To cancel or not to cancel that is the question

Anonymous · ‎11-22-2016

My current lineup with Chase is as follows the Chase FU (by way of a PC) --- the CSP--- and the CSR. I've only had the CSP for 2yrs. I'm considering closing the CSP since its only 2yrs old in hopes it won't ding my credit score too much.

If I PC down to the Sapphire, I will move some of the limti to the FU and probaably sock drawer the Sapphire to age the account a little more.

I have 8 credit cards. Has anyone on here ever closed out a recently new account without adverse effects to your credit score?

Anonymous · ‎11-22-2016

If you don't need it, close it. It'll still report for 10 years then drop off. But when it does drop off, who cares because all your other cards will be 10 years older!

mdd0214 · ‎11-22-2016

With good scores and a decent history I don't think closing one account will have a major impact. I've opened and closed cards over past year with barely a few points up or down or no change at all. That includes a few cards that I churned in a month or two for signup bonus. Some lenders seem to dislike many new accounts but if you're not applying for anything soon, that won't matter.

longtimelurker · ‎11-22-2016

@Anonymous wrote:
If you don't need it, close it. It'll still report for 10 years then drop off. But when it does drop off, who cares because all your other cards will be 10 years older!

Right, and no need to pay the $95 AF for a card this completely subsumed by the CSR. Either cancel or PC to a no fee card.

kdm31091 · ‎11-23-2016

@mdd0214 wrote:
With good scores and a decent history I don't think closing one account will have a major impact. I've opened and closed cards over past year with barely a few points up or down or no change at all. That includes a few cards that I churned in a month or two for signup bonus. Some lenders seem to dislike many new accounts but if you're not applying for anything soon, that won't matter.

Pretty much this. It is unlikely that closing an account makes a major difference at all, especially when you have 8 accounts. I wouldn't lose sleep over it -- if it doesn't work for you, close it and move on.

Anonymous · ‎11-23-2016

Closing an account outside of a utilization change would have ZERO impact on score from my point of view under the common FICO scoring models. Is there something I'm missing outside of utilization that could impact score from closing an account? AAoA doesn't change, number of accounts on reports doesn't change, so what could cause a score change in the first place?

newhis · ‎11-23-2016

@Anonymous wrote:
My current lineup with Chase is as follows the Chase FU (by way of a PC) --- the CSP--- and the CSR. I've only had the CSP for 2yrs. I'm considering closing the CSP since its only 2yrs old in hopes it won't ding my credit score too much.

If I PC down to the Sapphire, I will move some of the limti to the FU and probaably sock drawer the Sapphire to age the account a little more.

I have 8 credit cards. Has anyone on here ever closed out a recently new account without adverse effects to your credit score?

I don't think a 2 yo card is considered new anymore.

You stayed in the garden for a long time, so I guess that you don't want to app for the Freedom. If I were you, I'll PC the CSP to Freedom, to have a card with 5% instead of downgrade to Sapphire that you will never use. But maybe you changed the Freedom to Unlimited, but for me it is nice to get 5 UR points in some categories every quarter.

Closing, SD, move limit, PC, will not change your credit score. You just need to do what is best for your profile.

driftless · ‎11-23-2016

I received an auto-CLI on my CSR after my third statement. I moved my CL from CSP and closed. I do not expect any change in my scores downward.

CSR | Amex Platinum | EDP | QS (2)
Amex Blue Business Plus

Kevin86475391 · ‎11-23-2016

@newhis wrote:
@Anonymous wrote:
My current lineup with Chase is as follows the Chase FU (by way of a PC) --- the CSP--- and the CSR. I've only had the CSP for 2yrs. I'm considering closing the CSP since its only 2yrs old in hopes it won't ding my credit score too much.

If I PC down to the Sapphire, I will move some of the limti to the FU and probaably sock drawer the Sapphire to age the account a little more.

I have 8 credit cards. Has anyone on here ever closed out a recently new account without adverse effects to your credit score?

I don't think a 2 yo card is considered new anymore.

You stayed in the garden for a long time, so I guess that you don't want to app for the Freedom. If I were you, I'll PC the CSP to Freedom, to have a card with 5% instead of downgrade to Sapphire that you will never use. But maybe you changed the Freedom to Unlimited, but for me it is nice to get 5 UR points in some categories every quarter.

Closing, SD, move limit, PC, will not change your credit score. You just need to do what is best for your profile.

I agree. I got my CSP last February, purely for the signup bonus and my plan has always been to close it at just under the two year mark so I don't have to pay a second AF. I'm willing to pay the first AF this coming February, just to be careful about staying on Chase's good side and not looking like a churner to them (and I'll still be over $400 up with the signup bonus anyway), but I'm going to close before the second year mark. I think 2 years long enough for it not to look bad to Chase.

Also, I'd definitely ONLY be concerned about Chase in this case. As others have said, it will have no impact on your credit score except for the reduced available credit limit (and that's only if you close instead of PC or move the limit). My only concern would be (and actually is since I'm in a similar situation) staying on Chase's good side. I think you should be absolutely fine though (I think I'd be fine closing just before the 1 year mark on mine actually. I just want to be extra cautious) and they should definitely understand that you don't need a CSP if you have a CSR.

Anonymous · ‎11-23-2016

@Anonymous wrote:
"Closing an account outside of a utilization change would have ZERO impact on score from my point of view under the common FICO scoring models"

I was wanting to assure that my score would not be impacted if I decide to close out the account. I'm not concerned about utilization. I've heard so many on here state to not close accounts, especially if they are some of your oldest. But in my case, the CSP is only 2yrs old.

I greatly appreciate your input!