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Established Member
Posts: 20
Registered: ‎07-14-2008
0

I have 6 CC and want to close few of them

Hello all,

 

I didn't come here for long, mostly paying off my CC and worked like a dog trying to clear myself up. Cat IndifferentSmiley Indifferent

 

Now that I have 6 CC and want to close few of them

 

CC1: 1600CL w/11.24% open in 6/2004 - owning 1468

CC2: 4100CL w/17.24% open in 11/2004 - owing 0

CC3: 6600CL w/20.74% open in 7/2001 - owing 0

CC4: 2700CL w/15.24% open in 3/2006 - owing 0

CC5: 10400CL w/16.99% opened in 7/2010 - owing 0

CC6: 2000CL w/22.90% open in 8/2005 -owing 170

 

which 2 or 3 CC should I close should hit my CC score the less?

 

Thanks!



Current Score: 813 TU (10/22/2015)
Current Score: 823 EX (10/22/2015)
Current Score: 840 EQ (10/22/2015)


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Valued Contributor
Posts: 1,893
Registered: ‎01-23-2013
0

Re: I have 6 CC and want to close few of them

[ Edited ]

To give the best answer, it would help to know the cc issuers.

 

Part of the decision should be based on factors like: is it a prime or subprime card; is it likely to grow or not; and does it have an annual fee? Without more info, any input would be ill-informed.

 

I know you say your main interest is getting an impact on you score. But in the long term, that depends on a lot more factors than we can guess from your post.

 

Established Member
Posts: 20
Registered: ‎07-14-2008
0

Re: I have 6 CC and want to close few of them


Gunnar419 wrote:

To give the best answer, it would help to know the cc issuers.

 

Part of the decision should be based on factors like: is it a prime or subprime card; is it likely to grow or not; and does it have an annual fee? Without more info, any input would be ill-informed.

 

I know you say your main interest is getting an impact on you score. But in the long term, that depends on a lot more factors than we can guess from your post.

 

 

to answer your post, all the cards has no annual fees

AMEX student: 1600CL w/11.24% open in 6/2004 - owning 1468

AMEX clear: 4100CL w/17.24% open in 11/2004 - owing 0

Discover cash back: 6600CL w/20.74% open in 7/2001 - owing 0

Chase freedom: 2700CL w/15.24% open in 3/2006 - owing 0

Citi diamond preferred: 10400CL w/16.99% opened in 7/2010 - owing 0

Capital one business: 2000CL w/22.90% open in 8/2005 -owing 170

 

 

 

Thanks!



Current Score: 813 TU (10/22/2015)
Current Score: 823 EX (10/22/2015)
Current Score: 840 EQ (10/22/2015)


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Valued Contributor
Posts: 1,129
Registered: ‎01-20-2011
0

Re: I have 6 CC and want to close few of them


Gunnar419 wrote:

To give the best answer, it would help to know the cc issuers.

 

Part of the decision should be based on factors like: is it a prime or subprime card; is it likely to grow or not; and does it have an annual fee? Without more info, any input would be ill-informed.

 

I know you say your main interest is getting an impact on you score. But in the long term, that depends on a lot more factors than we can guess from your post.

 


As Gunnar419 said, we can answer better with more details.

 

Some additional analysis here is:

CC1 has more than 90% usage, this is definitely destroying ur credit scores.

Assuming that most of the cards are prime (I don't know of any subprime cards with >2k limits), I will do a balance transfer of about 1k from CC1 to 2 highest limit cards (500 each or ratio of CLs).
 

You can even transfer all of CC1 balance to 3 cards and close CC1. You won't have a major impact by losing 1 low limit card (CC1), the increase in score by getting rid of 90% usage on a card will be much more than that.

Amex PRG | BoA Cash rewards 35K | BoA Cash rewards 7K | Citi AAdvantage 15 K | Chase Sapphire Preferred 11 K | Chase Freedom 10k | Chase United 5 K | Chase Southwest 5K | Chase Airtran 6.4K | Discover IT 8K | Barclays US Airways 7.8 K | DCU 3 K | US Bank Flex Perks 8K | Toys r US 6 K | JC Penney 4.6 K | Macy's 1200 | Kohl's 600
Ex Fico: 762 (PSECU)
EQ Fico: 764 (DCU)
TX Fico: 773 (Discover)
Valued Contributor
Posts: 1,673
Registered: ‎11-11-2012
0

Re: I have 6 CC and want to close few of them

OK, more questions:  What is the motivation to close: with no AF, many here (but not me) would advise keeping them open.   You have a very high utilization on Amex Student, I realize that has the lowest APR but that will be something impacting your score.

 

If you close cards while having a balance on others your utilization will go up which is also bad.  The higher the CL on the card you close, the worse.

 

But again, without knowing why you want to close, it's hard to advise.

Frequent Contributor
Posts: 392
Registered: ‎03-29-2011
0

Re: I have 6 CC and want to close few of them

Wow, that's tuff as those are all prime cards. If i HAD to choose i guess i would axe capone.

Starting Score: 530
3-2013Score: TU 680 EQ 683 EXP 679 FAKO
Current Score (lender pull): TU 693 EQ 649 EXP 699 Lender Pull
Goal Score: 700


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Moderator
Posts: 27,207
Registered: ‎09-13-2012
0

Re: I have 6 CC and want to close few of them

What are your scores now? Any baddies? Since most of your cards are at min util (accept Amex Student) and are no AFs - I have to agree with the previous poster about keeping them open.
Blogger
Posts: 3,363
Registered: ‎10-19-2012
0

Re: I have 6 CC and want to close few of them

Don't close any. Do this instead:

 

Open a Chase Slate.

Transfer all the balances to the Chase Slate.

Profit.

Senior Contributor
Posts: 6,279
Registered: ‎08-16-2012
0

Re: I have 6 CC and want to close few of them

Don't close any!
Get a Slate as op mentioned.
Ask for clis on all of them.
Contact Cap One EO for cli.

Check, check, and CHECK! :-)
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Valued Contributor
Posts: 1,893
Registered: ‎01-23-2013
0

Re: I have 6 CC and want to close few of them

@flawlessly, those are really all good cards and you have long history with most of them. Congrats! As others have said, your only apparent fix needed is to get the balance down on the Amex student card.

 

I understand not wanting to manage a lot of cards. I have a similar number of cards and feel like I have too many even though some people here would laugh at that idea. I also can't decide which of my cards to close (if any) because they're all either prime or have useful benefits.

 

So sorry to ask even more detail, but why do you want to close any of those cards? What's your goal in closing them?

 

 

 

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