with scores under 680 or so and usually has stingy CLs, and new cards issued by Citi don't have an AF. I wrestle with this one myself, got it in 2011 from HSBC and it has a $59 AF charged in Oct. Last Oct. I called and asked them to waive the AF and they said no..I get more than the AF in RZ certs, so I requested a CLI from $1k to $2k and if they declined I was going to close it; they approved it But I have better rewards cards now and don't shop BB as much as I used to, so I've decided this Oct. I'm going to call and if they won't waive the AF I'll tell them "OK, then close the account".. That's what I suggest you do - check your records to see when they charge the AF, call them before it's charged and if they won't waive the fee close it.

Anonymous · ‎05-21-2015

I would close the Criminal One (Credit) and Worst Premier (First).

Anonymous · ‎05-21-2015

You've been paying $500 a year since 2009 for the "privilege" to use these leaches. That's long enough. Close them ASAP!

PinkRozez · ‎05-21-2015

Just seeing those cards are hurting my eyes. You should get rid of them very soon.

Anonymous · ‎05-21-2015

I would dump them all now. It makes no sense to spread out the cancellations since closing cards has no impact on AAoA.

Anonymous · ‎05-21-2015

If you are finding less reason to use them each day, then there is no point in having them. Sub-prime cards are only for the purpose of rebuilding credit. Once you have established good credit scores across all credit bureaus and can apply for cards with confidence of approval that have no an annual fee with rewards, there is no need or point to hanging on to cards that charge you an annual fee with no rewards.