Seeking advice on sub-prime card cancellation

[Anonymous]

Hello all,

At the point now in my rebuilding journey that I'm finally able to dump credit-one.

Questions for those that have already experienced this: What is the impact to credit score for closing a card and reducing the available credit?

Data Points: This card was opened in September 2017, SL is 650, zero balance.

Thanks!

[Pikaboo-icu]

Greetings,

The effect will depend on the age of the account..

If it's your oldest, you might want to keep it open providing there's no annual fee.

It can also affect uti- if your uti is already low<9%  and closing this will not take it above that, there shouldn't be any affect from it. 

CHEERS  and Good for YOU! 

[Anonymous]

It isn't the oldest; I have two others that are older. One is a QS that was PC'd from Platinum after graduating to unsecured, the other is QS1, both higher limits.

My utilization is low anyway, so not an issue there.

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@Pikaboo-icu wrote:

Greetings,

The effect will depend on the age of the account..

If it's your oldest, you might want to keep it open providing there's no annual fee.

It can also affect uti- if your uti is already low<9%  and closing this will not take it above that, there shouldn't be any affect from it. 

CHEERS  and Good for YOU! 

---

[Pikaboo-icu]

You should be all good then...

I'm happy for you!! 

[pipeguy]

Even if it was your oldest it will make no difference in scoring - open AND closed accounts will stay on your credit report and be part of the scoring for 10 years (negative ones in 7 years). There is an old adage about owning a boat, the two best days of a boat owners life are the day he/she buys their boat and then the day he/she sells the boat. Just sub Credit One card for boat and it fits perfectly