Quick Question about Closing Accounts

[Skye12329]

So around march 2015, when im done gardening i was thinking about getting some prime cards such as Discover and AMEX, but i dont want to have like 15 cards so was thinking about closing my low end cards that im not a huge fan of such as:

Elan financial card - had since Jan 2012 it turns out

Sears MC - 9/2012

Best Buy (might close) 

which would leave target and cap1 in my wallet of which i dont like the low limit on my target card...needs some lovin, but would this be wise after i would be approved for amex, discover, and whomever offers Visa (chase, citi)

[09Lexie]

Its hard to give advice for something that may occur over a year from now. Generally speaking, close accounts may stay up to 10 yrs on your CR's. You must consider the impact a closed account will make on your util -since you will no longer have access to the CL's.

[coldnmn]

As Lexie said it's hard to say a year from now. I have only closed one card I got the Orchard card with a $59 annual fee. I then found this forum.  I followed the advice on this board and only applied for cards I have a use for. I dumped the Orchard card after a year. My first card was a Cap1 platinum I got 3 years ago $300 no annual fee. They told me slow and steady wins the race. My advice if it has an annual fee or you have no use for it and doesn't affect you utilization close it. It will be a positive TL for 10 years.

[takeshi74]

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@Skye12329 wrote:

which would leave target and cap1 in my wallet of which i dont like the low limit on my target card...needs some lovin, but would this be wise after i would be approved for amex, discover, and whomever offers Visa (chase, citi)

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"Wise" could go either way on that question.  If you don't intend on ever using the cards you're thinking of closing and you can absorb the hit to utilization then it could be a good idea.  That said, as stated above, we can't tell the future so you need to assess your situation when you get to that point.