Advice

[Anonymous]

Hi All,

So, I just closed my Blaze Master Card after paying it off and unfortunately, my credit has plummeted way down to the 500s. I closed it because it really had no benefits for me. I want to close my capital one Platinum which gives me no benefit either but it is my oldest card and a secured credit. I have begged Capital one to grant this card unsecured status and they won't. I am paying an annual fee on it with no benefits whatsoever. I want to close it, however, I am afraid it will take my credit down even lower than it is now. Should I keep it or should I pay it off and let it just sit there? What I have done is just shredded the card so that I don't use. I would love to just keep three major cards - Discover It, Amazon Chase, and a Capital one card, specifically Quick Silver since I have the cash back opportunity. Any advice will be highly appreciated.

[aircobra]

What is your utilization like after closing it? How many points did you lose? Were they your FICO or Vantage scores (because if they were your Vantage, you should check your FICO scores). Unless it raised your overall UTI, closing the account shouldn't have dropped your scores.

[FinStar]

You mention that your scores have plummeted way down to the 500's.  From what source are you obtaining those scores?  Are these Vantage or FICO?

So, in closing the Blaze MC, that leaves you with 3 or 4 other CCs, correct?  Discover, Chase Amazon Visa and Capital One (secured) Platinum, Quicksilver?

What are the limits on those cards?  What are your balances or utilization for each?

[Anonymous]

What are the balances, limits, and open dates for the cards that you currently have?

Crappy card could be worth keeping if it is your oldest by a long enough margin.

[Anonymous]

My utilization on all cards is very high. All close to 90%. I'm getting my scores from credit wise and credit karma.

Discover IT CL $500

Amazon CL $500

Quick Silver CL $600

Capital One Platinum CL $350 (oldest)

[aircobra]

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@Anonymous wrote:

My utilization on all cards is very high. All close to 90%. I'm getting my scores from credit wise and credit karma.

Discover IT CL $500

Amazon CL $500

Quick Silver CL $600

Capital One Platinum CL $350 (oldest)

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Get your FICO scores. While your UTI is extremely high, your FICO scores shouldn't have taken a huge plummet. I believe Vantage punishes you for closing an account.

[Anonymous]

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@Anonymous wrote:

My utilization on all cards is very high. All close to 90%. I'm getting my scores from credit wise and credit karma.

Discover IT CL $500

Amazon CL $500

Quick Silver CL $600

Capital One Platinum CL $350 (oldest)

ah, it seems all your CL are low, so at this point, closing any of them will up your UTL alot, so keep it open and pay them down, once you have UTL under control, app other card or ask for CLI.

[rbentley]

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@aircobra wrote:

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@Anonymous wrote:

My utilization on all cards is very high. All close to 90%. I'm getting my scores from credit wise and credit karma.

Discover IT CL $500

Amazon CL $500

Quick Silver CL $600

Capital One Platinum CL $350 (oldest)

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Get your FICO scores. While your UTI is extremely high, your FICO scores shouldn't have taken a huge plummet. I believe Vantage punishes you for closing an account.

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As others have pointed out, you are seeing a drop in your Vantage scores.  Your actual FICO scores likely did not suffer anywhere near as much.  You can get real FICO scores for free from Discover and Experian.

If you close an account it still continues to report positive credit for another 10 years on your reports.  Closing an account does not reduce your AAoA until it drops off 10 years from now.  You lost points not because you closed an account but because your already high utilzation went even higher.  You really need to work to get your UTL down.  It is killing your scores.

I would close your Cap 1 account ASAP. but would caution you to get your UTL down before doing so.  With your high UTL you really can't afford the loss of credit right now.

[FinStar]

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@Anonymous wrote:

My utilization on all cards is very high. All close to 90%. I'm getting my scores from credit wise and credit karma.

Discover IT CL $500

Amazon CL $500

Quick Silver CL $600

Capital One Platinum CL $350 (oldest)

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Ok, so definitely don't close your Capital One Platinum at this point until you can get those balances further down.  Are you currently only making minum payments on your current CCs? 

[Anonymous]

Yes. So, I'm paying the minimum on the rest while tackling one at a time. So I've now closed the Blaze which I paid off, next move is to pay of the Capital One and then close at some point and then take on the others...if this makes sense.