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Frequent Contributor
andyaycw
Posts: 298
Registered: ‎07-25-2007
0

Would Closing Hurt My Score?

I currently have 4 open credit card accounts, all revolving. Two Citi, one Amex, and one Discover.

I am thinking of closing one of the accounts I have with Citi which currently has a zero balance and consolidating the credit limit with the other account, but am wondering if this would affect my credit score. My utilization is extremely low (less than 5%) and I am consolidating the credit limit, so I would not be affected with utilization, and as far as I know closed accounts are still counted in credit history for ten years.

However, I read somewhere on these forums that someone lost 25 points for closing their one and only revolving account. I am curious, since I would be closing an account and dropping down from four to three revolving accounts, would this affect my score?

If it changes anything, my Amex has not yet started reporting, so for at least several days I would drop from 3 accounts down to 2.

Starting Score: EQ 773, TU 766
Current Score: EX 794, EQ 787, TU 776
Goal Score: 800


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Valued Contributor
TheNewWorldMan
Posts: 2,374
Registered: ‎03-15-2007
0

Re: Would Closing Hurt My Score?

My advice is not to close credit card accounts UNLESS:

1) The CC is costing you an inordinate amount in annual or other fees, and the CC refuses to lower them.

2) The CC is a "starter card" whose issuer does not offer CLIs beyond $500 or so, AND your credit limits on other cards are well into the thousands AND the card is not your oldest or second oldest account.
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in a credit-scoring postnuclear Stone Age...
Moderator Emeritus
fused
Posts: 16,351
Registered: ‎03-12-2007
0

Re: Would Closing Hurt My Score?

This poster might have lost 25 points because it was there only CC. I would never recommend closing a CC if you only have one.
 
Closing a CC can be a bit tricky but in your case I agree with TNWM. 
Credit Profile -
FICO 08 Scores (08-22-2014): EQ 820, EX 817, TU 815
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1 (Amex 07-15-2014)

Frequent Contributor
andyaycw
Posts: 298
Registered: ‎07-25-2007
0

Re: Would Closing Hurt My Score?

Both of my Citi cards are my oldest accounts, both established in August 2006. So even if I did close it, I would still have one "oldest" account.

I just want to close it because it would be one less card to have to worry about.

Starting Score: EQ 773, TU 766
Current Score: EX 794, EQ 787, TU 776
Goal Score: 800


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