Closing Credit Cards

[Anonymous]

Does anyone have any advice on when to start closing credit cards? My util is about 16%. I have some low limit cards that I want to close but I don't want to screw up my AOA.

Thanks,

[FireMedic1]

If you close any cards now with 16% util. That will go higher due to the loss of your total CL's combined. If you were 1-3% no problem. What cards do you have and which ones are you seeking to close. Then the gang can help you out.

[Anonymous]

Close credit cards when they have an annual fee and you are not using them.

That said, I did close a couple of no-AF cards that I wasn't using just because I wanted a cleaner life. I closed my Amazon store card when I got my Amazon Chase Visa for example--I just saw no point in keeping it. It's not the FICO-maximizing thing to do, and my score went down a few points when I did it. But I liked having a simpler life anyway and you don't always have to max your FICO.

Keep your OLDEST card with no AF open, though.

[AverageJoesCredit]

Closing cards wont affect your aaoa just your utilization if you carry balances. The cards will report up to 10 years or more. What cards are you looking to unload?

[kdm31091]

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@Anonymous wrote:

Close credit cards when they have an annual fee and you are not using them.

That said, I did close a couple of no-AF cards that I wasn't using just because I wanted a cleaner life. I closed my Amazon store card when I got my Amazon Chase Visa for example--I just saw no point in keeping it. It's not the FICO-maximizing thing to do, and my score went down a few points when I did it. But I liked having a simpler life anyway and you don't always have to max your FICO.

Keep your OLDEST card with no AF open, though.

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This exactly. A few points may be pretty much irrelevant especially if you don't have any major important app planned. Do what's best for you and your mindset. If that means simplifying I say go ahead.

[Anonymous]

Thank you

[Anonymous]

First National CC

Barclays

Cap 1 Quick Silver

I’ll still have

Penfed

Chase Mileage Plus

Discover

all with pretty good credit limits

[Anonymous]

Thank you. This is exactly what I was looking for.

[xaximus]

It would be useful to know when they were opened and the limits. Also, as others have mentioned, if you have a 16% balance currently, then as you close cards, that UTI will go up, so it may be beneficial in paying down the balance as you close cards, if not doing it prior to closing cards.