Turning in Credit Cards

[Anonymous]

Hello,

I am new to this community.  I would like some advice as to how to proceed with the following:

I want to discontinue three credit cards (2 are to retail stores and 1 is bank-issued).  I've had the bank-issued credit card for over 5 years and

obtained it to improve my credit.  I has a $250.00 limit although they report the limit to the credit reporting agencies as $300.00(???). 

My question is how badly would my credit score be effected if I discontinue these three cards?  

Since my credit has improved significantly I no longer need this card and I surely don't want to continue to pay the $49 per year to keep it.

If I discontinue these cards I will have 7 lines of credit remaining (Credit Union loan, furniture store credit card, WAL-Mart, Target, Macy's Store, Macy's Amex, and one bank-issued).  The Credit Union loan and furniture credit card will be paid off by June 2011 which will leave me with 5 lines of credit.

 Thanks so much for your help.

Roni226

[MarineVietVet]

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@Anonymous wrote:

Hello,

I am new to this community.  I would like some advice as to how to proceed with the following:

I want to discontinue three credit cards (2 are to retail stores and 1 is bank-issued).  I've had the bank-issued credit card for over 5 years and

obtained it to improve my credit.  I has a $250.00 limit although they report the limit to the credit reporting agencies as $300.00(???). 

My question is how badly would my credit score be effected if I discontinue these three cards?  

Since my credit has improved significantly I no longer need this card and I surely don't want to continue to pay the $49 per year to keep it.

If I discontinue these cards I will have 7 lines of credit remaining (Credit Union loan, furniture store credit card, WAL-Mart, Target, Macy's Store, Macy's Amex, and one bank-issued).  The Credit Union loan and furniture credit card will be paid off by June 2011 which will leave me with 5 lines of credit.

 Thanks so much for your help.

Roni226

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Hello and welcome.

If you close a card that has a zero balance and nothing else changes in your credit profile there will be no impact on your score. Here is an excellent thread talking about the pros and cons of Closing Credit Cards.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[score_building]

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@MarineVietVet wrote:

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@Anonymous wrote:

Hello,

I am new to this community.  I would like some advice as to how to proceed with the following:

I want to discontinue three credit cards (2 are to retail stores and 1 is bank-issued).  I've had the bank-issued credit card for over 5 years and

obtained it to improve my credit.  I has a $250.00 limit although they report the limit to the credit reporting agencies as $300.00(???). 

My question is how badly would my credit score be effected if I discontinue these three cards?  

Since my credit has improved significantly I no longer need this card and I surely don't want to continue to pay the $49 per year to keep it.

If I discontinue these cards I will have 7 lines of credit remaining (Credit Union loan, furniture store credit card, WAL-Mart, Target, Macy's Store, Macy's Amex, and one bank-issued).  The Credit Union loan and furniture credit card will be paid off by June 2011 which will leave me with 5 lines of credit.

 Thanks so much for your help.

Roni226

---

Hello and welcome.

If you close a card that has a zero balance and nothing else changes in your credit profile there will be no impact on your score. Here is an excellent thread talking about the pros and cons of Closing Credit Cards.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

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If balances are reporting on any cc, the decrease in overall available credit prompts an increase in UTI which can lead to a score ding.

[MarineVietVet]

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@score_building wrote:

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If balances are reporting on any cc, the decrease in overall available credit prompts an increase in UTI which can lead to a score ding.

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You are right of course. Since I never carry balances I forget about mentioning that part. Thanks for "clarifying" my post. 

When I say if nothing else changes I mean no balances on other cards. I should have added that.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[score_building]

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@MarineVietVet wrote:

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@score_building wrote:

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If balances are reporting on any cc, the decrease in overall available credit prompts an increase in UTI which can lead to a score ding.

---

You are right of course. Since I never carry balances I forget about mentioning that part. Thanks for "clarifying" my post. 

When I say if nothing else changes I mean no balances on other cards. I should have added that.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

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Am green with envy- can barely wait until I can say this! 

Thanks to ya'll PIF peeps for helping me keep my eyes on the prize:  financial freedom!

[Anonymous]

Thanks.

[Anonymous]

marinevietvet:

The link you provided on Closing Credit Cards is a big help.

Thanks again,

Roni226