Ooops. What to do with too many new accounts

[Anonymous]

In the credit rebuild process and currently have a Merrick Bank card with $1000 CL.  Within the past month I opened a Fingerhut account with a $500 CL.  A few days ago I activated a new Credit One card with a $300 CL and made the first minumum $25 payment.  Today I applied for a Capital One Platinum card and to my suprise I was approved with a $500 CL. Suprised because a few years ago I had a Capital One card go to charge off.  In additon I have a Mortgage in good standing, an auto loan in good standing and an RV loan in good standing.  Really kicking myself for getting the Credit One account.  Advice on what to do now?

[Anonymous]

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@Anonymous wrote:

In the credit rebuild process and currently have a Merrick Bank card with $1000 CL.  Within the past month I opened a Fingerhut account with a $500 CL.  A few days ago I activated a new Credit One card with a $300 CL and made the first minumum $25 payment.  Today I applied for a Capital One Platinum card and to my suprise I was approved with a $500 CL. Suprised because a few years ago I had a Capital One card go to charge off.  In additon I have a Mortgage in good standing, an auto loan in good standing and an RV loan in good standing.  Really kicking myself for getting the Credit One account.  Advice on what to do now?

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Close Credit One, keep the others.

You've got a sufficient portfolio to start with you really don't need one charging you exorbant fees just to have the account.

I don't think you have too many honestly, unless you've got others you haven't mentioned. Just let them continue to age and request cli's every 6 months so they can grow. In a years time try applying for a prime card like Chase, Discover, or Amex.

[Anonymous]

Do I still owe the balance of the $75 annual fee? I paid the initial $25 yesterday.

[rmduhon]

You still owe it. I'd put it away and close it at 10 months. But before you do that, pay it off and setup email notifications of daily balance. And check the account weekly too.

[simplynoir]

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@rmduhon wrote:
You still owe it. I'd put it away and close it at 10 months. But before you do that, pay it off and setup email notifications of daily balance. And check the account weekly too.

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+1

You already owe the fee, might as well age the card as much as you can before closing it. And make sure to keep on eye on it like rmduhon said even after paying it off; there's a reason why Credit One has a bad rep around here.

[Anonymous]

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@Anonymous wrote:
Do I still owe the balance of the $75 annual fee? I paid the initial $25 yesterday. Yes..if you look at your contract, it's fee is non-negotiable

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If you don't pay that balance (even after closing) they will not play nice and won't hesitate to report it bad...Just chalk that last 50 bucks as a " lesson learned" and IMO I would pay it in full, wait for it to post, then close.

I would also recommend that you use your cards wisely, do a small charge and pay it down, keep your UTI low and never ever be late...within a year or less your credit should be good for a "main player" like Discover, AMEX, Chase ect..

Good Luck!

[Anonymous]

Thanks all.....very helpful! No Amex in my near future though.....large charge off a few years back.

[Anonymous]

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@Anonymous wrote:
Thanks all.....very helpful! No Amex in my near future though.....large charge off a few years back.

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That stinks, sorry I mentioned it.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:
Do I still owe the balance of the $75 annual fee? I paid the initial $25 yesterday. Yes..if you look at your contract, it's fee is non-negotiable

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If you don't pay that balance (even after closing) they will not play nice and won't hesitate to report it bad...Just chalk that last 50 bucks as a " lesson learned" and IMO I would pay it in full, wait for it to post, then close.

I would also recommend that you use your cards wisely, do a small charge and pay it down, keep your UTI low and never ever be late...within a year or less your credit should be good for a "main player" like Discover, AMEX, Chase ect..

Good Luck!

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+1

[rmduhon]

When you do close the Credit One, I would suggest having them send you a letter stating that the account is closed with a zero balance. Even if you want to close it very soon pay it off then wait until the second statement after that cuts to be sure there aren't any unexpected charges/fees/interest to be paid.