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Hi! I have 3 cards from Comenity Bank, ULTA, Kingsize and Full Beauty. All are 750.00 credit limits. If I cancel them, what will that do to my credit score? I have other credit cards and the limits without these cards is over $33,000. I do not carry balances on amy of my cards. Will it be OK to cancel them? Thanks in advance.
@Anonymous wrote:Hi! I have 3 cards from Comenity Bank, ULTA, Kingsize and Full Beauty. All are 750.00 credit limits. If I cancel them, what will that do to my credit score? I have other credit cards and the limits without these cards is over $33,000. I do not carry balances on amy of my cards. Will it be OK to cancel them? Thanks in advance.
It won't hurt your scores one bit. The cards will continue to report and age for up to 10 years so your Average Age of Accounts (AAoA) which a factor in FICO Scoring will not be affected. The only time closing a credit card can hurt your score is if their limits and the balances you carry in credit cards drastically change your overall utilization. Because these are all small limit cards and you do not carry balances so your utilization will not be affected.
Some people might advise you that if a card does not have an annual fee that you leave the cards open so that their overall age will get bigger when they do stop reporting even if it's 10 years from when you close them or the creditor closes them from inactivity. It's entirely up to you and if you don't feel like monitoring them as you should any credit card account, close away.
@Anonymous wrote:
@Anonymous wrote:Hi! I have 3 cards from Comenity Bank, ULTA, Kingsize and Full Beauty. All are 750.00 credit limits. If I cancel them, what will that do to my credit score? I have other credit cards and the limits without these cards is over $33,000. I do not carry balances on amy of my cards. Will it be OK to cancel them? Thanks in advance.
It won't hurt your scores one bit. The cards will continue to report and age for up to 10 years so your Average Age of Accounts (AAoA) which a factor in FICO Scoring will not be affected. The only time closing a credit card can hurt your score is if their limits and the balances you carry in credit cards drastically change your overall utilization. Because these are all small limit cards and you do not carry balances so your utilization will not be affected.
Some people might advise you that if a card does not have an annual fee that you leave the cards open so that their overall age will get bigger when they do stop reporting even if it's 10 years from when you close them or the creditor closes them from inactivity. It's entirely up to you and if you don't feel like monitoring them as you should any credit card account, close away.
Thanks for the advice. I think I will keep them sicne they are my oldest credit cards.