Cancelling credit cards

[Gat]

Here's my situation I have the following

Discover secured

first premier

credit one

cap one

delta Sky Amex (just got approved)

the cards are all about 6 months old

Perfect payments no derogatory 

eventually want to cancel premier and credit one cause of fees

Question should I do it sooner or later

as far as score impact???

[Anonymous]

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@Gat wrote:

Here's my situation I have the following

Discover secured

first premier

credit one

cap one

delta Sky Amex (just got approved)

the cards are all about 6 months old

Perfect payments no derogatory 

eventually want to cancel premier and credit one cause of fees

Question should I do it sooner or later

as far as score impact???

---

You generally never want to close your oldest credit card.   I closed both Credit one and 1st Prem and didn't notice any change in my scores.   

[Gat]

Right... discover and cap one were opened at the same time

 keeping those (eventually discover should become unsecured)

Canceling I would lose 850 in credit but Hopefully get an increase on the others eventually

 thanks

[Anonymous]

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@Gat wrote:

Here's my situation I have the following

Discover secured

first premier

credit one

cap one

delta Sky Amex (just got approved)

the cards are all about 6 months old

Perfect payments no derogatory 

eventually want to cancel premier and credit one cause of fees

Question should I do it sooner or later

as far as score impact???

---

Personally, I would keep them open for the year and close them before the annual fee becomes due; do both Credit One and First Premier charge monthly fees too? If so, than I would close them since you'll already have three revolvers with the new Amex. 

[Gat]

No.... yearly fees

 thanks

[Anonymous]

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@Gat wrote:

No.... yearly fees

 thanks

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You're welcome! While not your exact situation, I came across this thread with some relevant info that may be helpful: How to get rid of subprime cards 

[Gat]

Excellent.. thanks

[Ficoproblems247]

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@Gat wrote:

Here's my situation I have the following

Discover secured

first premier

credit one

cap one

delta Sky Amex (just got approved)

the cards are all about 6 months old

Perfect payments no derogatory 

eventually want to cancel premier and credit one cause of fees

Question should I do it sooner or later

as far as score impact???

---

Canceling the cards will not have an impact on your scores unless closing those open lines causes you to cross any utilization thresholds. Once you close the card, it will generally remain on your credit reports for roughly about 10 years or so (this varies sometimes) and will continue to contribute to building up your account age, even though it has been closed. If it were me, I would close First Premier and C1, just like you were planning. Maybe space them out 1-2 months between closures just to be on the extra safe side. I see no reason to keep them around since you have 3 other much better options to fuel your rebuild. Just my 2 pennies. Welcome to the forums!

[Gat]

Yes sounds like a plan

 thanks

[805orbust]

+1. Credit One should be closed as soon as a few months go by and you've got a couple of better cards. It is a stepping stone only. It did its job. It'll continue to be on your reports for up to 10 years so no issue there. When you call, they may offer to waive your next annual fee. Accept it and then set a reminder to close it a year from now. When closed, continue to check your online account for a month. They will charge fees as a "gotcha."  The same applies for First Premier. In and out.