Rebuilding credit - but want to cancel two of my cards

[CreditSimSim]

Hi myFICO community,

I am in the process of rebuilding my credit, bouncing back up from low 600 to 640s now. Here is the breakdown:

- Secured BoFA Cash Rewards Card: $300 limit (barely use this card since it is secured) $0 balance

- Best Buy Rewards Zone: $300 limit ($50 yearly fee)  - also barely use this card  -$50 balance. (yes they owe me)

- Capital One Platinum: $500 - use it time to time. (zero balance.) Paid in full

- Citi Bank Platinum: $1000 - use the most (1/3 used) - planning ot pay off in full 

I would like to cancel Bofa and Best Buy cards due to low limit and unfavorable interest rate and also would like to get rid off "penny" cards and qualify for a good one. 

How would this effect my score? Is it a bad move to close both at once? Or one at a time?

Please kindly advise. 

Thanks a lot!

[Shogun]

Where you are sitting now with your scores, I wouldn't close anything.  Sock drawer them and continue to build your score up.

[CreditSimSim]

TU: 626

EQ: 636 

I guess I will keep them open then. I wanted to qualify for a better credit card. Some applications got denied because I don't have enough revolving credit (meaning credit line?) 

[guiness56]

You don't have enough revolving?

If that's the case, closing 2 CC would hurt you worse.

[Shogun]

I would keep them open and let your scores creep upwards of the 640 mark and then try for a GE backed card that will grow and allow you to get higher CLs.  Just make sure your util is paid down on those cards when you apply.

[CreditSimSim]

Shogun, what is a GE backed card? Did you have good experience with GE? Thanks!

[Shogun]

http://ficoforums.myfico.com/t5/Credit-Cards/Retail-cards-backed-by-GE/m-p/1198815/highlight/true#M3...

There is the thread about GE cards. Yes, they give very nice CLIs every 3-4 months.  And they have many different cards.