Should I close my Verve Card?

Anonymous · ‎11-25-2017

I’m thinking of closing my Verve Card. I hate this card but this was the first card I got when I started repairing my credit two years ago. I now have three capital One cards (qs $400 qs1 $500 gm card $500), Amex Delta ($1000) Discover IT ($1000) Amazon Store Card ($1200) PayPal Credit ($500) and I was just approved yesterday for JetBlue for $1500. I think if I close the card my score is going to drop due to age. I’m waiting for Amex, Discover and JetBlue to start reporting so my score can go up that will be $3500 more in available credit. I wanted to get your thoughts on this matter.

EQ 644 TU 654 EX 639

sjt · ‎11-25-2017

@Anonymous wrote:
I’m thinking of closing my Verve Card. I hate this card but this was the first card I got when I started repairing my credit two years ago. I now have three capital One cards (qs $400 qs1 $500 gm card $500), Amex Delta ($1000) Discover IT ($1000) Amazon Store Card ($1200) PayPal Credit ($500) and I was just approved yesterday for JetBlue for $1500. I think if I close the card my score is going to drop due to age. I’m waiting for Amex, Discover and JetBlue to start reporting so my score can go up that will be $3500 more in available credit. I wanted to get your thoughts on this matter.

EQ 644 TU 654 EX 639

Close the Verve Card! It served its purpose as you were able to get better cards that will grow with you.

Another piece of advice: Now that you got some really good cards, go to the garden and let these cards age.

American Express: Platinum Charge, Business Platinum, Business Gold, Delta Business Reserve, Business Cash, Business Plus
Bank of America: Alaska Air Atmos Summit Visa Infinite
Capital One: Savor WEMC, Venture X Visa Infinite
Chase: Freedom U Visa Signature, CSR Visa Infinite
Citibank: AAdvantage Globe WLMC
Elan/US Bank: Fidelity Visa Signature
Credit Union: Cash Back Visa Signature
FICO 08: Score decrease between 26-41 points after auto payoff (11.01.21) FICO as of 12.24, EX: 816 / EQ: 825 / TU: 818

Anonymous · ‎11-25-2017

I too have the same concern as OP regarding the age of my oldest credit card. I started rebuilding a little more than two years ago. My very first card was a secured card with WF for $ 500.00. It has not graduated yet. I've used it so much and always paid it off monthly but may be WF just does not like me eventhough I have both checking and saving with them for almost seven years now. For the past few months, it has been in my drawer. I've been thinking about closing it but would it reduce my AAOA more since my next card after the secured card was Credit One at one year and eight months?

Anonymous · ‎11-25-2017

I forgot I also have Merrick Bank $1000. The Verve Card was opened on April 2015 and Merrick June 2015. The Merrick was increased to $1000 but Verve has stayed at $500. But I think I’m going to close the Verve card being charged $10 a month is just stupid.

EAJuggalo · ‎11-25-2017

With all the cards you have that have no annual fee I would get rid of any cards that are charging you a fee without any major benefits. Closed cards stay on your report for up to 10 years, so that isn't nearly as big an issue as it seems.

EX700 TU 704 EQ 694 4/03/22
Cap1 QS-$4,500 Chase Freedom Flex- $800 Chase Freedom Unlimited- $1,000 Victoria's Secret- $1,200 Citi DC- $800 Amazon Store Card- $3,500 AMEX Hilton Honors-$1,000 Discover It-$1,000 Wal-Mart MC $290 Chase Sapphire Preferred-$5,000 NFCU Flagship $13,800 AMEX BCE-$1,000 AMEX Gold-$5,000 AMEX Delta Blue $1,000 Lowe's $5,000 Navy Platinum $17,000 AMEX BBP $2,000

Anonymous · ‎11-25-2017

Thanks I agree close cards that have no benifits

Adkins · ‎11-25-2017

You'll still keep the history for up to ten years after you close the account. As others have stated, it's served it's purpose, time to cancel it.

Last HP 08-07-2023