Does closing cards ding your FICO?

[Broke_Triathlete]

Does closing cards ding your FICO?

I don't mean utilization or AAoA because I know how those two work, but simply just closing the cards. Not just once in a while but a bunch at once. In the last 6 months I've closed:

First Premiere 

Credit One

Merrick Bank

...and if Capital One brings back the account combination than I'll be closing my QS MC and combining that limit.

I guess the reason I'm curious is because after I do this I'll be down to 2 cards and I know to optimize FICO I need 3. Not to mention I'd like to add something that's better than the ones I recently closed. Will that somehow inhibit a new app?

[Anonymous]

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@Broke_Triathlete wrote:

Does closing cards ding your FICO?

I don't mean utilization or AAoA because I know how those two work, but simply just closing the cards. Not just once in a while but a bunch at once. In the last 6 months I've closed:

First Premiere 

Credit One

Merrick Bank

...and if Capital One brings back the account combination than I'll be closing my QS MC and combining that limit.

I guess the reason I'm curious is because after I do this I'll be down to 2 cards and I know to optimize FICO I need 3. Not to mention I'd like to add something that's better than the ones I recently closed. Will that somehow inhibit a new app?

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The simple act of closing a card does not affect your Fico score.

[Revelate]

No but I'd probably pick up a 4th before I consolidated down to 3.  It was an old lender overlay and yeah, 1/2 cards reporting a balance is probably worse than 1/3 cards reporting a balance, but do what you need to do.

Fact is the consolidation will still be there after you pick up another card or two anyway, no need to rush into that one.

[MarineVietVet]

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@Broke_Triathlete wrote:

Does closing cards ding your FICO?

I don't mean utilization or AAoA because I know how those two work, but simply just closing the cards. Not just once in a while but a bunch at once. In the last 6 months I've closed:

First Premiere 

Credit One

Merrick Bank

...and if Capital One brings back the account combination than I'll be closing my QS MC and combining that limit.

I guess the reason I'm curious is because after I do this I'll be down to 2 cards and I know to optimize FICO I need 3. Not to mention I'd like to add something that's better than the ones I recently closed. Will that somehow inhibit a new app?

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Have you read this thread about Closing Credit Cards? It might give you the answers you seek.

Plus IMO you can do the same thing with two cards as you can with three or more..

[Revelate]

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@MarineVietVet wrote:

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@Broke_Triathlete wrote:

Does closing cards ding your FICO?

I don't mean utilization or AAoA because I know how those two work, but simply just closing the cards. Not just once in a while but a bunch at once. In the last 6 months I've closed:

First Premiere 

Credit One

Merrick Bank

...and if Capital One brings back the account combination than I'll be closing my QS MC and combining that limit.

I guess the reason I'm curious is because after I do this I'll be down to 2 cards and I know to optimize FICO I need 3. Not to mention I'd like to add something that's better than the ones I recently closed. Will that somehow inhibit a new app?

---

Have you read this thread about Closing Credit Cards? It might give you the answers you seek.

Plus IMO you can do the same thing with two cards as you can with three or more..

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Short term score maximization?   Not sure I buy that with how one of the revolving utilization metrics appears to be calculated but it'd be an interesting test.

[Broke_Triathlete]

Thanks for the input guys. I forgot to mention I've rarely gone over 5% utilization, ever. I really didn't want to app until at least 2016 when I won't have any inquiries on any reports, and if I could wait until 2017 when my last baddie falls off. I just feel if I apply now with my scores I'll recieve a smaller limit. I don't need more credit as I live well below my means, but I know for FICO some more revolvers wouldn't be a bad idea.

[Anonymous]

I closed my secured card and my scores dropped 100-120 points, pretty scary. However it was my first card, and it recovered almost 70 points the next month. Not sure how long it will take to recover Completely. 

[Broke_Triathlete]

Yikes! That's crazy!!! Glad the majority of it has recovered!