When to kick CreditOne to the curb

[bridgetkaryn]

Hi All,

I have had a CreditOne card for almost 1 year... As of Aug 10, my question is, since my 1 year is about to come up, is it worth paying their stupid fee's for another year for this history (I am about to sockdrawer it) or should I cancel before i get another set of fee's? My Utl is at 4% (0 on this card) and I just got approved for a Citi AAdvantage Planium card w/ a $9000 limit.

Thanks!

Bridget

[Anonymous]

WTG on the new Citi card with the monster limit!

My advice would be to cancel Credit One at the 1 year mark. If you have clean enough reports for a Citi card with that high of a CL you seriously have no use for Credit One.

[jaysdad2k]

I used my Cred One last month for $50 in gas, for the first time in 6 months. PIF'ed it and the fee.

The 2 year anniversary is this December. Is there any benefit in having 2 full years of payment history versus dumping it right now?

[Anonymous]

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@jaysdad2k wrote:

I used my Cred One last month for $50 in gas, for the first time in 6 months. PIF'ed it and the fee.

The 2 year anniversary is this December. Is there any benefit in having 2 full years of payment history versus dumping it right now?

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Unless I'm mistaken, I believe the only benefit of leaving it open is that it continues to help your average age of accounts.

[llecs]

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@Anonymous wrote:

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@jaysdad2k wrote:

I used my Cred One last month for $50 in gas, for the first time in 6 months. PIF'ed it and the fee.

The 2 year anniversary is this December. Is there any benefit in having 2 full years of payment history versus dumping it right now?

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Unless I'm mistaken, I believe the only benefit of leaving it open is that it continues to help your average age of accounts.

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One down-side is the affect on utilization.

Another benefit is a mix of credit. If this is only 1 of one or one of two or three cards in your CC collection, then cancelling it could hurt your score.

In other words, when I started this process last August, I had 0 CCs. I got a large bump for the first CC to report. A not-so-large bump for the 2nd and a large bump for the third (a charge card). Working backwards, if I only had those three reporting today (have 8, but ignoring that), removing any of the 3 would lead to a score drop, regardless of history. (I had lost points on cards 4-8 due to the affect on history).

[jaysdad2k]

Kudos to Bridget for the big CL!

I didn't mean to hijack your thread.

I have Orchard from 8/06 (2 were combined in May/08), Cred One from 12/06, Cap One from 5/07, BJ Junny from 4/08, Amex Gold 5/08, Costco Amex 6/08. Dang! No new accounts in July!

Total CL from all is about 7500 with 1-3% util. I have a paid and closed car loan from 99, and a current car loan from 05.

The Cred One is $550, so I'm not concerned about the util or the hit on CL. And the age would stay even if closed, right?

[Anonymous]

kick them to the curb- you have outgrown them

The only affect is UTL- that should not be an issue with the new card.

[Verde]

I closed my credit1 acc a month ago, i had 9 months history and i am glad i canceled it!

[Anonymous]

I have had my Credit One "Platinum" Visa for close to a year.  I plan to keep it longer and use it for primarily takeout and dining every blue moon. 

[Anonymous]

i'm waiting on my 7th statement in a few days and want to see if i get a CL. a lot of use and PIF every month the usual routine i wanna see if it works with them. If i can get it to $1000 by the first birthday, if not then i'll think about getting rid of it.