Wanting to close 2 cards-credit effect?

Anonymous · ‎03-11-2016

I have 2 old Capital One credit cards with low limits--$750 each that I got a long time ago when I was repairing my credit. My credit is now excellent and I don't want the cards any longer as they carry a $39 AF and I never use them. However, they are some of my oldest cards so it will obviously change my length of credit stats. I am wanting to apply for a couple Amex cards right now as I have received targeted offers. Will this make a huge difference if I close them? Should I apply 1st and then close them? The AF's are due 3/21 and 3/27,

SouthJamaica · ‎03-11-2016

@Anonymous wrote:
I have 2 old Capital One credit cards with low limits--$750 each that I got a long time ago when I was repairing my credit. My credit is now excellent and I don't want the cards any longer as they carry a $39 AF and I never use them. However, they are some of my oldest cards so it will obviously change my length of credit stats. I am wanting to apply for a couple Amex cards right now as I have received targeted offers. Will this make a huge difference if I close them? Should I apply 1st and then close them? The AF's are due 3/21 and 3/27,

I feel pretty confident that if you call Capital One and ask them to upgrade the cards, and drop the annual fee, they will.

Unify FCU Platinum Visa Variable Rate 35k

TD Bank Business Solutions Visa (Bus) 25k

FNBO Evergreen Business Edition Visa (Bus) 20k

Liberty (formerly Evansville Teachers) FCU Platinum Prime Plus MC 15k

US Bank Triple Cash Rewards Visa (Bus) 12k

SEG-fenced credit union Platinum Visa 10500

Comenity AAA Travel Advantage Visa $6200

Members 1st FCU Low Rate Platinum Visa 5k

PLOC: Langley FCU 40k; Penfed CU 15k; NFCU 15k; Teachers FCU 15k; Affinity FCU 10k. BLOC: NFCU 5k

Total revolving limits 741200 (620700 reporting) FICO 8: EQ 703 TU 704 EX 687

Anonymous · ‎03-11-2016

Great idea but will they pull my credit to do so? I do not want another pull right now. Thanks!

darwin_wins · ‎03-11-2016

@Anonymous wrote:
Great idea but will they pull my credit to do so? I do not want another pull right now. Thanks!

No it would a SP on your credit and they can tell you if you have an offer on your account or not.

SouthJamaica · ‎03-11-2016

@darwin_wins wrote:
@Anonymous wrote:
Great idea but will they pull my credit to do so? I do not want another pull right now. Thanks!
No it would a SP on your credit and they can tell you if you have an offer on your account or not.

Correct

Total revolving limits 741200 (620700 reporting) FICO 8: EQ 703 TU 704 EX 687

Anonymous · ‎03-11-2016

I called and they waived the fees. I'm going to consolidate them with another Cap 1 card I have later in the year. For now I'm going to leave them open while I apply for the AMEX cards. Thanks very much for your input and the idea.

pipeguy · ‎03-11-2016

@Anonymous wrote:
I called and they waived the fees. I'm going to consolidate them with another Cap 1 card I have later in the year. For now I'm going to leave them open while I apply for the AMEX cards. Thanks very much for your input and the idea.

FWIW, I just closed 6 cards with $31k in credit limts (zero balance accounts) so far 3 have reported and there has been no change to any of my scores due to closing the accounts. I should note I have lots of other cards and lots of unused revolving credit just as a FYI.

SouthJamaica · ‎03-11-2016

@Anonymous wrote:
I called and they waived the fees. I'm going to consolidate them with another Cap 1 card I have later in the year. For now I'm going to leave them open while I apply for the AMEX cards. Thanks very much for your input and the idea.

Glad to hear it

When you do the consolidation make sure the oldest account is the one that survives

Total revolving limits 741200 (620700 reporting) FICO 8: EQ 703 TU 704 EX 687