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Which card should I cancel?


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The last post in this topic was posted 1652 days ago. 

 

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GoneGrl, what is the rest of your profile? I'm a proponent of closing those ASAP, would only keep them to show "positive open tradelines" as long as it took to get another card, and even THAT MUCH is on shaky ground.

 

I'd recommend starting your own thread with scores, and your current credit profile, and good advice will come flocking your way.

Edited by Zanshiro
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Long ago, in my early days of rebuilding, I found that my rebuilder cards were keeping my better cards from rising. Magically, once I closed them down, the others instantly took off. I believe one was an HSBC with a $400 limit that they refused to increase. Either the others were looking at the rebuilder brand, or it was the "higher limits" rule.

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Long ago, in my early days of rebuilding, I found that my rebuilder cards were keeping my better cards from rising. Magically, once I closed them down, the others instantly took off. I believe one was an HSBC with a $400 limit that they refused to increase. Either the others were looking at the rebuilder brand, or it was the "higher limits" rule.

Exactly what I'm thinking might be going on.

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I would venture further to say now that you have your foot in the door with 3 mainstream banks that it's a good idea to close the following regardless. Take the small hit now on your scores and watch the rest blossom into bigger limits and open more doors.

 

Credit One Bank

First Premier

Overstock

Victoria's Secret

Fingerhut

Cutting the fat now rather than later will hurt less than closing your Fingerhut account when it's 9 years old. These accounts did what they're supposed to do and got you into Chase, Amex, and Discover. Treat them right and they'll grow quickly as you use them and pay them. Looking at the limits I'm taking a stab in the dark to say you're new-ish to credit or cleaning up some older baddies on your reports. Take a break from applying for new accounts to let things age and grow. 12-24 months these accounts should grow to anywhere from $10K - $25K or more depending on your underlying stats. Given the new accounts if you're looking for more from Chase the timeout will let you get back under 5/24 to pick up some more rewards cards with them as well. Also, keep your balances down to 1 card and less than 5% reporting.

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I have two cards First Premier and CreditOne Bank that I would like to close but will it hurt my score?

 

There are no real rewards on them and their fees are high as most Subprime cards are.

Not at all. And with your scores you can get better cards. I did get a few cards at $10,000 and $20,000 CL with your scores. As long as you do not have serious derogs and high Utilization, don't concern yourself too much about unavoidable scores dips. It's time to get a divorce with Credit One and First Premier.

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Attempting to read through this thread, what the OP really needs to do is read the T&Cs of that Best Buy 0% deal.

I forsee retroactive interest in the future.

for what? I’m paying extra so I don’t have to pay interest which I don’t like so I make extra payments on all my accounts. I am never late or delinquent on my pay and on my accounts I always make extra payments so I will never have to deal with future debts because I spend on what I can afford and not what I want. Wants>needs

 

There's a difference in 0% introductory periods. Merely making your payments on time every month will not prevent you from paying interest on a deferred interest promotion, which is what the majority of store card offers are. If you do not have the balance paid in full by the end of the promotional period, you will pay accumulated interest that began on day one of the purchase. This is known as deferred interest because you are still accumulating interest that you will have to pay if you don't pay the entire balance in full, even if you made on time payments throughout the period. Depending upon the purchase size, this can be a consequential and substantial sum.

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  • 3 weeks later...

 

So I got a discover card and a chase card because the reason I only got them was because of 0% apr but chase has already run out of 0% and I have an interest rate of 23.99 but discovery still have 0% until April 2018 but I saw that with a navy federal platinum Visa card I could have a rate between 6.99 and 18% so I would rather have 18^% then another potential 22% apr with discovery. The thing I like about discovery is they have a freeze my card feature which chase doesnt have but other then that no benefits of having 2 reward cards. With chase I have a 4.5k credit and with discovery I have 5k but I am not going to nearly use up the maximum so I dont really care about credit lines but just to have for backup and sometimes rewards.

 

 

Did you end up closing the Discovery?

 

Nope, because I guess I will just keep it forever now. Having a 5k balance is not bad encase I do run into something.

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So I got a discover card and a chase card because the reason I only got them was because of 0% apr but chase has already run out of 0% and I have an interest rate of 23.99 but discovery still have 0% until April 2018 but I saw that with a navy federal platinum Visa card I could have a rate between 6.99 and 18% so I would rather have 18^% then another potential 22% apr with discovery. The thing I like about discovery is they have a freeze my card feature which chase doesnt have but other then that no benefits of having 2 reward cards. With chase I have a 4.5k credit and with discovery I have 5k but I am not going to nearly use up the maximum so I dont really care about credit lines but just to have for backup and sometimes rewards.

 

 

Did you end up closing the Discovery?

 

Nope, because I guess I will just keep it forever now. Having a 5k balance is not bad encase I do run into something.

 

you're carrying 5k balance on discovery?

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So I got a discover card and a chase card because the reason I only got them was because of 0% apr but chase has already run out of 0% and I have an interest rate of 23.99 but discovery still have 0% until April 2018 but I saw that with a navy federal platinum Visa card I could have a rate between 6.99 and 18% so I would rather have 18^% then another potential 22% apr with discovery. The thing I like about discovery is they have a freeze my card feature which chase doesnt have but other then that no benefits of having 2 reward cards. With chase I have a 4.5k credit and with discovery I have 5k but I am not going to nearly use up the maximum so I dont really care about credit lines but just to have for backup and sometimes rewards.

 

 

Did you end up closing the Discovery?

 

Nope, because I guess I will just keep it forever now. Having a 5k balance is not bad encase I do run into something.

 

you're carrying 5k balance on discovery?

 

Not a 5k balance but I got 5k credit on file ready to use whenever I want.

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Discover is a keeper.

 

Good 5 percent categories.

 

Look for the Soft Pull Credit Line Increase button, and youll be able to increase that $5000 limit.

 

Just dont buy anything unnecessary because of the 5 percent, and make sure you pay the full statement balance by the statement due date so you dont pay any interest.

 

MP

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Why not call and ask them to decrease your CL? Better than closing it, would be the same affect on your utilization, without the closure.

 

Why would you ever call and ask for a suckier limit?

 

 

it is better to close it than have a suckler limit.

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