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Closing Credit Card

New Member

Closing Credit Card

I have 3 CC with $300 cl on 2 and $250 on another. The card with the $250 cl I only had for about 6 months. I want to know if its wise to close the account that I had for the least time for a secure card with 1000-1500 cl.
Message 1 of 4
3 REPLIES
Moderator Emeritus

Re: Closing Credit Card

Is it possible to keep all of your cards open and apply for the secured CC too? Are you paying any fees to keep it open?
Message 2 of 4
Frequent Contributor

Re: Closing Credit Card

 If you plan on getting the secured card with the $1000- $1500 Credit limit- I siggest you get the card first, then make a decision. Things to consider:

1. Are you paying fees- if yes, I would weed them out after you get the secured card

2. Having cards with low credit Limits wreks havoc on Utilization

3. You may see a decrease in FICO scores because you are closing older cards- personally I think it is worth it in the long run, if they are fee cards.

4. Think long term- I think after a good year with that secured card, you may start seeing offers in the 1,000 + range

 

Message 3 of 4
New Member

Re: Closing Credit Card

All three card are charging me fees. Are you saying close all three cards after geting the secure card and about how much will my credit drop if I close the 1 or 3 cards.

Message 4 of 4