The first closer bumped my Utilization from 6% to 7% and my aaoa down from 1.5yrs to 11 months.
I'm guessing it was more the drop under 1 yr than the 1% bump uti.
The second closure bumped my uti from 4% to 5% and my aaoa from 1.1yr to 11months.
Again, appearing to be mostly triggered by going under 1 year.
Newer files may have higher risk factors, which equates to more points lost?
@FireMedic1 wrote:@Drifter73Vantage scores will do that. FICO doesnt. You abslutely sure it wasn't CK?
Ck vantage dropped the 33 points and exp FICO dropped 21 points when the first card reported closed.
It had to be going under 1yr aaoa I'm guessing that hit it that hard.
@Drifter73If you happened to open a new account. That would drop your AAOA's. Not closing cards unless they were removed in its entirety once closed and no longer reporting. Yes under 1 yr for AAoA's doesnt help. Really under 2 yrs there has been talk that hurts also.
@Waldemar wrote:I am seeking advice regarding closing some credit cards; the more feedback, the better.
My current credit cards, lines of credit, and loans are:
Apple Card MC 2.5k | BCU Cash Rewards Visa Signature 10k | BCU Travel Rewards Visa Signature 5k | BCU LOC 5k | Bread Cashback Amex 7.5k | Capital One Quicksilver MC 3k | Capital One Kohls Visa 3k | Capital One VentureOne WEMC 3.1k | Capital One Walmart Rewards MC 1k | Express Credit Card 1.4k | Famous Footwear Credit Card 700 | FNBO Platinum Visa 650 | Helzberg Diamonds Card 1k | IKEA Projekt Credit Card 6.1k | Mission Lane Visa 1.6k | Mercury MC 2.9k | Navy Federal Auto | Ollo Platinum MC 4.3k | Oportun Visa 1k | PenFed LOC 300 | Suncoast Rewards Platinum Visa 10k | Target RedCard 1.2k | Toyota Rewards Visa Signature 3k | Toyota Rewards Credit Card 4k | Truist Enjoy Cash Secured Visa 500 | Upgrade Triple Rewards Visa Signature 2k (from 5k) | US Bank Platinum Secured Visa 500 | US Bank Cash+ Secured Visa 500
The five credit cards in question are below, to keep or not to keep. None of them have an annual fee, and their rates are mostly high but irrelevant as I pay my balances in full each month.
Upgrade Card Triple Cash Rewards Visa recently lowered my limit to 2,000.00 from 5,000.00, I guess because of the lack of use, closing next week. It was opened in 02/2022.
Oportun Visa, with a 1,000.00 limit, poor site, and no app. Opened in 02/2022.
Mission Lane Visa was good to me, and my second card after ch7, but the limit remains at 1,600.00, and it seems pointless at this point when I have much higher limit cards. Also, some transactions are coded as cash advances, whereas I do not have such issues with other credit cards. Opened in 06/2021.
Mercury Mastercard has a 2,900.00 limit; I'm debating whether to leave it open but leaning towards closing it. Opened 09/2021.
Ollo/Ally Platinum Mastercard, 4,300.00 limit; I will keep it for now and see what Ally Bank does to enhance the card, but it is undoubtedly a basic card. Opened 01/2022.
Would you close all, some, or none? I'm leaning to close 4 out of the 5, with Ollo Platinum remaining open.
I see no problem in closing those 4 cards, and leaving the Ally card open.
I usually advise against closing cards that aren't costing you anything unless you have so many cards you want to thin the herd to make them easier to manage. But you do have quite a handful of cards and all of the ones you're considering closing are less than two years old, so in this case I think I agree with you on your plans to ditch them.
EQ8 781, TU8 764, EX8 772 as of July 31
I've closed multiple cards recently and opened a couple of new ones (changed my strategy). It obviously depends on your profile but it had little effect (if any) on me. Closed cards stay on your profile for 10 years so they don't just disappear -- you don't lose the history for them.
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