Closing Cards

[brcamacho]

Im getting to the point where I'm starting to think about closing some of my store cards and or lower limit CC that seem to never have a CLI.  If I were to do something like that, is there anything I need to know?

Like should I close cards on there anniversary vs. something like month 15.

Thanks a bunch.

[Startome]

The general rule of thumb is if they cost no AF, don't close them. let them age until the company closes them to get the best AAoA

[jamesdwi]

+1 

unless there is a AF let it age and let the creditor close for non-use

[brcamacho]

I sse, I think its just my "OCD" getting the best of me lol

[guiness56]

Closing a CC will have no impact on your score in the near future, unless you close it with a balance.  The CL will be immediately removed from your overall utilization calculation and if you tend to carry balances that could have an adverse affect.  Your AAoA will not be affected as the card remains calculated in for up to 10 years from the date closed.

[Gunnar419]

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@brcamacho wrote:

Im getting to the point where I'm starting to think about closing some of my store cards and or lower limit CC that seem to never have a CLI.  If I were to do something like that, is there anything I need to know?

Like should I close cards on there anniversary vs. something like month 15.

Thanks a bunch.

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I'm with you, brcamacho. I know what the common MyFico wisdom is about keeping cards open, but I'm also in the process of triming down my cards just because I don't need all I have and don't like keeping track of them all. I just closed one and may close two more soon.

So go ahead and do it if that's what you're inclined to do.

It doesn't matter if you close them on their anniversaries or whenever (unless you're trying to close them to avoid paying an AF). Just make sure they have zero balances when you close them, and maybe let them run zero balances for a couple of months just to make sure there's no hidden interest due or no automatic billpays being done on them that you might have forgotten about.