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Closing First Credit Card post-BK

Valued Member

Closing First Credit Card post-BK

Posting my thoughts here about closing the credit card I got first after my bankruptcy.


It's a bittersweet moment as I still remember the call, "You're Approved!" it was an elating experience after going through a length chapter 7 process. Many had said I would be dooming my credit history for 7 years, but in less than 2 I have managed to build up a pretty good profile of TCL and a decent 2% Cashback rewards card, I have my vehicle financed at an amazingly low rate, and I have accepted that I am locked out of many of the "name brand" cards for several more years. 


With that being said, I am hesistant but ultimately leaning toward closing my accounts at the local CU who gave me my first break. The card is a low limit, no rewards, and the CU does not even have an app! I no longer live in the same state as their 2 branch locations, and their rates are no longer competive. What says the community, keep it in the SD until they close out, or just bite the bullet and close?

Message 1 of 3
Community Leader
Mega Contributor

Re: Closing First Credit Card post-BK

As a BK'er with only 2 yrs out. Keep it as the file grows. Not hurting anything right now. Once your file grows. Then it can be time to close it out. Your rebuilding and will be for a few more yrs.

Homeowner Sept 2020. 2021 Explorer ST Chase 3.1%. Sharing my recovery after BK from learning here. Started 540's. EX FICO 9 801 as of 05/03/2023. I stayed around to pay it forward for those who helped me back then.
Message 2 of 3
New Contributor

Re: Closing First Credit Card post-BK

I agree, keep it, it is not hurting anything.


Heck give them a call and talk to them over the phone and see if they will increase your limit.



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