I have 3 credit cards that have a low limit (First Premier Visa CL 450; First Premier MC CL 475; CreditOne Bank Visa CL 750). The FPs are older (more than 7 yrs) but the CreditOne is about 18 months. The FP's charge 7.00 a month fee and the CreditOne just imposed a 8.99/mo fee. I do not have any outstanding balances on either of the three and do have 4 Capital Ones (3 with AAoA about 8 to 10 yrs, 1 of them is 2 yrs) and their total CL combined is 12K.
I am waiting for another HP by our mortgage lender once our house is build and ready to close, so obviously I don't want to lower my score. We got FHA and I do have some wiggle room as my last FICOs were in the mid 700's. Should I just wait another 6 to 9 months until we close before cancelling these cards?
Negligible if any.
The cards will still stay on your report even when closed, continuing to help your AAoA. Since you have 12k in additional credit, you won't get a UTL hit.
Close them today.
+1 Close them