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Regular Contributor
manwoot
Posts: 247
Registered: ‎02-16-2013
0

Closing Cards Opinion

Hello all,

 

This is my first post on myfico, but have really learned a lot from reading your guys' posts.  To start off with, I would consider myself as in the "rebuilding stage" due to some stupid actions on my part in 2009/2010.  Long story short, I had a couple accounts that resulted in me paying less than they were worth (Chase & HSBC Best Buy) as well as a motorcycle repossession (HSBC Suzuki).

 

For the past few years, I've been slowly building my credit card portfolio and using ONE a lot, while making sure they're all PIF every month.  I started out with a $750 card from Capital One and then a $1500 card with Capital One as well (both have a $36 annual fee).  Lately, I've been receiving offers in the mail for ACTUAL credit cards that offer rewards and no fee.  I got a Discover IT card with a $2000 limit about 3 months ago, and a Citi Platinum Select with $1500 limit about 6 months ago.  Neither have annual fees.  In the past two days, I've also added a Chase Sapphire card ($5000) and a Citi Thank You Rewards ($3500) to my collection.

 

I'd like to cancel both Capital One cards because they have a small limit and carry an annual fee.  I read the thread at the top of the page regarding closures, but should  I close them both at the same time?  Or wait a few months in between?  Does it look bad on my credit profile to cancel two cards simultaneously?

 

In Summary:

 

Capital One - $750 (I'd like to close)

Capital One - $1500 (I'd like to close)

Citi Platinum Select - $1500

Citi Thank You Rewards - $3500

Chase Sapphire - $5000

Discover IT - $2000


Can I close both Capital One accounts at the same time?

 

Thanks!

AMEX True Earnings (11.5k) || Discover IT (9k) || Chase Sapphire Preferred (6k) || Chase Freedom (5k) || Citi ThankYou Preferred (4.9k) || GE CareCredit (4.9k) || Sallie Mae (4k) || Citi Diamond Preferred (3.4k) || Best Buy (2k) || AMEX Blue Cash Everyday (2k) || Target REDcard (1k)
Valued Contributor
injustifiiable
Posts: 1,862
Registered: ‎03-30-2012
0

Re: Closing Cards Opinion

Before closing, I'd try to contact the Executive Office. Tell them you've had the cards a long time and you would like a) a CLI and b) the AF removed. They'll do a soft pull on your credit.

 

You can find a wealth of info here on the EO and plenty of success stories.

 

Good luck!

Scores 6/17/2014: TU FICO: 643 | EQ FICO: 675 | EX AMEX FICO: 666

In my new wallet: American Express Premier Rewards Gold EMV: NPSL | BankAmericard Cash Rewards Visa EMV: $2500 | BarclayCard Rewards Average: $2000 | Travelocity Rewards AMEX: $1050 | Discover IT: $1500 | Amazon Rewards Visa: $1500 | Sportsman's Guide Visa: $3000 | Capital One QuicksilverOne MasterCard: $1250 | Target: $400 | J.Crew $5950
Valued Contributor
takeshi74
Posts: 2,521
Registered: ‎06-05-2013
0

Re: Closing Cards Opinion

[ Edited ]

manwoot wrote:

Does it look bad on my credit profile to cancel two cards simultaneously?

 


The same factors apply as always with credit: number of accounts, utilization, AA0A, payment history, derogs, etc.  "Number of cards closed simultaneously" is not one of them.  You can calculate how utilization will be impacted by closing those two accounts.  It's bit more esoteric with the other factors since we don't know the exact scoring algorithms.  AAoA will eventually be affected but closed accounts will remain for quite some time.

 

I'd also suggest trying to negotiate the AF first.

Frequent Contributor
hutchj
Posts: 387
Registered: ‎06-15-2013
0

Re: Closing Cards Opinion


takeshi74 wrote:

manwoot wrote:

Does it look bad on my credit profile to cancel two cards simultaneously?

 


The same factors apply as always with credit: number of accounts, utilization, AA0A, payment history, derogs, etc.  "Number of cards closed simultaneously" is not one of them.  You can calculate how utilization will be impacted by closing those two accounts.  It's bit more esoteric with the other factors since we don't know the exact scoring algorithms.  AAoA will eventually be affected but closed accounts will remain for quite some time.

 

I'd also suggest trying to negotiate the AF first.


+1

 

I've closed 5 cards in the past year and nothing has really been affected because my utilzation was never really impacted. Try to see if they'll take care of the AF and the CLI and if not say bye bye to Cap1

AMEX BCE: 5k; Barclay Apple: 2.5k; BoA CB: 3k; BoA BBR 4.2k; BoA Travel: 8k; Chase Sapphire: 5k; Chase Freedom: 6k; Citi Diamond: 3k; Discover IT: 9k

June 2013 FICOs: TU: 763; EX: 754; EQ: 764 (was 747 9/2012). Last app 2/20/2014 Garden until 3/2015
Regular Contributor
manwoot
Posts: 247
Registered: ‎02-16-2013
0

Re: Closing Cards Opinion

Thanks guys.

 

I've send the EO an e-mail and we'll see what they'll do in terms of waiving AF or CLI.  I'll let you know how it goes!

AMEX True Earnings (11.5k) || Discover IT (9k) || Chase Sapphire Preferred (6k) || Chase Freedom (5k) || Citi ThankYou Preferred (4.9k) || GE CareCredit (4.9k) || Sallie Mae (4k) || Citi Diamond Preferred (3.4k) || Best Buy (2k) || AMEX Blue Cash Everyday (2k) || Target REDcard (1k)
Valued Contributor
maiden_girl
Posts: 2,098
Registered: ‎12-29-2011
0

Re: Closing Cards Opinion

Has anyone had much luck with the emailing route? I notice alot of folks call. Anyway the Exe office should be able to help you keep the accounts open.

The truth is out there...
FICO scores: 764 (EQ) 732 (EX) 757 (TU) 9/14 | Goal score: 750+ (all 3)
Tradelines: Capital One QS NPSL (5.0k) | Discover IT (6.0k) | Walmart Mastercard (5.0k) | Chase Freedom NPSL (7.3k) | Citi Simplicity (9.3k)






Valued Contributor
injustifiiable
Posts: 1,862
Registered: ‎03-30-2012
0

Re: Closing Cards Opinion


maiden_girl wrote:

Has anyone had much luck with the emailing route? I notice alot of folks call. Anyway the Exe office should be able to help you keep the accounts open.


Everything I've read on the EO has been like email first and let them call you back.

Scores 6/17/2014: TU FICO: 643 | EQ FICO: 675 | EX AMEX FICO: 666

In my new wallet: American Express Premier Rewards Gold EMV: NPSL | BankAmericard Cash Rewards Visa EMV: $2500 | BarclayCard Rewards Average: $2000 | Travelocity Rewards AMEX: $1050 | Discover IT: $1500 | Amazon Rewards Visa: $1500 | Sportsman's Guide Visa: $3000 | Capital One QuicksilverOne MasterCard: $1250 | Target: $400 | J.Crew $5950

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