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Keep or Close Legacy Visa?

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RehabbingANDBlabbing
Established Contributor

Keep or Close Legacy Visa?

Hello all! I currently have a Legacy Visa card I opened in 02/2019, and I am considering closing it. It has a $750 CL and a $75 annual fee. I have obtained several other non-annual fee cards in 2019, and I am wondering if I should close this one. At the time, I couldn't get approved for anything else, but my profile has improved significantly since then. The annual fee is pretty high and they have not given me any CLIs since I opened the account. There's also not any rewards, whereas all my other cards have rewards, with the exception of Merrick. However, the Merrick card doesn't have any fees, so I can sock drawer it and put Netflix on it.

 

Other Open Cards

Discover It - $2,000 CL

Target - $700 CL

Synchrony Home - $2,500 CL

Merrick Bank - $1,400 CL

Ollo Rewards MC - $500 CL (opened 11/2019)

Cap1 Platinum MC - $500 CL (opened 12/2019)

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3 REPLIES 3
silver_idle
Established Contributor

Re: Keep or Close Legacy Visa?


@RehabbingANDBlabbing wrote:

Hello all! I currently have a Legacy Visa card I opened in 02/2019, and I am considering closing it. It has a $750 CL and a $75 annual fee. I have obtained several other non-annual fee cards in 2019, and I am wondering if I should close this one. At the time, I couldn't get approved for anything else, but my profile has improved significantly since then. The annual fee is pretty high and they have not given me any CLIs since I opened the account. There's also not any rewards, whereas all my other cards have rewards, with the exception of Merrick. However, the Merrick card doesn't have any fees, so I can sock drawer it and put Netflix on it.

 

Other Open Cards

Discover It - $2,000 CL

Target - $700 CL

Synchrony Home - $2,500 CL

Merrick Bank - $1,400 CL

Ollo Rewards MC - $500 CL (opened 11/2019)

Cap1 Platinum MC - $500 CL (opened 12/2019)


You might be better off closing it then.

Message 2 of 4
FireMedic1
Community Leader
Mega Contributor

Re: Keep or Close Legacy Visa?

Shut it down R&B. In a couple months upgrade your Plat to the QS for cash back. Links on the site when you get there. You got a decent set of cards for 2019. Its grow time for 2020. Let them work for you and watch your scores start rising more as you keep rebuilding. Congrats! Oh RIP Legacy!!!!!!!!!!! Smiley Happy


Message 3 of 4
KJinNC
Valued Contributor

Re: Keep or Close Legacy Visa?

There is no need to close it until the annual fee is due again, but at that point, yes, I would close it. It doesn't do much for you (maybe a little utilization padding). Not enough to be worth $75/year. JMO.



FICO Resilience Index: 64. Cards: 5/24, 2/12, 2/6. Accounts including loans: 8/24, 4/12, 3/6. Card CLs total $213,900, or $240,400 including the AU card. Cards (oldest to newest)

Authorized user / Corporate / Auto loans / Personal loan
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