@Anonymous wrote:
i have csp with 25k, pnc 2.2k, freedom 6k, amazon 5.5k, amex blue cash 7k, barclay 3k, discover 7k, firestone store card 2.5k. My credit length is abt 2years, and my fico score is 740 last month. My plan is cancel barclay, firestone, and pnc cards one by one this year, and i will ask creditor to report card is closed upon holder's request. I always pif and have late payment. How is my plan sound and will that affect ny score? and affect how much? and how long it takes to recover? any suggestions i can minimize the ding on my report?
btw, im cancelling them because i am getting tired to log on different web to check my balance. Barclaycard has no rewards, pnc is cheap, hp and denied my cli request. firestone, i domt go anymore. i keep all my chase because im having good relationship with them. amex is just for costco. discover is my first card, so im keeping it.
any common is welcome, thx in advance.
sorry abt typo, write it up on my phone.
They will stay on your report for like 10 years after you close them, so it won't change your AAoAs until they drop off and by that point your file will likely be very thick. The only thing it can impact is your overall available util.
;I wouldn't close all of them though. You can if you want, but maybe leave the barclays open? Its 3k credit. If you don't go to firestone anymore and don't intend to return then I can see ditching it.
@takeshi74 wrote:
@Anonymous wrote:
My plan is cancel barclay, firestone, and pnc cards one by one this year, and i will ask creditor to report card is closed upon holder's request.No need as that's how they will report if you request closure.
@Anonymous wrote:
How is my plan sound and will that affect ny score? and affect how much? and how long it takes to recover? any suggestions i can minimize the ding on my report?How it sounds is up to you to assess. You need to decide based on your needs/wants. We can't tell you the impact to your score or how long it will take you to recover if there is a negative impact. It's not just a matter of the accounts you're closing but your existing credit as well and what other potential changes may occur down the road.
The best info available is here in this thread which is linked in the Helpful Threads sticky in this very subforum:
http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=117125&jump=true
Do the math and use the potential impact to utilization to help you in your decision making.
@Anonymous wrote:
I always pif and have late payment.Hopefully that's a typo.
That sounds like the ideal customer from a lender's perspective!