Besides making the available credit less what other effect does closing a card have on the scores? I have 4 cards around $1K cl. I am thinking of combining them into one and close three cards. Since this does not reduce my available credit what other negative effect would I have doing this? I dont want to keep too many cards with small limits.
Thanks Hauling. I have at least 8 store cards and even after closing these 3 major cards I would have another 7 Major Credit Cards.
I want to close Hooters $1400 AF 36 / HSBC $1500 CL AF 35 / HSBC $450 AF 59 / HSBC Discover $1000 CL NO AF. I want to see if I can combine all 3 hsbc cards into one and then ask hooters to waive the AF and if they refuse to waive AF then close hooters card.
I have no heloc or mortgage. I have one open car loan installment account. I always do PIF and do not carry balance. I think I would be ok.