closeing 2 accounts

[Anonymous]

I have 2 crappy cards from hsbc less than a year old. I was thinking of cancelling them. they are not my oldest cards,they have 0 balances, I wanted cli and was told no cli for either card. I have 7 new accounts, cards with better companies and much higher credit limits.

If I cancel them then my total open credit cards drops to 9?

what would be the best course of action?

[Red1Blue]

Ask them to waive the Annual Fee. If they waive the Annual Fees then leave them the way they are for now and let them age and add value to your scores. If they dont waive AF then you can consider closing them.

[Anonymous]

they don't have AF. It seems as though the limits are set in stone though. I know that if they are closed they go on record for ten years as positive tradelines. My only concern would be taking a hit in average account age and what losing 3k of 20k would effect my credit score.

[Anonymous]

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D_Boone wrote:

they don't have AF. It seems as though the limits are set in stone though. I know that if they are closed they go on record for ten years as positive tradelines. My only concern would be taking a hit in average account age and what losing 3k of 20k would effect my credit score.

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You won't take a hit for average account age because, as you know, they stay for 10 years.

You may take a hit for UTIL, though.

[Red1Blue]

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D_Boone wrote:

they don't have AF. It seems as though the limits are set in stone though. I know that if they are closed they go on record for ten years as positive tradelines. My only concern would be taking a hit in average account age and what losing 3k of 20k would effect my credit score.

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If they dont have AF then leave them for now. What do you got to loose? You can cancel them any time you want. The longer they stay on your CR they age well and add to your fico. Just dont use them or just spend $5 or $10 once in couple of months and pay it off. I have 2 HSBC Cards with $500 CL now. I am doing the same thing. Come next month when the AF is due $35 for each account, I'll ask them to waive the AF. If they dont then I'll cancel the accounts. If they waive the AF then I'll leave them on my CR for few more months.

[Anonymous]

Call them and try to close them-

Let them raise the CL- give them 60 days to fix it or dump them

[Anonymous]

ok I might leave them and just not use them any more. if they get closed from no further use then that's fine too.

[Anonymous]

Timothy,

is this a standard hsbc practice to grant cli when someone is asking to cancel?

[Anonymous]

I got one when I did, last year. Seems like it's a tactic a LOT of people have used to get cli's out of them. I started with $200 last year at this time, and the cl now stands at $750.

[Anonymous]

I'll try that route with them then. thanks very much everyone!