Closing credit cards

[Anonymous]

Ok needing a little advise here.
I want to close some credit cards, but don't want to raise any flags. I hear if that if they see a bunch of cards close they may assume I'm in some sort of financial trouble, which I'm not. And no my UTI will not suffer so no score hit should happen. I many cards. Would a red flag be raised if I closed alot at one time? Or should this be done over time?
I'm looking to dump anything that is a joint account with my DW, and all store cards. So ruffly about 20-25 cards.

[grillandwinemaster]

That's a lot of cards your trying to close! 

While theoretically you should be fine closing them all at once, because of the volume involved, I would spread out the closures over 6 to 12 months.  

Assuming you and the wife are NOT about to get a separation/divorce, I would think there's no rush and erring on the side of caution Is always good. 

If you are separating/divorcing, I would close ALL joint accounts immediately, regardless of the consequences With other creditors! 

Best credit wishes to you!

[MrsCHX]

Like the previous poster, any joint accounts should be closed asap if you are no longer together/married. It's just too big a risk. 

If that isn't the case, space your closings out a little bit because that is a lot of cards.

[Anonymous]

I don't know that closing most or all of them at once would be a bad thing as it is you initiating the closing.  The only bad "look" IMO is when accounts are "closed by the credit grantor" rather than the card holder.  Upon a MR, assuming the remarks on the account are accurate (that they were closed by you, not the creditor) this could possibly be seen as a positive thing, not a negative.  I see no harm of course in spacing out the closings, I just don't know that it's really necessary considering the terms upon them being closed.

[Anonymous]

Many many people close cards every single day. I don't see how dumping a handful of store cards at once would look bad.

[Anonymous]

Closed by consumer request with zero balances in good standing should not raise any flags.

[JayTee1]

I'm not convinced that "closed by credit grantor" means anything negative either.  Maybe in some manual review situations ...

[Anonymous]

I to feel the 'closed by....' is much to do about nothing..

This is old school theory, that is long outdated in reality....

Just like the notes on a repo
Volunteer not volunteer....It's a freaking REPO, period!

The thought pattern "back in the day" might have been that when an UWer had a tweener this info may hold some weight in rounding a marginal file up or down

But in today's reality the computers are PROGRAMMED to read CODES...We all know this to be true....

These places move millions of pieces of data by the hour...Nobody is "reading" the details of whom closed the account
Either it's opened or closed, period....Nobody has Time to give a tuck if it were closed on a Tuesday or a Saturday...It's a VOLUME business folks, it ain't 1971!

Even back in the days when I did manual UW ...I couldn't tell ish from ' closed by grantor' per se

Was the payment history up to par?
That's all an UW gives an ish about, otherwise you can only GUESS what the F that meant
Was there an argument or a parking space, did someone hit on somebody's wife?

Who the H knows, what the F happened and who the F cares unless it's about the payments?

And that would be reflected elsewhere, so again the notes are USELESS....

You really think a lender gives that much a ish as to if the repo was voluntary or not....Either way it's still a bad loan and their in the business of avoiding the RISK of bad loans duh!
_____________________

*To the OP it sounds like there is a reason you want to purge yourself from any and all joint accounts with the DW and if it's serious enough for you to take that position, just pull the plug and move on.

'They' say is a bunch of rubbish
The positive juice of those accounts will be on your profile for years and if you're left with other accounts and your profile is otherwise fine you won't have any real issues whatsoever

As a matter of fact purging all those extra 'possible' liabilities might actually make your profile even more attractive the next time you app for something, as the new would be lender doesn't see such a long line 😎

[Chris679]

Gemini101 for the win. No one cares who closes the account and no one cares if a bunch are closed at once because the accounts are still on your credit report.

[Anonymous]

---

@Anonymous wrote:
I to feel the 'closed by....' is much to do about nothing..

This is old school theory, that is long outdated in reality....

Just like the notes on a repo
Volunteer not volunteer....It's a freaking REPO, period!

The thought pattern "back in the day" might have been that when an UWer had a tweener this info may hold some weight in rounding a marginal file up or down

But in today's reality the computers are PROGRAMMED to read CODES...We all know this to be true....

These places move millions of pieces of data by the hour...Nobody is "reading" the details of whom closed the account
Either it's opened or closed, period....Nobody has Time to give a tuck if it were closed on a Tuesday or a Saturday...It's a VOLUME business folks, it ain't 1971!

Even back in the days when I did manual UW ...I couldn't tell ish from ' closed by grantor' per se

Was the payment history up to par?
That's all an UW gives an ish about, otherwise you can only GUESS what the F that meant
Was there an argument or a parking space, did someone hit on somebody's wife?

Who the H knows, what the F happened and who the F cares unless it's about the payments?

And that would be reflected elsewhere, so again the notes are USELESS....

You really think a lender gives that much a ish as to if the repo was voluntary or not....Either way it's still a bad loan and their in the business of avoiding the RISK of bad loans duh!
_____________________

*To the OP it sounds like there is a reason you want to purge yourself from any and all joint accounts with the DW and if it's serious enough for you to take that position, just pull the plug and move on.

'They' say is a bunch of rubbish
The positive juice of those accounts will be on your profile for years and if you're left with other accounts and your profile is otherwise fine you won't have any real issues whatsoever

As a matter of fact purging all those extra 'possible' liabilities might actually make your profile even more attractive the next time you app for something, as the new would be lender doesn't see such a long line 😎

---

I don't know why the assumption of a divorce needs to be made 😂  Actually we are doing very well if people need to assume the absolute worse. My only worry was if a ar review is done and a lender sees a crap load of credit cards closed at one time would it raise a flag to them. So yes I would like to close all our joint accounts about 4. But then  by years end a total of 20 maybe and then next year close around 40. And yes I under stand they will positively report for 10 years I know this. 

Anyways thanks for all the responses on my personal life and what some assume is happening in it. I just didn't want to spook any lenders in thinking maybe a financial problem was happening because I closed out a bunch of cards at once. But I think you answered my question. If you would assume it, they probably will too. So I'll close out a a few here and there. 

👍