Question about closing cards, aging, aggregate credit amounts and AZEO

[Suzette2]

So, all:

I started rebuilding from 500/experian, 480/TU, 490/EQ 3.5 years ago.  I am now at 686/Experian, 670/TU, 659 EQuifax.  Goal is to be high 700's and have better cards/high limits.  I have my own business and suffered setbacks with medical issues so I've been rebuilding for a while and do have a high income.

I have the following cards - some subprimes, as listed with their opening dates.  ALL ARE ZERO BALANCES, NEVER LATE:

1:  SELF  $1,120 (1k security), opened 5/20.

2:  Opensky $800 (800 security), opened 11/20.

3: Credit One $600, opened 8/21

4:  Cap1 QS: $700 12/20. CL's are $100 at a time- useless bucketed

5:  Avant $500; 9/21

6:  CareCredit, started at $300 now at $3500/auto CL's, opneed 3/21

I had a car loan on 3/21 - 3/22 for 15k...paid off.  NEVER LATE....

CURRENT AND BETTER CARDS/LOANS

1: Affirm, 1k limit, balance $371, 1/22

2:  Ally Car loan, $56k, 4/22

3:  Discover IT, 1k, 4/22 ($50 balance) - heavy usage (around 1800 a month)

4:  AMEX Blue cash, 2k, 4/22 ($60 balance) -heavy usage (around 2k a month)

QUESTION:

Should I close the subprimes and concentrate on the better cards - or will that hurt the total amount of credit available and lower my scores?  As I just purchased the car/Inquiries, I need to wait (obviously) for new cards.  How long is the wait period before that matters less- I'm assuming the car loan needs a few payments as well as Discover/AMEX.  

ALL BALANCES are zero - with minimal for DIscovery/AMEX as noted - AZEO WORKS.  Interestingly, every time I pay my heavily used AMEX, I keep getting a Delta Skymiles offer....but I'm gunshy for a hard pull.  

Due to this group, my score has not really dropped with all the inquiries/new accounts because of AZEO - but the statements haven't yet closed on all of them so bureaus are saying my usage is 16 percent when it is actually 3. 

Thanks so much for any thoughts!

[HeavenOhio]

I'd close everything on your first list except Capital One. Keeping this card leaves a Mastercard or Visa in your arsenal. It also keeps you at three cards, which is advantageous for scoring.

[KJinNC]

You should be able to get one or more significantly better cards at this point. I might try to get a better new Visa or MC, hoping for a $5k or higher CL, or if you want to push it a bit, you could probably get two new ones ... and then close your entire first list and start looking closely at the second list. Ultimately, all I might keep would be the Discover and the Amex (and of course, the car loan).

Closing those accounts could affect your utilization, but sounds like you PIF anyway, so shouldn't be a big deal, and anyway, they are all small limits, so a single $5K card would compensate for them. It will not hurt your account age any time soon since they will still show on credit reports for roughly 10 years.

This answer has some caveats, though - for example, if you are planning to get a mortgage soon, you might want to wait until after that before opening any new accounts. JMO, good luck!

[sarux3]

Not sure why the other posters are recommending that you close the CareCredit (maybe they didn't catch it amongst your sub-primes in that list), but...  don't.  It's your highest CL, a useful tool to have in your wallet for medical and veterinary expenses, and it's known to grow with TLC, as you've observed.  But yes, drop the secured lines and get your cash back... close Credit One especially if it's charging those high monthly fees... maybe hold onto the Capital One and Avant if they are no-AF until you've locked in any newer/better cards down the road.

[FireMedic1]

I'd look at CU's for the next card. NFCU is a good one if you can get in. SP CLI's. Get a good MC/Visa. Close a subprime. Definately close any fee cards now. Sync has PP MC 2%CB.Even everybodys fav card. Non bucket Cap1 card comes in mostly around $3000 lately. Others will chime in. Just throwing some example with the scores you provided. I can say once 700 is hit. Opens a lot of doors.

[unsungivy]

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@sarux3 wrote:

Not sure why the other posters are recommending that you close the CareCredit (maybe they didn't catch it amongst your sub-primes in that list), but...  don't.  It's your highest CL, a useful tool to have in your wallet for medical and veterinary expenses, and it's known to grow with TLC, as you've observed.  But yes, drop the secured lines and get your cash back... close Credit One especially if it's charging those high monthly fees... maybe hold onto the Capital One and Avant if they are no-AF until you've locked in any newer/better cards down the road.

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Same answer. Confused why people said to close your CareCredit... don't. It's useful, and a good backup for health emergencies, and easy to grow the credit line (it also has an infinitesimal chance to upgrade to a MC). Keep that and the QS. Close the rest.

[RealEstateGuy89]

If you already have an AMEX, lock your CB's now and then go for the Delta if you want it. After you have your 1st AMEX, the rest of your AMEX cards that you app for are usually soft pull. There is a very small percentage that end up with a hard pull but most of us end up with soft pulls only when apping for another card with them.

