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

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: 22,043
Registered: ‎10-23-2007

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- 626 Overstck., TU 696 Walmart, EX 695 Chase (11-05-14)
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
66 Cards and Counting :smileytongue:
Senior Contributor
Posts: 4,831
Registered: ‎04-20-2007

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

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