Should I keep Credit One or close it?

[Anonymous]

Credit one 21.9% interest rate but interest accrues from day it posts

Fees - none

Limit $2,500

It's approximately 2.5 years old.

I do not need the line as far as Visa/MC/Discover goes I have

• 2 Discovers with $4,000 limit each - higher interest rate
• DCU Visa $1,000 limit should be able to get it raised next month 17% interest
• Visions Visa $5,000 limit 0% for 6 months then 10% interest Rate
• Barclays Visa $1,500 limit higher interest rate
• Paypal Rewards Mastercard $4,000 limit 2 points per higher interest rate

However If I minimally use this the interest will be minimal and will help my utilization by reporting 0/$2,500

Please don't knee jerk and say Credit One is terrible my terms don't seem that bad.

Also this was paid off almost through a refinance loan at Visions at 4.5% they sent a letter with payment to close the account.  I can reinstate it.  I am hoping if I decide to reinstate it will keep the same age.

Please give me your thoughts?

[Streetervillelady]

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@Anonymous wrote:

Credit one 21.9% interest rate but interest accrues from day it posts

Fees - none

Limit $2,500

It's approximately 2.5 years old.

I do not need the line as far as Visa/MC/Discover goes I have

• 2 Discovers with $4,000 limit each - higher interest rate
• DCU Visa $1,000 limit should be able to get it raised next month 17% interest
• Visions Visa $5,000 limit 0% for 6 months then 10% interest Rate
• Barclays Visa $1,500 limit higher interest rate
• Paypal Rewards Mastercard $4,000 limit 2 points per higher interest rate

However If I minimally use this the interest will be minimal and will help my utilization by reporting 0/$2,500

Please don't knee jerk and say Credit One is terrible my terms don't seem that bad.

Also this was paid off almost through a refinance loan at Visions at 4.5% they sent a letter with payment to close the account.  I can reinstate it.  I am hoping if I decide to reinstate it will keep the same age.

Please give me your thoughts?

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Close it.  It has served it's purpose.  Onward and upward!

[Anonymous]

But if it costs me nothing and helps utilization by adding 0/$2,500 is closing it really best?

What if I keep it open but auto bill $10 a month and pay as it posts?

[Shooting-For-800]

If you are not paying fees, I would use it every 90 days and sock drawer it.

[simplynoir]

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@Anonymous wrote:

But if it costs me nothing and helps utilization by adding 0/$2,500 is closing it really best?

What if I keep it open but auto bill $10 a month and pay as it posts?

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If it costs nothing for you to keep it open and you make sure Credit One doesn't pull any tricks I'd keep it as it for the time being to help with utilization. Once you get CLIs on your other cards to make up the difference then contemplate closing it then.

[Anonymous]

For complete disclosure I did just close 2 Capital One tiered cards QS1 $600 limit and platinum $300 limit and Merrick Visa $2,000 limit with high interest rate and $4 per month fee.

[Anonymous]

I agree if you are not getting an AF then keep it for the UTL cushion. I just called & cancelled my Credit1 account as the AF would hit at the end of the month- $800 limit & they declined to waive the AF or give me a cli, so buh- BYE...

[800FICOGoal]

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@Streetervillelady wrote:

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@Anonymous wrote:

.

.

I do not need the line as far as Visa/MC/Discover goes I have

• 2 Discovers with $4,000 limit each - higher interest rate
• DCU Visa $1,000 limit should be able to get it raised next month 17% interest
• Visions Visa $5,000 limit 0% for 6 months then 10% interest Rate
• Barclays Visa $1,500 limit higher interest rate
• Paypal Rewards Mastercard $4,000 limit 2 points per higher interest rate

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Close it.  It has served it's purpose.  Onward and upward!

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I have to agree, even if there is no fee. Given the cards you already have, just be done with Credit1 and move forward in your credit journey. Hopefully the DCU increase will make up for all or most of the Credit one limit.

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@Anonymous wrote:

I can reinstate it.  I am hoping if I decide to reinstate it will keep the same age.

If age is a concern, why bother? Its still aging on your report for 10 years after closing. 

[Caardvark]

In most circumstances I would agree with the others to keep it for padding, if there is no AF. 

However, Credit One is slimy and I would be concerned they will find a way to charge you for something. Better to distance yourself from them post haste. In fact, I'd recommend burning the card, saying a prayer to the credit gods and then washing your hands with kerosene just to make sure it's gone. 

Fun fact: Everytime I finish a post about Credit One, First Premier, et al; I clean my hands and keyboard with an alcohol wipe

[Anonymous]

OK thanks for the advice.  

I hear you all that I am playing with fire with Credit One so I have decided that as soon as I get my DCU increased I will shut down Credit One.

They really haven't been all that bad to me.  The line grew from $1,000 to $2,500, it has not terrible interest rate of 21% and no annual fee. I know interest accrues day 1 and they have horrible customer service so I'll take you advice and say good riddence but after I get that upcoming increase on my DCU Visa.