@gabbygail wrote:In your opinion, what would happen to my credit if I canceled five Capital One cards and paid off a Capital One auto loan all at the same time. I know my total available credit would go down but having five canceled cards at the same time?
TY so much for your opinion and advice. 👍😀😀😀
without knowing everything else on your credit report, it's impossible to say
but assuming you will still have at least 3 open revolving credit cards, closing the capital one cards should be fine. If you have high balances impacting your utilization, you'll want to avoid closing cards because all 5 of those cards limits is contributing to bring your overall utilization down.
If your car loan was the only loan and it was significantly paid down > 92%, you'll see a noticeable drop in your credit score, but better to pay it off and own a vehicle than have extra points on your credit score
