It will neither help nor hurt in the short term. Your cards will continue to report for up to 10 years, so no impact until then.
Yes you're fine to close all those, but I wouldn't do it all at once. I'd spread it out and close them gradually, like maybe one card every 3-6 months. The reason for this is so you won't be seen as a "churner" (where one constantly opens and closes accounts for bonuses and such). Not saying you are, but some lenders perceive that rapid opening and closing as such.
@Anonymous wrote:Do creditors look at each closed account? Most of my 15 closed accounts showing on my report are charge offs from around 2015. The only other closed accounts are personal loans paid in full. The only reason I wanted to close these 4 at the same time is the monthly fees. Plus I can't remember the last time I used these cards. Now I mainly use my Amex and Discover. I have also seen negativety on some of my credit reports about having to many open/revolving accounts.
Well, most times when you apply for something, it's a computer doing the looking, but yes, they look at all accounts. I can definitely understand wanting to close out accounts with monthly fees, but I'm just warning you about doing it all at once. Not saying something bad WILL happen, but I'm saying it CAN.
@Anonymous wrote:I'm hoping I can get some advice. I have read different things about closing credit cards. My situation is I'm a little over 2 years in my rebuild. I was excited in the beginning to be approved for unsecured cards so I ended up with some pretty crappy cards 🤦🏼♀️.
I did close a fortiva card a couple of months ago with the age of less than 2 years. I'm not sure if it hurt or helped. I have seen 100 different scores, so I'm not sure what my actual scores are. Although I usually see mid 600's.
What I'm wanting to do now is close 2 credit one cards and 2 first premier cards. One of the credit one cards are older than 2 years. The other 3 are not. My credit age is already really low, I think around 1 year.
It won't hurt my utilization as I'm 1% right now.
I have 33 open accounts, actually 35 I just got an Apple Card and Sam's MC which aren't reporting yet. I have 15 closed accounts.
Any advice or own experience would be appreciated.
No problem on closing the bad accounts.
It won't affect your AAoA since they will continue to report after being closed, most likely for many years.