I would also keep your care credit card for the utilization padding/emergencies. Good luck! 

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@Suzette2 wrote:

So, all:

I started rebuilding from 500/experian, 480/TU, 490/EQ 3.5 years ago.  I am now at 686/Experian, 670/TU, 659 EQuifax.  Goal is to be high 700's and have better cards/high limits.  I have my own business and suffered setbacks with medical issues so I've been rebuilding for a while and do have a high income.

I have the following cards - some subprimes, as listed with their opening dates.  ALL ARE ZERO BALANCES, NEVER LATE:

1:  SELF  $1,120 (1k security), opened 5/20.

2:  Opensky $800 (800 security), opened 11/20.

3: Credit One $600, opened 8/21

4:  Cap1 QS: $700 12/20. CL's are $100 at a time- useless bucketed

5:  Avant $500; 9/21

6:  CareCredit, started at $300 now at $3500/auto CL's, opneed 3/21

I had a car loan on 3/21 - 3/22 for 15k...paid off.  NEVER LATE....

CURRENT AND BETTER CARDS/LOANS

1: Affirm, 1k limit, balance $371, 1/22

2:  Ally Car loan, $56k, 4/22

3:  Discover IT, 1k, 4/22 ($50 balance) - heavy usage (around 1800 a month)

4:  AMEX Blue cash, 2k, 4/22 ($60 balance) -heavy usage (around 2k a month)

QUESTION:

Should I close the subprimes and concentrate on the better cards - or will that hurt the total amount of credit available and lower my scores?  As I just purchased the car/Inquiries, I need to wait (obviously) for new cards.  How long is the wait period before that matters less- I'm assuming the car loan needs a few payments as well as Discover/AMEX.  

ALL BALANCES are zero - with minimal for DIscovery/AMEX as noted - AZEO WORKS.  Interestingly, every time I pay my heavily used AMEX, I keep getting a Delta Skymiles offer....but I'm gunshy for a hard pull.  

Due to this group, my score has not really dropped with all the inquiries/new accounts because of AZEO - but the statements haven't yet closed on all of them so bureaus are saying my usage is 16 percent when it is actually 3. 

Thanks so much for any thoughts!

---

[KJinNC]

I originally missed that CareCredit is up to $3,500. I'd keep that one. I don't have an opinion about CareCredit (never had it, never looked into it) but the CL is pretty healthy, no pun intended  

[SouthJamaica]

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@Suzette2 wrote:

So, all:

I started rebuilding from 500/experian, 480/TU, 490/EQ 3.5 years ago.  I am now at 686/Experian, 670/TU, 659 EQuifax.  Goal is to be high 700's and have better cards/high limits.  I have my own business and suffered setbacks with medical issues so I've been rebuilding for a while and do have a high income.

I have the following cards - some subprimes, as listed with their opening dates.  ALL ARE ZERO BALANCES, NEVER LATE:

1:  SELF  $1,120 (1k security), opened 5/20.

2:  Opensky $800 (800 security), opened 11/20.

3: Credit One $600, opened 8/21

4:  Cap1 QS: $700 12/20. CL's are $100 at a time- useless bucketed

5:  Avant $500; 9/21

6:  CareCredit, started at $300 now at $3500/auto CL's, opneed 3/21

I had a car loan on 3/21 - 3/22 for 15k...paid off.  NEVER LATE....

CURRENT AND BETTER CARDS/LOANS

1: Affirm, 1k limit, balance $371, 1/22

2:  Ally Car loan, $56k, 4/22

3:  Discover IT, 1k, 4/22 ($50 balance) - heavy usage (around 1800 a month)

4:  AMEX Blue cash, 2k, 4/22 ($60 balance) -heavy usage (around 2k a month)

QUESTION:

Should I close the subprimes and concentrate on the better cards - or will that hurt the total amount of credit available and lower my scores?  As I just purchased the car/Inquiries, I need to wait (obviously) for new cards.  How long is the wait period before that matters less- I'm assuming the car loan needs a few payments as well as Discover/AMEX.  

ALL BALANCES are zero - with minimal for DIscovery/AMEX as noted - AZEO WORKS.  Interestingly, every time I pay my heavily used AMEX, I keep getting a Delta Skymiles offer....but I'm gunshy for a hard pull.  

Due to this group, my score has not really dropped with all the inquiries/new accounts because of AZEO - but the statements haven't yet closed on all of them so bureaus are saying my usage is 16 percent when it is actually 3. 

Thanks so much for any thoughts!

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Since you have 3% utilization, I don't see a problem with closing your 3 sub prime cards (Avant, Affirm, Open Sky), but I would do it slowly... one a month.

[Suzette2]

After opening a AMEX blue cash in March - pre car loan payoff and new loan- TODAY got a 'preapproval' offer for an amex

Platnimum Delta Skymiles....clicked button and was approved.  Obviously not a HP.