Closing 3 credit cards at once? Effect on score?

[mjb59463]

I plan to axe my Citi Forward and my Banana Republic as soon as I can get at least an 800 dollar and 700 increase on two of my bigger cards at some point in the future, as a type of offset. Not in a rush for that though. Those 2 are collecting dust in the safe as well.

[USF813]

As long as it doesn't affect your utilization too much, I don't see a problem. I closed my Best Buy store card yesterday. Never use the thing and didn't really care for the low limit.

[mjb59463]

Yeah definitely. I pay my bills on the 1st of every month, so that should help lower the Util even a little bit further. I'll close them after those payments post.

[AMTB]

did just that, then went on app spree. all of the app were approved CL more than double of all 3 cards I cancelled.

[joltdude]

Mj
You misunderstood Bluepoodle completely. The idea is try to get a cli on the cards your keeping to conteract the utilization change that will occur by closing the cards your axing... not get a cli on cards your closing! You want to try to up Cli preferably soft pulls on prime cards, then axe the unwanted....

[mjb59463]

I just got approved for the Wells Fargo Card on Monday, with a 2500 limit. Haven't rang up a charge on it yet. Won't that offset it, since its limit is 1,500 dollars higher than the combined limit of the 3 cards I want to close?

[SevenNEW]

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@joltdude wrote:
Mj
You misunderstood Bluepoodle completely. The idea is try to get a cli on the cards your keeping to conteract the utilization change that will occur by closing the cards your axing... not get a cli on cards your closing! You want to try to up Cli preferably soft pulls on prime cards, then axe the unwanted....

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Yep--that would be the best strategy.

[BluePoodle]

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@mjb59463 wrote:

I just got approved for the Wells Fargo Card on Monday, with a 2500 limit. Haven't rang up a charge on it yet. Won't that offset it, since its limit is 1,500 dollars higher than the combined limit of the 3 cards I want to close?

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Yes and no. You'll get a ding for the New TL on your AAoA and the HP.  But yes, CL will help your utilization. Still, if you can get any other cards to get CLI with a sp, seems like that would be a plus too!

[mjb59463]

What cards would you suggest going after those increases on? Not sure who does SP's for CLI's.

[wacdenney]

I have recently closed 3 cards in pretty short order over a couple months time.  I closed MyPoints Visa, Sportsman's Guide Visa, and a QS1 that I was unable to get the AF removed from.  I never should have accepted the Comenity cards and though I regretted having to close Crap1, but it was time.  After closing the cards, my score actually went up a little.  Not sure why.