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How Hard of a Hit on my score

New Contributor

How Hard of a Hit on my score

I have 3 credit cards that have a low limit (First Premier Visa  CL 450; First Premier MC  CL 475;  CreditOne Bank  Visa  CL  750).  The FPs are older (more than 7 yrs) but the CreditOne is about 18 months.  The FP's charge 7.00 a month fee and the CreditOne just imposed a 8.99/mo  fee.  I do not have any outstanding balances on either of the three and do have 4 Capital Ones (3 with AAoA about 8 to 10 yrs, 1 of them is 2 yrs) and their total CL combined is 12K.

 

I am waiting for another HP by our mortgage lender once our house is build and ready to close, so obviously I don't want to lower my score.  We got FHA and I do have some wiggle room as my last FICOs were in the mid 700's.  Should I just wait another 6 to 9 months until we close before cancelling these cards? Smiley Indifferent



Starting Score: 5 43 Ex May 2012 EQ May 2012 550
Apr 2013 Score: Apr 2013 TU/ 683 Ex /670 EQ/ 686

Dec 2013 EQ/751 TU/730 EX 762

Goal Score: 740


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2 REPLIES
Established Contributor

Re: How Hard of a Hit on my score

Negligible if any. 

 

The cards will still stay on your report even when closed, continuing to help your AAoA. Since you have 12k in additional credit, you won't get a UTL hit.

 

Close them today.


Starting Score: 515
Current Score: EQ08 711 EX08 731 TU08 735
Goal Score: 740+

Amex BCP $25k | Discover IT $15.7k | Cap 1 QS $10k | PSECU $10k | Citi DC $9300 | Citi DP $6800 | Barclay Ring $6500 | PayPal Extras MC $5045 | DCU $5000 | Chase Slate $5000 | Barclays AA $4100 | Chase Freedom $4000 | Union Plus $1000 | Target $500
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Mega Contributor

Re: How Hard of a Hit on my score

+1 Close them 

Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
Sam's Mastercard $13.5k / Walmart Mastercard $10k / Blispay $7.5k PayPal Ex MC $6.1k
CareCredit 5k / Husq $5k / Cap1 QS $4.5k / Barclay Ring $4.85k / Citi DC (WMC) $7.1k
Gardening Date 7/01/16 / MyFico 08: EQ 801 / TU 777 / EX 771 / 06/08/17
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