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Advice on Closing Credit Cards(Low Credit Limits)

tag
webhopper
Moderator Emeritus

Re: Advice on Closing Credit Cards(Low Credit Limits)

In my opinion you should close first premier and matrix discover.

Join DCU now but then wait til after your student loans get updated; then apply for their unsecured visa and garden. Do your capital one cards have a annual fee?
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 11 of 21
gotti5000
Member

Re: Advice on Closing Credit Cards(Low Credit Limits)

DCU? is that the Digital Federal Credit Union. For the Capital One Cash Rewards & Classic Platinum the Annual Fee is $39 for both. My only concern is that I would hate for my scores to drop considering their already low.

Message 12 of 21
webhopper
Moderator Emeritus

Re: Advice on Closing Credit Cards(Low Credit Limits)

Your scores wont drop from closing card accounts...
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 13 of 21
gotti5000
Member

Re: Advice on Closing Credit Cards(Low Credit Limits)

 My question is if I dont use the cards and keep the balance paid in full each month would this still help increase my credit scores?

Message 14 of 21
gotti5000
Member

Re: Advice on Closing Credit Cards(Low Credit Limits)

>>>>>

Message 15 of 21
nfs_mw
New Contributor

Re: Advice on Closing Credit Cards(Low Credit Limits)

Yes.. PIF every month..will add 1 account in good standing..

 

Moreover for lenders Fico score is not everything...They look at the big picture..Your full credit profile, number of accounts in good standing, Income, Utilization et all

 

So if you can take the pain to maintain the account..do it

Message 16 of 21
gotti5000
Member

Re: Advice on Closing Credit Cards(Low Credit Limits)

Ok thanks, I think thats what I will do, just keep the balance paid in full but dont use the cards. I just can't risk my score dropping right now...... To many people on this site & others saying different things on whether my score will drop or not, so I'll just stay safe, and dont close them.....

Message 17 of 21
webhopper
Moderator Emeritus

Re: Advice on Closing Credit Cards(Low Credit Limits)


@gotti5000 wrote:

Ok thanks, I think thats what I will do, just keep the balance paid in full but dont use the cards. I just can't risk my score dropping right now...... To many people on this site & others saying different things on whether my score will drop or not, so I'll just stay safe, and dont close them.....


That's a safe strategy

FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 18 of 21
phillyguy12
Frequent Contributor

Re: Advice on Closing Credit Cards(Low Credit Limits)

get the cli  = or > than the 1st premier limit and close it, you don't need it and if i remember correctly they have a monthy servicing fee  in addition to the af. closing the account does not hurt your score, what will hurt is if you close it w/out replacing the limt because your ult will take a hit. closed accounts with positive status (no lates or anything) will remain on your file for upto 10 yrs and i believe still fall into the mix for avg age of accounts.

Amx BCE-25k,Amx Zync-NSPL
Barclay's Mastercard-13.5k
Credit Union Visa-1k
Discover-24k, Khols-2k
Message 19 of 21
gotti5000
Member

Re: Advice on Closing Credit Cards(Low Credit Limits)

So basically do not close one of the cards until I increase my credit limit on the Capital One cards.......

Message 20 of 21
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