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Thinking about cancelling 2-3 cards.

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yoduki
Valued Member

Thinking about cancelling 2-3 cards.

I am thinking about cancelling 2-3 cards in July to help myself manage my cards little easier. I'm thinking about closing the Slate (hopefully Chase will CL transfer to Freedom), Citi Diamond (Did it's job for BT but no use for me anymore) and Nation wide signature (No use other than signature benefits). What do you guys think? Any negatives for me closing these accts? Should I wait until all my cards are paid off? I do not owe any balances on these accounts and my usage stays under 8% even after these accts are closed.

 

Keeping my Large CL Target Card ($700) for 5% and free delivery Smiley Tongue

 

Thanks for any inputs!

Amex BCE-$24.5k BofA BBR-$20k Freedom Sig-$19k FirstBankCard Plat-$12k US Bank Cash+Sig-10.5k Sallie Mae World-10k Sams MC-$10K DCU-10K R2G-10k Discover IT-$9.3k Citi Simplicity-$8k Citi Double Cash-$8K Nationwide Visa Sig-$6k Target-$700
CITI Fico - 806 Discover & Barclay SM Fico - 793 FirstBankCard Fico - 823
Message 1 of 5
4 REPLIES 4
coldnmn
Mega Contributor

Re: Thinking about cancelling 2-3 cards.

They still report as a positive trade line for ten years even closed on your credit report. It's up to you if you want to lose the extra utilization.

Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
Sam's Mastercard $15k / Walmart Mastercard $10k / Blispay $7.5k PayPal Ex MC $10.8k
CareCredit 5k / Husq $5k / Cap1 QS $4.5k / Barclay Ring $5.35k / Citi DC (WMC) $12k
Gardening Date 7/01/16 / MyFico 08: EQ 801 / TU 777 / EX 771 / 06/08/17
Message 2 of 5
heyarrnold
Valued Contributor

Re: Thinking about cancelling 2-3 cards.

Your cards will still report for 10 years. The only thing that will change is your available CL. However, if you keep a low utilization, any "damage" is quite unnoticeable. 

Message 3 of 5
darkpearl
Regular Contributor

Re: Thinking about cancelling 2-3 cards.

I just closed 2 cards and it has been a relief for managing cards. Go for it!




Message 4 of 5
E150GT
Frequent Contributor

Re: Thinking about cancelling 2-3 cards.

If you dont use them, whats there to manage?


CSP-$8700, Amex BCE-17.2k, Chase Freedom-$5700
Discover It-$6600, USAA MC-$5900 Ink Bold- $12k United Explorer-$5k
Message 5 of 5
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