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5 Credit Cards Closed!

Valued Contributor

5 Credit Cards Closed!

Today i lost my mind, i Closed 5 Credit Cards, PayPal Extras MasterCard, Amazon Store Card, Macy's Store Card, JCPenney Store Card and Bloomingdale's Store Card, Was that a mistake???

Smiley Happy (BANK OF AMERiCA CA$H REWARD$ ViSA SiGNATURE) (CHASE AMAZON ViSA SiGNATURE) (CAPiTAL ONE QUiCKSiLVER ViSA SiGNATURE) (CiTi DOUBLE CA$H WORLD MASTERCARD) (BARCLAYCARD UPROMiSE WORLD MASTERCARD) (SYNCHRONY MARVEL MASTERCARD) (AMERiCAN EXPRESS BLUE CA$H EVERYDAY) (DiSCOVER iT NHL)
Message 1 of 11
10 REPLIES
Valued Contributor

Re: 5 Credit Cards Closed!

Nope, they are all ehhh cards anyway and if you don't have a need for them then its ok, it looks like you have plenty of other cards in the wallet. Those cards you closed will continue to report for up to 10 years
CHASE FREEDOM | AMEX BCE | | BOFA REWARDS | CITI TYP | Quicksilver | DISCOVER IT | Sallie Mae | CHASE CSP
--------$32,000-------------$30,000-----------$30,000-----------$30,000-----$13,000---------$18,200----------$15,000---------$6,500----

FICO - TU: 780 EX: 784 EQ: 781
Message 2 of 11
Contributor

Re: 5 Credit Cards Closed!

They're store card.... You're fine.


  

BK 7 Dismissed: 5/2014 AAoA: 6 years Credit Scores (07-02-2015): My Privacy Matters: TU: 633 EX:658 EQ: 651
How to add pics to Signature

Message 3 of 11
Frequent Contributor

Re: 5 Credit Cards Closed!

Agreed. Nothing lost by closing those cards. Concentrate on the ones you still have, you will be fine.



Starting Scores: myFICO EQ: 678, myFICO TU: 676, myFICO EX: 678 (01/2013)
Latest Scores: myFICO EQ: 789, myFICO TU: 782, myFICO EX: 788
My Wallet: American Express BCE, NFCU cashRewards, Capital One Quicksilver, Discover It, Chase Freedom, Chase Amazon Rewards
Gardening since 02/07/17
Message 4 of 11
Super Contributor

Re: 5 Credit Cards Closed!

Not really. You seem to have way better cards in your sig anyway. I don't believe in having that many store cards and have only kept the ones that I actually have use for or have grown with me as my profile has improved. They're just utilization cushions this point to help keep me under 10% each month.

Total CL: Around $168,750 not counting hidden TLs. FICOs in the 700-730 range.

Main cards: Macy's Amex: $24k, Lowe's, $17k, Chase Sapphire Preferred: $7k, Chase AARP: $5.2k, Chase Freedom: $5k, Chase British Airways: $5k, Discover It: $1.5k, Barclays Arrival: $2.5k, Sam's Club MC: $8.5k, Stash: $8k, Sam's Club: $10k, Wells Fargo Propel: $8k, Paypal Smart Connect: $4.9k, Amazon Store Card: $6k, Cabelas Club Visa: $5k, Nordstrom: $5k, CapOne Quicksilver: $2k
Message 5 of 11
Established Contributor

Re: 5 Credit Cards Closed!

Depends on the limits of those cards and those you've kept open, which is entirely unclear.  Your utilization may take quite a hit, depending.

Starting (July 2013): 557 EQ - 586 TU - 591 EX ** Current: (Jan 2017): 715 EQ - 750 TU - 730 EX ** Goal: 750+ on all
Message 6 of 11
Valued Contributor

Re: 5 Credit Cards Closed!

If your utilization did not take a significant hit it doesn't matter.

 

Also, if you don't plan on buying anything utilizing credit for a while it doesn't matter

Starting a whole new chapter
Message 7 of 11
Established Contributor

Re: 5 Credit Cards Closed!

If the cards have tons of age on them and were your oldest cards, you could have spread it out but what's done is done.  No real impact in the short term.

FICO Scores: EX 733 (1/17/15) EQ 761 (1/17/15) TU 750 (1/17/15)
     
      
Message 8 of 11
Valued Contributor

Re: 5 Credit Cards Closed!

Thank you all, i feel better now Smiley Happy

Smiley Happy (BANK OF AMERiCA CA$H REWARD$ ViSA SiGNATURE) (CHASE AMAZON ViSA SiGNATURE) (CAPiTAL ONE QUiCKSiLVER ViSA SiGNATURE) (CiTi DOUBLE CA$H WORLD MASTERCARD) (BARCLAYCARD UPROMiSE WORLD MASTERCARD) (SYNCHRONY MARVEL MASTERCARD) (AMERiCAN EXPRESS BLUE CA$H EVERYDAY) (DiSCOVER iT NHL)
Message 9 of 11
Super Contributor

Re: 5 Credit Cards Closed!


Luscher wrote:
Nope, they are all ehhh cards anyway and if you don't have a need for them then its ok, it looks like you have plenty of other cards in the wallet. Those cards you closed will continue to report for up to 10 years

I'm sure he meant stay on your report for 10 years. But they will not report once closed. Will help AAOf A in time. But not util. It's outboard if you don't need them rouse them. I'm surprised you axed macys. As it grows fast. 


Message 10 of 11