Should I close shark cards?

[Gypsy2]

You know, the predatory cards (Indigo, Milestone, etc) I call them shark cards😬
I have a few 🤦🏼‍♀️
Here’s my current situation:

Scores are: Eq 631 Trans 616 Ex 622

I have 5 baddies: all falling off within the next 2 years - maybe I should try pay for delete? They are:
Progressive (Caine Weiner) $95
Esurance (Credit collection services) $84
Verizon (Trident Asset) $217
Medical (Amerisol) $288
Progressive (credit collection services)$237

These are my cards and balances:
Balance (credit limit):

Credit one - balance: 0(limit:650)* PDIF
#2 Credit one - balance 0(limit:800)* PDIF
Surge - balance: 0(limit:500)* PDIF
Nieman M - balance: 0(limit:2000)* PDIF
Indigo - balance: 0 (limit:300)* PDIF
Cap one - balance: 0(limit:200)* PDIF
Quicksilver - balance: 0(limit:500)* PDIF
Merrick - balance: 0(limit:700)* PDIF
Walmart - balance: 0(limit:200)* PDIF
First premier - balance: 0(limit:400)* PDIF
#2 First premier - balance: 250(limit:700)*
First access - balance: 275(limit:300)*
Victorias secret - balance: 100(limit:150)*
Macy’s - balance: 290(limit:300)*
Pottery barn - balance: 700(limit:1000)*

Card utilization - over all - is @ around 20%....PDIF are ones I’ve recently paid off in full and they have not reported yet. I have more money to pay off the rest of my cards but, haven’t just yet - I’m kind of waiting to see what these that I’ve paid off will do to my score?

So...can I close some of these shark cards? 🦈
Will it impact me negatively?
All of my cards have been open 2 years or less, when I started this rebuild
Any input is GREATLY appreciated!!

[Remedios]

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@Gypsy2 wrote:
You know, the predatory cards (Indigo, Milestone, etc) I call them shark cards😬
I have a few 🤦🏼‍♀️
Here’s my current situation:

Scores are: Eq 631 Trans 616 Ex 622

I have 5 baddies: all falling off within the next 2 years - maybe I should try pay for delete? They are:
$95, $84, $217, $288, $237

These are my cards and balances:
Balance (credit limit)

Credit one 0(650)* PDIF
Surge 0(500)* PDIF
Nieman marcus 0(2000)* PDIF
Indigo 0 (300)* PDIF
Cap one 0(200)* PDIF
Quicksilver 0(500)* PDIF
Merrick 0(700)* PDIF
Walmart 0(200)* PDIF
First premier 0(400)* PDIF
First premier 250(700)*
First access 275(300)*
Victorias secret 100(150)*
Macy’s 290(300)*
Pottery barn 700(1000)*

So...can I close some of these shark cards? 🦈
Will it impact me negatively?
All of my cards have been open 2 years or less, when I started this rebuild
Any input is GREATLY appreciated!!

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Well, you can as long as you understand that First Access, First premier, Indigo, Surge and Credit One all fall within that same category

As a general rule, cards with fees that cannot be justified should be closed when they've outlived their usefulness. 

Closing cards will have negative impact if it affects utilization. There is no immediate harm to AAoA, as closed card will stay on your CR for up to 10 years 

If you feel like listing your "baddies", others might be able to tell you if they do PFD or not. 

Good luck 

[Grizzly1]

I was wondering if you already paid the yearly fees. If so may as well hold onto them until just before they charge you again. At least then you can accumulate more positive payments in your payment history.

[BallBounces]

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@Gypsy2 wrote:
I have 5 baddies: all falling off within the next 2 years - maybe I should try pay for delete? They are:
$95, $84, $217, $288, $237

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This part is what is supressing your Credit Risk score, and in a significant way.

I am all for cancelling AF sub prime cards (and would almost certainly do so given your profile), but it is not even the question I would be asking until I had a handle on the scope of settling my delinquent debts that are appearing on my credit reports.  Can I suggest you list them here or in another thread so they can be addressed?

[RehabbingANDBlabbing]

First, I would try reveiwing you credit report and disputing any inaccuracies related to those debts you mentioned. They are all pretty small, so you could also attempt a pay for delete. In addition, you need to pay down your open credit cards with balances.m You have plenty of cards with no fees. The main issue you have is high utilization and the negative accounts. I'd say the shark cards are hurting you more than helping because they are negatively impacting your ability to pay off all your other cards and balances.

[Brian_Earl_Spilner]

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@Grizzly1 wrote:

I was wondering if you already paid the yearly fees. If so may as well hold onto them until just before they charge you again. At least then you can accumulate more positive payments in your payment history.

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Percentage of good vs bad payments don't matter. At best it helps with keeping utilization down and adds 1 more year to age.

[Gypsy2]

That actually makes a lot of sense! Hadn’t thought of that👍🏻 I have paid them, so might as well hang onto them until that fee comes back around

[Gypsy2]

Thank you!
Updated to list baddies

[AllZero]

Yes, you should close any subprime card that is charging you a fee unless it's your oldest card or the benefits outweigh the fee.

Yes, you should start a Good Will campaign for Pay For Delete.

I would recommend keeping the individual utilization reported statement balance at a reasonable level (28.9%). Anything above 88.9% is maxed out.

[FireMedic1]

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@Gypsy2 wrote:
I posted this once before but all of the replies disappeared 😢
You know, the predatory cards (Indigo, Milestone, etc) I call them shark cards😬
I have a few 🤦🏼‍♀️
Here’s my current situation:

Scores are: Eq 631 Trans 616 Ex 622

I have 5 baddies: all falling off within the next 2 years - maybe I should try pay for delete? They are:
Progressive (Caine Weiner) $95
Esurance (Credit collection services) $84
Verizon (Trident Asset) $217
Medical (Amerisol) $288
Progressive (credit collection services)$237

These are my cards and balances:
Balance (credit limit):

Credit one - balance: 0(limit:650)* PDIF
#2 Credit one - balance 0(limit:800)* PDIF
Surge - balance: 0(limit:500)* PDIF
Nieman M - balance: 0(limit:2000)* PDIF
Indigo - balance: 0 (limit:300)* PDIF
Cap one - balance: 0(limit:200)* PDIF
Quicksilver - balance: 0(limit:500)* PDIF
Merrick - balance: 0(limit:700)* PDIF
Walmart - balance: 0(limit:200)* PDIF
First premier - balance: 0(limit:400)* PDIF
#2 First premier - balance: 250(limit:700)*
First access - balance: 275(limit:300)* Maxed Out
Victorias secret - balance: 100(limit:150)* Really close to Maxed Out
Macy’s - balance: 290(limit:300)* Maxed Out
Pottery barn - balance: 700(limit:1000)* 70% Hurts

Card utilization - over all - is @ around 20%....PDIF are ones I’ve recently paid off in full and they have not reported yet. I have more money to pay off the rest of my cards but, haven’t just yet - I’m kind of waiting to see what these that I’ve paid off will do to my score?

So...can I close some of these shark cards? 🦈
Will it impact me negatively?
All of my cards have been open 2 years or less, when I started this rebuild
What about pay for deletes for baddies listed? Any other advice on what the best next step would be?
Any input is GREATLY appreciated!!

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Impacting you negatively is the maxed out cards that can be easily fixed. Overall util maybe low. But individual util's on accounts hurt worse. Pay them down. 89% or more is considered maxed out and a lot of points lost. But the CA's could hamper a big increase. Yes try and negociate a PFD with those amounts with the CA's. Paid is better than owed. They aren't really high amounts. Good Luck.