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Close my oldest Credit One starter??????

BM1990
New Contributor

Close my oldest Credit One starter??????

Rebuild has been going well. Scores have been slowly getting into the 670's. I'm feeling like I'm above starter card territory now. Just wondering how I should go about closing these starters!? I definitely want to get rid of the 2 year old Credit One $450 bucketed card. Credit One will constantly offer me new lines of credit, but they will not increase the limits on my exisiting cards, which is weird. But do you guys think I should close this card? I'm thinking about closing it once my new Apple card reports on my file. I plan on going on an app spree soon! Your thoughts?

 

My current cards are,

1) Credit One. $450 limit. Opened on May 2020. $99 annual fee Smiley Sad

2) OpenSky Secured. $700 limit. Opened on May 2021. 

3) Credit One. $1700 limit. Opened July 2021. $39 annual fee Smiley Sad

4) Mission Lane. $2500 limit. Opened September 2021.

5) Discover IT Unsecured. $1400 limit. Opened June 2022. 

6) Apple Card. $2000 limit. Opened July 2022 (Hasn't reported yet).

 

My average age of accounts is 4 years and 6 months. My oldest account age is 11 years and 10 months, which is my student loan.  


Experian: 671
Equifax: 666
Transunion: 673
Message 1 of 8
7 REPLIES 7
tnhomestead
Frequent Contributor

Re: Close my oldest Credit One starter??????

Close it close it close it!

But I would try and see if they will waive the annual fee - both of mine have no fee listed anymore or they would be gone.

They will still help your account age for the next 10 years, so if no fee, keep em, fee, fold em!

Message 2 of 8
BM1990
New Contributor

Re: Close my oldest Credit One starter??????


@tnhomestead wrote:

Close it close it close it!

But I would try and see if they will waive the annual fee - both of mine have no fee listed anymore or they would be gone.

They will still help your account age for the next 10 years, so if no fee, keep em, fee, fold em!


I think I'll just close it . An $99 annual fee on an $450 limit card is just flat out crazy! The annual fee is almost a quarter of the actual limit itself, lol. 


Experian: 671
Equifax: 666
Transunion: 673
Message 3 of 8
gdale6
Moderator

Re: Close my oldest Credit One starter??????

I concur just close it out. Closed accounts remain onfile for up to 10 years post close.

Message 4 of 8
OmarGB9
Community Leader
Super Contributor

Re: Close my oldest Credit One starter??????

Agree with everyone else. Close it.


Last App: 12/27/2021
Penfed Power Cash Rewards Visa Signature

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 5 of 8
BM1990
New Contributor

Re: Close my oldest Credit One starter??????


@gdale6 wrote:

I concur just close it out. Closed accounts remain onfile for up to 10 years post close.


Even if it's my oldest open credit card? 


Experian: 671
Equifax: 666
Transunion: 673
Message 6 of 8
FireMedic1
Community Leader
Super Contributor

Re: Close my oldest Credit One starter??????


@BM1990 wrote:

@gdale6 wrote:

I concur just close it out. Closed accounts remain onfile for up to 10 years post close.


Even if it's my oldest open credit card? 


Yep




Homeowner since Sept 2020. Sharing my experiences after BK from learning here. Rebuild to recovery from the @ 540's.
Message 7 of 8
OmarGB9
Community Leader
Super Contributor

Re: Close my oldest Credit One starter??????


@BM1990 wrote:

@gdale6 wrote:

I concur just close it out. Closed accounts remain onfile for up to 10 years post close.


Even if it's my oldest open credit card? 


Yes it won't affect your AAoA.


Last App: 12/27/2021
Penfed Power Cash Rewards Visa Signature

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 8 of 8
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