cancel
Showing results for 
Search instead for 
Did you mean: 

Closing a Recent CC Account & FICO Effect

tag
Anonymous
Not applicable

Closing a Recent CC Account & FICO Effect

Hello, wanted to know if anyone could give me some input on how this affects my credit score. Just wondering if it hurts me to close out my most recent card with no balance on it. I have five credit cards, one with negative history, the others all fine.
$ 2,000 limit, 5 year history, Cap One Visa (some late payments 4 yrs ago)
$15,000 limit, 2 year history, Wells Fargo Visa
$ 3,800 limit, 10 month history, Chase MasterCard
$ 1,500 limit, 9 month history, Circuit City Mastercard
$ 1,200 limit, 2 month history, Macy's

The three recent cards are hurting my credit score, and I'm going to be applying for a mortgage in a few months. Will it hurt my credit score if I close my Macy's card that only has a 2 month history? I carry very low balances (about 5% of my avail credit right now), so I don't really need the extra credit to lower my ratio.

Will closing my Macy's card help me out by showing less "new" credit? The Macy's card has no balance, and no negative account history.

Message Edited by Rimeces on 11-06-2007 08:19 AM
Message 1 of 4
3 REPLIES 3
SonorityGenius
Established Contributor

Re: Closing a Recent CC Account & FICO Effect

All analysts warn - NEVER EVER CLOSE YOUR ACCOUNTS before a mortgage!!

Your score took a hit because you recently added new lines, but in 5 months they will have "aged" so your score should go up.
 
Do not close them!
Message 2 of 4
Anonymous
Not applicable

Re: Closing a Recent CC Account & FICO Effect

Thanks! I'll just let it age out.
Message 3 of 4
fused
Moderator Emeritus

Re: Closing a Recent CC Account & FICO Effect

I disagree, for more info read my sig line.
Message 4 of 4
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.