topic Re: How will closing card affect my score in Understanding FICO® Scoring

How will closing card affect my score

Anonymous — Wed, 29 Dec 2010 13:34:29 GMT

Thiking about closing my Cap1 card, can anyone advise if this will affect my scores

Current Scores - 761 / 761 / 770 (4 inq on each of them

Amex Blue - 10,000 / Current Bal 2,600

Disc More - 9,400 / Current Bal 0

Affinity - 8,000 / Current Bal 0

Cap1 - 5,250 <<-- Wanna Close this one / Current Bal 0

Chase - 3,500 / Current Bal 2,000

Re: How will closing card affect my score

llecs — Wed, 29 Dec 2010 13:55:41 GMT

Check out fused's Closing Credit Cards

BTW, if those three scores are from the same source (other than from a lender), then they aren't FICO scores. The link above discusses impact on FICO scoring. I wouldn't know how it impacts non-FICO scores.

Re: How will closing card affect my score

Anonymous — Wed, 29 Dec 2010 14:04:21 GMT

You'll want to watch for utilization issues because you're carrying balances.

Right now you're at 13% utilization (if my early AM math is right - you seriously want to do this yourself - cuz I can't guarantee any degree of accuracy )

Closing the Cap One puts you at 15% utilization. That may not have much of a FICO score impact.

You may, however, want to consider getting your balances below 9% overall before closing any available CL.

Chase, in particular is at 57% utilization - which is definitely dinging your FICO score.

And, of course, this post: Closing Credit Cards has much useful info.

Hope that's helpful.

ETA: llecs is far more wide awake than I am, and a faster typer to boot.