Did I mess up too bad paying and closing these

[Anonymous]

I recently paid and closed two WM CC accounts, one C1 CC account, 1 Chase CC and one line of credit through BOA.  $38,000 in credit lines total.  Interest rates were outrageous and they wouldn't budge on lowering them.  I paid off through a home equity loan...much better interest rate.  Prior to paying these off my score was around a 636.  Well I paid them off and then, BAM...up to 744 and now it's at 756 through myFICO.  I think the high score may be superficial due to the fact that the accounts (at least some) had not actually reported themselves as closed yet.  Some will not show as closed until the billing cycle revolves 1 month with a $0 balance for the entire billing cycle.

I cancelled some very long standing cards.  Some cards still had some lagging interest charges after payoff.  I paid those all off last week.  One of my WM CC cards still has a balance of $445 on it after the payoff.  I did that intentionally so I could still access their FICO score (before finding myFICO).   

So, what I did today was quickly applied for one CITI Platinum MC and one BOA Platinum VISA (transferring the WM balance to that).  I wanted to apply while my score was good.  I haven't received decisions on either of these apps yet. 

I'm afraid closing the above accounts may have been a mistake.  I still retain my Corporate Travel VISA (reported on my personal credit history), my personal Gold AMEX and my Yamaha revolving charge Card.  In addition I had two vehicles loans (traded in both last week and now have only one payment - has not yet reflected on my scores).  I also have a three year motorcycle loan and a home equity loan...no actual mortgage.

Any thoughts on whether I messed up too badly, how much it will hurt me and if applying for the two above-mentioned today was a good idea given my current score.  Also if I'll actually get a good rate based on my current score?

Thanks

[cadavis0609]

You have very good scores and therefore you should get a good rate on whatever you apply for. I would consider calling them and seeing if they can reinstate at a lower interest rate before they do report as closed. It will be the average age of your accounts,that these are closed, that will hurt your scores and your reduced available credit. Also, applying for new cards further lowers the average age of your cards.

[Anonymous]

I didn't think about reinstatemnt being an option.  I called C1 and sure enough, it will be reinstated and continue showing the long-standing relationship.  I will have to wait 6-months before requesting better rate options with them...until then, I'll just put the card in the back of the wallet.

Thanks for the advice...on to Chase.

[fused]

Hi there! These threads should be helpful!

Closing Credit Cards

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=30100

Credit scoring 101

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

[Anonymous]

Great information in those posts...will do the calcs.  How does the Gold AMEX work into the figures calculating your cumulative UTIL percentage when it has no credit limit?

Thanks

[Anonymous]

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jeffk513 wrote:

How does the Gold AMEX work into the figures calculating your cumulative UTIL percentage when it has no credit limit?

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It appears NOT to figure in.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=45002#M45002