10-24-2013 09:16 AM
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?
10-24-2013 09:21 AM
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.
10-24-2013 09:27 AM
+1 Close them
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