Should I cancel Chase Credit Card? Any harm to credit report?

[Financiers]

Hi,

I'm trying to trim my credit cards down and have been thinking of getting rid of my Chase Freedom.  I have a pretty decent credit score (around 760-770).  I understand lowering AOA and whatnot, but wanted some more insight from you wonderful people!  I own my car in full and don't expect to need any sort of loan or mortgage for at least 5 years, probably even longer.  Because of this i'm not to worried about taking a small hit to my score.

My question is on how my credit report will look.  I've already previously closed 3 cards, but all show on my credit report as "closed by consumer".  I mainly would like to know how much harm a 4th closure would have.  Any help is appreciated and please, if this is the wrong section, let me know.

Thanks in advance!

[Anonymous]

http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/m-p/347190?jump=true

[hizzaah]

Probably not much more than the closing of the other 3. It will remain on your report for 7 10 years and won't hurt AoA until it falls off. What you need to worry about is utilization. You'll no longer have access to that credit line so unless you replace it with something else, you're utilization % will go up. It has no annual fee, why not put it in the sock drawer?

[Financiers]

Thanks for the reply.   My Chase only has a $2700 CL, which is extremely small compared to my other cards.  I also think that the benefits are very lacking.  Discover it seems to be better in every way in regards to customer service/rewards/credit report every month/ etc...   The reason that I want to cancel is probably a little stupid to be honest.  I don't like having a lot of cards and I fear that if I SD it, I might miss if something goes wrong with it, such as it being used somewhere.  I know it's stupid since I would be reimbursed, but I hate having to check so many accounts online.  I really don't know how some of you guys do it with the amount of cards you have! haha

Thanks again!

[Anonymous]

It will remain for ten years, not seven. That will help your AAoA continue to grow until they fall off after ten years. Positive lines stick around for ten years. Charge offs and collections fall after seven.

[hizzaah]

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@Anonymous wrote:
It will remain for ten years, not seven. That will help your AAoA continue to grow until they fall off after ten years. Positive lines stick around for ten years. Charge offs and collections fall after seven.

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My mistake! Thanks for the correction!

[Anonymous]

No problem! Easy to do! I read it a few times to make sure I didn't misread.
That extra three years is nice.

[Blodreina]

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@Financiers wrote:

Thanks for the reply.   My Chase only has a $2700 CL, which is extremely small compared to my other cards.  I also think that the benefits are very lacking.  Discover it seems to be better in every way in regards to customer service/rewards/credit report every month/ etc...   The reason that I want to cancel is probably a little stupid to be honest.  I don't like having a lot of cards and I fear that if I SD it, I might miss if something goes wrong with it, such as it being used somewhere.  I know it's stupid since I would be reimbursed, but I hate having to check so many accounts online.  I really don't know how some of you guys do it with the amount of cards you have! haha

Thanks again!

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I don't think that's a stupid reason at all:  perfectly valid concern.  And we shouldn't underestimate the relief that comes with managing one less account.  Some people would say that it's not really work; I disagree.  It's one more account to think about, that you're responsible for.  I am always a proponent of closing cards you don't want, as long as it was given due consideration.

[Financiers]

Thanks for the replies everyone,  I appreciate all of your information!  I hope you have a nice day

[Anonymous]

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@Financiers wrote:

Thanks for the reply.   My Chase only has a $2700 CL, which is extremely small compared to my other cards.  I also think that the benefits are very lacking.  Discover it seems to be better in every way in regards to customer service/rewards/credit report every month/ etc...   The reason that I want to cancel is probably a little stupid to be honest.  I don't like having a lot of cards and I fear that if I SD it, I might miss if something goes wrong with it, such as it being used somewhere.  I know it's stupid since I would be reimbursed, but I hate having to check so many accounts online.  I really don't know how some of you guys do it with the amount of cards you have! haha

Thanks again!

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Nothing stupid about that at all. In fact, it's smart.