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Posts: 4
Registered: ‎03-22-2009
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Advice on Closing Credit Cards

I'm 24 and a recent college graduate who is currently unemployed. I own my home and have no mortgage. My cash situation is good.  As of December, my FICO scores were all above 760. I've no plans to seek additional credit cards or loans, except possibly a student loan in the next 6-18 months.

 

I've Mastercard, Visa, BP, Best Buy and King Size cards with a total limit of $15500. I will keep Mastercard and Visa, which accounts for $14000. I want to close King Size, and I'm indifferent to Best Buy and BP. My Best Buy limit was just cut from $1800 to $300. I use my Visa for most purchases, however pay it off monthly. I rarely carry a balance on any of my cards. Is it ok to close some cards?  How can I ensure my credit report reflects I requested the closure? 

 

Thank you.

Epic Contributor
Posts: 23,814
Registered: ‎10-23-2007
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Re: Advice on Closing Credit Cards

you would be fine to close them out since they are low limits and you don't carry a balance. as long as they are not your oldest account.
Fico Scores: EQ- 662., TU 684 Barclay, EX 700 (3/21/15)

You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
72 Cards and Counting :smileytongue:
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Epic Contributor
Posts: 28,098
Registered: ‎04-01-2007
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Re: Advice on Closing Credit Cards

If they have no fees, there's no real point in closing them. It's up to you, though. Since you currently have no open installment loans, you don't need to worry about having enough CC's to balance out loans, which always report a balance. (Keep this in mind if you wind up getting a SL, though.)

I'd leave the gas card open. It helps your credit mix.

I'm hoping that you've already read fused's Closing Credit Cards. If not, it's linked in my siggy below.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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