Reply
New Contributor
Posts: 90
Registered: ‎05-08-2008
0

Closing Credit Card

I read somewhere here, but cant remember. I have 300cl cap1 with a/f. and a 300cl hsbc. Not even 30 days old. Wanted a better starting limit, as i have other cards much better. If i cancel these new never used cards, how does that affect fico scoring? I was dumb and got too many cards. Is it bad to cancel anything? How many is too many? Is there such a thing as having too mant store cards, in ficos eye? is a 1000cl. target visa a good card, or just another, never gonna grow card?
 
Alcohol--Tobacco--- & Firearms
Should be a convenience store, NOT a government agency!!!
Epic Contributor
Posts: 23,799
Registered: ‎10-23-2007
0

Re: Closing Credit Card

usually people starting with target is 200 store card and wanting it to grow to visa, so your already ahead there.
as far as HSBC and Cap1, I might call backdoor on cap 1 and say you want to make them your primary card but can't becuase they are not close to your other cl and waive annual fee.
close hsbc.
you might take a couple point hit for opening new account but closing shouldn't hurt you if you never used them unless they helped balance out your util.
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:
Senior Contributor
Posts: 4,831
Registered: ‎04-20-2007
0

Re: Closing Credit Card

[ Edited ]
If Cap One gave you a $300 starting limit the card is subprime and will always be that way. I know I've been there with them. You already took the hit for an inq and a new account. Won't hurt to call just don't expect too much. Won't hurt to cancel these but they will stay on your reports for 10 years.

Message Edited by smallfry on 05-28-2008 04:37 PM
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.