Begin closing rebuilder cards? Am I “there” yet? Need advice.

[Jeffster1]

I had decided...in the end...to close Jasper because their lack of telephone or website support is an issue for me. They only have an app, and only email support which takes days to get back. I sent an email a few days ago to close, and just got an email from Jasper that they are discontinuing the entire program. I doubt anybody will miss them. Definitely not me. They were OK, but I had a sense I'd something ever went wrong, they would be impossible to deal with.

[Jeffster1]

UPDATE: 

I was just approved for the Kinecta Credit Union MyPerks Rewards MC with a $35K credit limit. It looks like I will be accelerating my subprime closures. I will begin with closing the Mercury MC, and then Merrick. I'm still interested in seeing what the Ally-OLLO merger brings. 

Jasper has announced that it is closing all cards in the Jasper program. I had actually emailed them about closing my card, and then got the email about the Jasper MC program being discontinued. I received my confirmation, though, that the account will be marked "CLOSED BY CONSUMER" since I made the request before they closed it. 

The Merrick MC is my AZEO balance card. I typically keep about $100-$150 balance on it but think I will now make one of my TD Visas my AZEO card.

Does anybody suggest I close the Merrick and the Mercury with a certified letter? I thought I read somewhere that it's a good idea. 

[FireMedic1]

Congrats @Jeffster1 

Very nice SL! Way to go!

[Jeffster1]

Thanks, @FireMedic1. It was a really pleasant surprise. 

[NoMoreE46]

---

@Jeffster1 wrote:

UPDATE: 

I was just approved for the Kinecta Credit Union MyPerks Rewards MC with a $35K credit limit. It looks like I will be accelerating my subprime closures. I will begin with closing the Mercury MC, and then Merrick. I'm still interested in seeing what the Ally-OLLO merger brings. 

Does anybody suggest I close the Merrick and the Mercury with a certified letter? I thought I read somewhere that it's a good idea. 

---

I would.  Cost is $4.60 per letter.   

[Jeffster1]

---

@NoMoreE46 wrote:

---

@Jeffster1 wrote:

UPDATE: 

I was just approved for the Kinecta Credit Union MyPerks Rewards MC with a $35K credit limit. It looks like I will be accelerating my subprime closures. I will begin with closing the Mercury MC, and then Merrick. I'm still interested in seeing what the Ally-OLLO merger brings. 

Does anybody suggest I close the Merrick and the Mercury with a certified letter? I thought I read somewhere that it's a good idea. 

---

I would.  Cost is $4.60 per letter.   

---

Thank you, @NoMoreE46 . I'm going to take your advice. $4.60 is a small price to pay.

Mercury MC will be my next to close. Just waiting for it to report zero balance on all 3. I charged $18.58 in July, and it reported. TU and EQ are now updated for August with a zero balance, and I'm just waiting for EX to report zero, even though it should already have done so as Mercury updates on the 5th of each month. 

Thank you again. 

[Jeffster1]

I called Mercury MasterCard Customer Service today to find out if they reported this month to EX as, even though the card updates on the 5th, it's still showing an $18 balance. The rep asked me why I cared what the credit report said since their records show it as zero. Seriously? 

Clearly, I need it to report zero before I close it, but the question seemed uncalled-for. I told him that earlier financial difficulties trained me to watch everything, following with "Surely, you are not suggesting customers not watch their credit?"

This conversation really put me off, and erased any reluctance in my mind to close this rebuilder. 

[NoMoreE46]

@Jeffster1 ,

I wouldn't get too riled up about your conversation with the CSR.  After you pay it off to Zero, you can ask them to send you a letter indicating that your Mercury card is closed. 

GL.

[Mdowning30]

@Jeffster1 If you dont mind losing those credit limits, as long as your utilization remains low, you can close those subrime cards. The AZEO balance you want to have it on a "Major" card like the BofA or Cap1.

[Jeffster1]

---

@Mdowning30 wrote:

@Jeffster1 If you dont mind losing those credit limits, as long as your utilization remains low, you can close those subrime cards. The AZEO balance you want to have it on a "Major" card like the BofA or Cap1.

I really don't mind losing the limits on those cards. Since my rebuild began, I've been a PIF guy but remain at 1% utilization for AZEO purposes. The Chapter 13 taught me really good habits regarding spending, and I learned to live on cash. Now that I have credit again, I PIF. I was able to get a DC only 3.5 years into my 5 years. For me, the 13 was the best decision I ever made. 

Prior to filing, I had a ton of cards. My desire to whittle down the list is also fueled by flashbacks to the day I went through each credit card when I had to make up a list for my attorney. The list was as long as my arm, and gave me a headache. I think it would be a good practice for me going forward to continually analyze which cards work for me and which don't. 

 My AZEO card is the Merrick MC. Once it's closed, one of my TD Bank Visas will be the AZEO balance card. 

With my $35K approval for the Kinecta CU MC...and not counting the cards I will eventually eliminate...I'm still at $67.5K, which is plenty for me right now. I am not ruling out CLIs and new cards. 

The current snafu with Mercury being unable to report to EX, and Merrick being unable to report to EQ, are just more reason to close these cards once they fix their reporting issues.

---