Hello everyone. I have been considering on closing multiple of my credit cards due to them being close to useless to me. By useless I mean that I make no use of them, they provide no cash back or rewards at all, and their CL is not high. Back when I got these credit cards, I didn't have a good understanding of credit scores, and managing finances, and such, therefore I thought "the more, the merier", which is not the case. Here is my situation:
- Opensky (I want to close this one)
- $300 Credit Limit
- $0 Balance
- Opened: 1 yrs, 7 mos
- Capital One Platinum (I want to close this one)
- $500 Credit Limit
- $0 Balance
- Opened: 1 yrs, 1 mos
- Credit One Platinum Visa (I want to close this one)
- $550 Credit Limit
- $0 Balance
- Opened: 1 yrs, 6 mos
- Credit One Platinum Visa (I want to close this one)
- $900 Credit Limit
- $0 Balance
- Opened: 5 mos
- Amazon Prime Store Card (I won't close this one)
- $1340 Credit Limit
- $1305 Balance (will be paid off this month)
- Opened: 1 yrs, 3 mos
- Chase Freedom Unlimited (I won't close this one)
- $2500 Credit Limit
- $0 Balance
- Opened: 1 yrs, 0 mos
My credit scores are the following:
- TransUnion: 672
- Equifax: 680
- Experian: 700
I have no late payments and no derogatory marks. My credit score isn't higher because 6 months ago I maxed out all of my credit cards by making immature decisions. Though thanks to getting my finances and mind together, I've paid off all of my debt, except for the amazon credit card which I will pay off this month.
If I were to close the credit cards I want to close, my credit age would drop from 1.19 years, to 1.17 years, meaning close to .33 months. My CL would be the one dropping the most, although I don't carry balance on my cards, so I am assuming that wouldn't be such a problem, right?
The thing is, I aim on getting credit cards I actually will be using. I would like to get the chase freedom flex, and potentially the CSP in a near future. I also want to ask for a CLI from chase, given that I will be using the Chase Freedom Unlimited card much more.
I'd appreciate some feedback. Thank you beforehand.
Closing those cards will not affect your average account age. Only adding new cards will. Those cards will stay on your reports for up to ten years.
Go for it, close those suckers!
Yes, it will drastically lower how much available credit you have, and thus your % of use... but if you are paying off your Amazon card to $0 that won't be a problem. Ideally, you want a minimum of 3 cards for reasons. Until you get one of the other new cards you want, I recommend keeping the Cap1 platinum open, since that's the biggest name vendor. I would start trying for CLI from Chase as soon as you pay off your Amazon; they're soft pulls you can do in the app now, but they will only do one card at a time and then you have to wait.
Sock - 
Chopping Block - 
Debit Cards - 
@Rodagave wrote:
- Capital One Platinum (I want to close this one)
- $500 Credit Limit
- $0 Balance
- Opened: 1 yrs, 1 mos
I'd appreciate some feedback. Thank you beforehand.
keep the Capital One Platinum open, you can probably product change it into a quicksilver or a savor one
FICO scoring likes 3 open cards, so it's best to have at least 3 open cards
@GZG wrote:
@Rodagave wrote:
- Capital One Platinum (I want to close this one)
- $500 Credit Limit
- $0 Balance
- Opened: 1 yrs, 1 mos
I'd appreciate some feedback. Thank you beforehand.
keep the Capital One Platinum open, you can probably product change it into a quicksilver or a savor one
FICO scoring likes 3 open cards, so it's best to have 3 open cards
Ha I was just editing my post to include that same info.
@Nomad-2002 wrote:Re: I would start trying for CLI from Chase as soon as you pay off your Amazon
I read that Chase doesn't like CLI while you are over 5/24. Is that true?
I have a Chase card which is 11 months old, and I won't be under 5/24 until Oct 2025.
Thanks.
I don't think it's relevant for CLI. They're all soft pulls now, so you hurt nothing by hitting the button on your app.
@Nomad-2002 wrote:Re: I would start trying for CLI from Chase as soon as you pay off your Amazon
I read that Chase doesn't like CLI while you are over 5/24. Is that true?
I have a Chase card which is 11 months old, and I won't be under 5/24 until Oct 2025.
Thanks.
I actually ended up requesting a CLI around a week ago after having paid off my Chase Freedom Unlimited card, given that I'll start using that as my main card for daily purchases, and they increased my limit from $1,500 to $2,500.
@GZG wrote:
@Rodagave wrote:
- Capital One Platinum (I want to close this one)
- $500 Credit Limit
- $0 Balance
- Opened: 1 yrs, 1 mos
I'd appreciate some feedback. Thank you beforehand.
keep the Capital One Platinum open, you can probably product change it into a quicksilver or a savor one
FICO scoring likes 3 open cards, so it's best to have at least 3 open cards
Good idea, I didn't remember I could do that. I appreciate it. As for the 3 cards open, what I am aiming to do is get a higher CL on my FU, and apply for the Chase Freedom Flex afterwards. Then I'll most likely cancel 3 of my credit cards. I really want to get rid of my 2 credit one cards specially, based on my experience their customer service sucks, and these cards bring me no benefits whatsoever.
@Rodagave wrote:
@GZG wrote:
@Rodagave wrote:
- Capital One Platinum (I want to close this one)
- $500 Credit Limit
- $0 Balance
- Opened: 1 yrs, 1 mos
I'd appreciate some feedback. Thank you beforehand.
keep the Capital One Platinum open, you can probably product change it into a quicksilver or a savor one
FICO scoring likes 3 open cards, so it's best to have at least 3 open cards
Good idea, I didn't remember I could do that. I appreciate it. As for the 3 cards open, what I am aiming to do is get a higher CL on my FU, and apply for the Chase Freedom Flex afterwards. Then I'll most likely cancel 3 of my credit cards. I really want to get rid of my 2 credit one cards specially, based on my experience their customer service sucks, and these cards bring me no benefits whatsoever.
Yes, ditch the Credit1s, and the Opensky. They're doing next to nothing for you.
Grats on the CLI! That offsets most of what you would lose from closing the other cards (which is your overall % of CC utilization monthly), so you should feel safe closing them now.
