Needing Advice

[doc101]

Currently I have 3 CC's, all Cap 1 . One is secured ($300CL) , 2 unsecured ( $300CL, previously Orchard Bank ) and Quiksilver Rewards ($500 CL). Recently applied for a CC thru my credit union and was approved for $500 CL. 4 cards is alot and was thinking of closing the secured card. Good or bad idea?

[Creditaddict]

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@doc101 wrote:

Currently I have 3 CC's, all Cap 1 . One is secured ($300CL) , 2 unsecured ( $300CL, previously Orchard Bank ) and Quiksilver Rewards ($500 CL). Recently applied for a CC thru my credit union and was approved for $500 CL. 4 cards is alot and was thinking of closing the secured card. Good or bad idea?

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If your balances are low and you just want 3 cards moving forward to build better history and credit score then sure close the secured.

[user5387]

You have a total CL of $1600.

If you close the card, your AAoA will not be affected, and your new CL will be $1300.

This means that your new utilization will be around 1.23 times (1600/1300) what it was before, for example going from 10% utilization to 12.3% utilization.

If your utilization is low, I'd say to go for it.