@Rodagave wrote: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.
1. Welcome to the forum.
2. Closing the cards will not affect your credit age. Closed accounts continue to be in your credit reports, usually for many years to come.
3. You should close the Open Sky and Credit One cards, and keep the rest.
@unsungivy wrote:
@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.
I'll definitely be doing so this upcoming month. I'm looking forward to getting a higher CLI from chase though. Even though CLI are issued every 3-6 months if you ask for them, I'll keep trying on a monthly basis. I'll make a post once I get a CLI I find interesting.
Thank you!
@MissLiz wrote:
@Rodagave wrote:
@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.
Congratulations on your CLI!
now close those other crappy cards!
Thanks!
@SouthJamaica wrote:
@Rodagave wrote: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.
1. Welcome to the forum.
2. Closing the cards will not affect your credit age. Closed accounts continue to be in your credit reports, usually for many years to come.
3. You should close the Open Sky and Credit One cards, and keep the rest.
I appreciate the feedback. Thank you.
@unsungivy wrote:
@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.
I just realized I never mentioned it, but my 2 Credit One cards have annual fees. One of them has an annual fee of $99, and I'm charged $8.25 monthly. The other one's got a $39 annual fee, charged annually.
Would I have any negative impact if I closed them before paying the annual fees?
@Rodagave wrote:
@unsungivy wrote:
@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.
I just realized I never mentioned it, but my 2 Credit One cards have annual fees. One of them has an annual fee of $99, and I'm charged $8.25 monthly. The other one's got a $39 annual fee, charged annually.
Would I have any negative impact if I closed them before paying the annual fees?
For CreditOne cards? Hell no. CLOSE THEM NOW!
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