Credit one increased line?

[ThetoriParadox]

I had planned on closing my credit one cc with a tiny limit of 500, only open 3 months, when today they emailed me with an increase of 200 dollars.... weird. Should I still close this account? It's affecting my aaoa now but is helping my utilization. I know it's a super sub prime card and I have a discover secured 400 and also two cap one cards( plat 1100 and QS 700)... I have a 100 dollar balance on the credit one card and can pay and close out fully next week, or should I pay and let age as open? Any input is helpful. Thanks guy. Surprisingly this card has a lower apr than my other three....

[Anonymous]

Hi, ThetoriParadox. I would still close it. They just don't grow like other cards do, and you've outgrown them from looking at the cards in your sig. Closing Credit One is like a rebuilder's rite of passage, IMO! I never had any issues with them, but it felt great to close that card down! I still get "Come back to your credit line" emails from them, lol!

And, to add, if you nurture the cards you have, they will grow, and so will your scores. Then it won't be long before you'll be approved for your own Discover, or whichever other cards you want. 

[Anonymous]

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@ThetoriParadox wrote:
I had planned on closing my credit one cc with a tiny limit of 500, only open 3 months, when today they emailed me with an increase of 200 dollars.... weird. Should I still close this account? It's affecting my aaoa now but is helping my utilization. I know it's a super sub prime card and I have a discover secured 400 and also two cap one cards( plat 1100 and QS 700)... I have a 100 dollar balance on the credit one card and can pay and close out fully next week, or should I pay and let age as open? Any input is helpful. Thanks guy. Surprisingly this card has a lower apr than my other three....

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Are you paying any sort of fee whatsoever?  If the answer is yes, then cancel.  If the answer is no, but the fees are coming on xx/xx/xxxx date, then cancel 1 month before that date.  If the answer is no, period...first of all please tell me how to get to the alternate universe you're in, but feel free to let it ride...just know that on a manual review this lender has subprime written all over it and may not help you long-term, even if fee-free.

[Anonymous]

Sorry, I didn't see you already have Discover secured. That will graduate eventually. With Disco and two Cap1's, you definitely don't need Credit One. I wouldn't app for anything else if I were you, and just let time and card management do their thing. Good luck! 

[rmduhon]

We waited until it was about 10 months old to close it, but didn't use it after about the 3rd month. Almost a year later we're still getting daily balance emails and requests to come back. You can close it now or wait a bit, just make sure you give it plenty of time before the year is up to do it. It took over a month for them to close hubby's, we had to call back to get it done. I think they were trying to get it to a year so the monthly fee would start

[ThetoriParadox]

Awesome. Thanks guys. I knew in my gut that I should close it, maybe they felt it too that's why they temped me to stay with a whopping 200 dollar increase haha. Will pay it off and close asap and keep an eye on it to be sure I have no lingering fees! Love this forum so much.

[rmduhon]

Ask for a letter stating that it's closed with no balance just to be on the safe side.

[ThetoriParadox]

Will do! I have heard horror stories regarding credit one and closing accounts. EEEEK