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 (2/25/2017): EX 813, EQ 823, TU 818 Goal Score: 800
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.
- - - - in a credit-scoring postnuclear Stone Age...